Moneycorp - Independent review

All you need to know before sending money with Moneycorp

Among the largest and most experienced foreign exchange firms No fees and bank-beating exchange rates Very high level of customer service

 


Moneycorp review by Monito

Moneycorp is the second largest foreign exchange broker in the United Kingdom, helping individuals and SMEs around the world save on their international transactions. The company was founded in 1962, and has been dealing in foreign exchange since 1979. In 2015, Moneycorp traded over £22bn in 90 different currencies. This definitely makes Moneycorp one of the largest and most experienced companies around for international payments.

Moneycorp charges no fees for Monito customers, and their exchange rates beat what most banks offer. You can transact over the phone with your personal account manager, or trade online or through the Moneycorp smartphone app, making Moneycorp’s service highly convenient in addition to cost-effective. Moneycorp is headquartered in London, and has several other offices across Europe and the Americas. 


PROS
  • One of the largest and most experienced foreign exchange businesses
  • Very highly rated by its customers
  • You can trade over the phone, online, or through a smartphone app
  • No fees for Monito customers and bank-beating exchange rates
CONS
  • Not always the cheapest solution
  • The online platform works well but is not as user friendly as some of its competitors
  • The sign-up process is a bit cumbersome

 


Transferring a Large Amount Abroad?

Make the Most of Your Currency Exchange



97% positive service rating on Feefo (based on 4'833 customer reviews)


02/05/2016
by Carly

Quick service

They are quick to communicate, Jonathan my appointed manager was most helpful.

01/05/2016
by Nicholas

I would recommend it

My first transaction was laborious because I am not very quick on the internet but now that I understand the system, I will use the service again and would recommend it to others.

30/04/2016
by Christopher

A quick and relatively simple process

This was the first time I had used the service and the staff were helpful and efficient.




More reviews

Moneycorp has great reviews on Feefo from almost five thousand customers sharing their opinion. 95% of Moneycorp customers rate the company four or five stars out of five, giving them an average rating of 4.6 / 5. Here are customer opinions about Moneycorp:

Positive
  • Customers praised the quality of the customer service that helped them navigate through the process with their first transfer.
  • The service was found to be quick, easy, without fuss, and hassle free. “A couple of clicks and it’s done”.
  • Bank-beating exchange rates were appreciated.
Negative
  • 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.


Can I trust Moneycorp ?

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, 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), and 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 else than carrying out your transaction.

The company has been around since 1962 and has over 35 years’ experience in foreign exchange. Over the years, the company has transacted hundreds of billions of pounds in currencies all over the world. Over 760 devoted employees work for Moneycorp, providing an outstanding level of customer service. Over 4800 customers have reviewed Moneycorp on Feefo, giving the company an average rating of 4.6 out of 5. The company is therefore very highly rated, with 94% of customers being very satisfied with Moneycorp’s service (4 or 5 stars).

Overall, there is no doubt that Moneycorp is among the safest foreign exchange and international payment companies around.


Authorised by the UK Financial Conduct Authority (FCA)
Firm Reference : 308919

 







How Moneycorp works

  1. Open a Moneycorp account online or over the phone in just a few minutes. For compliance reasons, you will need to supply an identification document as well as a proof of address. The verification itself might take up to a few days to complete depending on which country you live in.
  2. Your personal account manager will call you to answer any question you may have.
  3. Book a rate with your personal account manager over the phone, on Moneycorp’s online platform, or through the Moneycorp mobile app.
  4. Set up your transfer by entering your recipient’s details (or, if you’ve already sent money to them, simply select their name).
  5. Your money is on its way!


 

Moneycorp exchange rates and fees

Moneycorp fees

Monito has negotiated a special deal for you: Monito users pay zero transfer fees on all their transfers!

Moneycorp’s transfer fees depend on the transfer speed and channel. When sending online or through the Moneycorp app, the transfer fee is £9 for express transfers which are delivered in 0-2 days, and £5 for standard transfers which are delivered in 2-4 days. Transfers set up over the phone incur a £15 fee.

In addition to transfer fees, 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 US, Australia, Switzerland, Brazil, Sweden and Denmark. When transferring the local currency from these countries to Moneycorp’s accounts, you shouldn’t pay any additional banking fees. Moneycorp sends out all its payments from its London-based bank accounts, and if your recipient is not in the UK, you should be aware that additional charges may be applied by the receiving bank for processing an incoming international transfer.

Moneycorp Exchange rates : Moneycorp’s main 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 huge amounts of currencies every year, they are able to offer much 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 should be no more than 1 or 2% for most large value transfers (compared to up to 5% or more for certain banks!).


