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Moneycorp Business offering
Features | Insight |
|---|---|
Monthly Fee | $0 |
Exchange rate | from 2% |
Transfer fees | $0 |
Multi-currency account | ❌ |
Batch payments | ✅ |
Expense management | ❌ |
Pay invoices | ✅ |
Receive payments | ✅ |
Marketplace integration | ❌ |
API options | ✅ |
Manage Payroll | ❌ |
ATM Access | ❌ |
Forward Contracts | ✅ |
Scoring Moneycorp Business
- Will work with businesses to create a strategy to manage currency risk
- Unlimited payment limits aid with building a long term risk strategy
- No borderless cards or expense management
- No accounting software integration (although there is a waitlist for this)
Product offering
Moneycorp Business offers a great option for large scale risk management. Solutions are custom to business with a critical need for effective currency management. The company does not offer multi-currency business accounts.
Fees and rates
Transfer speed
Transfer limits
Ease of use
Safety and trust
Customer feedback
Moneycorp Business accounts
The offering from Moneycorp is very much forex risk management alongside its standard money transfer service.
Provider
Historically, Moneycorp is considered one of the biggest money transfer providers in the world. The company has over 45 years of history and launch in the USA in 2018. The company is headquartered in the UK but with offices in USA, Ireland, France, Romania, UAE, Hong Kong, Australia and Brazil.
This rich history and extensive knowledge makes them a safe choice for managing international forex for a business. This being said, there are some elements that others offer, like virtual cards and expense management, that are missing from the Moneycorp Business offering.
Supported local accounts and holding currencies
Moneycorp does not offer local accounts in the same way you would get with the likes of Airwallex, Payoneer, or Wise Business.
However, you can hold and send 33 currencies with Moneycorp and track the balance of these in a business portal.
To confirm, these are NOT local accounts.
AED, AUD, BHD, CAD, CHF, CZK, DKK, EUR, HKD, HRD, HUF, ILS, INR, JOD, JPY, KWD, LTL, LVL, MAD, MXN, NOK, NZD, OMR, PLN, QAR, RON, SAR, SEK, SGD, THB, TNB, TRY, USD, ZAR
These can be sent to 120 currencies. This is in line with each of the others mentioned. However, with providers that give access to local accounts your business can have a more hands on approach to finance and transactions.
Currency hedging tools
Where Moneycorp works well compared to other business providers are in its currency hedging tools and service.
Within this, Moneycorp offers unique strategies to a business. This personal touch is not widely available and a huge bonus. It’s of particular use to smaller finance teams, or companies at the start of a risk management journey that comes with international expansion. The usefulness is simply the support and advice offered, as well as execution of the strategy.
Cost wise this also does not really impact the account, as Moneycorp still makes their money through exchanges and fees. In a way, guaranteeing rates for one business, guarantees finances for them as well.
The tools offered are:
Forward contracts
Forward contracts with Moneycorp work well and can be put in place with an account manager, via email or over the phone. This is handy for bigger transactions and future planning.
With forex risk management at the core of what Moneycorp is offering, I would recommend their use if a company needs to make regular large transfers and is potentially highly impacted by ongoing exchange rate changes.
The period of time that Moneycorp can offer forward contracts to be executed is six months. This is a benefit for things like payroll and regular payments as well, allowing business to plan cashflow. Similarly, Wise Business offers guaranteed rates on transfers and bulk payments. Although, they will not manage the process in the same way Moneycorp will and certainly will not aid in developing a strategy with you.
Something that Moneycorp stresses, and is in line with all forward contracts, these have to be delivered even if the market moves in your favour after the contract is signed.
Currency option
Market orders
Integrations
Marketplace integrations are only available when signing up through the UK site.
This works for US based companies as well as access for USD and EUR accounts is supported.
At the moment there is no integration directly with account software - there is however a waitlist for this and we have contacted Moneycorp for more information at this stage.
Currently the platform promises a couple of points around error-free imports, real-time syncing with accounting software and no need for development access.
There are currently no details on what software will be supported.
For comparison, Airwallex offers integration with Xero and QuickBooks, as does Wise Business.
There is also no launch date confirmed for accounting integration. This feature is quite standard for most business money transfer offerings. So, whilst it is a positive that will be available soon, it is a weak point of Moneycorp’s offering at this stage.
Sending and receiving payments
Sending money with Moneycorp is completed through spot contracts, but essentially can be done through their payment platform as usual.
The account will pre-validate recipient details to avoid bounced payments and offers SWIFT GPI tracking to allow for live tracking of transfers.
Whilst it can feel like Moneycorp lacks some of the ‘newer’ features offered by younger challengers in the space, the company offers a huge amount of flexibility on sending money which should not be understated.
Sending to an individual or another business
Sending one payment can be done in the online portal. Depending on the size of the payment it is also possible to action this with an account manager, and lock in a forward contract or currency option.
Again, live tracking means it is possible to see where this money is and when it is likely to reach the recipient.
Sending mass or batch payments
Sending through an integration
For incoming business transfers you might find that a multi-currency business account is a better option.
Account options
Business products in the US for Moneycorp include FX options, risk management and multi-currency access.
On all of these the level is the same, the cost you will pay will be alongside the cost of sending money. This cost is made up of fees and rates.
For the most part the biggest difference in Moneycorp’s offering is between business and personal accounts - but this is more in how they are framed.
Feature | Business | Personal |
|---|---|---|
Currency transfers | ✅ | ✅ |
Access to 120+ currencies | ✅ | ✅ |
Access to hold 33 currencies | ✅ | ✅ |
Earn interest on balances | ❌ | ❌ |
Multiple user logins | ✅ | ❌ |
Make batch payments | ✅ | ❌ |
Receive payments from marketplaces | ✅ (UK) | ❌ |
API access | ✅ | ❌ |
Accounting software integration | ❌ | ❌ |
Setup fees | None | None |
Interest on balances
Moneycorp does not offer any interest on balances as it is not a bank account. Revolut Business or Wise Business offer the best interest rates within multi-currency accounts on USD, EUR and GBP balances.
