Moneycorp: A review of the money transfer specialists
Take advantage of competitive exchange rates and fees when you send fast and affordable international money transfers with MoneyCorp.
£0
Fees (pay by bank transfer)
£50
Minimum transfer amount
Details
| Product Name | Moneycorp |
|---|---|
| Pay by | Debit card, Bank transfer |
| Receiving options | Bank account |
| Customer service | Phone, Email |
| Available currencies | AED, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BOB, BRL, BSD, BWP, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, JPY, KES, KHR, KRW, KWD, KYD, KZT, LAK, LKR, LSL, MAD, MGA, MNT, MOP, MUR, MWK, MXN, MYR, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SEK, SGD, SLL, SRD, SZL, THB, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, UYU, VND, VUV, WST, XAF, XCD, XOF, XPF, ZAR, ZMW |
| Bank account required? | Yes |
| Personal account manager? | Yes |
Our Verdict
Moneycorp gives you a bank beating exchange rate and a flat fee for regular and express overseas money transfers. It offers travel money services too; however, foreign cash and the prepaid travel money card are available to residents in the UK only.
Moneycorp’s real downfall is its double charge when converting currencies – your dollar payment must first be converted into GBP and then into your desired currency. In addition, MoneyCorp isn’t the fastest, standard deliveries take 2-4 business days and you’ll need to pay for the express option to get your money in less than two business days.
That said, there’s no transfer limit when dealing with Moneycorp on the phone and you can make one-off payments, recurring payments, forward contracts and market orders. Sign up is also easy and can be completed within minutes.
MoneyCorp exchange rates
MoneyCorp’s exchange rates fluctuate regularly in line with market exchange rates throughout the week. However, as there is no trading on foreign exchange markets from 10pm Friday to 8pm Sunday GMT, the rates offered by Moneycorp will not fluctuate during this time.
The exchange rate you receive for your transaction will be influenced by the following three factors:
- The current exchange rate
- The amount of money you’re transferring
- The currency which you send
As a specialist transfer company, Moneycorp can regularly offer better rates than the major banks. An exchange rate calculator available on Moneycorp’s website uses interbank rates for its calculations, so you’ll need to contact Moneycorp directly for a more accurate idea of the exchange rate you will receive.
How much does it cost to transfer money with Moneycorp?
For one-off transfers with Moneycorp, the transaction fee you are charged varies depending on the speed of your transfer. A standard payment, which takes 2-4 working days to be completed, attracts a fee of £5, while an express payment (this takes 0-2 working days) costs £9.
If you establish a Regular Payment Plan with Moneycorp, the fees are £5 for standard transfers and £9 for express transactions. Transfers booked over the phone are sent express and incur a fee of £15.
Minimum transfer amount and available countries
The minimum amount you can transfer with Moneycorp is £50, although this amount rises to £250 on a Regular Payment Plan. Moneycorp offers personal transfers in 38 currencies. It supports the following currencies:
- United Arab Emirates Dirham (AED)
- Australian Dollar (AUD)
- Bahraini Dinar (BHD)
- Bulgarian Lev (BGN)
- CAD Canadian Dollar (CAD)
- Swiss Franc (CHF)
- China Yuan Renminbi (CNH)
- Czech Koruna (CZK)
- Danish Kroner (DKK)
- Euro (EUR)
- Pound Sterling (GBP)
- Hong Kong Dollar (HKD)
- Croatian Kunar (HRK)
- Hungarian Forint (HUF)
- Israeli Shekel (ILS)
- Jordanian Dinar (JOD)
- Japanese Yen (JPY)
- Kenyan Shilling (KES)
- Kuwaiti Dinar (KWD)
- Moroccan Dirham (MAD)
- Mexican Peso ((MXN)
- Norwegian Krone (NOK)
- New Zealand Dollar (NZD)
- Omani Rial (OMR)
- Polish Zloty (PLN)
- Romanian Leu (RON)
- Russian Ruble (RUB)
- Saudi Arabian Riyal (SAR)
- Swedish Kronor (SEK)
- Qatari Riyal (QAR)
- Singapore Dollar (SGD)
- Thai Baht (THB)
- Tunisian Dinar (TND)
- Turkish Lira (TRY)
- US Dollar (USD)
- South African Rand (ZAR)
What types of transfers can you carry out with Moneycorp?
Moneycorp offers the following transfer options to personal customers:
- One-off transfers. Simply select your exchange rate and then send your funds.
- Forward contracts. A forward contract allows you to lock in an exchange rate for a transaction that will take place up to two years into the future.
- Contract options. These allow you to buy or sell a foreign currency at a fixed exchange rate on a predetermined date.
- Market orders. A market order lets you specify your desired exchange rate which is not currently available. If the rate becomes available, your order will automatically be placed.
- Regular payments. You also have the option of setting up a Regular Payment Plan, fixing the exchange rate for up to two years and automating payments to take place weekly, monthly or quarterly.
When you sign up with Moneycorp you will be assigned a personal account manager to help you understand the ins and outs of the transfer process. If you have any further questions, phone and email customer support are also offered.
The registration and transfer process
The first step in the transfer process is setting up a Moneycorp account. This takes a few minutes and is a simple matter of filling out an Account Agreement online. You’ll need to provide your personal details and information about your transfer needs, while you can also phone Moneycorp to request a copy of the Account Agreement form.
Once you have an account you can speak to your personal account manager and select your desired transfer option. You’ll then need to set up all the details of your transfer, including details about how much money you’re sending, the currency you’re sending and where the money will be going.
Once you’ve confirmed the transaction and transferred the necessary funds to MoneyCorp, your transaction will be completed within the specified timeframe.
What are the pros and cons of using Moneycorp?
Pros
- Supported currencies. Moneycorp offers support for 35 currencies, allowing fast and secure transfers to destinations all around the world.
- Personal account manager. You can access help and advice from your personal account manager whenever you need.
- Transfer options. From forward contracts to market orders and Regular Payment Plans, Moneycorp offers a range of flexible options to help you save time and money.
Cons
- Transfer fees apply. Unlike some other providers, Moneycorp doesn’t offer fee-free transfers when you send a large amount.
How does Minutka compare to other services?
What other products and services does Moneycorp offer?
- Business transfers. Moneycorp offers forward contracts, spot contracts, market orders, regular payments and much more to business account holders.
- Travel money solutions. Moneycorp allows you to stock up on foreign currency for your next holiday through an airport collection service, a home delivery service and its prepaid multi-currency Explorer card.
Frequently asked questions
When you’re looking for a fast and cost-effective way to send an international money transfer, Moneycorp can offer a suitable transfer solution. However, it’s vital that you compare the transfer services offered by several money transfer providers before you choose one company to manage your international payments.
