Moneycorp, the second-largest foreign exchange broker. It offers savings on international transactions to people and small and medium-sized businesses all over the world. The business was established in 1962, and since 1979, it has been engaged in foreign exchange trading. Moneycorp transacted more than £22 billion in 90 different currencies in 2015. Moneycorp is now unquestionably one of the biggest and most established businesses offering international payments.
Customers of Moneycorp who use Monito pay no fees, and their exchange rates are better than those of the majority of banks. Moneycorp’s service is very convenient and reasonably priced because you can trade online, over the phone with your personal account manager, or through the Moneycorp mobile app. Moneycorp has several locations throughout Europe and the Americas, with its main office in London.
What Monito Likes About Moneycorp
- One of the largest and most experienced foreign exchange businesses
- Very highly rated by its customers
- You can trade over the phone, online, or through a smartphone app
- No fees for Monito customers and bank-beating exchange rates
What Monito Dislikes About Moneycorp
- Not always the cheapest solution
- The online platform works well but is not as user-friendly as some of its competitors
- The sign-up process is a bit cumbersome
How Moneycorp works
- Step 01 Open an accountVisit Moneycorp’s website and open a free account
- Step 02 Enter the details about your recipientTell Moneycorp where you need to send money and to whom.
- Step 03 Set-up your transfer with MoneycorpEnter how much money you want to send and how you want to pay for your transfer.
- Step 04 Pay for your transferFund your transfer by making a local bank transfer or pay by debit or credit card
- Final step Let Moneycorp do the restMoneycorp will convert your money in the recipient’s currency and send it to him through the selected pay-out option.
Moneycorp transaction fee and charges
The transfer speed and channel affect Moneycorp’s transfer fees. The transfer fee when sending money online or through the Moneycorp app is £9 for express transfers that arrive in 0–2 days and £5 for standard transfers that arrive in 2-4 days. A £15 fee is charged for phone-arranged transfers.
You might be charged additional banking fees in addition to transfer fees when sending money to or receiving money from Moneycorp. In the UK, the Eurozone (through SEPA), the US, Australia, Switzerland, Brazil, Sweden, and Denmark, Moneycorp has local collection capabilities. You shouldn’t pay any extra banking fees when transferring the local currency from these nations to Moneycorp’s accounts. Moneycorp sends all of its payments from bank accounts in London, so if your recipient is not in the UK, you should be aware that the receiving bank might charge you extra fees for handling an incoming international transfer.
Moneycorp Exchange rates :
Moneycorp’s main business is foreign exchange, i.e. buying and selling different currencies. It does this much better than banks, which have poor exchange rates. Since Moneycorp trades huge amounts of currencies every year, they are able to offer much more attractive exchange rates.
Moneycorp calculates its exchange rates by applying a margin to the prevailing mid-market rate. This margin is determined by your currency pair (which currencies you are selling and buying) and your transfer amount, and should be no more than 1 or 2% for most large value transfers (compared to up to 5% or more for certain banks!).
Credibility security
TTT Moneycorp Limited, a business with an English company registration, trades under the name Moneycorp. Moneycorp is fully authorized and subject to regulation in Gibraltar as a bank by the Financial Services Commission, as a money service business in 49 US states as well as the District of Columbia, and as an authorized payment institution in the UK by the Financial Conduct Authority.
Risk management and regulatory compliance are very important to Moneycorp. Moneycorp places a strategic emphasis on upholding the highest standards of compliance, and the business continues to invest in both people and technology to improve its compliance capabilities. Moneycorp is prohibited from using any client funds for purposes other than completing your transaction because they are held in segregated client accounts in accordance with regulations.
With a history dating back to 1962, the company has more than 35 years of experience in foreign exchange. The business has exchanged hundreds of billions of pounds in different currencies over the years. Moneycorp has more than 760 devoted employees who deliver exceptional customer service. Moneycorp has received over 4800 customer reviews on Feefo, with an overall rating of 4.6 out of 5. As a result, the business has very high ratings, with 94% of customers expressing their satisfaction with Moneycorp’s service (4 or 5 stars).
Overall, there is no doubt that Moneycorp is among the safest foreign exchange and international payment companies around.
Service & Coverage
Additional services offered by Moneycorp
Explorer MasterCard
Moneycorp’s explorer MasterCard is a prepaid multi-currency card. You load some currency onto the card, and can then use the card abroad to pay or withdraw cash in foreign currency without fees. Moneycorp’s prevailing exchange rate is used for each currency conversion.
Forward contracts
By using forward contracts, you can fix an exchange rate now and complete your transaction later. This can shield you from an unfavorable evolution of exchange rates for a period of up to two years. This is crucial if you want to plan your budget and need to know the cost of purchasing a specific amount of foreign currency (for example, to pay for rent, tuition, etc.).
Businesses
Business customers of Moneycorp who require currency conversion and international payments are also catered to. This can be used to pay contractors or freelancers abroad, pay foreign vendor invoices, etc. Moneycorp can assist companies in setting up FX hedging solutions in addition to spot transactions.
Bureaux de change
Moneycorp operates over 40 bureaux de change and 115 ATMs in the UK, allowing customers to buy and sell banknotes in different currencies. Moneycorp’s bureaux de change are located in 5 airports and in 6 locations in central London.
Wholesale
Moneycorp’s wholesale division provides foreign currency banknotes to bureaux de change, money transfer companies, central banks, private banks, FX brokers, and other businesses, both in the UK and globally.
Moneycorp Customer Satisfaction
From nearly 5,000 customers who have left reviews on Feefo, Moneycorp has received excellent ratings. Moneycorp receives an average rating of 4.6 out of 5 stars from 95% of its customers, who give the business four or five stars overall. Following are client reviews of Moneycorp:
Positive
- Customers praised the quality of the customer service that helped them navigate through the process with their first transfer.
- The service was found to be quick, easy, without fuss, and hassle free. “A couple of clicks and it’s done”.
- Bank-beating exchange rates were appreciated.
Negative
- Some customers complained about the time it took to complete their transfer.
- A minority of customers thought they could get a better exchange rate elsewhere.
Conclusion
moneycorp are global leaders in international payments and foreign exchange. Based in London, their services make your money go further wherever you are in the world. Whether you’re buying property or sending money overseas, moneycorp’s easy-to-use service has you covered.