menu

Moneycorp Money Transfer Review

Quick FactsPros and ConsExclusive Offer
imageedit_3_6050302211

 

Established: 1962 (Transferring Money Abroad since 1979).


International Clients: ‚úď Accepted


Currencies Offered: 90.


Minimum Transfer:¬†¬£50 (UK)¬†/¬†¬†‚ā¨50 (EU)¬†/¬†$50 (USA)


Trading via: Online Platform or Telephone.


Offices In: UK, USA, France, Spain (2 Offices), and Ireland.


Regulation: ‚ústFinancial Conduct Authority, HM Revenue & Customs (UK), Full Banking License (Gibraltar)


Fees:¬†None, if you use our “Get Your Free Quote” link.


Promotional Code: Use our referral link to get the Free Transfer and Discounted Rates (exclusive for our referrals). 


Client Reviews: Over 4,800, mainly on Feefo.


Client Rating: 92%.


Website: www.moneycorp.com

Awards
Best Financial Services Provider (OPP Awards) in 2011
Travel Money Provider of the Year (Consumer Moneyfacts) in 2015
Top 3 Overall Rating 2015-2016-2017 MoneyTransferComparison
Best Promotional Offer MoneyTransferComparison 2017

Our Rating: 92.8%

 View Rating Breakdown


Get Free Quote (Private Clients)

Open Corporate Account with Moneycorp 

Pros

  • Operating since 1979
  • ¬£22.6Bn in Annual Turnover
  • Most Traders In The FX Business
  • Full Banking License
  • Highest Credit Rating D&B
  • Consumer & Business Awards
  • 98% Positive Client Feedback
  • Sophisticated Hedging Offering
  • Attentive and Responsive to Client Complaints
  • Discounted Rates and Free Transfers for Our Referrals
  • Welcoming and Friendly¬†Offices*

Cons

  • A Tad Outdated Look & Feel
  • App available only on Apple Store

* Photographs Available Below


Our Rating: 92.8%

 View Rating Breakdown


 

Get Free Quote (Private Clients)

Open Corporate Account with Moneycorp 

imageedit_3_6050302211

Receive a Fee-free International Money Transfer

As Well As: Get Discounted Rates

Exclusive to MoneyTransferComparison

1) Click on the button below, and sign up with Moneycorp

2) Standard Transfer Fee Will be waived (instead of paying £5 per transfer)

Receive Free Offer 

FAQ:

Do I need a Promo Code?

No, promotional code is not needed for this benefit.

What if I already have an account with Moneycorp?

Unfortunately, you will not be entitled to this offer.

How do I claim the Free Transfer and Discounted Rates?

Both will be applied to your account automatically. No need to claim it.

Is Moneycorp any good?

Yes. We have collated plenty of information about the company on our review (this page). To learn more move to the Quick Facts tab, our Rating Summary tab, and read throughout the review.

Who are you guys?

We’re MoneyTransferComparison and we review money transfer companies, and compare between them. As part of our service, we try to provide our readers with unique offers.

Read More:

Company Information and Credibility


Company size:  

Incorporated in 1962 (first foreign exchange in 1979), Moneycorp is a mature company with a stable corporate structure and effective, focused customer service. Moneycorp primarily serves English-speaking customers, but it serves them very well. With more than 600 employees and £11+ billion in currencies exchanged annually, Moneycorp is the second-largest money transfer company in the UK . They also boast about having the largest trading department in the industry.

Moneycorp Ltd. is headquartered in Victoria, London, and have several other offices in London (two of them are in Victoria).


Regulated By: 

Financial Conduct Authority, HM Revenue & Customs (UK),  Financial Services Commission (Gibraltar)


Awards: 

Moneycorp’s long history has earned it awards during several different financial eras. Here are two relevant awards from recent years:

Best Financial Services Provider (OPP Awards) in 2011
Travel Money Provider of the Year (Consumer Moneyfacts) in 2015

 


Conclusion: 

Moneycorp has been around for over four decades, maintaining an excellent reputation, and earning multiple awards relating to its services. With over 9.2m customer transactions in their 35 years of operating (7.2m customers trading just last year), and an astonishing figure of £11bn transferred annually, we consider it the most reliable choice for currency transfers.

