Moneycorp Review: Exchange Rates, Transfer Fees & Alternatives

Moneycorp is a UK-based international payments and foreign exchange company that offers customised services to individual clients, online sellers, sole traders, and large corporate institutions. The provider blends industry expertise and cutting-edge technology to enable its customers to save money and make fast cross border payments.

Since 1979 when the company commenced business as TTT Moneycorp Limited, Moneycorp has been growing its international disbursing network, and now facilitates cheap money transfer services to and from over 190 countries. Customers also get to enjoy the benefit of sending funds to their overseas recipients in more than 120 currencies. Whether you are transferring over the phone, through Moneycorp's online platform, or via the mobile app, you'll get competitive exchange rates.

On top of this, Moneycorp is well-regarded by its customers - with many favourable customer reviews across a variety of platforms. For instance, on Trustpilot the company has over 2800 five-star reviews. These ratings place Moneycorp among the most reputable players in the currency exchange service space.

Moneycorp Exchange rates and fees

Like other money transfer companies, Moneycorp's profits are generated by charging transfer fees and exchange rate margins. The sender pays both the fees and margins when making the transfer. These fees cater to the processes involved including the Moneycorp's commission and infrastructure operating costs; here are the details of how much transferring money with Moneycorp will cost:

Exchange rates

Moneycorp allows a wide variety of transfer options which can all have an effect on the exchange rate you end up paying for your transfer. Moneycorp is licensed by the Financial Conduct Authority to deal in currency exchanges. This means it buys and sells different currencies as its main business. When processing international payments, Moneycorp leverages the expertise and experiences of its global currency specialists to give customers competitive rates.

In general, you can expect to pay an exchange rate margin of between 1% and 2% above the mid-market rate when using the platform. Here's a short breakdown of what can affect the amount you’ll pay in terms of the exchange rate margin and what you can do to get yourself the best deal:

  • The current exchange rate: Moneycorp works with over 14 banks, all competing to give the provider the best wholesale exchange rates. This advantage enables the company to get a rate closer to the interbank rate for its customers.

  • The amount transacted: Sending smaller amounts is proportionately costlier than sending larger amounts. This is because of the fixed and semi-variable costs the provider incurs in the process of making the transfers.

  • The currency you are using: Popular currencies such as the sterling pound, Euro, and the United States dollar are much easier to send. The panel of banks that Moneycorp works with, price these currencies more competitively than less-used currencies.

You can also target specific exchange rates for your transfer through Moneycorp using the following strategies:

  • Currency exchange rate alert: You can set an alert on your online Moneycorp account. When the specified currency pair reaches the desired level, the system sends you an SMS or email notification.

  • Forward contract: You can lock in an exchange for up to two years. This means you are guaranteed a definite rate when making your transfer in the future.

  • Setting up a market order: A market order enables you to target a rate and set an automated action when the target is reached such as initiating a transfer.


As a Moneycorp customer, you can make transfers online, through the Moneycorp app or over the phone, and the fees you pay for your transfer will depend on the method you choose.

Transfers initiated online or via the app are cheaper than those made through phone. For instance, when sending money online or via the app from France or Spain, you'll be charged £5 for standard transfers (2-4 days delivery) and £9 for express transfers (0-2 days delivery).

Save for Australia, Romania and a few other countries where the sender pays zero fees, over the phone transfers are charged a flat rate of £15 per transfer.

Additional Costs

When sending or receiving funds through Moneycorp from the United Kingdom, Brazil, Australia, the United States, Denmark, the Eurozone, and Sweden, you won't pay additional fees. This is because the company has local collection accounts in these countries.

However, when sending or receiving money from other countries not listed above, you may pay additional fees in bank processing charges, landing costs, intermediary fees and so forth. Confirm with your bank on the applicable charges before sending or receiving a transfer.

