About this Review & FAQs
This moneycorp review will explain in detail how the company operates, whether moneycorp is safe, what kind of exchange rates you will likely achieve, how moneycorp vs Transferwise compares, and whether it’s worth using moneycorp money transfer service as a whole.
Moneycorp Review FAQ
Is moneycorp Safe?
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, focused customer service. With more than 880 employees and £36.9 billion in currencies exchanged annually, moneycorp is one of the largest money transfer companies in the UK, and globally. It also boasts one of the largest trading departments in the entire industry.
Key developments in the history of moneycorp have included the Royal Bank of Scotland Special Opportunities Fund (of which RBS had a 13.5% direct stake) becoming a significant shareholder in the moneycorp group in December 2006. Prior to selling its stake to Bridgepoint in 2014 for £212 million, who, as of 2021, are still the current majority shareholder of moneycorp.
In 2013 moneycorp acquired Thomas Cook’s corporate foreign exchange business. In August 2015 the company bought a 45% stake in Brazilian currency company Novo Mundo Corretora de Câmbio, of which it now owns a 90% stake following an increase in shareholdings in 2019.
In 2016, moneycorp acquired a Gibraltar banking license, 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 had 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.
Despite the challenges faced by the pandemic, moneycorp announced record growth in its B2B business. Moneycorp B2B markets, which supports corporates and financial institutions, grew 13% YoY in 2020.
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. Headquartered in Victoria, London, the firm also boasts offices in Ireland, Australia, Portugal, Spain, the United States, Dubai, Romania, Hong Kong, France and Brazil.
More recently, the firm announced the appointment of a new CFO, Velizar Tarashev, in February 2021, who was previously the CFO at Barclays Private Bank. As well as the appointment of a new Vice Chairman in April 2021, David Yates, who was previously a president at Mastercard. Experienced hires, with a background in banking and payments, is typical of moneycorp and just what we would expect from one of the industries most respected providers.
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)
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)
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 can be 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 2.9m customer transactions last year alone, and an astonishing £36.9bn 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 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 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 over 6,400 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 which is 4/7/5), we know that customers using the service today 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. Despite moneycorp not using TrustPilot as its primary review platform it has still amassed over 5,800 reviews – indicating just how much business moneycorp transacts as most competitors won’t be anywhere near this figure even on their primary review platform. On TrustPilot, as of June 2020, moneycorp’s rating is 4.6 / 5 (Excellent).
With TrustPilot becoming the go-to review platform for consumers and businesses alike, it would appear Moneycorp is aiming to transition its reviews across to TrustPilot. With over 5,900 reviews on TrustPilot, the firm is now amassing hundreds of reviews a year on both Feefo and TrustPilot – indicating just how much business moneycorp transacts as most competitors won’t be anywhere near this figure even on a single review platform. On TrustPilot, as of May 2021, moneycorp’s rating is 4.6 / 5 (Excellent).
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.
Looking at more than 11,000 positive reviews and less than 200 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 like all travel money services has very wide spreads) but 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 international Anti-Money Laundering laws. 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 remitter and beneficiary bank (and any possible intermediary banks that hese banks use to make 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: f readers use our referral link, they will not have to pay any fixed amount fees per overseas bank to bank transfer with moneycorp.
Moneycorp works in the same way as other currency dealers. The larger the amount transferred, the better the rate a clien twill receive. With a company like moneycorp that transfers £36.9bn 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 money transfer platforms.
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 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 license 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.
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 a client is an individual moving £100 or a business looking to transfer £500,000. This simplicity certainly has its appeal and is why TransferWise 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 them get set up with the most appropriate international money transfer solutions. 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 Transferwise would be this; if users moving small sums are happy just to get the best deal on today’s FX rate then opt for TransferWise. If individuals or businesses need more flexibility, hedging solutions and dedicated guidance from an expert, they should opt for MoneyCorp.
Global Reach & Service
Ways to approach: Via website, over the phone, and through the mobile app.
Accepts Clients: Globally.
Currencies Handled: 120.
Client Reviews: 92% 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 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 license in Brazil.
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:
Largest selection of forwards (Vanilla, Participating, Extra, Range) up to 2 years
Options (for corporates)
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 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). 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).
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 their 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 revamped its app and offers complete trading functionality to users. Clientsu 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 and has pretty poor reviews on the Apple app store and Google play store.
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 a brand value 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.