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Moneycorp has been on the market for more than 40 years now. They specialize in forex market, currency exchange and international money transfers. They also have an extensive travel money and card offer. Moneycorp’s main goal is to provide their customers with the best currency rates to “help you or your business get the most out of your money when making an international payment.” They are located in the UK, Ireland, France, Spain, Romania, UAE, Hong Kong, Australia, the USA and Brazil.
The company provides services both for businesses and individuals. They can handle mass payment solutions and currency conversion for international deals, but also handle physical cash, mint, banknotes and ATMs. One can also get a prepaid travel money card to cut costs on payments abroad while on holidays.
But most importantly you can use the platform to transfer money internationally with good rates. There are 190 different destination countries supported with 120 currencies to exchange, while 33 of them are available instantly online.
As you know, the forex market is constantly fluctuating. Therefore, the value of particular currencies is going up and down each minute. Moneycorp provides you with tools to target particular prices and get alerts when the value of your currency changes. You can lock the exchange rate if it’s satisfying for you and pay for it later. They explain these forward contracts: “this foreign exchange tool allows you to secure the current exchange rate for a future payment. This means you can take advantage of a favourable rate and won’t have to worry about it moving before you need to make your payment.”
There is also a mobile app, which lets you monitor the currencies and order international payments wherever you are.
The total transaction costs depend on the payment method and transfer speed that you choose. A standard transfer which takes 2-4 days costs 5GBP, while express one, which can be delivered even the same day costs 9GBP. Transfers ordered via phone call cost 15GBP.
The markup on the exchange rates is kept around 1%-2% depending on the size of your transfer. The more money you want to send and exchange the better the rates.
The minimum amount you can send with Moneycorp is 50GBP. You can’t send more than 100.000GBP online, therefore if you want to order bigger transfers contact their support directly. In this case, there is no sending limit.
Moneycorp accepts multiple payment methods. You can pay with your debit card or with a regular bank wire. They even offer telephone-banking support.
To acquire currency while logged onto the platform, simply top up your account with one currency then exchange it within the platform. That way if later you need to send money quickly with particular currency the transfer will be processed instantly. Otherwise, you need to count an additional day to the total transfer time, as they have to convert your bank wire or debit card payment.
It’s important to note that you can’t pay someone with the same currency.
Navigate to the Register panel on their website, fill out your basic information and follow the instructions sent to your email. Many people report that the registration process might be quite confusing for some and that the company requires multiple documentations to verify your identity.
Moneycorp is registered with numerous financial agencies worldwide. They are authorized by the FCA (Financial Conduct Authority) in the UK as an Authorised Payment Institution and registered with FinCEN on a federal level in the USA and authorized as Money Service Business. They even have a bank status given by the Financial Services Commission in Gibraltar.
The platform utilizes two-factor authentication (2FA) to protect users' accounts and to comply with Strong Customer Authentication (SCA).
Moneycorp has also its stance on Modern Slavery and joined the Anti-slavery and Human Trafficking ethical and social policy.
People recognize Moneycorp as reliable and very professional. There are many customers who have been using the platform on a daily basis and are happy with the quality of the service.
“Very reliable company. Very formal in their approach. Provide a lot of evidence to help you feel secured. Professional staff. I recommend them.” ~ writes one of the customers on MoneyTransferComparison.com
The negative reviews focus on technical problems with the platform and occasionally the mobile app as well. Some users report that they have troubles logging in, others say the platforms freezes from time to time, which makes it impossible to send money online.
“The system times out too quickly especially in the middle of a transaction.... then have to start all over again. Also when logging in - sometimes the password is recognised other times it's not. Frustrating to keep logging in with the correct password but the system is temperamental.” ~ writes one of the customers in her TrustPilot review
Many people also express their dissatisfaction with the exchange rates, as sometimes they are not competitive enough compared to other money transfer platforms.
You can reach Moneycorp via an email. There is also a phone number dedicated to the UK customers and the other for international cases.
Moneycorp is a reliable company, which has been operating on the currency market for many years now. They are well-regulated and the international size of their operations translates into versatile offer, worldwide support and almost 120 currencies available to trade. However, because of that, Moneycorp isn’t the cheapest to use. Numerous smaller remittance platforms are able to offer cheaper money transfer, probably because of their scaled solutions. If you are a business owner you might enjoy the extensive Moneycorp care. However, for an individual there are cheaper alternatives out there. One of the interesting advantages of the platform is ability to target particular currency prices to buy it cheaper and pay for them later.
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