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
Will this affect the exchange rates I get?
Most definitely not, you will be like any other customer, besides not paying fixed fees on standard transfers.
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.
Company Information and Credibility
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).
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 for Excellence 2011)
🏆 Travel Money Provider of the Year (Consumer Moneyfacts Awards 2015)
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.
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 – photos:
Reception / Waiting Area
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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.
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.
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.
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%. 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 – 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.
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
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.
Accepts clients: Globally.
Currencies Handled: 90.
Client reviews: 98% positive.
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:
Global Reach Score
Largest selection of forwards (Vanilla, Participating, Extra, Range) up to 2 years.
Travel Money Order (from the same account set up for Int. transfers).
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.
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 – merchants don’t need to own their own FX accounts, they can receive everything in domestic currency.
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.
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
Credibility Score - 99%
Client Feedback - 93%
Fees, Exchange Rates - 92%
Global Reach, Availability, Service - 91%
Added Values - 92%
Moneycorp is one of the industry's veterans, and it definitely shows. A large staff of highly-trained professional dealers. Large flexibility with transfers ranging from as little as £50, up to business transfers of many millions. A full banking license like not other company has. Clients are satisfied with the services they are provided with, and exchange rates are highly competitive. Moneycorp is no doubt one of the best companies to sign up with, and especially through us - use our Get Free Quote button to receive a free transfer!
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