Moneycorp Review

MoneyCorp is a UK-based foreign exchange broker. The company helps individuals and small/medium sized enterprises get better rates for international transactions. They currently trade in 90 different currencies and are one of the oldest and most experienced companies handling international money transfers and payments.

Beating the bank is one of the key offers that MoneyCorp makes, and their rates are certainly better than most banks’. MoneyCorp allows you to transfer money over the phone, through their mobile app, or through their website.

    Date Founded:
    1962
    Provider Type:
    Forex Exchange
    HQ Location:
    London, UK
    Regulators:
    FCA
    Mobile Friendly:
    Yes
    Mobile App:
    Yes
    Languages Available:
    English, French, Portuguese, Spanish
    Transfer Options:
    Online
    Withdrawal Options:
    Bank
    Payment Options:
    Credit Card, Bank Transfer
    Regular Payments:
    No
    Supported Currencies:
    Support Options:
    Email, Telephone

    What are their exchange rates?

    MoneyCorp charges transfer fees that vary based on how fast you need the transfer to be and the method you choose. Their rates are generally good because unlike much of their competition and banks, currency exchange is their speciality.

    Like most companies that transfer money abroad, MoneyCorp applies a margin to the mid-market rate. The margin depends on the currency you’re sending, the currency being received, and the volume of the transfer. This margin goes down the more money you send at once, and you can expect to pay no more than 2% above the mid-market rate.

    What Moneycorp costs to use?

    Using MoneyCorp’s online or mobile app platforms would cost you a 9 GBP fee. Their standard transfers only cost 5 GBP, but they take a lot longer to be completed. Lastly, their fee for setting up a transfer over the phone is 15 GBP. Lastly, MoneyCorp sends all payments from its local British bank accounts. This means that if your money is being sent anywhere but the UK the receiving bank may charge a processing fee.

    As an example, imagine that you need to send money from the US (USD) to New Zealand (NZD).

    Money Sent (USD)Money Received (NZD)Mid-market Rate
    500748.73749.08
    2,0002,994.912,996.30
    10,00014,974.5414,981.50

    All of these rates must be paid for with the fees included above. MoneyCorp makes more money off these fees much of the time. This is especially true when it comes to larger transfers, where you can save the most money.

    *These rates are only applicable at the time of writing and are subject to change at any time.

    How do I transfer money with them?

    Transferring money with MoneyCorp isn’t too difficult. The first step is to register an account with them. After this, you just need to select the currency you’re sending and the amount.

    Once you’ve selected your currency and how much you want to send, you just need to select the recipient. MoneyCorp will handle the rest and make sure your money arrives at its destination.

    What other products do they offer?

    MoneyCorp offers several other services including their Explorer MasterCard. The Explorer MasterCard is a multi-currency card which you can load money onto from your account. You can use the card abroad to withdraw money without fees, using the company’s own conversion rates, which definitely beats the banks’.

    They also offer forward contracts, allowing you to lock in the current exchange rate to be used later.

    Another service they offer is the wholesale provision of foreign currency banknotes. They offer this service at their Bureau de Change in 5 airports and 6 locations in London.

    Lastly, MoneyCorp offers financial services to businesses to help them get better rates for international payments. These services help businesses with freelancer payments, invoices from international suppliers, and helping businesses set up foreign exchange hedging solutions.

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