In addition to that, Moneycorp is probably the only money transfer company in the world to receive a full banking license from Gibraltar, which shows the level of credibility the firm has, as well as a 4A1 rating from D&B which is the highest among all foreign exchange firms in the UK.


Get Free Quote

Credibility Rating

Offices


We have visited Moneycorp at their brand new offices in Victoria Street in London in August 2016. This is definitely one of the most impressive setups in the industry. An ultra-professional dealer team, extra-pleasant meeting rooms, and a friendly atmosphere all around. It is recommended to come and meet them in person.

Moneycorp offices Рphotos:

file1

Dealing Room

file3Reception / Waiting Area

*These images are exclusive to MoneyTransferComparison.com. If you wish to incorporate them in your website you may do so with attribution to this pages.

 

Client Feedback


Research:

With over 4,000 reviews submitted to Feefo, 98% of which are positive, we know customers are happy with the service provided to them by Moneycorp. Feefo is a great platform utilized by over 2000 retailers and service providers. It verifies reviews are genuinely submitted by verified clients.

There are a few dozen more reviews to be found on other platforms like ReviewCentre and TrustPilot that are not necessarily uniformly positive like the ones on Feefo, but they are mostly geared at Moneycorp money travel’s service, which is not our focus.


Positive:

Clients show high levels of satisfaction with multiple service aspects from Moneycorp, namely:

  • Professionalism and courtesy of traders.
  • The quality of guidance the firm has provided them.
  • The immense savings their exchange rates offer against banks.
  • The seamlessness of the proces, after signing up.
  • The fact that once you have signed up with Moneycorp you can use it for money transfers and travel money.
  • The promptness and accuracy of the transfer.
Negative:

We have also discovered several complaints about the company:

  • Issues with travel money delivery.
  • Long sign up process.
  • How long it takes to change personal details on the sign-up form.
  • That some transfers did not go through in¬†¬†the same day as they were booked.
  • Relatively narrow selection of currencies.

Conclusion:

 

Looking at more than 4,000 positive reviews and less than 100 negative reviews about Moneycorp it is easy to understand people are extremely content with the firm by all means. The few negative reviews mostly relate to their travel money service which is much trickier and has nothing to do with their international money transfer services.

Most complaints discuss how long it takes to sign up and the vast amount of documents which are required in order to use service, as well as how difficult it is to change details in an existing account. This is a common complaint in this industry, and people who want to use a foreign exchange company should realise the nature of the process is like that because of the stringent regulation, enforced by the international Anti Money Laundering law. These clients should experience the same difficulties with other companies in this sector.

Some clients that complained about trades not being executed at the same day don’t understand how the banking system works. When a certain bank is closed and unable to receive incoming payments, it is impossible to make a payment. So same-day transfers aren’t readily available in every hour, and again, this universally true regardless of whether you use your bank or a payment provider.

The only complaint we felt is justified is about the relatively low selection of currencies to choose from. Most competitors have a wider selection. On the other hand, this is something which is very specific, as most clients will trade between one of the top 35 most popular currencies in the world, which Moneycorp does offer.

User Rating

Had enough information?

Get Free Quote

OR

Discover More Companies 


 

Exchange Rate & Fees


Research:

Fees: If you use our referral link, you would not have to pay any fixed amounts per wire transfer  with Moneycorp.

Exchange Rates: Moneycorp works in the same fashion as other currency dealers. The larger the amount you transfer, the better the rates you will receive. With a company like Moneycorp which transfers 11Bn per annum, liquidity is extremely high, and thus they have the ability to offer some of the lowest exchange rates in the market if the transfer size is significant.

Using the online platform means rates will be fixed. They should provide a large saving as compared to banks, and hover around the same margins offered on other online platforms, at 1-1.2%.

Update

You are eligible for¬†Discounted Rates¬†if you use our referral code. Simply click on one of the buttons on this page leading to Moneycorp’s sign up, and you will be entitled for better rates on the online system and via telephone.

Limits: The minimum transfer amount is £50 which is much lower than competitor companies, and thus allows people to test the platform and the company with a really small transfer before they get to their main inquiry. It also allows you to send small personal gifts.
There is no upper limit at all. Moneycorp works with many small and medium-sized businesses which transfer hundreds of thousands, and even millions, per transfer. This is one of the biggest advantages of choosing such a large company ‚Äď you can rest assured they have the experience to handle transfers of any size and type.

