Monito's Definitive Moneycorp Review of 2023
François Briod
Guide
Byron Mühlberg
Reviewer
Moneycorp is a good foreign exchange broker (8/10) which we recommend for transfers where it's the cheapest option. Although its fees and exchange rate are only sometimes the best on Monito's comparison (6.8/10), Moneycorp is nevertheless a very large, established, and highly reputable company (8.8/10) that offers a reliable and multifaceted money transfer platform (8/10) and remains will-liked by its customers (8.2/10).
What Monito Likes About Moneycorp
- In business for over four decades,
- Solid customer reviews on Trustpilot,
- You can transfer over the phone, online, or via the mobile app,
- Bank-beating exchange rates.
What Monito Dislikes About Moneycorp
- Not always the cheapest option on Monito,
- Not as user-friendly as some of its competitors,
- The sign-up process is a bit cumbersome.
Compare Moneycorp to dozens of top providers in real time:
Key Facts About Moneycorp
| 📍 Headquarters | London, United Kingdom |
|---|---|
| 📃 Founded | 1979 |
| 👥 Employees | ±860 |
| 📜 Full Company Name | TTT Moneycorp Limited |
| 💳 Pay-in Methods | Bank transfer, debit card |
| 🏧 Pay-out Methods | Bank deposit |
| ⬇ Min. Transfer Amount | £50 (or equivalent) |
| ⬆ Max. Transfer Amount | None |
| 💱 Currencies | 120+ |
| 💬 Languages | English and 3 others |
Moneycorp Review
How We Review Money Transfer Providers
With more than 50 providers reviewed and 100 test transfers made over the past ten years, we pride ourselves on providing the best reviews of international money transfer services online. Curious how we make them and why you can trust us? Take a look at our process below:
Is Moneycorp Available in Your Country?
You can use Moneycorp to transfer money from many countries around the world. To double-check if the service works in your country, take a look at the dropdown list below:
| Moneycorp | Switzerland |
Trust & Credibility
Background check
Validly authorised by the FCA under the Payment Service Regulation 2017 in the UK.
Security & reliability
Secure web infrastructure, HTTPS, segregated user accounts, etc.
Company size
Huge, established company with a service record since 1979.
Transparent pricing
Fees are made in the exchange rates, which is only disclosed in the T&Cs.
Is Moneycorp Safe?
Yes, Moneycorp is indeed a safe foreign exchange company, and you can absolutely trust it with your transfer of any size.
Moneycorp is the trading name of TTT Moneycorp Limited, a company registered in England. Moneycorp is fully authorised and regulated in the UK as an Authorised Payment Institution by the FCA and as a Money Service Business in 49 states and the District of Columbia in the US (in addition to being registered with FinCEN on a federal level). Moneycorp is also registered as a bank in Gibraltar by the Financial Services Commission.
Moneycorp takes regulatory compliance and risk management very seriously. Maintaining the highest levels of compliance is a strategic priority for Moneycorp, and the company continues to invest in both people and technology to enhance its compliance capabilities. As per regulations, all client funds are held in segregated client accounts, meaning that Moneycorp cannot use these funds for anything other than carrying out your transaction.
We like the fact that the company has been around since 1979 and has over 40 years of experience in foreign exchange. Over the decades, the company has transacted hundreds of billions of pounds in currencies worldwide, and over 850 employees work for Moneycorp, providing an outstanding level of customer service. Overall, there is no doubt that Moneycorp is among the safest foreign exchange and international payment companies around.
Service & Quality
Opening an account
Account activation involves a few steps and takes 10 to 15 minutes.
Making a transfer
Sending money to a new or existing beneficiary is fast, seamless, and smooth.
Contacting support
Phone support is available, but live chat and 24/7 service aren't supported.
What Is Moneycorp, Anyway? Is It Any Good?
Moneycorp is a foreign exchange company and bank that provides various services revolving around foreign currency (FX) to tens of thousands of customers worldwide. It's primarily known for its international money transfers, where, unlike better-known transfer platforms like Wise, Western Union, and WorldRemit, it specialises in offering a high degree of personal support, making it ideal for larger transfer amounts.
Below, we go over Moneycorp's main services and features:
Personal International Transfers
As mentioned above, Moneycorp's dashboard lets you make international transfers. Transfers are facilitated to an impressive 120+ currencies worldwide (i.e., just about all of them!), and setting up a transfer is quick and easy once you've registered a new account.
You can only make transfers that are above £50 (or currency equivalent), and although there's no maximum you can transfer over the phone, in some countries, there is an upper limit of £100,000 that can be made through Moneycorp's online platform. You can also only pay for your transfer by transferring from your bank account to Moneycorp's accounts or client trust accounts, except if you live in the UK, where you can use your debit card, too.
