Moneycorp International Money Transfer Review 2024

It’s time we delve into a subject we all love (and sometimes dread) – international money transfers. Yes, we’re talking about that wild beast of fluctuating exchange rates, mind-boggling fees, and waiting times that can feel like an eternity. Now, imagine taming that beast, turning it into a cuddly puppy that just wants to play fetch with your hard-earned cash.

It’s all possible with Moneycorp, one of the big kahunas in the money transfer game, here to turn your international finance woes into a walk in the park.

Don’t let their age fool you. Despite Moneycorp boasting over 40 years in the biz, it’s not some old fuddy-duddy stuck in the past. This platform has gotten with the times, offering a plethora of features that make international transfers feel less like a chore and more like a breeze.

Below, we’ll explain all there is about this corporate giant, so every detail that may have you scratching your head or clutching your wallet will be served up on a silver platter.

Who are Moneycorp?

Moneycorp, for those of you not yet in the know, are the seasoned pros of the international money transfer world. They first broke onto the scene in 1979, and let’s be real, any company that can survive the wild ride that was the 80s, the financial rollercoaster of the 90s and 2000s, and the COVID-19 pandemic, and still be standing tall in 2023 deserves a round of applause.

Over the decades, Moneycorp has made its mark on the industry, not just as a heavyweight contender but as a beacon of originality. They were one of the first to offer online transfers, way back before you could order your morning coffee from your smartphone. Talk about being ahead of the curve!

Originally founded in London, Moneycorp now boasts offices across the globe, from Toronto to Hong Kong. While they’ve grown into a multinational enterprise, they’ve managed to maintain that signature English charm, with a commitment to transparency and customer service that’s as classy as if established by the British royalty themselves.

They’ve not only revolutionized the way we move money but also made a real impact on the global economy. With over £38 billion moved around the world in 2021 alone, Moneycorp is doing more than just helping you send money to your aunt in Spain; they’re driving economic growth, facilitating international trade, and supporting businesses big and small.

But what really sets Moneycorp apart? It’s their knack for making the complex simple. They’ve taken the world of forex, stripped it back, and made it accessible to everyone, whether you’re a fintech aficionado or just dipping your toe in the water. And in today’s financial climate, when time equals money, that’s a game-changer.

Moneycorp Pros & Cons

	Pros	Cons
1.	Multiple payment options – With Moneycorp, you’ve got choices. You can pay for your transfers using a bank account, debit card, or even a check.	Transfer fee for phone transfers – While online transfers are free, Moneycorp does charge a £15 fee for transfers made over the phone.
2.	Amazing customer service – Moneycorp’s customer service is top-notch, always ready to lend a helping hand. Whether you’ve got an issue or a complex question, they’re there for you.	No cash pickup option – Moneycorp only offers bank transfers, which means there’s no option for cash pickup. It’s a bit of a bummer if you or your recipient prefer hard cash.
3.	Decent Trustpilot rating – With a solid 4.3 out of 5 stars on Trustpilot, it’s clear that customers are generally pretty chuffed with Moneycorp’s service.	Low maximum transfer limit for online transfers – The maximum you can transfer online with Moneycorp is £100,000 (or currency equivalent). If you’re looking to transfer more, you’ll need to pick up the phone.
4.	No transfer fees for online transfers – Moneycorp lets you make online transfers without charging any fees. That’s more money in your pocket or your recipient’s pocket, depending on how you look at it.	No option for instant custom quotes – While Moneycorp provides a range of tools to manage your foreign exchange risk, they don’t offer instant custom quotes online. You’ll need to speak with them directly to get a tailored quote.
5.	No maximum transfer limit for transfers over the phone – If you’re making big moves, Moneycorp has your back. There’s no cap to the amount you can transfer over the phone.	Limited currency coverage for online transfers – Moneycorp supports 35 currencies for online transfers, which is fewer than some competitors. If you’re looking to send money in a less common currency, you’d need to get on the phone with them.
6.	Global service coverage – Moneycorp serves customers in over 190 countries. Wherever you are, or wherever you’re sending money, they’ve likely got you covered.	Mobile app can use improvement – While Moneycorp does offer a mobile app, some users feel it could use a bit of a spruce up. It’s functional but not quite as slick as some of their competitors.
7.	Solid currency coverage – With 35 currencies available online and over 120 currencies available over the phone, Moneycorp boasts a wide range of currencies. It’s like having the world’s currencies at your fingertips.
8.	Local coverage – Moneycorp has offices in multiple countries around the world, ensuring they have a local presence and can provide tailored service to customers in those regions.
9.	Lots of experience – Moneycorp has been in the game since 1979, which means they’ve got decades of experience and expertise under their belt. They’ve seen it all, done it all, and know how to handle your money.
10.	Fast money transfers – Moneycorp typically completes transfers in 1-2 business days. While it’s not quite as fast as an instant, it’s still pretty speedy.
11.	Extensive amount of business features – From forward contracts and limit orders to vanilla options and mass international payments, Moneycorp offers a wide range of features for businesses.
12.	Multi-language support – Moneycorp supports several languages, including English, Portuguese, French, Romanian, and Spanish. No matter what language you speak, they’re ready to help.
13.	Heavily regulated – Moneycorp operates in compliance with all applicable laws and regulatory standards, ensuring your money is safe and secure.

