Moneycorp Review - Exchange Rates & Fees Calculator and FXcompared’s score

FXcompared Score 4.1/5 Great
Moneycorp
Rating based on expert reviews by FXcompared
Go to Moneycorp
Rating based on expert reviews by FXcompared
Last updated | December 5th, 2019

Moneycorp is regulated by the Financial Conduct Authority (FCA) and follows the guidelines established by the Payment Services Regulations.

Moneycorp is one of the largest and oldest UK money transfer providers and last year exchanged over £35 billion. Moneycorp also has offices around the globe including the US, Spain, Australia, Brazil and Romania.moneycorphomepage.png

Moneycorp’s parent company, Moneycorp Financial Risk Management Limited, is also authorised and regulated under the FCA’s guidelines as a designated investment business. This permits it to engage in investment advice, arrange investment deals, act as an investment agent, and as a principal in investment activity. Authorised investment products include futures contracts, options, and rolling spot foreign exchange contracts.

Moneycorp

FXcompared Score4.0/5Great

Moneycorp

Rating based on expert reviews by FXcompared

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Moneycorp Fees and exchange rate

FXcompared Score 2.5/5 Average
Moneycorp
Rating based on expert reviews by FXcompared
Go to Moneycorp

Moneycorp Fees and exchange rate

Competitiveness on FXcompared for low value transfers e.g. sending GBP200
Moneycorp is sometimes a cheaper option for small transactions
1/5
Competitiveness on FXcompared for medium value transfers e.g. sending GBP10,000
Moneycorp is competitive for mid-value transfers
3/5
Competitiveness on FXcompared for high value transfers e.g. sending GBP250,000
Moneycorp is most competitive at higher-value transfers
3/5
Does FXcompared have direct access to the pricing
FXcompared receives direct pricing from Moneycorp
1/2
Is it possible to lock in future exchange rates
An exchange rate can be locked in with a futures contract
1/1

Moneycorp provides its money transfer services for individuals who wish to make one-off payments, or who wish to target a favourable currency exchange rate for their future currency transactions. Customers can choose a spot contract for an immediate execution at market rate, a futures contract to lock in a favourable exchange rate and execute the transaction at a future date, or a limit order option, which gives them the option of waiting for the rate they want to make a transfer.

Moneycorp provides the option of establishing ongoing, automated payments for currency transactions. Similar to one-off currency transactions, Moneycorp customers can choose a spot rate for their automated foreign currency payments, or can lock in the best foreign exchange rates for a specified number of payments over time.

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Moneycorp will offer you

 

  • 24/7 trading by telephone or online
  • Sophisticated mobile app
  • How to manage foreign exchange risk
  • Trading in over 90 different countries

 

Ease of use

FXcompared Score 5.0/5 Excellent
Moneycorp
Rating based on expert reviews by FXcompared
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Ease of use

Easy to understand website
The website is clear and easy to use
2/2
Simple sign up process (number of steps)
Three simple steps to get up and running
2/2
Easy to setup a transfer once registered
Sign up, enter the transaction details and press send
2/2
Provider offers a service that our users often sign up to
Moneycorp is often selected by FXcompared users
2/2
Mobile notifications available on completed transfers
SMS notifications once the transfer is complete
2/2

MoneyCorp’s website is straight forward to use and fairly self-explanatory. Being able to stay logged in is helpful, but first-time users will be required to sign up. This is similar to many other websites of this type on the internet.

When signing up, the website requires the user to create a login that consists of an email address and password. Then all the customer need do is follow the steps to ‘build their account’. This is a simple enough process and mostly involves pairing the user’s Moneycorp account with their bank or other revenue source. Anyone who has ever used PayPal or a similar service will instantly be at home using Moneycorp. The principle is the same.

Once the account is set up, the next stage is to initiate the required transfer. This is done by following four easy steps:

·        Enter the recipient’s details. Essentially telling Moneycorp where money needs to be sent.

·        Enter the amount that needs to be sent. This can be done as a regular transfer or as a one-off payment.

·        Select a payment method. This can be done from funds already in the Moneycorp account, or by adding fresh funds from the customer’s bank account or debit card.

