Review: Moneycorp Exchange Experts international money transfers for businesses
Manage international payments in nearly 50 currencies with no fees or limits.
Headquartered in the UK, Moneycorp has helped people the world over exchange currency and transfer money for more than 35 years. While its business-specific services aren’t as robust as online competitors, a Moneycorp business account can help streamline international payments to clients, suppliers and staff in nearly 50 currencies — with no fees and no limits on most transfers.
What can Moneycorp offer my business specifically?
Moneycorp appears to limit its business services to money transfers, forgoing the flexibility of multicurrency accounts or API bulk-payment integration you might find elsewhere.
When you sign up for a business account, you’re assigned a dedicated account manager who can guide you to the strongest rates on one-off payments based on your needs. You can also take advantage of forward contracts, market orders and forex options.
This specialist is a big name in the UK. But it can safely handle your transactions in the US too, thanks to a partnership with Tempus, one of the top forex providers that processes $3.9 million a year. It’s also registered with the Department of the Treasury, the Office of Foreign Assets Control, and the Financial Crimes Enforcement Network, aside from holding money transmitter licenses in several US states.
To safeguard your business and financial details, Moneycorp safeguards your money in segregated client accounts, away from funds used for its everyday business.
How much will my business pay to send money with Moneycorp?
Businesses pay no fees on standard money transfers. To expedite your transfer for faster delivery than the standard two to four days, you’ll pay around $10.
The only other “fee” you face is Moneycorp’s markup on the mid-market rate, which is typically smaller than a bank’s and competitive with other money transfer specialists.
How are Moneycorp exchange rates?
Moneycorp offers better exchange rates than banks, which saves you money on large transactions. Its rates are based on a combination of the mid-market rate, the amount you’re transferring and the currency you’re transferring it in.
Online, Moneycorp advertises bank-beating exchange rates that are typically 3% to 4% stronger.
What types of transfers can my business make?
Moneycorp processes bank-to-bank payments only. Aside from one-off transfers, forward contracts allow you to lock in today’s exchange rates for future transfers. While with a market order, you target the rate you’re interested in, and Moneycorp initiates your transfer when the market reaches that rate.
Pros and cons of Moneycorp for business
- Dedicated account manager.Moneycorp expert advisers can guide you toward the tools that best match your business’s needs.
- No fees for standard transfers.Pay no fee for delivery in two to four days and a small fee for expedited turnaround within two days.
- Round-the-clock operation.24/7 online money transfer based on live exchange rates.
- Hedging tools.Get the rate you want on future transfers with forward contracts and market orders.
- Might require margin deposits.Depending on the transaction amount and currency, margin deposits may be required before you can transfer money.
- Limited services.Moneycorp isn’t licensed in all 50 states, and you may not be able to send money to all countries.
- No mobile app.To send with Moneycorp, you must go through its site.
How does Moneycorp compare to other services?
How do I make international payments with Moneycorp?
Start by completing a business form on Moneycorp site with your basic contact information. A Moneycorp representative will contact you within 24 hours for additional information about you, your business and your future needs.
After approving your account, Moneycorp assigns you a dedicated adviser. You’ll then transfer money into your Moneycorp business account. From there, you can set up one-time or regular payments to clients, suppliers and other recipients worldwide.
What do I need to transfer money with Moneycorp?
To register your business with Moneycorp, you’ll need to submit identifying information that includes your Social Security number, contact information, financial details and proof of government-issued ID, among other potential documents.
After approval, you’ll submit your recipient’s contact information and banking details, the amount you’re sending and your destination currency for each transfer.
What happens next?
- Track your transfer. Log in to your Moneycorp account to monitor the progress of your money to delivery.
- Get support. For help with business transactions, contact your account advisor. For general help, email firstname.lastname@example.org or call 407-352-5890.
Moneycorp provides 24/7 online money transfers with no fees, low minimums and no limits. You’re assigned a dedicated expert to help with your needs, and general tools like forward contracts and market orders may help protect you against risk.
But you won’t find comprehensive services like multi-currency accounts for receipt of international payments. To learn more about stronger business services you could find elsewhere, read our guide to business transfers.