Moneycorp Key Attributes

• Founded: 1979
• Headquarters: London, UK
• Other offices: Moneycorp’s global footprint includes offices in Dublin (Ireland), Toronto (Canada), Gibraltar, Madrid, Costa Blanca, and Costa Del Sol (Spain), Bucharest (Romania), Dubai (UAE), Washington DC, Orlando, and Providence (USA), Hong Kong, and São Paulo (Brazil). It’s safe to say they’ve got the globe pretty much covered;
• Annual trading volume: In 2021 alone, Moneycorp was the go-to for over 6.5 million payments, pushing around a whopping £38 billion in international trades. This mighty trading volume translated into a cool £141 million in gross revenue;
• Number of employees: At the heart of Moneycorp are its people, and they’ve got plenty of them. With over 900 faces lighting up their website and 546 professionals proudly wearing the Moneycorp badge on LinkedIn, it’s clear they’ve got the manpower to back up their operations;
• Trustpilot rating: Trustpilot users seem to have a soft spot for Moneycorp too, giving them a star-studded rating of 4.3 out of 5. That’s a solid “great” in Trustpilot lingo;
• Number of clients: Moneycorp’s charm has won over a staggering 11,000 corporate clients. And while the exact number of personal clients remains a mystery, one can only assume that figure is considerably larger, given Moneycorp’s wide range of personal financial services;
• Available countries: Moneycorp’s reach extends to over 190 countries around the globe;
• Number of currencies: The number of currencies you can exchange with Moenycorp includes 35 online, and over 120 if you dial their phone number;
• Minimum transfer limit: When it comes to transfer limits, Moneycorp keeps it pretty flexible. The minimum transfer is set at a reasonable £50 (or currency equivalent)
• Maximum transfer limit: When sending money with Moneycorp, there is a maximum transfer limit of £100,000 (or currency equivalent) when doing it online. However, if you’re moving big bucks, there’s no limit for phone transfers;
• Transfer fee: Moneycorp online transfers won’t cost you a dime, but phone transfers come with a £15 fee;
• Exchange rate markup: Regarding the real cost of your international money transfer, expect to pay an exchange rate margin between 1% and 2% above the mid-market rate. It’s not quite as sweet as the mid-market rate itself, but it’s not the worst we’ve seen either;
• Sending money: With Moneycorp, customers can send money via a bank account, debit card, or even a good old-fashioned check;
• Receiving money: Recipients of Moneycorp international money transfers can expect their money to arrive straight in their bank account;
• Payments flexibility: Moneycorp got you covered whether you’re a tech-head or a traditionalist. You can make payments through their online platform, mobile app, or over the phone;
• Supported languages: Frequent travelers, immigrants, and international freelancers will be happy to know Moneycorp caters to speakers of English, Portuguese, French, Romanian, and Spanish;
• Regulated by: Don’t worry about any dodgy business here; Moneycorp operates within the strict bounds of regulatory compliance across its many jurisdictions. They’ve invested heavily in top-of-the-line technology to manage compliance and regulatory risks, so you can rest easy. Here are the national regulatory institutions that authorize Moneycorp for international payments:
  • United Kingdom: authorized by the Financial Conduct Authority (FCA) and registered with Her Majesty’s Revenue and Customs (HMRC) as a FIG business;
  • Gibraltar: authorized by the Gibraltar Financial Services Commission (GFSC);
  • USA: authorized by the Financial Crimes and Enforcement Network (FinCEN) and the Federal Reserve Bank of New York;
  • Ireland: authorized by the Central Bank of Ireland;
  • Canada: authorized by the Financial Transactions and Reports Analysis Centre (FINTRAC) and registered with Revenu Québec;
  • Hong Kong: authorized by the Hong Kong Customs and Excise Department;
  • UAE: authorized by the Dubai Financial Services Authority;
  • Brazil: authorized by the Central Bank of Brazil.
• Mobile app: For everyone who likes managing their finances and international money transfers on the go, Moneycorp offers a robust mobile app, available for both iOS devices and Android devices;
• Awards: Moneycorp isn’t just about the talk – they walk the walk too. And they’ve got a shiny collection of awards to prove it. Over the years, they’ve been recognized for their outstanding service and innovative approach in the world of finance. Some of their most noteworthy accolades include:
  • Travel Money Provider of the Year (Moneyfacts Consumer Awards, 2015,2016);
  • Top Track 250 (The Sunday Times, 2017);
  • Gold Trusted Service Award (Feefo, 2018, 2019);
  • Best Money Transfer Service Provider (The World Banking Awards, 2019);
  • Platinum Trusted Service Award for consistently delivering excellence (Feefo, 2020);
  • Money Transfer Provider of the Year (MoneyAge Awards, 2019, shortlisted in 2020);
  • Best Cross-Border Payments Service (Payment Awards, shortlisted in 2020);
  • Best Cross-Border Payments Infrastructure (Payment Awards, shortlisted in 2020);
  • Foreign Exchange Services finalist (The Private Equity Service Provider Awards, 2020).

