MoneyTransferCo lets you transfer money to a number of countries with low fees.
MoneyTransferCo has merged with XE Money Transfer, so will no longer be available. XE offers international money transfers to over 170 countries with no commission or transfer fees.
MoneyTransferCo provides foreign exchange services by teaming up with Currency Online Limited. HiFX group of companies owns Currency Online, and the former is a global group that has offices in the US, UK, New Zealand and Australia.
Currency Online began operations as a money transfer service provider in 1986, and started offering online services in 1997. This company has over 10,000 customers and processes more than 45,000 transactions annually. Each year, Currency Online transacts over US$550 million.
MoneyTransferCo enables customers to use the Currency Online platform to transfer money globally at any time. It does not charge any commission; most transfers don’t attract any fees and it also offers competitive exchange rates. Unlike some money transfer companies, MoneyTransferCo does not have a high minimum transfer amount requirement.
MoneyTransferCo exchange rates
The exchange rate that you get through MoneyTransferCo is the same as you receive through Currency Online. The amount you wish to transfer has a direct bearing on the exchange rate you can expect, as transferring larger amounts leads to increased savings. Since Currency Online is a self-service solution provider, it charges you less than mainstream banks to exchange your money.
MoneyTransferCo, through Currency Online, lets its customers compare currency exchange rates instantly through an easy-to-understand table. You can change the base currency to fit your requirements. The page gives you an indication of 52-week highs and lows, as well as an everyday high and low in relation to the exchange rates of any two currencies. The rates on this table update continually, with some rates updating every second.
|Buy currency||CurrencyOnline Exchange Rate from NZD|
|AUD (Australian dollar)||0.8855|
|GBP (Great British pound sterling)||0.5134|
|PHP (Philippine peso)||34.8102|
|HKD (Hong Kong dollar)||5.4452|
|CHF (Swiss Franc)||0.6789|
|INR (Indian rupee)||n/a|
|JPY (Japanese yen)||78.7619|
|THB (Thai Baht)||22.3926|
|BHD (Bahrani dinar)||0.2619|
|ZAR (South African rand)||8.5671|
|AED (UAE dirham)||2.5577|
|PLN (Polish zloty)||2.4035|
|DKK (Danish krone)||4.3115|
|NOK (Norwegian krone)||5.6056|
|SEK (Swedish krone)||5.6758|
|USD (US dollar)||0.6997|
*The rates mentioned above are correct as of 11:47am 6 January 2018
How much does it cost to transfer money with MoneyTransferCo?
You don’t have to worry about hidden fees and charges when you deal with MoneyTransferCo. If you transfer more than a threshold amount, you don’t have to pay any fees, but this limit varies from one currency to another. You only pay a fee if you transfer an amount less than the fee-free threshold.
The table below should give you a clear picture of these thresholds and how much you will have to pay.
|Currency||Fee-free threshold||Online fee||Phone based fee|
|Australian Dollars (AUD)||10,000||12||20|
|CAD Canadian Dollars (CAD)||10,000||12||20|
|EUR Euro (EUR)||5,000||7||15|
|GBP Great British Pounds (GBP)||3,000||5||12|
|JPY Japanese Yen (JPY)||1,000,000||800||1500|
|NZD New Zealand Dollars (NZD)||10,000||9||15|
|USD United States Dollars (USD)||5,000||4||10|
Minimum transfer amount and available countries
While some money transfer companies have prohibitive minimum transfer limits, MoneyTransferCo allows you to transfer as little as NZD$50 or its equivalent in another currency. You can use its services to transfer funds to the following countries, in their respective currencies.
- USA (USD)
- Australia (AUD)
- Great Britain (GBP)
- European Union (EUR)
- Canada (CAD)
- Switzerland (CHF)
- Hong Kong (HKD)
- Japan (JPY)
- United Arab Emirates (AED)
- Denmark (DKK)
- Fiji (FJD)
- India (INR)
- Norway (NOK)
- Papua New Guinea (PGK)
- Philippines (PHP)
- Sweden (SEK)
- Thailand (THB)
- South Africa (ZAR)
What types of transfers can you carry out with MoneyTransferCo?
MoneyTransferCo lets you do more than simply transfer money to an international bank account. Below are details of the types of transfers it offers.
- Spot contracts. A spot contract allows you to transfer money immediately and is the most commonly used method. You can choose from more than 25 currencies, exchange rates update every five seconds and the payment goes through in 1–4 business days.
- Forward contracts. You can enter into a forward contract at prevailing exchange rates for payments you have to make in the future. This protects you from adverse exchange rate fluctuations. MoneyTransferCo offers forward contracts in 15 currencies, with time periods between one week and six months. Forward contracts are subject to minimum amounts.
- Marker orders. If you are not happy with an existing exchange rate, you can place a market order with MoneyTransferCo that targets a predetermined rate. When the market rate reaches the agreed rate, a binding contract comes into effect automatically.
The registration and transfer process
Before you can transfer money, you need to register as a new user. Registration is free, but you are required to supply details such as your name, mailing address, email address, phone number, date of birth and nationality. You also need to provide details about the currency you wish to send and the country you wish to send it to, along with an estimate of how much you plan to send in the following 12 months.
Once you provide the required details, you may need to send copies for proof of identity and proof of address to complete the registration process.
After the registration process is complete, you can use the Currency Online website to execute international fund transfers at any time. If you have a settlement enquiry or a general query, you can contact the Currency Online toll free help desk between 7am and 8pm, Monday to Friday. You can initiate fund transfers over the phone as well.
To start sending money you need to add details of one or more recipients and make sure you include the destination country, the desired currency, the recipient’s name and bank account details. Once you initiate a transfer, it takes one to four business days to process.
What are the pros and cons of using MoneyTransferCo?
- Offers better exchange rates than most banks.
- Offers a fee-free threshold.
- Lets you place forward orders and market orders. You can also pay multiple recipients through a single transaction.
- Accepts payments via bank transfers, debit cards and credit cards.
- Provides customer service via phone and live online chat.
- Offers a step-by-step guide for new users.
- No physical locations.
- Minimum transfer of NZD$50.
What other products and services does MoneyTransferCo offer?
Currency Online provides business services as well, offering a secure way to carry out foreign exchange transactions at highly competitive rates. Businesses can view their transaction details at any time using the online platform, and they can also store and modify beneficiary details easily.
Frequently asked questions
MoneyTransferCo gives you a simple and cost-effective way to send money overseas. However, it is in your best interests to check out similar money transfer companies before registering.
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