·        Send. At this point, Moneycorp will convert the money to the correct currency. Details of the transfer will be logged in the customer’s account.

The customer will receive mobile notifications once the transfer is complete.

moneycorpapp.png

Moneycorp app mobile app

Whether you want to talk through your options with our team or move money on the go in a couple of clicks, you’ll always get great exchange rates and five star customer service.

Mobile product

FXcompared Score 3.5/5 Good
Moneycorp
Rating based on expert reviews by FXcompared
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Mobile product

Easy to use mobile website
The website works well on mobile
2/2
Easy to use mobile app
The mobile app is not too hard to use.
1/2
Can transact in the app
Transactions can be made easily in the app
2/2
Range of in-app product offering
Most functionality is available in the app
1/2
App store rating
Initial scores were low but this appears to be improving
1/2

Moneycorp also offers a mobile app, which can be used on iOS and Android smartphones and tablets. The app is free to download and doesn’t charge for any in-app purchases. Once downloaded, all the user needs to do is log in to their account.

The app is sophisticated, and credit needs to be given to Moneycorp for creating an application that, for the main part, offers the same features as its website. The app is easy to navigate, and transactions can be made and confirmed on the go — just as easily as they can be by computer. In 2019, however, this type of mobile service is to be expected by customers.

While Moneycorp’s app did have some teething issues when it first launched, which is reflected by its low score of 2.5/5 on the App Store and 1.3/5 on Google Play.

Credibility & Security

FXcompared Score 4.8/5 Excellent
Moneycorp
Rating based on expert reviews by FXcompared
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Credibility & Security

Fully licensed and authorised
Moneycorp is a FCA (Financial Conduct Authority) and FinCEN authorised and regulated broker
4/4
Total amount transferred for their customers
Moneycorp transfers billions of pounds every year
3/3
Business revenue
Business revenue was GBP50m in 2018
3/3
Year on year growth
Moneycorp grew by a small amount between 2017 and 2018
0/1
Number of employees
205 at the end of 2018 excluding Executive Directors
1/1
Head office location
Headquartered in London
1/1
Branded search performance
Good branded search performance
1/1
How long has the company been a partner of FXcompared
FXcompared has worked with Moneycorp for over 8 years
2/2
How long has the company been established?
Moneycorp began trading in 1979
3/3
Quality of financial backers
Moneycorp is owned by private equity company Bridgepoint
2/2
Private or public company
Moneycorp is a privately held company
1/1

TTT Moneycorp Limited (Moneycorp) is a money services and foreign currency exchange firm with offices in the UK, USA, Ireland, and Spain. Moneycorp is a FCA (Financial Conduct Authority) and FinCEN authorised and regulated international currency payments broker, and has received an excellent rating by Dun & Bradstreet, Equifax, Graydon, and other credit agencies.

Moneycorp is a privately-held foreign exchange and money services firm incorporated in 1962 with offices in the UK, US, Ireland, and Spain.

Moneycorp began handling foreign exchange transactions in 1979, and in 2014 handled 9.2 million customer transactions, with £13.1bn traded in currencies.

 

Business product offering

FXcompared Score 3.8/5 Good
Moneycorp
Rating based on expert reviews by FXcompared
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Business product offering

Distinct offering for business
There are a variety of industry and businss specific services offered
3/4
Broader product set for business
From same day delivery of bulk currencies to cruise ship industry services
2/3
Specialised team to support businesses
Moneycorp has a dedicated business team
2/2
Receivables product options
Moneycorp has a receivables product
1/1
Marketplace seller product offering
Moneycorp has a new online sellers product
1/2

Moneycorp provides money transfer and exchange risk management services for business clients. For businesses that choose to send money internationally by using either a spot rate, or by purchasing forward contracts or limit orders, Moneycorp can help by searching for the best available exchange rates. Moneycorp provides timely market information and live quotes, and offers economic commentary that helps businesses better understand the markets, and how to most effectively manage their currency exposures and foreign exchange risk.

