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Review: Moneycorp online money transfers
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Make international transfers, or partner your business with Moneycorp to offer foreign exchange services.
Individuals can choose from several types of transfers to get their money abroad, while businesses can become a Moneycorp partner and extend foreign exchange services to their customers in addition their existing products.
Get your money overseas, at a cost
Whether you’re buying property overseas or sending money to friends and family, Moneycorp can send your money where you need it at a competitive rate with all the help you want. With its free expert guidance, Moneycorp can help you save money by using their experience, market knowledge, technology and focus to get you the most competitive exchange rates.
While Moneycorp offers a lower margin than many banks, you might pay a little more than some online services. Funds will be converted to pounds when a payment is made to Moneycorp from America, and you’re charged for it. Converting a currency twice doesn’t make much sense when there’s a host of US-based money transfer companies, and you’ll pay extra for this two-step process.
What are Moneycorp’s exchange rates?
Exchange rates are typically 3 to 4% better than high street banks, which could equate to a saving of up to $4,000 on an overseas transfer of $100,000.
Moneycorp’s exchange rates are based on the mid-market rate and fluctuate over a general business day. Moneycorp adds its own 1% to 1.2% margin on the mid-market rate.
Make note that the rates quoted by its online calculator are the mid-market rates, not the rate you’ll pay. Even with the small margin Moneycorp adds to this rate, you’ll get a much better rate than you’ll find at your local bank.
How much will it cost to send money with Moneycorp?
Moneycorp charges a flat fee of about $6.50 for standard one-off transfers and about $11 for express service. If you set up regular recurring transfers, you’ll pay $5 or $10 for express.
Calculate your transfer with Moneycorp
Choose your currency and desired transfer amount (minimum $50). Exchange rates change frequently, so visit Moneycorp’s site to get a final quote.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
What types of transfers can I make?
With Moneycorp, you have a few solid options when sending money overseas:
- One-off payments. You can send spot transfers online of about $65 minimum.
- Recurring payments. You can set up regular weekly, monthly or quarterly payments by locking in a rate or choosing to get the rate at the time of the transfer. You’ll need to transfer $315 or more to qualify for recurring payments.
- Forward contracts. This tool allows you to lock in an exchange rate for up to two years in advance of your transfer.
- Market orders. Specify the rate you want to pay, and Moneycorp will execute your transfer when the market hits it.
Your options for transferring money also come with speed options. Standard delivery is 2 to 4 days, or up to 2 days for express delivery.
Pros and cons of using Moneycorp
Pros
- Competitive exchange rates. Moneycorp offers bank-beating exchange rates.
- Customer service. Moneycorp earned a 5 star rating with feefo.
- You can transfer money anytime, anywhere. Moneycorp is available online 24 hours a day.
- No maximum. Transfer as much as you need.
Cons
- Double currency conversion. Funds will need to be converted to pounds when a payment is made to Moneycorp from America, 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.
- You can’t transfer to all countries. For example, Korea, Indonesia, Vietnam and the Philippines are excluded from Moneycorp.
- Setup can be complicated. The need for ID and phone verification adds time. However, transactions are more secure as a result.
- Calculator’s rates not the rate you’ll pay. Moneycorp’s online calculator uses mid-market rates that don’t accurately reflect the rate you’ll ultimately get.
- Double conversions increase costs. Your dollars will first be transferred into Great Britain pounds before finally being transferred to your target currency.
How does Moneycorp compare to other services?
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
How do I transfer money with Moneycorp?
To use Moneycorp, you must first register for an account. Follow these steps to get started:
Step 1. Head over to Moneycorp’s website and click “Open a personal account.”
Step 2. Enter your name and email address
Step 3. Create a username and password.
Step 4. Fill out your personal information.
Including your address, Social Security number, phone number and currency requirements. Click Verify my details.
Step 5. Verify who you are
Upload proof of ID and proof of address. After you upload your documents, a representative will be in touch with you to set up your account and answer any questions you might have.
Bottom line
Moneycorp is a secure service that offers options for transferring money overseas, but its transfer times aren’t the speediest. As with any service, be sure to compare your options before making a decision.
