Moneycorp Money Transfer Review 2020

“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. As one of the largest companies of its kind, it trades around £35bn in currency each and every year and is also boasting a superb online platform.

MoneyTransferComparison.com’s readers are eligible for preferential rates and no fees on all transfers”.
92.8% Editorial rating.
10,000+
Aggregated reviews
90%
Level of Satisfaction
8
Industry Awards
2011-2020

This moneycorp review will explain in detail how the company operates, whether moneycorp is safe, what kind of exchange rates will you be likely to achieve, how does moneycorp vs. Transferwise compare, and whether it’s worth using moneycorp money transfer service as a whole.

View Review Rating Summary
Minimum transfer:
£50
€50
$50
Fees & Rates: None. If you use our referral link, you will become eligible for preferential rates too.
MTC-WF
REGULATION: Financial Conduct Authority (UK) Gibraltar Financial Services Commission ACPR FINCEN Dubai Financial Services Authority Customs and Excise Department HK

Is moneycorp Safe?

Company Size

Incorporated in 1962 (first foreign exchange in 1979), 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 £35 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.

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 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)

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 £35bn transferred 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.

Publications like CNN, 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.

99% Credibility Score.

Offices

We visited moneycorp at its brand new offices in Victoria Street in London back 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 5,800 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 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 4,280 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 4.4 / 5 (Excellent).

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 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.
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 9,000 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 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.

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 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.

93% Client Feedback Score.
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.

moneycorp Exchange Rate & Fees

Research

Fees:  If you use our referral link, you 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 you transfer, the better the rates you will receive. With a company like moneycorp that 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, but now with our preferential moneycorp exchange rate offer for readers referred by us, it will become drastically better.

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 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: 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. Bespoke solutions for clients who are moving abroad are readily available through moneycorp.

Conclusion:
When we scan through client reviews, it is obvious clients 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 only a small number of 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 (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 it is even expanding 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 it handles 120 currencies and can therefore deal with almost any currency pairing.

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 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:

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
  • Options (for corporates)
  • Interest-earning accounts
  • Wholesale banknote supply
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.

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, you will only have credit lines granted by a bank – moneycorp is bringing the benefits you receive with a bank and money transfer provider.

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 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 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.

92% Added Values Score

Moneycorp Review Summary
93%
93 of 100 1 review
  • 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%

Bottom Line

moneycorp is one of the industry’s veterans, and it definitely shows, particularly in its large staff of highly-trained professional dealers. 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 £35bn 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, you may become eligible for even better rates – use our Get Free Quote button to receive a free transfer and exclusive, preferential, exchange rates!



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Moll3
5 years ago

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

Nigel
5 years ago

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.

Strength and Growth Come Only Through Continuous Effort and Struggle: A Must-have Mindset for Every Small Business Owner
5 years ago

[…] majority of Europe, there are FX firms that act as a mediator on money transfers. Companies like MoneyCorp (which is very global and well-known) will receive a wire from you in your local currency, exchange […]

Luxury Trip Budgeting - A World to Travel.
5 years ago

[…] Two of these companies, highly recommended by the authority website for money transfer namely MoneyTransferComparison.com are Currencies Direct, and MoneyCorp. […]

TG
5 years ago

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

FontsDownloadFree
5 years ago

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
4 years ago

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
4 years ago

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
4 years ago

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

Robin Ive
4 years ago

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

Amias
3 years ago

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

anil agarwal
3 years ago

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
3 years ago

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
3 years ago

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
3 years ago

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
3 years ago

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
2 years ago

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
2 years ago

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
2 years ago

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
2 years ago

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
2 years ago

Moneycorp card is the best loaded it with £200

ciara oreilly
2 years ago

[[ 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.
2 years ago

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
1 year ago

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
1 year ago

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
1 year ago

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.

Jon Wallace
1 year ago

Im a bit of an old fart so not good with computers, couldn’t figure out the online transfer but when I called in they got me all sorted out. Better rates than HSBC but still always looking for better rates not sure if they are the best yet but their service is friendly and fast enough for my needs.

Greg Hamilton
11 months ago

I’m an American working in Germany and I like to be able to send money to my parents to help with their mortgage payments (they are going through a tough time). Since I am never in a big rush to send the money, I set up alerts to get notified when the exchange rates move in my favor and make my transfers then. Pretty smart system when every dollar extra helps! (sorry if this is a duplicate post I am not sure if it went through the first time) :S