Moneycorp pros and cons

Moneycorp has built an ecosystem around international money transfers, currency exchange, and other specialised services. Any person or business looking for money transfer solutions including currency risk management services will find a reliable partner in Moneycorp, however, every provider has its benefits and drawbacks. Here's a quick summary of the pros and cons of using Moneycorp:


Experience in foreign exchange: Currency exchange is moneycorp's forte. The company has been in the industry for over four decades, and their currency specialists guarantee you competitive rates and sound exchange risk management, among other innovative currency solutions.
Multiple transfer channels: You can make your transfer on the phone, online, and through the Moneycorp mobile app. With such a variety of channels, you have the benefit of choosing the most cost-effective and convenient platform to use at any one time.
Wide global coverage: Moneycorp supports transfers to more than 190 countries in over 120 currencies. With such a wide sending and disbursing network, there is practically no destination you cannot transfer funds to.
Business payment solutions: Whether you want to make bulk payments to vendors or automate your payment process using API integration, moneycorp is at the forefront of the money transfers space when it comes to business-focused innovation. The platform saves businesses time hassle and errors when making mass payments.
Country-specific websites: Moneycorp brings the experience of money transfer even closer home with country-specific websites. The regions with dedicated websites are France, Spain, the UK, the US, Romania, Australia, Hong Kong, and Ireland. The rest of the countries are served through moneycorp's global website.


No live chat: Communications to Moneycorp are only available through email and telephone. Calling from outside the UK or regional offices may be costly for customers. Emails are often slow hence not able to solve an urgent fix.
Lengthy account set up process: After signing up, Moneycorp doesn't allow you instant access to your account or even give you limited capabilities. You only get access when all your documents have been verified. Verifications can take up to two days.
Costly for small transfers: Initiating your transfer through phone can be costly especially for transfers of £1000 and below. The provider charges a flat fee of £15 on these types of transfers. For this reason, phone transfers are often used for large amounts.
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What kind of payments can I make with Moneycorp?

Moneycorp offers a variety of payment options to its customers. Paying for your transfer and receiving money with Moneycorp is simple and straightforward, and below you'll find a quick summary of the payment and withdrawal methods available.

Payment methods available

Moneycorp allows its customers to pay for their transfers using any of the following methods:

  • Debit or credit card: This method is usually the fastest way of transferring money into your Moneycorp account. However, for credit cards, the card issuer may charge you cash advance fees on top of Moneycorp's transfer fees.

  • Bank transfer: Transfers from your bank may take minutes to 2 days to show up in your account. With that said, bank transfers are cheaper or even free depending on the country you are sending from.

  • Cheque: Moneycorp accepts cheques though it warns that they make take longer (1-3 days) to clear, hence delaying your transfer.

Withdrawal options available

When you send money through Moneycorp, it is deposited in the beneficiary's bank account, so the person receiving the funds doesn't need to do anything. Depending on the arrangement the recipient has with their bank, they may get a notification when the funds arrive.

How to send and receive money with Moneycorp

You can use Moneycorp to send and receive money from friends or family, transfer funds to buy your dream property abroad, or any other reason you might want to transfer money internationally. The provider has made the process simple and quick; below are the steps to follow to successfully send and receive money.

How to send money with Moneycorp

Before you can send money with Moneycorp, you'll need to set up an account through the following steps:

1.Step 1 Sign up for an account
2.Step 2 Provide personal Details
3.Step 3 Select your currency needs
4.Step 4 Proof of identity and address
5.Step 5 Making your transfer
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How to receive money with Moneycorp

The money will be deposited directly into the beneficiary's bank. The recipient can withdraw the money over the counter, at an ATM, or spend it in any way they prefer.

Does Moneycorp have a mobile app?

Yes. Moneycorp's mobile app is available as a free download on both Google Store and App Store. The app gives you an easy way to send money on the go and keep track of your account. Other things you can do with the app include:

  • Loading money and buying currencies

  • Monitoring currency exchange movements

  • Setting up currency alerts for both SMS and email

  • Viewing historical transactions and your account balance

  • Locking in exchange rates

  • Adding, editing, and deleting payment recipients.

The app allows you to login using Face ID or fingerprint.

How fast are Moneycorp's transfer speeds?

