You could save money using the services of Moneycorp’s exchange experts

Moneycorp can give you a bank-beating rate so you can save on foreign exchange to over 30 different currencies.

Moneycorp is 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 gives 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 offers travel money services too; however, foreign cash and the prepaid travel money card are available to residents in the UK only, not Canada.

We review Moneycorp’s foreign exchange services so you can make a decision about which provider to use to send money overseas.

What currencies does Moneycorp offer

Moneycorp allows you to transfer all the major currencies, including the following:

  • EUR (Euro)
  • GBP (Pound Sterling)
  • AUD (Australian Dollar)
  • USD (United States Dollar)
  • CZK (Czech Koruna)
  • DKK (Danish Krone)
  • HKD (Hong Kong Dollar)
  • HUF (Hungarian Forint)
  • JPY (Japanese Yen)
  • NZD (New Zealand Dollar)
  • NOK (Norwegian Krone)
  • PLN (Polish Zloty)
  • SEK (Swedish Krona)
  • SGD (Singapore Dollar)
  • ZAR (South African Rand)
  • CHF (Swiss Franc)
  • THB (Thai Baht)
  • AED (UAE Dirham)

Other exotic currencies

As well as the above currencies, you can also make an international payment in these exotic currencies.

BHD (Bahrain Dinar)MXN (Mexican Peso)TND (Tunisian Dinar)
ILS (Israeli Shekels)OMR (Omani Rial)TRY (Turkish Lira)
JOD (Jordanian Dinar)QAR (Qatari Riyal)ZAR (South African rand)
KWD (Kuwaiti Dinar)RON (Romanian Lei)
MAD (Moroccan Dirham)SAR (Saudi riyal)

Unavailable countries

You’re unable to send a payment to some countries in Australasia. You may want to consider an alternate money transfer service if you want to send money from Canada to the following countries.

  • Fiji
  • Papua New Guinea
  • Philippines
  • Indonesia
  • Vietnam
  • South Korea
  • Vanuatu
  • Kuwait
  • Lebanon
  • Solomon Islands

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 $8.50 CAD) and £9 for express payments (about $15 CAD). If you’re using Moneycorp to make recurring payments, the charges are a little different. Regular payments cost £4 for each transaction (about $6.70 CAD) and express recurring payments cost £8 each payment (roughly $13.50 CAD).

Minimum transfer amount

Moneycorp lets you exchange Canadian dollars to up to 33 different international currencies. You can send as little as £50 (about $84.20 CAD) for one off payments and £250 (about $421 CAD) for recurring payments.

Banned countries

As these countries have international sanctions in place, you can’t send money to the following countries at all.

  • Afghanistan
  • Central African Republic
  • Crimea & Sevastopol
  • North Korea
  • Democratic Republic of Congo
  • Iran
  • Iraq
  • Libya
  • Burma
  • Somalia
  • Sudan
  • Syria
  • Sierra Leone

What types of transfers can you carry out with Moneycorp?

Moneycorp lets 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.

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 is a UK company. There may be issues for Canadian 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.

What’s the good and bad of using Moneycorp?

The good

  • It offers bank-beating rates. Moneycorp offer a bank beating exchange rate. It also offers personal and business transfers to suit your needs.
  • Its earned a 5 Star feefo rating. Moneycorp has a feefo 5 star rating. 80% of reviewers rate Moneycorp as excellent.
  • You can transfer money anytime, anywhere. Moneycorp is available online 24 hours.

The bad

  • Indicative rates. The exchange rates quoted by the Moneycorp exchange rate calculator on its website 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 Canada, 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 provides 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.
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