- Market Orders.
- Rate Watch.
- Largest selection of forwards (Vanilla, Participating, Extra, Range) up to 2 years.
- Travel Money Order (from the same account set up for Int. transfers).
- Receive Funds.
More: Regular Transfers, Repeat Transfers, Pay with Debit Card.
Moneycorp, undoubtedly, offers one of the most sophisticated offers for businesses who need to hedge their FX exposure. With the personal dealer’s assistance, it is definitely possible to reduce the risk derived by receiving payments in foreign currencies, while paying employees and suppliers with local currency.
Moneycorp were 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 best prices from the other brokers. To make matters difficult, the balance sheet is weak. Within three weeks of first contacting moneycorp, a £5m facility was agreed, 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 moneSimon (Business Advisors), 01/08/2016, Verified Review
Another important key point is that they will sometimes help larger businesses to book on a forward transfers without paying a down-payment (standard is 10%). That will assist businesses with their cash-flow, and will depend on Moneycorp’s risk assessment of course (because this 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 offer highly effective solutions for businesses of all sizes. From professional advisory (there are dealers that ONLY deal with the business sector), through one of the most comprehensive hedging array of features. In addition, Moneycorp allows you to receive international payments through them, which make 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 which offers a complete functionality to users. You can buy and sell currency through it, send money, view the 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.
This is 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 exchanges incoming FX payments, and on top of everything, it offers professional guidance on how to optimally utilize these tools.
In addition to that, the pre-paid Star Card is a great benefit. People who move money abroad are more than likely to need to travel from time to time, and 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‘s, but they make up for that with high levels of professionalism, and an extremely wide hedging offering. It all makes sense since their target audience is small businesses and large property transfers rather than remittances.