Banking: As Moneycorp is now licensed as a full banking facility. they are able to withhold client funds for any period of time the client would choose. Bespoke solutions for clients who are moving abroad are readily available through this.


Conclusion:

When we scan through client reviews, it is obvious that they are extremely satisfied with the currency  exchange rates that are provided to them by Moneycorp. If the company had not offered competitive rates, it would not have grown to become the second largest company in the fx industry.  Since fixed fees are also dismissed, we can recommend asking them for a free quote, and comparing it side by side with your current provider (or another provider you have chosen from our selection of recommended providers).

Exchange Rates & Fees Rating

Global Reach & Service


Research:

  • Dedicated Dealer: Yes.
  • Offices:¬†UK, USA,¬†France, Spain (2 Offices), and Ireland.
  • Ways to approach:¬†Email, telephone number (int. and local numbers), and meetings in worldwide offices.
  • Translations:¬†None.
  • Accepts clients:¬†Globally.
  • Currencies Handled:¬†90.
  • Client reviews:¬†98% positive.

Conclusion:

With 720 employees worldwide, there is no doubt in our mind that you’ll get good service from Moneycorp, 24/7. Clients can verify that, and there were no more than 1 or 2 complaints about the promptness and accessibility of service.

The office locations are spread out pretty well, and clearly demonstrates that Moneycorp focuses on the UK and European markets. It would have been better if they had translations to European languages, but they justifiably assume most of their potential clientele will be English-speaking.

The range of currencies handled by them is one of the widest ones in the industry. When we first reviewed them in 2014 they only handled 35 different currencies, but now they handle 90, and thus, can deal with almost any currency pairing.

Overall, they have the largest dedicated dealer staff in the world, who are well-trained and professional, specialised at specific markets, and whose service is superb.

The way the company is set up is that it enables you to know precisely how much money will your recipient get, without any hidden fees, and without incurring unnecessary fees.

For instance, if you are buying a property in France, it is extremely important the seller will know exactly how much money will he receive with each installment. The unknown part of the equation is how much will the seller’s recipient bank will charge for accepting an international wire. The way Moneycorp avoids these sometimes hefty fees is through sending it domestically from the French office, as described below:

moneycorp-process

Global Reach Score

Additional Functionalities


Hedging:

  • Market Orders.
  • Rate Watch.
  • Largest selection of forwards (Vanilla, Participating, Extra, Range) up to 2 years.
  • Travel Money Order (from the same account set up for Int. transfers).
  • Receive Funds.

More: Regular Transfers, Repeat Transfers, Pay with Debit Card.

Moneycorp, undoubtedly, offers one of the most sophisticated offers for businesses who need to hedge their FX exposure. With the personal dealer’s assistance, it is definitely possible to reduce the risk derived by receiving payments in foreign¬†currencies, while paying employees and suppliers with local currency.

 

Moneycorp were able to provide a substantial facility on competitive terms. My client’s stock purchases are denominated in USD and it needs to hedge around eight months forward. It already had facilities with a couple of other brokers but needed to increase its overall facility.

Also I was not convinced that we were getting best prices from the other brokers. To make matters difficult, the balance sheet is weak. Within three weeks of first contacting moneycorp, a £5m facility was agreed, on terms either equal to or better than the other two brokers. The securing of this facility has given us sufficient headroom to achieve our growth plans and to be fully hedged pre Brexit, and the pricing of deals has proved that moneycorp has saved us moneSimon (Business Advisors), 01/08/2016, Verified Review

 

Another important key point is that they will sometimes help larger businesses to book on a forward transfers without paying a down-payment (standard is 10%). That will assist businesses with their cash-flow, and will depend on Moneycorp’s risk assessment of course (because this a form of credit).


StarCard eligibility: Any client who transfers money via Moneycorp and is based in the UK is eligible for a free StarCard, a top-up debit card with 14 currencies, which offers a sizable discount on travel money rates.


