Sending money overseas from New Zealand is easy when you use the services of Moneycorp.
Moneycorp Limited, a business registered in the UK, began operations in 1962. From a small office in Central London, Moneycorp has become a business worth over £11 billion. Other than its network of branches in central London and at airports, this business has offices in the US, France, Spain and Ireland.
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While Moneycorp specialises in providing personal and commercial foreign exchange services, it also offers home delivery of travel money and wholesale services. It is the only completely integrated foreign exchange provider in the UK that provides all possible foreign exchange related services.
In 2015, this money transfer company serviced over 9.2 million customer transactions, while exchanging in excess of £13 billion. The Financial Conduct Authority regulates operations of Moneycorp.
Residents of New Zealand can register with Moneycorp easily, by visiting its website. If you’re wondering whether using this business to send money overseas will work well for you, going through this guide is in your best interest.
Let’s take a look at Moneycorp’s exchange rates
The Moneycorp website lets you find out existing indicative exchange rates based on interbank rates. You can use a currency converter or view results in the form of a table or a chart.
The currency converter requires that you enter the currency you have and the currency you want along with the amount. The result gives you an indication of how much money the recipient stands to receive. The chart lets you view how any two currencies have compared against each other over hours, days, weeks or even months.
If you wish to simply view existing exchange rates, refer to the exchange rate table. It gives you rates under sections that include majors, EU, Americas, Asia and Africa/Mid East. This is what the table looks like.
The rates listed in the table are up to date as of 21st March 2016.Back to top
How much will you be out-of-pocket to transfer money with Moneycorp?
The fee you have to pay to send money through Moneycorp depends on the method as well as delivery time you choose. If you initiate a transfer online and opt for standard delivery (2-4 days) you have to pay a fee of £5. Online transfers with express delivery (1-2 days) cost £9. If you wish to transfer money over the phone, a £15 fee applies.
Moneycorp always lists delivery times in working days, which can vary depending on factors such as the currency and the destination bank. For example, express delivery with Indian rupees and Moroccan dirham takes a minimum of two and three days, respectively.Back to top
What are the minimum transfer amounts and available countries you can send money to?
The minimum you can send through Moneycorp is £50 or its equivalent in any other available currency, which includes New Zealand dollars. If you wish to send money using a regular payment plan, a minimum limit of £250 applies. The maximum you can transfer through a single transfer is £100,000.
The currencies you can send through Moneycorp include:
|Hong Kong dollar||HKD|
|New Zealand dollar||NZD|
|South African rand||ZAR|
Here are the types of transfers you can carry out with Moneycorp
You can turn to Moneycorp to send money overseas in different ways.
- One-off payments. Making one-off payments is easy. All you have to do is register for an account, speak to an account manager, choose your exchange rate and initiate the transfer.
- Target a rate. If you wish to make the most of fluctuations in foreign exchange rates, you can turn to Moneycorp for forward contracts and market orders. With forward contracts, you can lock in exchange rates for up to two years. Market orders let you target rates not currently available.
- Regular payments. You can use the services of Moneycorp to make automated scheduled payments. These can go out weekly, monthly or quarterly, as per your requirement.
How to make the registration and transfer process easier
If you wish to use the services of Moneycorp to send money overseas, you have to register as a user first. You can do this easily by visiting the Moneycorp website. Completing the registration process requires that you provide different kinds of information, which includes:
- Your name, phone number, email address and home address
- Your date of birth
- Currency you have
- Currency you want
- Amount you’ll typically send
- Destination country
- Reason for transfer
- A username and password
Once you register as a user you can login to the secure Moneycorp platform to send money overseas at any time, 24/7. You also have the option of speaking to a Moneycorp representative over the phone to initiate a transfer. However, in this case you would have to call a UK based number.
How long a transfer takes depends on the option you choose. With the express option the money should get to the recipient within 1-2 days, and the standard option takes around 2-4 days. In some cases, the turnaround time might be longer for the express option.Back to top
An assessment of Moneycorp: the good and the bad
- Transfer at any time. With access to the secure Moneycorp online platform, you can initiate a currency transfer at any time of the day or night, from anywhere. All you need is access to an Internet enabled computer.
- Flat fee. You don’t have to worry about paying a fee as per the amount you wish to send. Instead, you simply pay a flat fee based on the transfer time you select.
- No local support. You can get online support or speak to a Moneycorp representative over the phone by calling a UK based phone number. However, Moneycorp does not have offices in New Zealand and does not provide local phone support.
What other products and services does Moneycorp offer?
Moneycorp provides an array of corporate and travel money solutions.
- Corporate. Businesses that need to deal in foreign exchange can benefit by working with Moneycorp. As a business account holder you can hold balances in up to 32 different currencies. The services on offer for business clients include spot contracts, forward contracts and market orders. Through its wholesale currency offering you can benefit through industry specialised services, bulk currency delivery and bespoke banking.
- Travel money. If you wish to purchase travel money while in the UK, you can collect the money you want at a Moneycorp centre, get it delivered home or get it via your multi-currency prepaid Explorer card. You can order your travel money online.
Need some extra support for using Moneycorp?
How does Moneycorp determine its exchange rates?
Moneycorp relies on multiple factors in arriving at its exchange rates. These include existing exchange rates, the currency you wish to purchase and the amount you wish to purchase.
If I get a quote from Moneycorp, how long does it stay in effect?
Since exchange rates change periodically, your Moneycorp quote stays live for no more than five minutes.
Can I save a recipient’s details for transfers in the future?
Yes. You can add a recipient’s details at any point before a transfer, evens days or weeks in advance.
Using Moneycorp to send money overseas can work in your favour, especially with a competitive exchange rate. However, since you get numerous money transfer companies to choose from, compare a few before deciding.