In addition to ordinary international money transfers, Moneycorp's dashboard also offers the following benefits:
- Regular Payments: You can set up recurring payments right from your account.
- Rate Targeting: You can set up an alert for your desired exchange rate to find the perfect time to send your transfer.
- Personal Account Manager: You get an account manager assigned to your account who will be on standby to answer any questions or to help you find the best conditions and exchange rates for your transfer.
Business International Transfers
Moneycorp also caters to businesses needing to exchange currencies and make international payments. This can be used to pay employees or freelancers abroad, settle invoices from international suppliers, make bulk payments, and many other business payments.
In addition to spot transactions, Moneycorp can help businesses set up FX hedging solutions, as well as other services, including forward contracts, which allow you to lock in an exchange rate now but carry out your transaction later. During a period of up to two years, this can protect you from an unfavourable evolution of exchange rates. This is also important if you need specific amounts of a foreign currency (e.g. to pay rent, tuition, etc.), and need to know how much this will cost you for budget planning purposes.
How Does Moneycorp Work?
Open your account
Visit Moneycorp's website and open a free account
Enter your beneficiary's details
Enter how much money you want to send and how you want to pay for your transfer, then enter your beneficiary's bank account details.
Pay for your transfer
Fund your transfer by making a local bank transfer or, in the UK, pay by debit card.
Let Moneycorp do the rest
Moneycorp will convert your money in the recipient's currency and send it to him through the selected pay-out option.
Fees & Exchange Rates
Transfers to a bank account
Not always the cheapest nor most competitive option on Monito.
What Are Moneycorp's Fees and Exchange Rates?
If you've ever read anything on our site, you'll know that two types of charges are involved when transferring money overseas: fees (i.e. what the company explicitly charges) and exchange rate margins (i.e. what's only sometimes expressly declared). Moneycorp charges the latter, though they're generally very low and unlikely to amount to much compared to the bank, especially if you make a more significant transfer.
We go over these two types of fees below:
Moneycorp Fees
There are no fees when sending money via Moneycorp. This means that no fixed costs or commissions whatsoever will apply to your transfer.
You may incur additional banking fees when sending your money to Moneycorp or receiving your money from them. Moneycorp has local collection capabilities in the UK, the Eurozone (through SEPA), the USA, Australia, Switzerland, Brazil, Sweden and Denmark. You shouldn't pay any additional banking fees when transferring the local currency from these countries to Moneycorp's accounts. Moneycorp sends out all its payments from its London-based bank accounts. If your recipient is not in the UK, you should be aware that the receiving bank may apply additional charges for processing an incoming international transfer.
Moneycorp Exchange Rates
Moneycorp's primary business is foreign exchange, i.e. buying and selling different currencies. It does this much better than banks, which have poor exchange rates. Since Moneycorp trades enormous amounts of currencies yearly, they can offer more attractive exchange rates.
Moneycorp calculates its exchange rates by applying a margin to the prevailing mid-market rate. This margin is determined by your currency pair (which currencies you are selling and buying) and your transfer amount, and in the end, it should be no more than 1 or 2% for most large value transfers (compared to up to 5% or more for most banks!).
Moneycorp isn't always cheapest. Find your best deal in real time:
Customer Satisfaction
Trustpilot reviews
4.3 out of 5 stars from over 6,300 reviews.
What Do Customers Think About Moneycorp?
Over 6,000 customers have reviewed Moneycorp on Trustpilot, giving the company an average rating of 4.3 out of 5. The company is, therefore, very highly rated, with 86% of customers being delighted with Moneycorp’s service (giving it either a four- or a five-star rating). Here are a few aggregated customer opinions about Moneycorp:
Positive Moneycorp Reviews
- Customers praised the quality of the customer service that helped them navigate through the process with their first transfer.
- The service was quick, easy, without fuss, and hassle-free. "A couple of clicks and it's done".
- Bank-beating exchange rates were appreciated.
Negative Moneycorp Reviews
- Some customers complained about the time it took to complete their transfer.
- A minority of customers thought they could get a better exchange rate elsewhere.
Compare Moneycorp to Other Top Providers
See Our Other Money Transfer Guides
Why You Can Trust Us
You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, Monito co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services worldwide.
Today, Monito’s award-winning comparisons, reviews, and guides (no longer just about money transfers but also digital accounts, travel cards, eSIMs, and travel insurance) are trusted by millions each year. Our recommendations are backed by our comparison data and dozens of expert tests, allowing you to confidently make the savviest decisions.
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