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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.
Within minutes
Fastest Transfer Speed
£50
Minimum Transfer Amount
£100,000
Maximum Transfer Amount
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.
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.
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.
With Moneycorp, you have a few solid options when sending money overseas:
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.
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.
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.
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Have you considered Currencies Direct?
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.