Account and spending limits
The scale at which Moneycorp operates removes most limits from accounts that would be seen otherwise with the likes of Wise Business, where maximums are $150 million per year in transactions.
Expense management
You cannot manage or track expenses through Moneycorp. If your business needs a solution that provides this, I would recommend Airwallex.
Fees and rates when using Moneycorp Business
Fees and rates for Moneycorp Business are competitive with what is on the market, the bigger downside is that some fundamental elements aren’t yet available and so whilst there is no fee now, we currently are unaware if they will charge for these features in the future.
Provider
Service | Moneycorp Business |
|---|---|
International Transfers | 2% |
Currency Conversion Fee | $0 |
Receiving Fee | $0 |
Holding120+ currencies | $0 - only cost will be to convert |
Card Payments | Not available |
Monthly Fee | $0 |
Setup Fee | $0 |
Payment Tracking | $0 |
Mass Payout | $0 - exchange rate paid per transactions |
Accounting Integrations | Not available |
Additional Fees | None |
ATM use* (up to $100 pm) | Not available |
ATM use* (over $100) | Not available |
Forward contracts and currency options on batch payments
The cost of sending through forward contracts or currency options will differ based on the amount sent and the currencies being traded.
A business might agree to pay slightly above the mid-market rate at the time a contract is signed, but pay slightly less when the transfer is made.
Costs for using this service will be built into the exchange rate offered. So, whilst ‘fee free’ is technically correct, the rate you get might still be larger than say Wise Business at the mid-market rate, but with fees on top.
For businesses, the deciding factor should be based on service and offering. Moneycorp Business, despite not having borderless cards, is excellent for risk management. Over the course of a year, they can positively impact the bottom line of a business.
Moneycorp Business service and account management
There are a couple of options with Moneycorp Business that create a bit of flexibility for different business levels.
What Moneycorp Business offers, that companies like Payoneer or Airwallex do not, is an account manager to work on risk management strategies and action transfers.
For hedging against currency changes, this hands on approach can make a huge difference and at large amounts, this difference can be thousands of dollars.
Customer service options
Phone support
Phone support for issues on accounts, setting up offline transactions, agreeing forward contracts and discussing hedge risk strategies are available. The US office operates normal working hours, so calls will need to be made in those times.
Of course, for big to suit a business, although this will be at the discretion of Moneycorp.
I gave Moneycorp a call as a general customer to get an idea of the service and overall - very helpful. Questions around the best time to send USD were answered in full and I was impressed with the knowledge I had at my disposal on the other end of the phone.
Availability | 8.30am - 5.30pm ET, Monday to Friday |
|---|---|
Response time | Hold time averages 5 minutes |
Languages | English |
Email support on Moneycorp Business matches that of phone support. Helpful and to the point.
With a dedicated account manager, direct contact is also possible. This is a major benefit against a lot of the other companies offering business services.
Availability | Responses will be 8.30am - 5.30pm ET, Monday to Friday |
|---|---|
Response time | Generally the same day |
Languages | English |
Help center
The Moneycorp Business site in the US feels a little under-developed compared to its UK counterpart, but does have a help center and FAQ pages. Although, I would say, there’s a wider push to have you call Moneycorp.
Compared to the likes of Revolut Business or Airwallex, the help center is lacking. The flipside is, it’s easier to call and work with them.
Availability | 24/7 |
|---|---|
Languages | English |
Using Moneycorp Business
Using Moneycorp Business is pretty simple, although isn’t the same as a sign up in the same way that you would for Wise Business.
Provider
For Moneycorp Business, you will need to fill out an enquiry form or speak to a sales representative on the phone.
At the end point, whilst a business might end up using the online platform 95% of the time - this process to help with the 5% of the time a hands on, risk averse transfer approach is needed.
Sign up process
The sign up process for Moneycorp is easy to navigate, but can take time if you want a custom strategy.
Initially, the representative of the company will need to fill in details.
Add some detail
Wait for a call or email
Agree a strategy and start sending money
Safety and regulation
Provider
Moneycorp's business offering is regulated in the USA through compliance with several key laws and standards.
It holds Money Transmitter licenses from state banking and financial services regulatory agencies and undergoes regular oversight and routine examinations by these agencies.
Moneycorp adheres to a comprehensive anti-money laundering (AML) and counter-terrorist financing (CTF) program in compliance with the USA PATRIOT Act and other federal laws.
Additionally, it is registered with FinCEN, a division of the Department of the Treasury, ensuring rigorous adherence to AML regulations.
Safety features in place
Independent and financial audits are conducted annually by reputable CPA firms to maintain transparency and accountability.
Moneycorp also implements a "Know Your Customer" program to verify client identities and mitigate risks associated with money laundering and terrorist financing.
The company maintains strict compliance policies and procedures which are designed to offer protection for businesses.
Not keen on Moneycorp?
If you are unsure of whether Moneycorp is for you, here's some alternatives - many of these also offer risk management, but also local account options.
Feedback of Moneycorp Business
TrustPilot feedback is at a solid 4.4 out of 5, from 6,358 reviews. Although, overall against the likes of Wise (with 220,000 reviews) there’s a lot less feedback. This is not necessarily a bad thing of course.
Feedback focuses on the help that Moneycorp gives customers and expertise offered. This is something I found when testing as well - the level of willingness to understand a problem and solve it in the best way possible is a hugely valuable USP in world where online only and help portals with AI chats are the norm.