 

MoneyCorp supported currencies

AED Arab Emirate Dirham
AUD Australian Dollar
BGN Bulgarian lev
BHD Bahraini Dinar
BRL Brazilian Real
BWP Botswanan Pula
CAD Canadian Dollar
CHF Swiss Franc
CZK Czech Koruna
DKK Danish Krone
EUR Euro
GBP Great British Pound
HKD Hong Kong Dollar
HRK Croatian Kuna
HUF Hungarian Forint
ILS Israeli Sheqel
JOD Jordanian Dinar
JPY Japanese Yen
KES Kenyan Shilling
KWD Kuwaiti Dinar
LKR Sri Lankan Rupee
MAD Moroccan Dirham
MUR Mauritian Rupee
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
OMR Omani Rial
PLN Polish Zloty
QAR Qatari Rial
RON Romanian Leu
RUB Russian Ruble
SAR Saudi Riyal
SEK Swedish krona
SGD Singapore Dollar
THB Thai Baht
TND Tunisian Dinar
TRY Turkish Lira
USD United States Dollar
ZAR South African Rand

 

Additional services

Explorer MasterCard

Moneycorp’s explorer MasterCard is a prepaid multi-currency card. You load some currency onto the card, and can then use the card abroad to pay or withdraw cash in foreign currency without fees. Moneycorp’s prevailing exchange rate is used for each currency conversion.

Forward contracts

Forward contracts 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 unfavorable 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 planification purposes.


Businesses

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, etc. In addition to spot transactions, Moneycorp can help businesses in setting up FX hedging solutions.

Bureaux de change

Moneycorp operates over 40 bureaux de change and 115 ATMs in the UK, allowing customers to buy and sell banknotes in different currencies. Moneycorp’s bureaux de change are located in 5 airports and in 6 locations in central London.


Wholesale

Moneycorp’s wholesale division provides foreign currency banknotes to bureaux de change, money transfer companies, central banks, private banks, FX brokers, and other businesses, both in the UK and globally.




Which documents will MoneyCorp require to verify my identity?


Identification Documents

  • Signed, valid passport
  • Full photocard driving licence

Proof of address

  • A posted utility bill - less than 3 months old
  • A full photocard driving licence
  • A posted bank statement - less than 3 months old

 


The story behind MoneyCorp

Moneycorp was founded in 1962 in London, and started dealing in foreign exchange in 1979. The company was initially called “Town Tickets and Tours Limited”, and later changed its name to TTT Moneycorp Limited. It later dropped the “TTT” and rebranded to Moneycorp in 2008. Moneycorp is privately owned by Bridgepoint, a pan-European private equity firm which also owns the famous restaurant chain “Pret a manger” in the UK amongst other shareholdings. In August 2015, Moneycorp acquired a 45% stake in Novo Mundo Corretora de Câmbio, a Brazilian foreign exchange company, as part of its international expansion strategy. This move solidifies Moneycorp’s presence in South America and in particular in Brazil.

 


Moneycorp's offices around the world


 


United Kingdom

Zig Zag Building
Floor 5
70 Victoria Street
London SW1E 6SQ
United Kingdom

Ireland

24 Windsor Place
Dublin 2
Ireland

United States

7380 Sand Lake Road
Suite 410
Orlando
Florida 32819
USA

France

2 rue Barque en Cannes
Rue de la Tourraque
06600 Antibes
France

Spain (Malaga)

Centro Comercial Cala Sol
Boulevard La Cala
Edificio B Local 10
29649 La Cala de Mijas
Mijas Costa, Malaga

Spain (Alicante)

Calle Turismo, 2, Oficina 1,
Urb.Ciudad Quesada
03170 Rojales
Alicante
Spain

Gibraltar

7b King's Yard Lane
Gibraltar

 


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Key facts about Moneycorp

Service information

Time to open an account -
Minimum amount Depends from currencies
Maximum amount No
Available languages
Français
English
Español
Português
Personnal transfers Yes
Business customers Yes
Advanced currency contracts Yes
Required documents -

Company information

Type of service provider Foreign exchange companies
Active since 1979
Headquarter London, United Kingdom
Offices in Brazil/France/Gibraltar/Ireland/Spain/United Kingdom/United States
Regulated by FCA

Contact information

Contact support enquiries@moneycorp.com
Service hour Business Hours
Phone 0044 207 589 3000
Twitter @moneycorp
Facebook Moneycorp
Youtube moneycorp


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