Should I Use Moneycorp?
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Services Offered by Moneycorp
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Moneycorp Review: Our Take
Moneycorp is one of the most recognisable names in the British international payments industry, considered as a pioneer for offering non-bank business foreign exchange services.Incorporated in 1962 (first foreign exchange in 1979 as a high street currency dealer and commercial foreign exchange in 1999), moneycorp (TTT Moneycorp UK Ltd) is a mature company with a stable corporate structure and effective, customer-focused, service. With more than 880 employees and £73 billion traded in 2022, moneycorp is an industry leader without a doubt. Moneycorp is safe - actually it’s more than just "safe" - it’s a rock-solid financial institution with a wealth of experience and a high degree of expertise in helping both corporate and private clients trade currency..
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Is moneycorp Safe?
In 2016, moneycorp acquired a Gibraltar banking licence, leading to the establishment of moneycorp bank.
In 2018 moneycorp bought the Canary Wharf-based firm, First Rate FX. Ltd, who had been operating in the foreign exchange industry for 13 years. With First Rate FX having operations in Dubai, it allowed moneycorp to expand their operations in the region. In the same year, moneycorp also acquired US-based corporate international payments business, Commonwealth Foreign Exchange Inc.
The firm continues to enjoy sustained growth in the market, seeing trading volumes increase from £38bn in 2021 to £73bn in 2022, revenues increase from £140m in 2021 to £220m in 2022 and statutory profit after tax increasing from £5m in 2021 to £34m in 2022.
The firm is continuously looking at ways to expand its services and innovate its offering. This has resulted in a mammoth global footprint and an impressive suite of advanced payment products. One example of this is Moneycorp’s enhanced API capabilities in the US. Allowing firms to integrate moneycorp’s international payment functionality into their existing accounting software and ERP systems. US Fintech company KyckGlobal is also powered by Moneycorp’s APIs to deepen their cross-border payment solutions for US-based corporates.
More recently, the firm announced the appointment of Velizar Tarashev as CEO in June 2023, who previously held the role of CFO at moneycorp since February 2021. Prior to moneycorp, Velizar Tarashev wasCFO at Barclays Private Bank. In April 2021, the firm appointed a new Vice Chairman, David Yates, who was previously a president at Mastercard. Experienced hires, with a background in banking and payments, are typical of moneycorp and just what we would expect from one of the industry’s most respected providers.
In August 2022, moneycorp launched an innovative foreign exchange liquidity management tool for Digital Asset Exchange providers (i.e. cryptocurrency exchanges). The tool, powered by 16 different providers, enables 24/5 access to execute payments efficiently and demonstrates moneycorp’s continued commitment to innovation, despite being one of the oldest companies in the industry.
In what was a landmark exit, moneycorp closed its final in-airport bureau de change in April 2023 to focus more on bank-to-bank money transfers.
Headquartered in Victoria, London, moneycorp also boasts offices in Ireland, Australia, Portugal, Spain, the United States, Dubai, Romania, Hong Kong, France and Brazil.
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
Best Payment Solutions Provider – City Fintech Awards (2022)
The Sunday Times Top Track 250 (2017)
Feefo gold trusted service award (2018 & 2019)
Feefo platinum trusted service award (2020)
Money Transfer Provider of The Year – MoneyAge Awards (2019)
Best Money Transfer Service Provider – The World Banking Awards (2019)
The Sunday Times Top Track 250 (2017)
Travel money provider of the year – Moneyfacts Consumer Awards (2015+2016)
moneycorp was also shortlisted for a number of other awards in 2020, including MoneyAge 2020 Money Transfer Provider of the Year, the Payment Awards 2020 Best Cross-Border Payments Service and The Private Equity Service Provider Awards 2020 for Foreign Exchange Services.
moneycorp has been around for over four decades, maintaining an excellent reputation, and earning multiple awards relating to its services. Its senior management team consists of experienced individuals who have a proven track-record in the payments industry. In this sense, moneycorp is considered a more traditional currency provider (especially when compared to fintechs such as Wise) but it shows the firm’s commitment to the security of client funds and proper adherence to financial regulations.
With over a million transactions last year alone, and an astonishing £73bn transferred annually, we consider moneycorp to be one of, if not the most reliable choice for currency transfers. In addition to this, moneycorp is the only money transfer company in the world to hold a banking licence in 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. To shore up its balance sheet, the firm announced a healthy profit after tax of £35m in 2022, way up on the £5m in 2021.
Publications like CNN, The Telegraph, The Guardian and CityAM have all opted to use Moneycorp’s services for their white-label money transfer services, which increases the level of trust as well.
Moneycorp FAQ & Review Overview
About this Review & FAQs
Moneycorp Review FAQ
+ Who is moneycorp?
+ Is moneycorp well regulated?
+ Is moneycorp a bank?
+ How does the process work?
+ Can you fund your international transfer through a debit card?