According to Moneycorp, most of its international payments are delivered within 48 hours. When making your transfer online, express transfers are the fastest (0-2 days) while standard transfers take 2-4 days. You should also factor in country-specific regulations and the presence of intermediary banks that may cause delays.

Are there maximum and minimum transfer amounts?

Yes, Moneycorp has a minimum limit of £50 (or its currency equivalent).

In terms of upper limits, when sending through the online platform, the maximum amount you can transfer is £100,000. For larger transfers, you should call your Moneycorp account manager on 0207 589 3000 to help you facilitate the payment. Transfers done through the phone have no upper limit.

Can I trust Moneycorp?

This is a centrally important question before trusting any online provider with your information and money, and we have researched Moneycorp in detail to ensure the answer to this question is yes - we would never recommend a service to our users that is untrustworthy. Below you'll find the results of our research into Moneycorp.

Moneycorp had a variety of roots as a business stretching back to the 1960s, but the company entered the money transfers space in 1993 as TTT Moneycorp Limited, a name that it retains to date. The company registration number is 738837 and is headquartered at Floor 5, Zig Zag Building, 70 Victoria Street, London SW1E 6SQ.

Moneycorp has more than 2.4 million customers and handled transactions and trades totalling £35.5bn in 100 currencies across 2018. Its dedicated team of about 870 employees ensures that every single transaction is properly undertaken based on company rules and procedures.

In the corporate space, the company boasts over 150 active corporate referring partners. On Trustpilot, Moneycorp has a TrustScore of 4.4/5 which is impressive for such a large provider and demonstrates a high level of consumer satisfaction.

Regulatory Compliance

Being in a highly regulated business environment, Moneycorp has taken all steps to get the necessary licenses and permits to operate in the different markets and regions their service covers. The best way to look at the regulations is on a per-country basis, so here's a quick breakdown:

  • United Kingdom: The company is authorised by the Financial Conduct Authority. Its payment services are regulated under the Payment Service Regulations 2017.

  • Ireland: Authorised by the Central Bank of Ireland to operate as a business in the country.

  • France: Registered by Autorite de controle prudentiel et de resolution (ACPR) to operate as a designated investment business and to offer payment services.

  • Spain: Registered by the tax authorities under registration number W8266909D to offer payment services.

  • Romania: Registered by the Commercial Registry and listed by the National Bank of Romania as a payment institution.

  • Gibraltar: Authorised by Gibraltar Financial Services Commission under the Financial Services (Banking) Act to offer electronic money services.

  • USA: Authorised by Financial Crimes Enforcement Network ("FinCEN") to operate as a money services business and bears several Money Transmitter Licenses. Regulations vary from state to state.

  • Australia: Licenced by the Australian Investment and Securities Commission and issued with an Australian Financial Services Licence (AFSL) number 361276 to offer foreign exchange services.

  • Brazil: Moneycorp is registered by the Commercial Registry of the State of Sao Paulo, the National Register of Legal Persons of the Ministry of Fazenda, and the Central Bank of Brazil to operate as a financial institution.

  • UAE (Dubai): The company is licensed by the Dubai International Financial Centre and operates under the regulatory watch of the Dubai Financial Services Authority.

  • Hong Kong: Moneycorp is licensed by the Customs and Excise Department as a Money Service Operator (MSO).

  • European Economic Area (EEA): Moneycorp has a Freedom of Service Passport to offer payment services across the EEA.

Investors, acquisitions and Awards

As Moneycorp has grown as a business, it has attained investment from a variety of trusted names, acquired a number of other companies, and also won several prestigious awards demonstrating the level of service they provide.

The Royal Bank of Scotland (RBS) through SOF Investments became the first institutional investor in Moneycorp in 2006. As of November 2011, upped its shareholding to take over full ownership of Moneycorp . In 2014, SOF investments, advised by Canaccord Genuity sold its shares in Moneycorp to Bridgepoint, a European private equity firm, for £212 million.

