Post Office International Payments Review
- Website: PostOffice.co.uk
- Currency services: Travel money (cash), International Payments (to bank account abroad)
- Status: Doesn’t quality as a money transfer company according to our definitions, as it is a White Label operation.
- Our Verdict: Post Office have chosen a very reliable partner for its international money transfer services, Moneycorp. The company which has existed since 1979 is a definite industry leader and one of our top chosen services (view our Moneycorp review). The thing is that the Post Office can always change to another international payments providers, so although our review is not “negative” on using them, we much rather recommend our readers to deal with Moneycorp directly.
White Label – What does it mean?
The UK Post Office money transfer services (and also cash-to-cash transfers) are operated licensed payment providers and not the UK Post Office itself.
Below you can find the statements from their own website.
On the International Payment Page (Address: http://www.postoffice.co.uk/international-payments):
On the Cash Transfers page (Address: http://www.postoffice.co.uk/moneygram-cash-transfers):
That indicates that in fact, these services are operated by a third party (here’s an explanation from Wikipedia on how White Labels operate).
Are white labels and agent deals necessarily bad?
The simple answer to that is no, it’s not necessarily bad. As a matter of fact, the Post Office chose a very reliable partner to handle money transfers – Moneycorp. It’s one of our most recommended currency services.
On their cash transfers, they chose a very “natural” partner, and decided to become agents with Moneygram. The company has a tremendous international reach with over 300,000 agents working with them across the globe, and allowing clients to fund an international transfer by cash, as well as withdrawing it by cash. Although the company is one of the worst rated companies on our website, it still has certain capabilities that other companies don’t.
The thing with white label deals is that it’s always better to go the service provider’s website. So in Post Office’s case, you might as well click on this link which will take you to Moneycorp’s website, which is far more detailed and explanatory than the UK Post Office’s site.
Going there, or browsing through reviews like the ones we offer, you would be able to know who is the real company that will handle your funds eventually. In addition to that, Post Office can always swap partners – read more about it on the next paragraph.
UK Post Office Client Reviews
There are plenty of complaints of unsatisfied clients who used the Post Office’s service (for example, on client review platforms like ReviewCentre, where the post office has a rating of 2 / 5 stars with 70% complaints out of total reviews).
The complaints were mainly about:
- Hidden charges and fees
- Lack of transparency, difficulty understanding the pricing
- Unhelpful service
How can this be possible, considering the great reviews Moneycopr’s money transfer service has been getting?
1. The service was previously provided by HiFX which is a solid company by itself, but vast majority of the complaints aren’t about Moneycorp’s services, but on an earlier period.
2. It could be there’s some disinformation between the Post Office employees and the services offered by Moneycorp. So clients who are referred by Post Office think they are going to get a certain pricing, which doesn’t match Moneycorp’s price.
3. It could be that some of the complaints we have discovered are directed towards Moneygram’s cash transfer services (which would naturally attract a lot complaints as Moneygram has poor ratings across the board in all client review platforms).
You are likely to get a great service and competitive rates with the Post Office international payment service, but why use them them instead of Moneycorp directly?