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Currencies Direct vs Moneycorp

We put Currencies Direct and Moneycorp head to head to see how came out best for international money transfer services. read our money transfer comparison below.

  • 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 the small to large currency exchange trade; offering a minimum transfer rate of £50 to a maximum of £100,000; and £250 for regular payments. 
  • If it is low minimum transfer values that you are after, then Currencies Direct has the lowest, at £1 and no maximum transfer value.

Moneycorp established as a currency exchange provider in 1979. Since then, they have become a huge foreign currency exchange provider, exchanging £24.6 billion 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 at attracting the personal and online seller market.

Currencies Direct
Amount Received
£ 10,000.00
EUR11,789.93
USDn/a
CAD17,184.66
AUD18,982.91
£ 150.79 Avg. Saving vs. Banks ?
Go to site
Moneycorp
Amount Received
£ 10,000.00
EUR11,748.35
USDn/a
CAD17,124.06
AUD18,915.96
£ 177.53 Avg. Saving vs. Banks ?
Go to site
?
Est. 1979
Currencies Direct
Fee: ? No Fees via FXcompared
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? UK, Spain, France, USA, South Africa
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA
General Notes Highest possible credit rating with Dun & Bradstreet
Country Notes 12 global offices based in UK, France, Spain, Portugal, India, South Africa, USA
Moneycorp
Fee: ? Special pricing available and shown for NEW customers via FXcompared
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? UK, Spain, Ireland, Australia, Switzerland
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA, FinCEN
General Notes ESTABLISHED NAME AND SERVICE SINCE 1979 We’re one of the UK’s fastest growing foreign exchange companies, serving our customers for nearly 40 years. Special pricing available and shown for NEW customers via FXcompared
Country Notes Offices in the UK, Spain, France, Ireland, and the USA

Currencies Direct Features

  • Online or telephone trading

  • Fee free transfers

  • Minimum transfer £100, no upper limit
  • Majority of exchanges are fee free, however, there are a small number which may require a fee but you will be advised on these upfront

  • Multi-currency foreign currency Mastercard – call “We Swap”

  • Transfers are typically completed within1-3 business days

  • Low minimum transfer amount of £1/$1/€1

  • Website has a good range of language versions including: French, Italian, Portuguese, Norwegian, Spanish, Swedish, and Chinese.

  • Property buying guides and SME online business trading guides and marketing ideas

  • Offer premier business accounts

  • Products to suit each customer type, from vanilla products to complex hedging contracts

  • Offices in the UK, US, France, Spain, Portugal, South Africa, China, and India. It also operates out of the Republic of Ireland, Malta, and Scandinavia. Visit the Global Reach section for more details.

Moneycorp Features

  • Account management online and by telephone

  • Aimed predominantly at the corporate market (as well as sophisticated investors)

  • Send a transfer from as little as £50, £250 for regular payments, up to a maximum of £100,000

  • Fast transfers in 1-2 days available but fees apply for personal transactions (see FXCompared offer and fees section below)

  • Rates range between 1.5% - 4% discount on the mid margin rate

  • Exotic product range with various futures options, including a two-year option to fix a rate

  • Foreign Currency card called “Explorer”

  • Limit order options, spot currency trades and contract options (to buy/sell at a predetermined rate in the future)

  • Moneycorp has websites in English, Spanish, Portuguese and French

  • Offices in the UK, US, Spain, France, Ireland and Brazil

  • Currency fluctuations monitoring service, even if you are not a current customer.

The pros and cons of using Currencies Direct

pros

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

cons

Not setup for small value transfers or remittances

The pros and cons of using Moneycorp

pros

Mobile app available for Android and iOS

4.6/5 Feefo rating

Trade 24/7 by telephone or online

Future or options contracts ideal for investors

Range of current investor communications

cons

No obvious commitment to match competitor rates

Mixed customer reviews – 3-star Trustpilot rating

Fees charged on any transaction are £5–£15 (except for FXcompared customers)

cons

Not setup for small value transfers or remittances

cons

No obvious commitment to match competitor rates

Mixed customer reviews – 3-star Trustpilot rating

Fees charged on any transaction are £5–£15 (except for FXcompared customers)

Currencies Direct
Amount Received
£ 10,000.00
EUR11,789.93
USDn/a
CAD17,184.66
AUD18,982.91
£ 150.79 Avg. Saving vs. Banks ?
Go to site
Moneycorp
Amount Received
£ 10,000.00
EUR11,748.35
USDn/a
CAD17,124.06
AUD18,915.96
£ 177.53 Avg. Saving vs. Banks ?
Go to site

Both companies score 4.6/5 on Feefo, but Currencies Direct tops the bill, netting a full five-star rating on TrustPilot (averaging 9.2), to Moneycorp’s lacklustre two-star rating.

Moneycorp’s core customer is the larger corporation or business, with a product range for this segment that includes exotic future and option contracts. These products are offered through MoneyCorp Financial Risk Management Limited (MoneyCorp FRM) arm. Their website contains some very targeted and extensive content for the sophisticated investor as well as some useful information for the personal account holder.

