Moneycorp Money Transfer Review 2019
Pros and Cons
- Preferential Rates and No Fees for our Referrals
- Operating since 1979
- £22.6bn in Annual Turnover
- Most Traders in The FX Business
- Full Banking License
- Highest Credit Rating D&B
- Consumer & Business Awards
- 98% Positive Client Feedback
- Sophisticated Hedging Offering
- Attentive and Responsive to Client Complaints
- Welcoming and Friendly Offices*
- Slightly Outdated Look & Feel
- Not Available in Some US States
Review Table of Contents
Is Moneycorp Reliable?
Do Clients Like Moneycorp?
Moneycorp Reviews from Across The Web
Moneycorp Exchange Rate & Fees
Global Reach & Service
- 1. Click on the button below and sign up with Moneycorp:
- 2. Standart Tranfer Fee will be waived (instead of paying £5 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.
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. Moneycorp primarily serves English-speaking customers, but it provides this serves exceptionally well. With more than 600 employees and £11+ billion in currencies exchanged annually, Moneycorp is the second-largest money transfer company in the UK, and one of the first ones . It also boasts the largest trading department in the industry.
Moneycorp Ltd. is headquartered in Victoria, London, and has several other offices in London (two are in Victoria).
Moneycorp’s long history has earned it awards in several different financial eras. Here are two relevant awards from recent years:
Best Financial Services Provider (OPP Awards) in 2011
Travel Money Provider of the Year (Consumer Moneyfacts) in 2015
Trusted Gold Service Award, Feefo, 2017
Moneycorp has been around for over four decades, maintaining an excellent reputation, and earning multiple awards relating to its services. With over 9.2m customer transactions in its 35 years of operating (7.2m customers trading just last year), and an astonishing £11bn 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 full banking license from Gibraltar, which shows the level of credibility the firm has, as well as a 4A1 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. It is highly recommended that you come and meet them in person.
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 4,000 Moneycorp reviews submitted to Feefo, 98% of them being positive, 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 checks that all reviews are genuinely submitted by verified clients.
There are a few dozen more 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.
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.
Exchange Rate & Fees
Fees: If you use our referral link, you will not have to pay any fixed amounts per wire 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%.
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.
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 the second-largest company in the FX industry. Since fixed fees are also waived, we recommend asking for a free quote, and then comparing it to your current provider (or another provider you have chosen from our selection of recommended providers).
Global Reach & Service
Ways to approach: Email, telephone (international and local numbers), and meetings in worldwide offices.
Accepts Clients: Globally.
Currencies Handled: 90.
Client Reviews: 98% positive.
With 720 employees worldwide, there is no doubt in our mind that you will receive good service from Moneycorp, 24/7. Clients verify 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. It would have been better if it offered translations to other European languages, but they justifiably assume most of their potential clientele will be English-speaking.
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, but it handles 90, and can therefore deals with almost any currency pairing.
Overall, it has 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:
- 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 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.
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 allows you to receive international payments through it, which makes the process almost seamless – merchants don’t need to own their own FX accounts; they can receive everything in domestic currency.
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 addintional 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.