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Review: Moneycorp online seller account
A multi-currency account to help your ecommerce business expand into Europe and the USA.
How does the Moneycorp multi-currency account work?
The Moneycorp multi-currency account is designed to help online sellers expand their business in Europe and the USA.
It allows you to sell items on 14 online marketplaces and receive payment in euros or US dollars – your account comes with a virtual EUR IBAN and a US Routing Number.
This makes it quicker and more affordable to access revenue from overseas sales, then transfer your money into a bank account of your choosing. You can use your Moneycorp online seller account to pay suppliers and invoices in more than 40 different currencies. As Moneycorp is based in the UK, it’s also possible to convert your earnings into GBP within your account.
The Moneycorp multi-currency account is compatible with the following online marketplaces:
- eBay (PayPal)
- Galeries Lafayette
- Groupon SARL
- Rue Du Commerce
Other key features include 24/7 account access, a dedicated account manager and text and email rate alerts.
Why should I use this instead of PayPal?
PayPal is a popular payment option for online shoppers. However, if you’re an online seller, you should be aware of the additional costs that come with managing your sales revenue through PayPal:
- Payment fees apply. When you sell something, you need to pay a fee. This fee is 3.4% + a fixed fee for payments from New Zealand, or 3.4% + NZD$6.99 + a fixed fee for international payments.
- Currency conversion fees apply. When you’re paid in a currency other than New Zealand dollars and you want to withdraw those funds to your linked bank account, PayPal converts them to NZD at a rate 2.5% above its base exchange rate.
And if you want to use your PayPal account to send an international payment, you should also be aware that PayPal’s exchange rates typically aren’t as good as those offered by specialist money transfer services.
Using a Moneycorp online seller account instead of PayPal could save your business money.
Moneycorp multi-currency account fees
It’s a little difficult to find information about the fees that apply to the Moneycorp online seller account. However, if you do a little digging you’ll find that Moneycorp charges a fixed 0.75% fee on all foreign currency exchanges.
Same-currency payments from the account don’t attract any fees.
How do I set up a Moneycorp multi-currency account for my ecommerce store?
You can register for a Moneycorp online currency account by completing a few simple steps.
Registering as a company
Registering as a sole trader
In a nutshell
- Integrated with 14 online marketplaces. The Moneycorp multi-currency account can be linked with 14 online marketplaces, including major players like Amazon and eBay.
- Dedicated account manager. When you open an account, you’re assigned a dedicated account manager to help manage your transactions and answer any queries you may have.
- Competitive exchange rates. When you want to convert your sales revenue into another currency, the exchange rates offered by Moneycorp are superior to those of the major banks.
- 24/7 payments. You can send and receive international payments from your account whenever you want, thanks to 24-hour online access.
- Only supports a limited number of currencies. While the Moneycorp multi-currency account allows you to hold three currencies, some other multi-currency accounts from different providers support 10 or more currencies.
- No NZD support. You can’t use this account to hold New Zealand dollars.
How does the Moneycorp multi-currency account compare to other services?
Check out how the features and fees of the Moneycorp multi-currency account stack up against the competition in the table below.
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