Currencies Direct unique service offering is their comprehensive range of content and tools to support online sellers. They have also agreed links with Amazon and eBay, that sellers can be paid in a chosen currency. The company also provides topical information and advice for the personal market, and have a broad section of channels that they communicate through if you are on the go (social media and YouTube).

The two companies are broad in global reach, being able to complete foreign currency exchange trades across a multitude of countries. They are also fee-free to transfer, if you remember to take advantage of Moneycorp’s fee-free 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 and Bradstreet rating for creditworthiness (Level 1 rating) as well as secure websites. 

 

Global presence

Both companies have a global presence, with offices, in common, based in UK, USA, France, Spain. Moneycorp also has offices in Ireland and Brazil. While 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, with international support, or on-line 24/7.

MoneyCorp has carried out foreign exchange currency trades in 175 countries in 2016 and supports 33 currencies. Currencies Direct detail that you can transfer to most countries in the World and supports 60 currencies. Please refer directly to them for a list of countries and currencies they can transfer to.  

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Other International Money Transfer Quotes

Venstar

?
Est. 1990
Established in 1990, Venstar is a worldwide leader in Foreign Exchange Payments and Services.
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Established in 1990, Venstar is a worldwide leader in Foreign Exchange Payments and Services.
Amount Received
GBP £7,715.85
USD $222.31
saved vs. banks

OFX (US)

?
Est. 1998

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

More InfoLess Info

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

Amount Received
GBP £7,665.27
USD $157.31
saved vs. banks

Average US Bank

Average of the top US Banks costs as compiled by our own FXC Intelligence group

More InfoLess Info

Average of the top US Banks costs as compiled by our own FXC Intelligence group

Amount Received
GBP £7,519.75
No saving vs. banks

Frequently Asked Questions

I am being asked to register an account with currencies direct, however, I’m not sure if I want to trade with them yet. Does this commit me to anything?

It is free to open an account with Currencies Direct. This is the best way to get hold of a live quote but there is no obligation to trade.

What if I change my mind? Can I cancel the trade?

Once a transfer has been confirmed, they are legally binding, whether they are set up on line or over the telephone.

How long does it take to transfer money?

Typically transfers take between 24 – 48 hours to be received in the beneficiaries account.

How long does it take to set up an account with Moneycorp?

You can open an account online or over the telephone at any time. There is no obligation to trade with them but you will benefit from the online tools and information.

What is the maximum transfer value?

Moneycorp allows transfers up to £100,000 for personal accounts. They have a higher limit of £1,000,000 as standard for business customers but they will discuss trades higher than this amount.

How do I know that transfers will be made to the timescales agreed?

Moneycorp is a member of SWIFT (Society for Worldwide Interbank Financial Telecommunications), the global platform for instant wiring of domestic and international money transfers, which enables transfers at speed. You will agree your completion contract (standard or express) when you book your rate.

Ease of use

Both companies make it easy to register for an account on their website. However, Moneycorp website has a better on-site journey, making it easier to follow. They also have an app which is compatible with IOS and Android.

Currencies Direct

  • Quick to sign up to

  • Payments can be made by bank cards, direct debits and cheques

  • Manage your account through an IOS app

  • £1 minimum transfer value

Moneycorp

  • Online and telephone trading

  • IOS and Android apps

  • 24/7 for dealing with no specified upper limit (aside from the £100,000 limit for a personal transfer).

  • Transfer from as little as £50

 

Security

Both companies are regulated by the Financial Conduct Authority. There is no protection from the Financial Services Compensation Scheme. However, by using these two established brands the risks are fairly small.

Currencies Direct is authorised by the FCA as an Electronic Money Institution under the Electronic Money Regulations 2011.

TTT Moneycorp Limited has been granted permission to carry out the provision of payment services. Additionally, MoneyCorp FRM is regulated in the conduct of designated investment business, which includes advising on investments (excluding pension fund transfers and opt-outs). The investment instruments that the FCA regulates MoneyCorp FRM for are futures and options (excluding commodities) and rolling spot foreign exchange contracts.

Both companies hold segregated client accounts, which are separate from their own, in accordance with the FCA rules on the safeguarding of client money. Moneycorp uses Barclays, while Currencies Direct uses Barclays and Deutsche Bank.

MoneyCorp and Currencies Direct have also achieved the Level 1 Dun & Bradstreet ratings, which indicates minimum risk. However, it is best to remember that these ratings are subject to change, so best to check with Dun and Bradstreet for the latest.

Online security

Both companies offer online accounts and as such they have a high level of encryption through their customer portals to keep the online transmission of data secure. Currencies Direct go further to explain that their site includes 128-bit encryption, to ensure that no one can get hold of, or interfere with any personal data that you may be transferring.

Moneycorp also offer additional advice on their website about how to remain safe while accessing personal financial information online. They offer an email address to forward any phishing scams to.

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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.