For Merchants:

Moneycorp offer highly effective solutions for businesses of all sizes. From professional advisory (there are dealers that ONLY deal with the business sector), through one of the most comprehensive hedging array of features. In addition, Moneycorp allows you to receive international payments through them, which make the process almost seamless ‚Äď merchants don‚Äôt need to own their own¬† FX accounts, they can receive everything in domestic currency.


App:

Moneycorp just came up with a new app which offers a complete functionality to users. You can buy and sell currency through it, send money, view the exchange rates, set up a rate notification, and book trades. The downside is that it is limited to non US-based users who use Apple devices.


Conclusion:

This is a strong area for Moneycorp. It offers 5 types of forward contracts, in addition to all the normal market orders (stop-loss, limit, rate watch, etc.). It offers specialised business accounts that exchanges incoming FX payments, and on top of everything, it offers professional guidance on how to optimally utilize these tools.

In addition to that, the pre-paid Star Card is a great benefit. People who move money abroad are more than likely to need to travel from time to time, and using this card, rates are lower and buying foreign currency is easier (everything can be done from the same platform without having to re-register).

Moneycorp isn’t a “young” hip company with a cool appearance and name like Transferwise‘s, but they make up for that with high levels of professionalism, and an extremely wide hedging offering. It all makes sense since their target audience is small businesses and large property transfers rather than remittances.

Special Features Score

Get Free Quote

Open Corporate Account with Moneycorp 

 

30 comments

  1. Nigel

    Was very easy to work with them. Picked up cash at the airport at their station. They provided us with a selection of notes. The whole thing didn’t take more than a few minutes (opening the account, making the order, getting the confirmation, and receiving the cash).

    Please note they have a refer-a-friend programme, so if you intend to get your mates aboard, use it to obtain free cash to your account.

    Posted on November 23, 2014
  2. Moll3

    great rates and £4 for small transactions Рused it to pay a freelance employee of mine

    Posted on November 29, 2014
  3. Pingback: Strength and Growth Come Only Through Continuous Effort and Struggle: A Must-have Mindset for Every Small Business Owner

  4. Pingback: Luxury Trip Budgeting - A World to Travel.

  5. TG

    Very reliable company. Very formal in their approach. Provide a lot of evidence to help you feel secured. Professional staff. I recommend them.

    Posted on April 30, 2015
  6. FontsDownloadFree

    Moneycorp has teams of trained and qualified dealers who can help you with all forms of money transfers, ensuring you get the best exchange rates possible.

    Posted on July 30, 2015
  7. M Eyres

    Tried calling them today on (edited number) to understand formalities in order to open an account. However after 18 minutes of listening to the music I gave up when the clock reached 1pm as that is when I read their Sat service closed. My bank answers much more quickly.

    Posted on November 7, 2015
    • compare

      Hello M! Moneycorp do not operate on a Sunday, as all other foreign exchange company, and banks. I suggest you click on the “Get Free Quote” button and fill in your details. You will be contacted by a member of the staff on Monday morning. We have personally tested the response time of Moneycorp on week days and we never had to wait in the queue. Cheers.

      Posted on November 8, 2015
  8. M

    I think this article is outdated in that it says a margin hovering around 1-1.2%, yet I have found that it has been 3% for some time. I emailed about this but didn’t get a response. Finally had a phone call and argued false advertising as given rate so different from their home page rate and they reduced it to 1.5% so as ‘not to lose’ me.

    Posted on January 23, 2016
    • compare

      Hi Mark,

      3% markup is unreasonably high. The only case we would think it may be applied is with exotic currencies in micro-transfers, and even then, we’ve rarely seen it move above 2%. We have referred plenty of clients to Moneycorp and we have quite a lot of statistics to back up our claims (we sadly cannot publish the complete data due to the nature of our agreement with them).

      In any case, our recommended M.O for any medium sized and up transfer is via telephone and negotiating the margin down (this is what most clients do). You are welcomed to view the “Large Transfers” tab on our homepage.

      Thank you for your feedback and looking forward to hear about your experiences with other companies.

      Posted on January 23, 2016
      • Risto

        I just transferred 2000 usd to eur, and they took 4 % margin. I feel pretty stupid right now.

