MoneyTransferComparison.com’s readers are eligible for preferential rates and no fees on all transfers”.
Pros and Cons
- Preferential Rates for Clients Referred from MTC
- Operating since 1979
- More than £35.5bn in Turnover
- New and Improved Online Journey
- Banking License in Gibraltar
- Highest D&B Rating in Industry
- Consumer & Business Awards
- Sophisticated Payment Solutions
- Attentive and Responsive to Client Complaints
- Plainly Designed Website
- Not Available in Some US States
This Moneycorp review will explain in detail how the company operates, whether Moneycorp is safe, what kind of exchange rates will you be looking to get, and how does Moneycorp vs. Transferwise compares.View Review Rating Summary
Is moneycorp Reliable?
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.
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 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)
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.
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:*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
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 travel money’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.
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 necessarily 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 true, regardless of whether you use your bank or a payment provider. The rise in blockchain and a move away from the universally adopted SWIFT could see this change in the future, but for now it’s important to understand the operating times of both the remitter and beneficiary bank (and any possible intermediary banks these banks use).
Some complaints we found to be justified in the past, such as the relatively low selection of currencies to choose from. A very, very small percentage of clients would have been impacted by this as Moneycorp did cover all of the major corridors, but in any case they have now expanded their offering from 35 to 120 currencies. It’s great to see a provider listen to its customers and respond accordingly.
- 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.
- 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.
Exchange Rate & Fees
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 £35bn 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 savings, as compared to banks, and will hover around the same margins offered on other online platforms, at roughly 1-1.2%.
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 remit the total value of the transfer. 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 they have the experience to handle transfers of any size.
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.
Global Reach & Service
Ways to approach: Via website, over the phone, and through the mobile app.
Accepts Clients: Globally.
Currencies Handled: 120.
Client Reviews: 90% positive.
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 to enable 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 they will 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:
- Market Orders
- Rate Watch
- Largest selection of forwards (Vanilla, Participating, Extra, Range) up to 2 years
- Receive Funds
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.
Simon (Business Advisors), 01/08/2016, Verified Review:
“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”
Another important point is that moneycorp will sometimes help larger businesses book a forward transfer without making a down-payment (standard is 10%). Thus assisting 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.
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 expand as time goes by.
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.
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.
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.