Moneycorp vs Travelex

 

Moneycorp

Moneycorp is one of the oldest and largest foreign exchange companies in the UK. Established in 1962, it began enabling the transfer of money abroad in 1979, and by 2015 was trading over £22bn internationally. Moneycorp accepts clients from all over the world and deals in 90 different currencies, giving the company a global reach, though its focus is primarily on the UK, the US and Europe. Stable, reliable and trustworthy, Moneycorp has the highest rating of all UK money transfer providers on Dun & Bradstreet, with a 4A1 status. Their online exchange rates of 1–2% are highly competitive, but their transfer fees can be off-putting for smaller amounts.

 

Travelex

Another veteran giant in the world of international money transfers, Travelex has been trading since 1976 and accepts clients from the UK or US (although not all states). 47 different currencies are accepted, and the company has offices in the UK, the US and Australia, where it is fully recognised and regulated by the appropriate bodies. Arrangements can be made online or by phone, and fees vary according to the destination country and the amount sent. The minimum amount you can send is £50, with a fee of £3 to most destinations, and exchange rates are very reasonable.

 

Price comparison

Both Moneycorp and Travelex offer very impressive savings when compared to high street banks and stand up well to other online money transfer providers. Both have varying exchange rates based on market figures with a standard margin of about 1–2%. As ever, those sending larger amounts will find they get a better rate, and Moneycorp's dedicated dealers will help get the best deal for you.

Both charge transaction fees. At Moneycorp it costs £5 for a standard 2–4 day transfer, rising to £9 for their 0–2 day express transfer. Transferring money over the phone costs £15. Travelex charges a flat £3 fee for orders up to £300, and a percentage rate thereafter. Sending £1,000 will attract a fee of roughly £6.50, depending on destination. There's also an additional £8.95 charge for next-day transfers, and with some countries this is unavoidable as standard (1–2 days) delivery is unavailable.

 

International presence

With offices in the UK, the US, France, Spain and the Republic of Ireland, Moneycorp still feels very Europe-focused. Its services are not available in all US states. Having said that, clients are accepted from all over the world, and its large team includes specialists in all of the 90 currencies Moneycorp supports. Their website is only available in English.

Travelex only accepts clients from the UK, Australia and the US, and again it's not licensed to operate in every state. Funds can be sent to 35 different countries in 47 different currencies. So if you need to send money overseas to somewhere really out of the way, Travelex may not be the best option for you.

 

Ease of use

Moneycorp has been criticised in the past for its slightly out-dated and cumbersome website, but a recent revamp has solved many of those issues. In particular its sign-up process has been streamlined by the application of verification technology, so while Moneycorp is just as security-conscious as ever, the process of compliance is less arduous for the user. Where Moneycorp shines, however, is with the dedication and knowledgeability of its support staff and dealers, who will contact you within a few hours of signing up and talk you through every stage of the process, finding the arrangement that's best for you.

Travelex has a very easy-to-use platform and uses a currency converter so that you can see what rates you'll get without having to sign up. The site is also very upfront about its fees. Clients registering with Travelex International Payments will be able to contact a foreign exchange dealer at any time.

Moneycorp and Travelex are two of the biggest names in international money transfers and there's very little to choose between them. Both are safe, secure and reliable, and offer great value for money dependent on the amount you're sending and where and when you need it to arrive.

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