Moneycorp can give you a bank-beating rate so you can save on foreign exchange to over 30 different currencies.
Moneycorp are a United Kingdom based foreign exchange company providing one off, recurring and market order international payments. And they’ve been doing this since 1979.
Moneycorp give you a bank beating exchange rate and a flat fee for regular and express overseas money transfers. As well as providing an international payments service, Moneycorp offer travel money services too; however, foreign cash and the prepaid travel money card are available to residents in the UK only.
We review Moneycorp’s foreign exchange services so you can make a decision about which provider to use to send money overseas.
Let’s take a look at Moneycorp exchange rates
You can see from the table below that Moneycorp rates are markedly better than what’s on offer from the average Australian bank. Rates are based on the currency you want to trade, how much you want to buy or sell and what the market is doing at the time you want to carry out a transfer. Moneycorp exchange rates track live forex movements except on weekends when markets are closed.
|Buy currency||Moneycorp Rate $1 AUD =||Bank’s rate $1 AUD =|
|GBP (Pound Sterling)||0.5277||0.497500|
|USD (United States Dollar)||0.7588||0.717100|
|CAD (Canadian Dollar)||0.9917||0.938800|
|CZK (Czech Koruna)||18.2126||17.716989|
|DKK (Danish Krone)||5.0257||4.770492|
|HKD (Hong Kong Dollar)||5.8837||5.535413|
|HUF (Hungarian Forint)||209.3149||203.541624|
|JPY (Japanese Yen)||84.9096||79.751176|
|NZD (New Zealand Dollar)||1.1207||1.070600|
|NOK (Norwegian Krone)||6.378||6.119314|
|PLN (Polish Zloty)||2.8724||2.659299|
|SEK (Swedish Kronar)||6.2392||5.900297|
|SGD (Singapore Dollar)||1.0322||0.974800|
|ZAR (South African Rand)||11.5659||11.034726|
|CHF (Swiss Franc)||0.7353||0.685600|
|THB (Thai Baht)||26.4669||24.960064|
|AED (UAE Dirham)||2.7869||2.650903|
Rates correct: 22/03/16. 4.00PM.
Other exotic currencies
As well as the above currencies, you can also make an international payment in these exotic currencies.
|INR (Indian Rupee)||BHD (Bahrain Dinar)||MXN (Mexican Peso)|
|ILS (Israeli Shekels)||BRL (Brazilian Real)||OMR (Omani Rial)|
|MAD (Moroccan Dirham)||EGP (Egyptian Pound)||TTD (Trinidad & Tobago Dollar)|
|JOD (Jordanian Dinar)||KES (Kenyan Shilling)||KWD (Kuwaiti Ddinar)|
|QAR (Qatari Riyal)||TND (Tunisian Dinar)||RON (Romanian Lei)|
Limited exotic currency options
Moneycorp doesn’t support some of the popular exotic currencies in Australasia such as FJD, PGK, PHP, IDR, VND and VUV.
How much does it cost to transfer money with Moneycorp?
For personal payments made online, Moneycorp charge a flat fee for regular and express transfers. You’ll pay £5 for regular payments (about $10 AUD) and £9 for express payments (about $15 AUD). If you’re using Moneycorp to make recurring payments, the charges are a little different. Regular payments cost £4 for each transaction (about $8 AUD) and express recurring payments cost £8 each payment (roughly $15 AUD).
Minimum transfer amount and available countries
Moneycorp let you exchange Aussie dollars to up to 33 different international currencies. You can send as little as £50 (about $100 AUD) for one off payments and £250 (about $500 AUD) for recurring payments.
You’re unable to send a payment to some of Australia’s closest neighbours. You may want to consider an alternate money transfer service if you want to send money to the following countries.
- Papua New Guinea
- South Korea
- Solomon Islands
And these countries have international sanctions in place, you can’t send money to the following countries at all.
- Central African Republic
- Crimea & Sevastopol
- North Korea
- Democratic Republic of Congo
- Sierra Leone
What types of transfers can you carry out with Moneycorp?
Moneycorp let you transfer money in the following ways:
- One off payments. Also called a spot transfer, make a one off online payment of £50 or more. A flat transfer fee applies based on how quickly you want the funds delivered. Choose from regular or express delivery.
- Regular payments. Make regular payments every week, month or quarter. Lock in a rate or choose to get the rate at the time of the transfer. Transfer £250 or more each time you make a recurring payment.
- Forwards contracts. Lock in an exchange rate for up to 2 years in advance.
- Market orders. Target a rate in the future and execute the trade when you get your desired rate.
The registration and transfer process
You will need to register for a free account before you can send money overseas with Moneycorp. You can create an account in 3 easy steps.
- Step 1: Enter your personal information, your contact details, the currency you have, the currency you want and the reason for your money transfer.
- Step 2: Provide your date of birth and address.
- Step 3: Create your login details. Pick a username and a password and check your email for your account activation code.
You’re then required to verify your identity and address by providing Moneycorp with a copy of your passport or driver’s licence and utility bill. Note: online statements and mobile phone bills will not be accepted. You can use your driver’s licence to verify your identity as well as your address.Back to top
How do I initiate a transfer?
Once you’ve registered and verified your account, you can transfer money online or over the phone. It’s more expensive to request a transfer over the phone.
Moneycorp are a UK company. There may be issues for Australian users sending money to the UK, namely the time it takes to send funds to Moneycorp and an additional currency conversion fee. You will need to send funds to Moneycorp via a SWIFT payment, which can take up to 3 business days to clear.
You’ll need to provide the Bank Identifier Code (BIC) and the SWIFT code for the recipient’s bank account. You’ll also need to provide the International Bank Account Number (IBAN) for payments to the European Union.Back to top
What’s the good and bad of using Moneycorp?
- It offers bank-beating rates. Moneycorp offer a bank beating exchange rate. It also offers personal and business transfer to suit your needs.
- It’s earned a 5 Star feefo rating. Moneycorp have a feefo 5 star rating. 80% of reviewers rate Moneycorp as excellent.
- You can transfer money anytime, anywhere. Moneycorp online is available 24 hours a day with the most competitive rates.
- Indicative rates. The exchange rates quoted by the Moneycorp exchange rate calculator are indicative rates only. These rates are based on the interbank rate and are not the deal you’ll get when you send money overseas using Moneycorp — they apply a small margin to the interbank rate.
- Double currency conversion. Funds will need to be converted to pounds when a payment is made to Moneycorp from Australia, and you’re charged for it. Converting a currency twice doesn’t make much sense when there’s a host of local based money transfer companies.
What other products and services does Moneycorp offer?
Moneycorp provide more than online foreign exchange services. Moneycorp issue foreign cash (airport pickup locations as well as delivery by Royal Mail) and a travel money card; however, these products are available to residents of the UK only.
- Foreign cash. Order foreign cash online and collect the money from London & airport collections, or have the money sent an address in the UK.
- Travel card. Moneycorp also issue the prepaid multi-currency Explorer Card, which can be loaded with foreign currency and used like a normal debit card outside the U.K.
Questions and answers for Moneycorp
You may want to have a look at local international payment companies if you want to send money overseas. We compare a number of competitive international money transfer companies based in Australia. Let us know if you need help with your comparison.