+ How do I book a transfer?
+ Does moneycorp offer hedging tools such as Forward Contracts?
+ Are there transfer limits with moneycorp?
+ Can I get a free money transfer quote from moneycorp?
Moneycorp’s Offices
We visited moneycorp at its offices in Victoria Street, London. 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 round. To us, it seems pretty much like the ideal environment for people who will be handling client money.
moneycorp offices – photos:
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Do Clients Like moneycorp? moneycorp Reviews from Across The Web
With a little under 500 moneycorp reviews submitted to Feefo in the last year, and approximately 94% of them being positive (Feefo only shows the rating based on feedback received in the past year which is 4.8/5), we know that new customers continue to be 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. In total, moneycorp has amassed over 7,500 customer reviews on Feefo since it began using the platform.
There are additional reviews to be found on other platforms such as ReviewCentre and TrustPilot. Despite TrustPilot not being moneycorp’s primary review platform, it has still amassed over 6,300 reviews – indicating just how much moneycorp transacts, as most competitors are incapable of amassing anywhere near this figure even on their primary review platform. On TrustPilot, as of November 2023, moneycorp’s rating is 4.4 / 5 (Excellent). It’s a different story on The Review Centre which has more complaints than positive reviews (scoring 2.6/5) but it has to be said this is based on just 55 reviews as of November 2023. That makes the ratio of overall positive vs negative reviews to be 13,500+ vs a few hundred.
The comments left on our own moneycorp review are virtually all positive, with customers mainly praising the customer service and level of professionalism of the staff. The service is particularly praised by those who prefer to arrange their transactions over the phone as opposed to online.
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 through Moneycorp exchange rates 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.
- Helpful customer support local to a number of countries around the world.
- Easy-to-use online platform
- Would happily recommend to friends
We have also discovered several complaints about the company:
- Issues with travel money delivery. (DISCONTINUED SERVICE)
- 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 in the past.
Looking at more than 13,500 positive reviews, it is easy to see that people are extremely content with the firm. On the flipside, however, there are also a few hundred negative reviews. Though it should be pointed out that a significant share of these reviews relate to moneycorp’s travel money service, which is much trickier and has actually been brought to a close in recent months. Signalling an end to a 40-year run of moneycorp’s bureau de changes.
Most complaints which relate to moneycorp money transfer 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 this because of the stringent regulations, enforced by Anti-Money Laundering regulations. These clients will experience the same difficulties with other companies in this sector but it would be no surprise that an established money transfer provider such as moneycorp is particularly prudent. It is committed to stamping out anti-money laundering and all aspects of financial crime.
Some clients that complained about trades not being executed on 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 clients use a 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 remitting and beneficiary bank (and any possible intermediary banks that these banks use to conduct international payments). 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.
moneycorp Exchange Rate & Fees
Fees: If readers use our referral link, they will not have to pay any fixed amount fees per overseas bank to bank transfer with moneycorp.
Exchange Rates:
Moneycorp works in the same way as other currency dealers. The larger the amount transferred, the better the rate a client will receive.
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 money transfer platforms. When transferring a large amount (£50,000+) you may be able to negotiate a better rate 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 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. With c£40bn transferred per annum and relationships with a number of tier-1 banks across the globe, liquidity is also extremely high, meaning they can easily handle multi-million pound transfers.
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. With £73bn transferred per annum and relationships with a number of tier-1 banks across the globe, liquidity is also extremely high, meaning they can easily handle multi-million pound transfers.
Banking: As moneycorp is now licensed as a full banking facility, it is able to hold client funds for any period of time the client chooses and it’s even possible to earn interest – a result of moneycorp’s banking licence and something no other money transfer provider is able to do. In May 2021, Moneycorp was confirmed by moneyfacts to provide the best interest rate on a notice deposit account – 0.65%, eclipsing that of ICICI Bank and Virgin Money. Bespoke solutions for clients who are moving abroad are readily available through moneycorp too.
What’s more, moneycorp has a low minimum transfer requirement of just £50 making it easy to test the service first and there is no upper payment limit whatsoever. This isn’t the case with all money transfer providers.
MoneyCorp vs TransferWise (Wise)
MoneyCorp vs TransferWise (now Wise) is an interesting comparison because even though these international money transfer firms are in the same industry, they really do operate at opposite ends of the spectrum. The tech-focused Wise, founded in 2010, is all about online money transfers – it provides a consistent and slick experience that is the same, no matter whether an individual is moving £100 or a business is looking to transfer £500,000. This simplicity certainly has its appeal and is why TransferWise (now Wise) has become arguably the most successful money transfer company in the UK today, amassing millions of customers.