        Posted on September 19, 2016
        • compare

          EDITED – I have forwarded this complaint onwards to Moneycorp. To my best understanding the matter has been resolved with the client. Please notify us if the information we have received is incorrect. We salute Moneycorp for their willingness to handle each complaint on in a timely manner.

          Posted on September 20, 2016
  9. Adrian Davis

    Quick and friendly experience all around. Will happily use again.

    Posted on May 16, 2016
    • compare

      Adrian, thank you so much for your comments about Moneycorp and SmartCurrencyDirect.
      It would be lovely if you could share more details about your transfer.
      Which dealer assisted you with the transfer? What kind of rates were you getting? How much time is “quick”? Did you have any difficulties signing up? etc.

      Thanks again!

      Posted on May 16, 2016
  10. Robin Ive

    I did not use 5500 rand. is it possible to return to get pounds?

    Posted on May 23, 2016
    • compare

      When you say that you have’t used a certain unused amount, do you mean that it was transferred to them as a part of an international money transfer process? or money left on your multi-currency debit card?

      Posted on May 23, 2016
      • compare

        In any case if it’s travel money or currency cards they would be happy to buy back the currency from you, and with bank transfers they would be happy to exchange an amount like 5500 ZAR to GBP.

        Posted on May 23, 2016
  11. Amias

    Hi, our church is a nonprofit organization. Can our church pay translators or translation service company with moneycorp?

    Posted on January 22, 2017
    • Compare - MTC Admin

      Hi Amias, of course. Moneycorp handles a lot of non-profit clients. Please do come back here to let us know what you thought about Moneycorp’s service after you sign up with them.

      Posted on January 23, 2017
  12. anil agarwal

    I would like to know if you are offering services such as remittances to india from the gulf, USA, Canada etc since there are a lot of indians in these countries. This service could be on the line of The Western Union MoneyTransfer. Also let us know who are your agents in India if any?

    Posted on February 25, 2017
    • Compare - MTC Admin

      Moneycorp does not handle cash remittances at all. Hope this addressed your query.

      Posted on February 26, 2017
  13. Wanntai

    The most suck registration process I had ever experience with online transfer.
    You must give every detail as if you are going to open bank account.

    Posted on April 3, 2017
    • Compare - MTC Admin

      Hi! Did you sign with any other firm besides Moneycorp? Are those “excessive” details or things they are required to collect by law? I assume the latter

      Posted on April 3, 2017
  14. Mark

    Hi, I am emigrating to New Zealand and firstly will need to transfer a large sum from GBP into NZD, in addition, I am hoping to leave a large chunk safely stored in GBP should i need to return. Is this something moneycorp can facilitate?

    Finally, I will need to make regular monthly payments from an NZD account (ANZ) to a GBP bank account, I’m assuming this is their bread and butter and is easily set up?

    Posted on April 7, 2017
    • Compare - MTC Admin

      Hi Mark, thank you for your question. Moneycorp can facilitate all your requirements. Everything you just mentioned is indeed their bread and butter. Would be happy to hear about your experience.

      Posted on April 8, 2017
  15. Robert Gletcher

    Really bad exchange rate at MONEYCORP Gatwick. My son bought Moroccan Dirhams at 8.07 as he was told “this was best rate he will get anywhere” MONEYCORP online rate was 10.95 and you can get better elsewhere. Complete RIP OFF. Don’t use them!

    Posted on June 20, 2017
    • Compare - MTC Admin

      Hi Robert. We review their money transfer services, not travel money cash exchange. Very different ballgame. Considering the rental costs at the airport you would imagine exchanging currency there is a bad idea regardless of the provider at that airport (in the UK, most airport exchange offices, including Heathrow, are operated by Travelex, very similar rates).

      Posted on June 21, 2017
    • Maike

      i agree

      Posted on June 30, 2017
  16. David Ekbeze

    I’v been using Moneycorp in the past few months for several transfers and i can’t praised them enough, they have been providing me outstanding customer service, very fast money conversion and transfers at a ver good rate. i will be using them again in the future for sure.

    Posted on August 4, 2017
    • Compare - MTC Admin

      Hi David, thank you for your feedback.

      Posted on August 7, 2017

Leave a Reply to Moll3 Cancel reply

Your email address will not be published. Required fields are marked *

Go to top
SEO Powered by Platinum SEO from Techblissonline