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.
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:
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:
You can also target specific exchange rates for your transfer through moneycorp using the following strategies:
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.
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 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:
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:
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.
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.
Before you can send money with moneycorp, you’ll need to set up an account through the following steps:
1. Sign up for an account
Moneycorp has two types of international payment accounts you can sign up for: personal payments and business payments accounts. When you choose to sign up for a business payments account, you will have to provide your business registration details. For a personal payments account, you’ll be prompted to enter your name and email address to sign up.
2. Provide personal Details
Part of the details required in this section (name and email address), are pre-filled from the information you provided in step 1 when signing up. The rest of the details required are your date of birth, your username, password, country, and mobile number.
3. Select your currency needs
Pick your main currency and enter a rough estimate of the amount you plan to transfer in a year. Once you agree to the terms and conditions by checking the box at the bottom of the form, your account is created.
4. Proof of identity and address
This is the last stage where you provide documents to prove your identity and address. For proof of identity you must upload one of the following documents:
The proof of address documents can be any of the following:
The document verification and approval process can take up to 2 working days to be completed. Once approved, you’ll receive an email from your dedicated account manager with the details of your customer ID number, username, and password for online access. You can log in to your account at any time to make a transfer.
Making your transfer
Once you log into your account, you can begin your transfer right away. Add your recipient details including their name, address, and bank account information and save. Then, head to the ‘Send a Payment’ tab and enter the amount you want to transfer, and pick your recipient from the drop-down list or add a new payee.
Finally, choose how you want to pay for your transfer, review the details of the transfer, and hit the send button.
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.
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:
The app allows you to login using Face ID or fingerprint.
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.
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.
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.
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:
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:
The company has also won a number of awards for its excellent service. Some of the notable ones are:
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.
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:
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.
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.
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:
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.
How is it real to get that money, can you explain it better to us because scamers are around
Who are your agents in Ghana please
In Ghana they are doing these that’s send them 100Ghana cedis and they will send you 1500 Ghana cedis is that real