Moneycorp Review
This MoneyCorp review will help you decide if such a large foreign exchange entity is the right fit for you.
Moneycorp is the second largest company in the business of foreign exchange. With over 700 employees, multinational offices, and over £11 billion in currency exchanges annually, this non-bank foreign exchange service provider is equipped, willing, and able to handle your currency exchange and international transfer needs.
Moneycorp works with both individuals and businesses to provide services to meet their exchange and transfer needs. Whether your transaction is small or large, Moneycorp is there to guide you through the process.
Additionally, Moneycorp is a currency wholesaler, dealing in large amounts of physical currency. This financial organisation also helps people with international relocations and with money for travel.
Pros
Cons
- Standard delivery of funds takes two- to four business days; if you need completion in less than two days, you must pay more for express delivery
- Scant, inconsistent information makes it difficult to determine which currencies they deal in (figures on their website range from 33 to 90 different currencies traded)
- Low minimum of £50 (or equivalent) for online transactions only
How It Works
The first step in using Moneycorp’s foreign exchange services is to open an account, either personal or business. There is no risk involved in opening an account. It’s free, and there is no obligation to use Moneycorp’s services upon opening an account.
Once your account has been approved, you can begin using Moneycorp for your foreign exchange needs. You may transfer a minimum of £50 if you are using your online account. If you are phoning in a transfer or working in-person with an agent, the minimum transfer amount is £250. Your maximum in a single transaction is £100,000.
Just ensure that you are within the range between minimum and maximum transfer amounts, supply the necessary information when prompted, pay the fees, choose standard or express delivery time, fund the transfer, and you’re set.
How Safe Is It?
Moneycorp keeps your money in a segregated client account. Neither Moneycorp nor any other entity can access and use your funds.
Moneycorp itself, because it is so large and long-established, is registered and regulated by various government agencies. Moneycorp is registered in England as TTT Moneycorp Limited and adheres to strict regulations.
In The USA, Moneycorp is an acting agent of the licensed money transmitter Tempus. Additionally, it is overseen by three federal agencies. It is responsible to the US Department of Treasury, the Office of Foreign Assets Control, and the Financial Crimes Enforcement Network. This strict system of accountability means that your money is secure with Moneycorp.
How Much Does It Cost?
Exact cost of transactions varies. Rates are dependent upon the exchange rate at the time of your business deal, the amount of money you are transferring (higher amounts receive better rates), and the currency you are purchasing.
The flat base fee differs slightly depending on whether you use standard or express delivery as well as how you are handling the transaction.
- Online: £5 for standard delivery; £9 for express delivery
- In-person: £4 for standard delivery; £8 for express delivery
- Telephone: £15 for express delivery only
What Exchange Rate Will I Get?
As exchange rates continually fluctuate, your rate will be determined when you exchange your currency or send money internationally. See how the currency exchange and the exchange rate work with this currency converter for the Australian dollar.
Your rate also depends on the amount of money you are transferring, with larger sums receiving better rates. In fact, Moneycorp’s rates for large transfers are among the lowest in the industry thanks to their size and volume of business the conduct.
How Do I Send or Receive Money from Overseas?
Following a streamlined process, you provide information and funding, and Moneycorp handles the rest, navigating the complex world of foreign exchange for you.
Moneycorp makes doing business with them convenient. You may conduct your transactions online, via telephone, or in person in one of their numerous offices.
How Do I Pay?
You may use a debit card at the time of your transaction. Alternately, you can transfer funds from your bank account into your Moneycorp account before you start the money transfer process. You can choose to keep money in your account to use as you desire, or you may transfer it right before you need it.
Can I Pay by Credit Card?
No. Moneycorp does not accept credit cards.
What Currencies Can I Transfer?
The inconsistent and limited information provided on the Moneycorp website renders the answer to this question vague. Some statements indicate that the currencies they deal in number between 80 and 90; however, other statements put the number at 33 or 35.
Perhaps these numbers represent different types of exchange and transfers, but there is no explanation for what, exactly, these numbers mean (other than, of course, “currencies”). Nor does Moneycorp provide a link to currencies they transfer and exchange.
It is easy to reach out to Moneycorp with questions, including currency clarification. They provide an online contact form, office e-mail addresses, phone numbers, and physical addresses.
What Services Do They Offer for Businesses?
Moneycorp offers a unique partnership program for businesses. When your company participates in this program, you will be able to provide your clients better rates and ways to compete in the international market with Moneycorp, and you, in turn, will receive benefits from Moneycorp as well as build a reliable and extensive global network.
Moneycorp isn’t a big bank, but it is a sizeable foreign exchange business. As such, it can offer ultra-competitive rates and low, flat fees. In general, the bigger the sum of money you are transferring, the better Moneycorp may be for you.
We’ve created this video guide to transferring money to an overseas bank without high fees to help you navigate the wide world of foreign exchange. This collection of practical guides for overseas monetary transfers is another useful resource. Considering a variety of options, including Moneycorp, will help you make the right choice for your foreign exchange needs.
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