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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.
Within minutes
Fastest Transfer Speed
£50
Minimum Transfer Amount
£100,000
Maximum Transfer Amount
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.
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 £9.
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.
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.
Read our review of Moneycorp for international money transfers
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.
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.
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.
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.
How can I pay for an international transfer with Moneycorp?
Moneycorp supports money transfers from your bank account only.
How do I send money from my smartphone or tablet?
Unfortunately, you must use its site for online transfers. But depending on your business needs Moneycorp may also accept transactions by email or phone.
How long will it take for my recipient to receive my funds?
Standard delivery takes two to four days for delivery, while expedited services can get it there in two days, depending on the country.