Moneycorp Review

This MoneyCorp review will help you decide if such a large foreign exchange entity is the right fit for you.

Moneycorp is the second largest company in the business of foreign exchange. With over 700 employees, multinational offices, and over £11 billion in currency exchanges annually, this non-bank foreign exchange service provider is equipped, willing, and able to handle your currency exchange and international transfer needs.

 

Moneycorp works with both individuals and businesses to provide services to meet their exchange and transfer needs. Whether your transaction is small or large, Moneycorp is there to guide you through the process.

 

Additionally, Moneycorp is a currency wholesaler, dealing in large amounts of physical currency. This financial organisation also helps people with international relocations and with money for travel.

Pros
  • Accessible and efficient thanks to international offices locations in the UK, Australia, Ireland, France, Spain, the USA, and Romania
  • Bureaux de change in many UK locations for simple, convenient currency exchanges
  • Personal service for individuals and businesses alike
Cons
  • Standard delivery of funds takes two- to four business days; if you need completion in less than two days, you must pay more for express delivery
  • Scant, inconsistent information makes it difficult to determine which currencies they deal in (figures on their website range from 33 to 90 different currencies traded)
  • Low minimum of £50 (or equivalent) for online transactions only

How It Works

The first step in using Moneycorp’s foreign exchange services is to open an account, either personal or business. There is no risk involved in opening an account. It’s free, and there is no obligation to use Moneycorp’s services upon opening an account.

 

Once your account has been approved, you can begin using Moneycorp for your foreign exchange needs. You may transfer a minimum of £50 if you are using your online account. If you are phoning in a transfer or working in-person with an agent, the minimum transfer amount is £250. Your maximum in a single transaction is £100,000.

 

Just ensure that you are within the range between minimum and maximum transfer amounts, supply the necessary information when prompted, pay the fees, choose standard or express delivery time, fund the transfer, and you’re set.

How Safe Is It?

Moneycorp keeps your money in a segregated client account. Neither Moneycorp nor any other entity can access and use your funds.

 

Moneycorp itself, because it is so large and long-established, is registered and regulated by various government agencies. Moneycorp is registered in England as TTT Moneycorp Limited and adheres to strict regulations.

 

In The USA, Moneycorp is an acting agent of the licensed money transmitter Tempus. Additionally, it is overseen by three federal agencies. It is responsible to the US Department of Treasury, the Office of Foreign Assets Control, and the Financial Crimes Enforcement Network. This strict system of accountability means that your money is secure with Moneycorp.

How Much Does It Cost?

Exact cost of transactions varies. Rates are dependent upon the exchange rate at the time of your business deal, the amount of money you are transferring (higher amounts receive better rates), and the currency you are purchasing.

 

The flat base fee differs slightly depending on whether you use standard or express delivery as well as how you are handling the transaction.

  • Online: £5 for standard delivery; £9 for express delivery
  • In-person: £4 for standard delivery; £8 for express delivery
  • Telephone: £15 for express delivery only

 

What Exchange Rate Will I Get?

As exchange rates continually fluctuate, your rate will be determined when you exchange your currency or send money internationally. See how the currency exchange and the exchange rate work with this currency converter for the Australian dollar.
 
Your rate also depends on the amount of money you are transferring, with larger sums receiving better rates. In fact, Moneycorp’s rates for large transfers are among the lowest in the industry thanks to their size and volume of business the conduct.

How Do I Send or Receive Money from Overseas?

Following a streamlined process, you provide information and funding, and Moneycorp handles the rest, navigating the complex world of foreign exchange for you.

 

Moneycorp makes doing business with them convenient. You may conduct your transactions online, via telephone, or in person in one of their numerous offices.

 

How Do I Pay?

You may use a debit card at the time of your transaction. Alternately, you can transfer funds from your bank account into your Moneycorp account before you start the money transfer process. You can choose to keep money in your account to use as you desire, or you may transfer it right before you need it.

Can I Pay by Credit Card?

No. Moneycorp does not accept credit cards.

What Currencies Can I Transfer?

The inconsistent and limited information provided on the Moneycorp website renders the answer to this question vague. Some statements indicate that the currencies they deal in number between 80 and 90; however, other statements put the number at 33 or 35.

 

Perhaps these numbers represent different types of exchange and transfers, but there is no explanation for what, exactly, these numbers mean (other than, of course, “currencies”). Nor does Moneycorp provide a link to currencies they transfer and exchange.

 

It is easy to reach out to Moneycorp with questions, including currency clarification. They provide an online contact form, office e-mail addresses, phone numbers, and physical addresses.

What Services Do They Offer for Businesses?

Moneycorp offers a unique partnership program for businesses. When your company participates in this program, you will be able to provide your clients better rates and ways to compete in the international market with Moneycorp, and you, in turn, will receive benefits from Moneycorp as well as build a reliable and extensive global network.

 

Moneycorp isn’t a big bank, but it is a sizeable foreign exchange business. As such, it can offer ultra-competitive rates and low, flat fees. In general, the bigger the sum of money you are transferring, the better Moneycorp may be for you.

 

We’ve created this video guide to transferring money to an overseas bank without high fees to help you navigate the wide world of foreign exchange. This collection of practical guides for overseas monetary transfers is another useful resource. Considering a variety of options, including Moneycorp, will help you make the right choice for your foreign exchange needs.

Compare money transfer services like Moneycorp

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,918.09Exchange Rate0.7218Transfer Fees$63.84Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,918.09Rate Updated 05:18AM 14/11/2018GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7218 will cost you $13,918.09 which includes a fee of $63.84

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated 05:18AM 14/11/2018
TorFXRead ReviewTotal (AUD)$13,923.87$5.78 more expensive Exchange Rate0.7182 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,923.87$5.78 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7182 will cost you $13,923.87 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$13,935.08$16.99 more expensive Exchange Rate0.7176 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,935.08$16.99 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7176 will cost you $13,935.08 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$13,937.88$19.79 more expensive Exchange Rate0.7175 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,937.88$19.79 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7175 will cost you $13,937.88 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • Low fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
HIFXRead ReviewTotal (AUD)$13,937.88$19.79 more expensive Exchange Rate0.7175 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,937.88$19.79 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7175 will cost you $13,937.88 with no fees.

About HiFX

HiFX are one of the biggest money transfer companies in the world. Their parent company Euronet is listed on the NASDAQ and recently acquired Xe.com. They are particularly useful for individuals doing regular transfers overseas. HiFX provide competitive exchange rates no matter how much is being transacted. Their $50 minimum transaction size and flat fee makes them a great option for any international payment. Locally, HiFX have Australian offices in Sydney, Melbourne and are expanding to the remaining capital cities. Click here to read the full review

Pros

  • Fantastic bank - beating exchange rates
  • Low fees for transactions less than $10, 000
  • No fees for transactions of $10, 000 or more
  • High security transfers regulated by ASIC and FMA
  • Fast and easy for personal or business accounts

Cons

  • Only electronic bank transfers accepted
  • Limited exotic currencies
WorldRemitRead ReviewTotal (AUD)$13,988.24$70.15 more expensive Exchange Rate0.7151 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $13,988.24$70.15 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7151 will cost you $13,988.24 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$14,042.97$124.88 more expensive Exchange Rate0.7121 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,042.97$124.88 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7121 will cost you $14,042.97 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,388.49$470.40 more expensive Exchange Rate0.6950 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,388.49$470.40 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.6950 will cost you $14,388.49 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,687.67$769.58 more expensive Exchange Rate0.6814 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,687.67$769.58 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.6814 will cost you $14,687.67 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates