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Moneycorp Money Transfer Review 2019

Trading via: Online Platform Telephone
International Clients accepted
Established: 1962
Currencies offered: 120
“Moneycorp is perhaps the best known and most trusted company in the foreign exchange industry. The industry veterans started in 1979 and haven’t stopped since. It is one of the largest companies of its kind, with £35bn in trading each year, and surprisingly, also boasts a superb online platform.

MoneyTransferComparison.com’s readers are eligible for preferential rates and no fees on all transfers”.
92.8% Editorial rating.
7,000
Aggregated reviews
90%
Level of Satisfaction
6
Industry Awards
2011-2019
Get Free Quote
Minimum transfer:
£50
€50
$50
Fees & Rates: None. If you use our referral link, you will become eligible for preferntial rates too.
MTC-WF
REGULATION: Financial Conduct Authority (UK) Gibraltar Financial Services Commission ACPR FINCEN Dubai Financial Services Authority Customs and Excise Department HK

Review Table of Contents

Moneycorp Promotions
Is Moneycorp Reliable?
  • > About the Company
  • > Awards
  • > Conclusion
Offices
Do Clients Like Moneycorp?
Moneycorp Reviews from Across The Web
  • > Research, Pros and Cons
  • > Conclusion
moneycorp Exchange Rate & Fees
  • > Research: Fees, Guarantee, Exchange Rates, Limits
  • > Conclusion
Global Reach & Service
Additional Functionalities
The Overall
Comments
Moneycorp
Receive Fee-free International Money Transfer
Exclusive to MoneyTransferComparison
  • 1. Click on the button below and sign up with moneycorp:
  • 2. Standard Transfer Fee will be waived (instead of paying 15£ per transfer).
  • 3. You will receive preferential rates. They will be applied automatically to your account, whether you conduct the trade online, via email or over the phone.
Promotion FAQ
  • Do I need a Promo Code? No, a 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. There is 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 the rest of the review.
  • Who are you guys? We’re MoneyTransferComparison; we review money transfer companies and compare between them, as well as write about the money transfer industry as a whole. As a part of our review process, we try to get unique offers for our readers.

Is moneycorp Reliable?

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. With more than 880 employees and £35 billion in currencies exchanged annually, moneycorp is one of the largest money transfer companies in the UK. It also boasts one of the largest trading departments in the entire industry.

moneycorp TTT Ltd. is headquartered in Victoria, London, and has more than a dozen additional offices and branches in the UK and globally.

Awards

moneycorp’s long history has earned it a multitude of awards throughout the years. Below you can find the most relevant ones we have collected from the recent years

The Sunday Times Top Track 250 (2017)

Feefo gold trusted service award (2018 & 2019)

Best Money Transfer Service Provider – The World Banking Awards (2019)

Travel money provider of the year – Moneyfacts Consumer Awards (2015+2016)

Conclusion

moneycorp has been around for over four decades, maintaining an excellent reputation, and earning multiple awards relating to its services. With over 2.9m customer transactions last year alone, and an astonishing £35bntransferred 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 banking license from Gibraltar, which shows the level of credibility the firm has, as well as a 5A1 rating from D&B which is the highest among all foreign exchange firms in the UK.

99% Credibility Score.

Offices

We visited moneycorp at its 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. To us, it seems pretty much like the ideal environment for people who will be handling your money.

moneycorp offices – photos:

file1

Dealing Room

file3

Reception / 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 page.

 

Do Clients Like moneycorp?
moneycorp Reviews from Across The Web

Research

With over 5,000 moneycorp reviews submitted to Feefo, and approximately 92% of them being positive (Feefo would only show the rating of the feedback received in the past year), we know that customers are happy with the service provided to them by moneycorp. Feefo is a great platform that is utilised by over 2,000 retailers and service providers. It verifies that all reviews are genuinely submitted by verified clients.

There are additional reviews to be found on other platforms such as ReviewCentre and TrustPilot, which are not necessarily uniformly positive like the ones on Feefo, but they are mostly aimed at Moneycorp money travel’s service, which is not our focus. On TrustPilot, true for March 2019, moneycorp’s rating was 8.2/10 with just under 2,000 reviews.

Advantages +6

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

  • The professionalism and courtesy of traders.
  • The quality of guidance the firm has provided them.
  • The immense savings its exchange rates offer against banks.
  • The seamlessness of the process, 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 transfers.
Disadvantages -5

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 on the same day as they were booked.
  • A 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 see that people are extremely content with the firm. The few negative reviews mostly relate to its travel money service, which is much trickier and has nothing to do with its international money transfer services.

Most complaints discuss how long it takes to sign up and the vast amount of documents that are required in order to use the service, as well as how difficult it is to change details on 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 regulations, enforced by the international Anti-Money Laundering law. These clients will 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. Thus, same-day transfers aren’t readily available every hour of the day, and again, this is universally true, regardless of whether you use your bank or a payment provider.

The only complaint we found to be 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 that is very specific, as most clients will trade between one of the top 35 most popular currencies in the world, which moneycorp does offer.

93% Client Feedback Score.

Exchange Rate & Fees

Research

Fees:  If you use our referral link, you will not have to pay any fixed amounts per overseas bank to bank transfer with moneycorp.

Exchange Rates: Moneycorp works in the same way 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, giving it the ability to offer some of the lowest exchange rates in the market if the transfer size is significant.

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

Rates 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 eligible for better rates on the online system and over the phone.

Limits: The minimum transfer amount is £50, which is much lower than some competitor companies, and thus allows people to test the platform and the company with a very small transfer before they reach 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 that 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 that they have the experience to handle transfers of any size and type

Banking: As moneycorp is now licensed as a full banking facility. it is able to withhold client funds for any period of time the client chooses. 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 did not offer competitive rates, it would not have grown to become such a Goliath in the FX payments field. Since fixed fees are also waived for our readers, we recommend to all prospective customers to sign up and ask for a free quote. It can’t do any harm.

92% Fees, Exchange Rates.

Global Reach & Service

Research:
Dedicated Dealer: Yes.
Offices: UK USA France Spain Ireland Hong Kong Australia Brazil Gibraltar UAE Romania

Ways to approach: Via website, over the phone, and through the mobile app.

Translations:  None.

Accepts Clients:  Globally.

Currencies Handled: 120.

Client Reviews: 90% positive.

Conclusion:

With more than 880 employees worldwide, there is no doubt in our mind that you will receive good service from moneycorp, 24/7. Clients can attest to 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, which clearly demonstrates that moneycorp focuses on the UK and European markets, but expanding into Asia and North America promptly (the firm even bought an FX company in the USA in 2018).

The range of currencies handled by moneycorp is one of the widest in the industry. When we first reviewed the company in 2014, it only handled 35 different currencies, in 2018 it handled 90, and currently handles 120 currencies and can therefore deals with almost any currency pairing.

Overall, it has one of the largest dedicated dealer staff in the world, who are well-trained and professional, specialised in specific markets, and whose service is superb.

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

For instance, if you are buying a property in France, it is extremely important that the seller knows exactly how much money will he receive with each instalment. The unknown part of the equation is how much 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

91% Global Reach, Availability, Service Score

Additional Functionalities

Research:
  • Market Orders
  • Rate Watch
  • Largest selection of forwards (Vanilla, Participating, Extra, Range) up to 2 years
  • Receive Funds
More:

Regular Transfers, Repeat Transfers, Pay with Debit Card.

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

moneycorp was 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 the best prices from the other brokers. To make matters more difficult, the balance sheet is weak. Within three weeks of first contacting moneycorp, a £5m facility was agreed to, 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 money

Simon (Business Advisors), 01/08/2016, Verified Review

Another important point is that moneycorp will sometimes help larger businesses book a forward transfers without making a down-payment (standard is 10%). That will assist businesses with their cash-flow, and will obviously depend on moneycorp’s risk assessment (because this is 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 offers highly effective solutions for businesses of all sizes, from professional advisory (there are dealers that ONLY deal with the business sector), to one of the most comprehensive array of hedging features in the industry. In addition, moneycorp has a system in place specifically for online sellers which enables them to receive payments through collection accounts abroad and freely exchange them to other currencies through the online system (more on that on our online sellers section). This is a relatively new service by moneycorp and is still very much limited to collection accounts in the EU but we are certain it will further expand as time goes by.

Multi-Currency Wallet:

Moneycorp has recently started offering an “all-currency wallet” embedded into its online platform. That means a personal or corporate client can have his funds with Moneycorp in every currency the firm deals with (withheld by the company for any period of time) can exchange a portion of it, or all of it, into foreign currency simply and with no effort online.

App:

Moneycorp just came up with a new app that offers complete functionality to users. You can buy and sell currency through it, send money, view 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:

These additional functionalities are 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 exchange incoming FX payments, and on top of everything else, it offers professional guidance on how to optimally utilise these tools.

In addition to that, the pre-paid Star Card is a great benefit. People who move money abroad are more than likely going to need to travel from time to time, by 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, but it makes up for that with high levels of professionalism, and an extremely wide hedging offering. This makes perfect sense, since its target audience is small businesses and large property transfers, rather than remittances.

92% Added Values Score

The Overall

Moneycorp
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Moll3

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

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.

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TG

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

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.

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.

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.

Adrian Davis

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

Robin Ive

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

Amias

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

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?

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.

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?

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!

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.

K turner

I have an amount of Euros in a UK bank holding account ( 11500.00 Euros ) I am thinking this may be a good time to convert it . Can I have it converted into Sterling and paid into my UK bank. or maybe can I have it converted into Thai Bart and paid into a thai bank account. I also send smaller amounts of money to Thailand. Do you feel Moneycorp maybe the company for me ? I have used Western Union and money gram in the past for small transfers, but the rates were not good and the… Read more »

Rob

Hmmmm, I don’t know who to believe. On this website moneycorp is rated over 4* and yet on trutpilot it is only 2*. A huge discrepancy.

We are about to move to France and need to set up regular payments from a UK bank ( Lloyds ) to a French bank ( undecided which one so any advice would be welcome).. This is a massive step and we need to get it right.

FRANZ D Koch

I have a bank account in Wheat Ridge, Colorado, USA. According to your info not all US states allow money transfers. I want to transfer money from Turkey to Colorado. Does Colorado allow such money transfer?

Sunil

Hi,

I am from India & have recently relocated to Beijing for work, I would be paid RMB in China so can i use moneycorp for money transfers from RMB (china) to INR( India)
What will be charges etc ?

Robert De Niro

Moneycorp card is the best loaded it with £200

ciara oreilly

[[ This comment is irrelevant for Moneycorp’s money transfer services. It relates to the travel cash exchange at the airport and has been moved to the travel money page of this website. ]]

Michel J.

Saw their logo in the Gatwick airport some time back and last month I was searching online for a company to do an online transfer. Reading thru many reviews I came across their name and remembered. Made an account, talked with a nice guy at the phone and in less than 1 hour, I had setup 2 payments.

Overall experience for me: 8/10.

Catalina

Quick rant: Even though the service in itself is great (good rates, pretty quick transfers etc) they need to work on speeding up the processes for changing personal information. I got married and needed to change the info for my account to make a new transfer. It took a week and contacted them 2 times until they finally changed everything.

If I was in a hurry, I might just use another service. Just saying. You need to prioritize existing clients or maybe hire more staff to make sure people don’t switch to some competitor on the market.

Kerman

If you want to do a transfer online or by phone, they are great. No doubt about it. But if you are in a hurry and you’re thinking about changing currencies in the airport, you’re gonna get ripped. The exchange they provide (especially for less used currencies) it’s awful.

Salvatore Ojeda

Qualified for a no fee transfer which is already a huge win over my local bank, but the transfer is not “instant” as they push you to believe from their website. Other than that, pretty good service for my needs.

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