Both Moneycorp and Currencies Direct offer personal account management, a prepaid foreign currency card, as well as simple spot contracts, forward contracts, limit orders and regular payments. Moneycorp’s personal accounts cater for small to large currency exchange trades, offering a minimum transfer rate of £50 to a maximum of £100,000, as well as £250 regular payments. If it’s low minimum transfer values that you’re after, then Currencies Direct has the lowest at £1, with no maximum transfer value.
Moneycorp was established as a currency exchange provider in 1979. Since then, it has become a huge international money transfers service, exchanging £24.6bn in 2016. Currencies Direct is a much smaller business by value, having transferred £4.5bn in 2016. Established in 1996, its core business is aimed towards the personal and online seller markets.
Both companies score 4.6/5 on Feefo but Currencies Direct tops the bill, netting a full 5-star rating on Trustpilot (averaging 9.2) compared to Moneycorp’s lacklustre 2-star rating.
Moneycorp’s core customer is the larger corporation or business. Moneycorp offers a product range targeted toward this demographic which includes exotic future and option contracts. These products are offered through Moneycorp Financial Risk Management Limited (Moneycorp FRM). Their website contains extensive content for the sophisticated investor, as well as some useful information for the personal account holder.
Currencies Direct’s unique service offering is their comprehensive range of content and tools to support online sellers. They have agreed links with Amazon and eBay which assure that sellers can be paid in their chosen currency. The company also provides topical information and advice for the personal market and has a broad selection of social media channels that they communicate through, including Twitter and YouTube.
The two companies are broad in global reach and are able to complete foreign currency exchange trades across a multitude of countries. They are both also fee-free, if you remember to take advantage of the Moneycorp offer through FX Compared. Otherwise, expect to pay from £5 to £15 per transfer through Moneycorp.
If security sits at the top of your list, both companies have the highest Dun & Bradstreet rating for creditworthiness (Level 1 rating) as well as secure websites.
Currencies Direct Features
Moneycorp Features
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Payments via bank transfers, direct debits and cheques
Excellent customer service
5-star Trustpilot rating
4.6/5 Feefo rating
Free account
Fee-free transactions almost anywhere
Educational guides for personal customers and businesses (SME and online trading)
Regular payments service covers mortgages, studying abroad and pension payments
Not setup for small value transfers or remittances
Mobile app available for Android and iOS
4.6/5 Feefo rating
Generally positive customer reviews – 4.6-star Trustpilot rating
Trade 24/7 by telephone or online
Future or options contracts ideal for investors
Range of current investor communications
No obvious commitment to match competitor rates
Fees charged on any transaction are £5–£15 (except for FXcompared customers)
Price Comparison
Currencies Direct
There are no fees for foreign currency exchange trades with Currencies Direct.
Moneycorp
Fees are as follows regardless of the size of trade as a personal customer:
The table below compares Currencies Direct fees to Moneycorp. These fees are subject to change.
|
Type of trade |
Moneycorp Fee* |
Currencies Direct Fee Saving |
|
1–2 days completion |
£5 |
£5 |
|
3–5 days completion |
£9 |
£9 |
|
Booked telephone trade |
£15 |
£15 |
*Sign up through www.fxcompared.com to save.
International Presence
The companies in question have a global presence with offices based in the UK, the USA, France and Spain in common. Moneycorp also has offices in Ireland and Brazil. Currencies Direct maintains a broader reach through offices based in Portugal, South Africa, China, India, Republic of Ireland, Malta and Scandinavia.
Both currency traders offer the ability to trade over the telephone or online 24/7 for international support.
Moneycorp processes foreign exchange currency trades in 175 countries and supports 33 currencies. Currencies Direct supports 60 currencies and can enable transfers to most countries worldwide. Please refer directly to them for a list of countries and currencies they can transfer to.
Ease of Use
Both companies make it easy to register for an account on their website. However, the Moneycorp website is created with a more seamless onsite customer journey.
It is quick and effortless to open an account with Currencies Direct. Payments can be made by bank cards, direct debits and cheques, and it is also possible to manage your account through an iOS app. Currencies Direct offers a very low minimum transfer option of just £1.
Moneycorp offers both online and telephone trading for your convenience, and it is simple to manage your account via iOS and Android mobile apps. You can transfer from as little as £50 and there is a maximum personal transfer threshold of £100,000.
OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.
Average of the top US Banks costs as compiled by our own FXC Intelligence group. For more details on the how the bank price comparisons are calculated that include Bank of America, CIBC, Capital One, Citigroup, HSBC Bank USA, JP Morgan Chase, PNC Financial Services, Santander USA, The Northern Trust Company, Toronto Dominion Bank USA, Wells Fargo, see our IMTI page.
Currencies Direct
There are no fees through foreign currency exchange trades.
Moneycorp
The table below compares Currencies Direct fees to Moneycorp. These fees are subject to change, so best to confirm directly with Moneycorp.
Type of trade | Moneycorp Fee* | Currencies Direct Fee Saving |
1-2 days completion | £5 | £5 |
3-5 days completion | £9 | £9 |
Booked telephone trade | £15 | £15 |
*- Sign up through www.fxcompared.com to save on these fees
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.