For business clients that need to make regular, ongoing payments for vendor supplies and services, employee salaries, or other business-related payment obligations, Moneycorp offers the ability to set up automated payment plans for their business clients. Moneycorp also provides additional business services such as same-day delivery of bulk currency and pick-up in the UK (two hours within London, within one day for the rest of the UK), and industry-specialised services for a variety of sectors, including banking, transportation, cruise ships, and airport charter companies.

Moneycorp’s currency specialists are available throughout the day via telephone or online, and settlements can be made in cash or by bank transfer. Cross-and same-currency dealing and settlements of trades, and trading in nearly 100 currencies are also offered.

Product Coverage & Service

FXcompared Score 3.5/5 Good
Moneycorp
Rating based on expert reviews by FXcompared
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Product Coverage & Service

Number of sending and receiving countries
Services are offered in almost 50 different countries
3/4
Number of available languages
The website is provided in 4 languages
1/2
Pay in options
Can pay-in via bank transfer
2/4
Pay out options
Pay-out to bank account
2/2
Additional services
Various recurring payment and hedging products
2/2
Minimum send amount
Low value amounts can be sent online
1/2
Maximum send amount
High value amounts can be sent via Moneycorp
2/2
Speed and options for speed of transfer
Timescales vary by country and service
1/2

Moneycorp’s services are available in almost 50 different countries worldwide, and trading can be conducted in over 90 different currencies and languages.

The company’s fees are fully dependant on the channel and the speed at which it completes. When using the express service, a standard online transfer fee is £9 and usually takes 0–2 days. Standard transfers only cost £5 and take a little longer, between 2–4 days. Customers can pay using their debit cards, digital bank transfer or by telephone. The latter requires a £15 service charge, so digital methods are recommended.

Moneycorp also provides additional services, which include:

·        A prepaid MasterCard

·        Awarding contracts

·        B2B trading features

·        Bureaux de change

·        Wholesale division

The minimum online transfer amount is £50, and the maximum is £100,000. Any more than this is possible, but will require the customer to contact Moneycorp customer services directly. This is just for safety purposes. Higher amounts require an added level of security and scrutiny.

Customer Feedback & Satisfaction

FXcompared Score 4.1/5 Great
Moneycorp
Rating based on expert reviews by FXcompared
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Customer Feedback & Satisfaction

Customer help including onboarding
Reviews state the onboarding process is painless
1/2
Ease of transfer
A simple transfer process which seems to have been improved in response to customer feedback
2/2
Exchange rates
Customers are generally happy if they don't confuse it with what moneycorp travel money
1/2
Fees
Fees vary and online fees are often better than telephone transfer fees
2/2
Solving issues
Reviews are generally positive but do not specifically mention problem resolution
2/2
Online/mobile experience
The mobile exprience is much improved
1/2
Customer service
The team is easy to reach and responsive
2/2
Overall experience
Feefo holds over 5,000 reviews for Moneycorp and less than 100 are negative
2/2

Customer reviews are very positive on TrustPilot and also on other sites. Feefo, for example, holds over 5,000 reviews for Moneycorp where less than 100 are negative. Positive feedback is focused on the company’s ease of transfer and relatively painless onboarding. Where the company doesn’t have full control over exchange rates, the general consensus is that the rates between currencies are generally favourable.

The fact that Moneycorp’s main USP is foreign currency exchange, its exchange rates will always be better than the average bank. For example, Moneycorp’s rate often stands at 1% or 2%, based on the currency pair. Bank rates are usually set at 5%. When this is applied to large amounts of money, the difference in margin is staggering.

While the company clearly did have difficulty implementing its mobile strategy (customer complaints do seem to focus on this) it does seem to have turned it around. There was some negative feedback on Moneycorp’s sign-up process too, but it seems this has been streamlined since. This is positive to see. It’s clear that Moneycorp listens to customers and has taken steps to resolve issues once they are reported. Overall, it seems like Moneycorp is on to a winning formula.