Moneycorp, however, with its traditional approach, is all about offering a bespoke service to each client it takes on. With a far wider variety in hedging solutions, a dealer will take the time to understand individual requirements and help clients get set up with the most appropriate international money transfer solutions that are relevant to their needs. Regularly paying an overseas mortgage? Moneycorp can assist clients with setting up automated recurring transfers. Wanting to hold out for a better rate? Moneycorp can set clients up with a limit order to auto-execute when the market hits the optimal rate that a client is looking to achieve.
Generally the answer to moneycorp vs Wise would be this; if users moving small sums are happy just to get the best deal on today’s FX rate then opt for Wise. If individuals or businesses need more flexibility, hedging solutions and dedicated guidance from an expert, they should opt for moneycorp.
Global Reach & Service
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: 94% positive.
With more than 880 employees worldwide, there is no doubt in our mind that clients will receive good service from moneycorp, 24/7. Existing clients can attest to that, and there were only a small number of complaints about the promptness and accessibility of service.
The office locations are spread out pretty well, which demonstrates that moneycorp focuses on the UK and European markets, but is heavily expanding into Asia and North America (the firm even bought an FX company in the USA in 2018 and became the inaugural non-bank member of the Federal Reserve’s Foreign Bank International Cash Services). More recently Moneycorp has expanded its operation to South America. It is one of only five companies to hold a foreign exchange licence in Brazil. It also has offices in UAE and does a lot of business transferring money from the UAE to the UK.
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 now in 2021 it handles over 120 currencies and can therefore deal with almost any currency pairing. This includes a bunch of exotic currencies launched by the firm in March 2021, including even Mauritanian Ouguiya, Mozambican Metical and Tahitian Franc – what was once a weak point by Moneycorp is now one of its strongest.
Overall, it has one of the largest dedicated dealer teams in the world, who are well-trained and professional, specialised in specific markets, and who provide a top-notch service
The company is set up to enable clients to know precisely how much money a recipient will get, without any hidden fees, and without incurring unnecessary fees.
For instance, if users 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:
Additional Functionalities
Market Orders
Rate Watch
Largest selection of forwards (Vanilla, Participating, Extra, Range) up to 2 years
Receive Funds
Options (for corporates)
Interest-earning accounts
Wholesale banknote supply
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 assistance of your own personal currency dealer, it is definitely possible to reduce the risk incurred by receiving payments in foreign currencies, or while paying employees and suppliers overseas.
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). Typically, businesses will only have credit lines granted by a bank – moneycorp is bringing the benefits a business can receive with a bank , with all the benefits of using a money transfer provider (such as lower FX spreads, lower payment fees and dedicated account management).
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 in 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 their funds with Moneycorp in every currency the firm deals with (withheld by the company for any period of time) and can exchange a portion of it, or all of it, into foreign currency simply and with no effort online.
Moneycorp has extended its multi-currency account offering to a full-fledged bank account that also enables customers to hold money in their account and incur interest (moneycorp savings account). These functionalities are offered by moneycorp’s Gibraltar-based entity, moneycorp Bank (established 2016).
Moneycorp revamped its app and offers complete trading functionality to users. Clients can buy and sell currency through it, send money, view exchange rates, set up a rate notification, and track trades. The downside is that it is limited to non-US-based users and has pretty poor reviews on the Apple app store and Google play store.
Moneycorp’s Payment Solutions enable clients to either process mass payments via a bulk payment file on Moneycorp Online or integrate moneycorp’s services into their ERP platform where they have technical ability and appetite to do so. The mode of execution is client led. Moneycorp has an API integration with Cloud Elements which connects clients to Netsuite, Quickbooks and Xero, and plans to continue to add more known accounting software providers. Moneycorp is one of the top best international payroll solutions as per our comparison.
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 can exchange inbound payments and can even offer hedging solutions in the form of FX options (which provide greater flexibility to clients and require booking through a separately regulated entity through professionally accredited currency traders). The key to all of this is that moneycorp offers professional guidance, from a highly professional team, as to how one can optimally utilise these tools.
moneycorp isn’t a “young” hip company with a cool appearance and a brand value likeWise, 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 businesses and large property transfers, rather than remittances.
Moneycorp Scoreboard
- Credibility Score - 99%99%
- Client Feedback Score - 93%93%
- Fees, Exchange Rates Score - 92%92%
- Global Reach, Availability, Service Score - 91%91%
- Added Values Score - 92%92%
moneycorp Review Summary
moneycorp, registered officially as TTT Moneycorp Limited, is one of the industry’s veterans, and it definitely shows, particularly in its large staff of highly-trained professional dealers. It offers great flexibility with transfers ranging from as little as £50, up to business transfers of many millions. The company boasts a large array of branches across the globe, more than 120 currencies, and trading volumes of £73bn annually. Our moneycorp review has determined the company is very safe to use.
Based on moneycorp reviews from across the web, clients are pleased with the services they are provided, and moneycorp exchange rates are highly competitive. Using our referral link, readers are eligible for fee-free international transfers – use our Get Free Quote button and register with one of the most respected international money transfer platforms available today.