What is a money gram?

Question

I received two money grams in the mail, each for $870. I took it to the bank and they said they looked fake and are holding on to them and putting up a yellow flag. I did not cash them, for I believe it to be a scam. My friend also received one and took it to the authorities, but they told him they was nothing they could do about it.

I do not understand what a money gram is or how it works. Please tell me what a money gram is, and what is the difference between a money gram and money order.

Answer 1

Well, Moneygram is a company, not a financial instrument. Moneygram sells money orders, and also does wire transfers.

I don't think there would be much harm in trying to cash it, as long as you are not sending someone money to cover it. The worst that can happen is it bounce. Be upfront with your bank though.