Tesco is a British multinational grocery and general merchandise retailer. Headquartered in England, there are almost 7,000 Tesco stores in the world with a total market share of around 28.4% in the United Kingdom (UK), Ireland, Thailand, and Hungary.
In the UK, Tesco offers financial services through its subsidiary called Tesco Bank. Financial products offered by Tesco Bank include the following:
Tesco Bank was established in 1997 as a 50:50 joint venture with the Royal Bank of Scotland until 2008 when it became solely owned by Tesco plc. As of today, Tesco Bank helps more than 5 million customers in managing their money every day.
Tesco Bank and Moneygram Partnership
The world's leading brands form partnerships with each other for collaborative problem solving for customers. The same is the case with the partnership between Tesco Bank with MoneyGram.
MoneyGram is a global leader in money transfer and international P2P payments enabling affordable and fast money transfer in over 200 countries and territories, with 81 now digitally enabled.
Leveraging its modern, mobile, and API-driven platform, MoneyGram collaborates with leading brands to offer customer-centric solutions and to provide the best customer experience. On the other hand, Tesco Bank aims to help Tesco shoppers manage their money a little better every day.
Send Money Online With Moneygram International Money Transfer at Tesco
With the partnership of MoneyGram and Tesco Bank, you can send and receive money from any of the Tesco stores. In other words, Tesco is an agent of MoneyGram International Limited for money transfer services.
In September 2020, MoneyGram introduced a new international online money transfer platform in collaboration with Tesco Bank.
The newly launched service allows customers of both Tesco and MoneyGram to set up transactions online and pay at Tesco stores either by cash or card.
With this service, now available in over 900 Tesco and Tesco Express stores across the UK, sending money abroad (to over 200 countries) is faster, reliable, and convenient than before as there is no paperwork needed in-store and the transfer process takes less time.
This new enhancement to their partnership is a crucial milestone for the firms in offering a seamless, digitized experience for customers.
How to Send Money Online With Moneygram at a Local Tesco
You can collect Clubcard points with every transfer of 50 or more
How to Send Money Offline at Tesco
Ways to Receive Money With Moneygram at Tesco
You can either send the money to your receiver's bank account or opt for cash pick-up from 240,000 MoneyGram agent locations (check if this option is available in your destination country). If available, you can also choose to deposit the money straight into the receiver's mobile wallet.
Send Money Abroad With Moneygram at Tesco With New Simplified Pricing Structure
Tesco Bank expands partnership with MoneyGram with the launch of a new simplified pricing structure for international money transfers.
Exclusively available in Tesco stores for Tesco shoppers, the newly launched pricing structure for international money transfers allows customers to only pay a fixed fee on the amount of money to be transferred regardless of the destination country.
Additionally, the new feature allows customers to get rewards by collecting 50 Tesco Clubcard points with every transfer of 50 or more with MoneyGram.
The new pricing structure has been introduced to provide a cost-effective solution for Tesco shoppers who send remittances frequently and in times of emergency.
It offers greater transparency in terms of money transfer fees and brings better value to the customers.
The Chief Customer Officer at Tesco Bank said that the company aims to continually evolve its products and propositions so that they are closely aligned to the needs of Tesco customers.
Head of Key Partnerships UK at MoneyGram is thrilled with the launch of yet another enhancement with Tesco that will provide value to Tesco's diverse customer base.
With millions of UK residents sending money overseas to help their loved ones with everyday needs and for financial help in times of emergencies, this solution enables people to send money affordably and safely.
Fee Structure and Transfer Limits
Fees can range from 2.99 to 10.99 depending on the transfer amount and pay-out method.
The transfer limit at Tesco store is up to 4,999.99 in cash or card and can receive up to 1,000. However, at Tesco Express stores, you can send up to 400 in cash and up to 4,999.99 with a debit card. The receive option is not available at Express stores.
Do keep in mind that there may be a foreign exchange rate in addition to the transfer fee. Foreign currency exchange rates are one of the ways MoneyGram makes its earnings.Compare the exchange rates before every transfer and choose the best one for your needs.
Alternatives to Tesco Bank to Send Money Internationally
You are more likely to get higher exchange rates, lower fees, and faster speed if you send money through money transfer specialists directly. Here are the top money transfer specialists to send money online:
We recommend comparing all the money transfer specialists to find the best deal that suits your needs.
Cross-border money transfers is a promising market - growing in leaps and bounds aided by digital technological innovations. The flow of remittances or money sent by immigrants to their loved ones in their native countries will continue to see an increase.
Traditionally, international money transfers through banks or other non-formal channels can be arduous and expensive with hidden charges, multiple chains of middlemen, and tons of manual paperwork.
Fortunately, driven by digital innovations in recent years in the industry, people enjoy faster, cheaper, and convenient money transfer services. Increasing internet penetration and the rising number of smartphone users is expected to drive the growth of digital remittances and access to better remittance services.
The money transfer industry in the UK is competitive with millions of migrant workers in the UK sending money overseas to their families back home every year. Cost of sending money will continue to decline and money transfer operators will compete.
International money transfers services such as by Tesco Bank in collaboration with MoneyGram makes remittances cheaper and quicker for immigrants in the UK.
The importance of remittance is only going to become more significant. It is a major lifeline for emerging economies, playing a vital role in the economic growth and livelihoods of people in developing countries.