Customer Support

FXcompared Score 5.0/5 Excellent
Moneycorp
Rating based on expert reviews by FXcompared
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Customer Support

How good is the help section on the website?
A large and well structured FAQ section
2/2
Is there live online support?
Live chat is available but requires submission of all details to instigate a chat
1/1
Is there email support - and to customers and non customers?
The email details are accessible for all site visitors
1/1
Is there phone support ?
Local and international phone numbers are provided on all sites
2/2
Is the company easy to contact?
Email, phone, social media and live chat
1/1
Are FAQs and support available in more than one language?
Languages are country appropriate and often allow a choice of language for that country
1/1
Is there an FX dealer to support customers
Yes Moneycorp has a dedicated team of FX dealers to support
2/2

At the time of writing, no live chat options are available on Moneycorp’s website, but the company is active on social media channels and is responsive to emails. For UK customers, Moneycorp’s offices can also be reached by telephone Monday–Friday from 7:30am to 9:00pm UK time. A contact telephone number is provided for customers within and outside the UK.

Moneycorp provides a version of its website for multiple countries and languages. Each version of the site provides access to the relevant contact details for a respective region — including the UK, US, Spain, Ireland, France, Romania, Australia and Hong Kong.

Meanwhile, Moneycorp’s FAQ section provides a wealth of questions and answers for its personal and business customers. While this section of the website strives to address many of its most popular questions, the FAQ is not searchable. However, relevant topics are neatly organised by category.

Email contact is available without requiring a site login, meaning this method of support is accessible for Moneycorp’s non-customers, as well as new customers. Communication with Moneycorp is easily accessible via the website’s ‘contact’ section.

Transparency

FXcompared Score 4.4/5 Great
Moneycorp
Rating based on expert reviews by FXcompared
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Transparency

Is there an explicit exchange rate margin in the total cost of transfer?
An exchange rate margin is charged to the customer
2/2
Are the fees easy to understand?
Dependent on the channel and service required
2/2
Does the company combine fees and exchange rate or clearly broken out?
Yes a margin is charged and fees are split out
2/2
Is a real time quote available without registering?
You need to register to obtain a quote
1/2

Moneycorp is registered by the British Financial Conduct Authority (FCA). As such, there are strict compliance regulations that it needs to adhere to in order to trade. The company has existed since 1962 and is one of the biggest and most experienced in its field. Where fees do apply, Moneycorp makes information on these accessible by performing a relevant site search or on the site’s FAQ.

Obtaining a quote without signing up to its services is not possible, but sign up is free and customer data is held in the strictest of confidence.

Alternatives to Moneycorp

Currencies Direct
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TorFX
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WorldFirst
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Rates From The Average UK High Street Bank

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

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Amount Received
USD $12,703.01
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PayPal

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Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

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Amount Received
USD $12,675.69
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Frequently Asked Questions

Common money transfer questions and answers for Moneycorp

How do I use Moneycorp?

Moneycorp is simple to use. To get started, customers can set up an account on their website. From here, all of Moneycorp’s features become available and ready for use. It can also be accessed from any mobile device such as a tablet or smartphone.

Is Moneycorp safe to use?

Moneycorp is considered a reliable, safe and legitimate service, fully regulated by the FCA and rated 4.3 on TrustPilot.com. All information registered on Moneycorp’s website is kept secure and confidential.

How do I use a Moneycorp card?

Moneycorp’s prepaid multi-currency Explorer card is powered by MasterCard and comes in red and white. Each has different features, but both can be used at ATMs without a fee. The cards balance can be checked any time via the Moneycorp app.

How can I contact Moneycorp?

The best way to contact Moneycorp is to send them an email through the ‘Contact Us’ section on their website. Moneycorp can also be reached via social media anytime. Its London headquarters can also be contacted by telephone. Its phone numbers and address can be located on its website also.

Moneycorp data reviews

Why you can trust FXcompared's reviews

FXcompared's goal is to help you find the best money transfer provider for your needs. 

We have been comparing money transfer companies longer than anyone else (over 10 years) and work with the leading money transfer providers globally .

We have deep knowledge of the money transfer sector including our own data and intelligence arm allowing us to provide the level of in-depth reviews and data we have offered here.

We have had a long-term relationship with Moneycorp which allows us to access their exchange rate and fees information and we have many checks in place to ensure this is accurate. Partnerships with providers likes Moneycorp help us provide our site and services free of charge to our users.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.