Moneycorp has also made a number of acquisitions aimed at bolstering its competitiveness in the industry. It has made the following acquisitions in recent years:

  • Acquired Rochford Group (2019)

  • Commonwealth Foreign Exchange (2017)

  • First Rate FX Ltd, and Novo Mundo Corretora de Cambio S/A (2017).

The company has also won a number of awards for its excellent service. Some of the notable ones are:

  • Feefo Gold Trusted Service Award for 2018 & 2019 (Twice in a row)

  • MoneyAge Awards as the Money Transfer Provider of the Year 2019

Encryption and customer data

Moneycorp enjoys the highest possible Dun & Bradstreet rating of 5A1. It has also implemented the Strong Customer Authentication (SCA) measures as required by the Payment Services Directive (PSD2). These measures, one of which is the two-factor authentication (2FA), ensure the security of payments online.

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Customer satisfaction

Moneycorp has garnered a lot of positive reviews online. For instance, on Trustpilot, the company has a total of 3,923 reviews 82% of which are rated 4 and 5-star. The following are the areas that stood out in the reviews:


Outstanding service: The account managers are widely regarded as professional and supportive
Fast and reliable transfers: International transfers arrived in time as promised
Excellent exchange rate: Especially when transferring large sums abroad


Weekend transfer delays: Transfers made over the weekend may appear in the Moneycorp client account starting Monday. That means a further delay in getting the funds to the recipients.

Can I cancel a transfer with Moneycorp?

Not always. If for whatever reason you would like to cancel a payment that's already sent, ensure you call the customer support team immediately. Also, you need to have your customer identity number, payment reference number, and beneficiary details ready for speedy tracking.

Moneycorp doesn't guarantee that such cancellations will be recalled successfully but offers to help in every way possible. To prevent such occurrences in the future, ensure you watch out for all the prompts when booking your trade and only proceed when you've cross-checked the transfer details for accuracy.

Top destinations for using Moneycorp

Moneycorp serves a wide network of destinations. However, when it comes to the top countries, the following destinations stand out:

The languages the provider supports through dedicated country websites include English, French, Spanish, and Portuguese.

Customer support

In money transfer services, customer support is king. Moneycorp has put forward a strong team to ensure its customers are well guided when doing their transfers. However, unlike many other providers, Moneycorp doesn’t have a live chat option available. The support options offered by Moneycorp are:

  • Phone support: The lines are open from Monday-Friday: 7:30 am-9:00 pm. If you are calling from within the UK, the number is 0207 589 3000. Outside the UK the number to call is +44 207 589 3000.

  • Email support: The email address to use is Ensure you describe your issue in detail.


Moneycorp offers total currency solutions, ranging from foreign exchange to international payments. The company not only serves individuals, but it has also developed solutions for SMEs and large corporate clients. Having been in the foreign exchange industry for almost 3 decades, the company understands the money transfer market better than many of its peers.

Sending funds via Moneycorp is simple and efficient. You can do it over the phone, online or through their mobile app. Online transfers have a minimum and maximum limit of £50 and £100,000 respectively. However, transfers made by phone have no limit and can be made in over 120 currencies.

You can pay for your transfer using a cheque, bank transfer, or better still use your debit or credit card. For faster transfer times, card payments are always the best. Transfers take about 24-48 hours meaning your beneficiary should expect funds to hit their account within 2 business days at most.

The exchange rates Moneycorp offers are competitively obtained from a panel of 14 banks. This assures customers of the best rates always with a smaller margin of between 1% and 2%. Wherever you want to send money, chances are that Moneycorp covers the route, thanks to its over 190 destinations.

The lack of cash pickup, mobile transfer, or home delivery options may appear to be a disadvantage to some senders and receivers. However, looking at the top markets the provider serves and the target clients including SMEs, the omission of such payout options doesn't inconvenience the recipients much. If you're looking for these payment and withdrawal methods, however, it would be best to look for another provider.

As always, before choosing a service you should compare what other money transfer providers offer in exchange rates, fees, delivery times, and sending limits. Our money transfer comparison tool can help you do the analysis in seconds to help you get the best deal.

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April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.