Moneycorp Features

Account Types

With Moneycorp, you can open two types of accounts: Personal and Business. Each comes with its own set of perks tailored to meet specific needs.

• Personal Account
  This is your everyday, personal finance superhero. It allows you to manage multiple currencies, perfect for those with a taste for international travel or living abroad. You can also set up regular payments – handy for managing overseas mortgages, tuition fees, or just sending money to loved ones. Plus, you get to take advantage of market updates and expert guidance to help you make the most of your money;
  
  
• Business Account
  If you’re running a business with international dealings, the Business Account is your new best friend. It offers everything you get with a Personal Account but with some extra bells and whistles. These include tailored currency hedging solutions to protect your bottom line from currency fluctuations, and a dedicated account manager to provide expert guidance. You can also make mass global payments and access a range of risk management tools to help you navigate the unpredictable world of foreign exchange.

Money Transfer Types

Moneycorp offers a variety of money transfer options to suit different needs:

• Spot Contracts: Need to make a transfer, like, right now? Spot Contracts let you do just that. You get the current exchange rate, and your money is on its way;
  
  
• Forward Contracts: For those who like to plan ahead, Forward Contracts allow you to lock in today’s exchange rate for transfers up to two years in the future. It’s a great way to protect yourself from future currency fluctuations;
  
  
• Market Orders: Feel like playing the waiting game? With Market Orders, you can target a specific exchange rate. Once the market hits your desired rate, Moneycorp automatically books your transfer;
  
  
• Limit Orders: Are you eyeing a particular exchange rate that’s not currently available? No problem. With a limit order, you can set your desired rate, and when the market finally dances to your tune, your trade will be automatically executed;
  
  
• Stop Loss Orders: For those who like a safety net, Stop Loss Orders are your guardian angel. This type of order allows you to set a minimum exchange rate, and if the market takes a nosedive, your trade will be automatically executed at your set rate. It’s a smart way to protect yourself from the market’s unexpected somersaults;
  
  
• Vanilla Options: Sounds tasty, right? Well, it’s not edible, but it’s still pretty sweet. A Vanilla Option gives you, the buyer, an opportunity to exchange currencies at a pre-agreed rate on a future date. It’s a bit like having your cake and eating it too – you can benefit from favorable market moves, but you’re also protected against unfavorable ones;
  
  
• Zero-Cost Options: Also known as Risk Reversals, Zero-Cost Options are a bit of a balancing act. You purchase a Vanilla Option while simultaneously selling another, offsetting the premium of the purchased option against the sold one. The result? No initial cost (hence the name), and you still get a degree of protection against adverse currency movements;
  
  
• Regular Payments Plan: If you need to make the same transfer regularly, this plan lets you set it and forget it. Ideal for regular bills or sending money to family and friends.

Each of these transfer types comes with its own benefits, from instant transfers to protection against rate changes. And with the added convenience of being able to manage your transfers online, over the phone, or through the Moneycorp app, moving money internationally has never been easier.

Moneycorp International Money Transfer Costs

Navigating the costs associated with international money transfers can feel a bit like running a financial obstacle course. Let’s break down the Moneycorp fees and rates so you know exactly what you’re up against.

Transfer Fees

Moneycorp is a fan of keeping it simple when it comes to transfer fees. If you’re making your transfer online, you’re in luck – there’s no fee. If you prefer to pick up the phone and make your transfer the old-fashioned way, your transfer will accumulate a £15 fee.

Exchange Rates

The exchange rate is where things can get a little trickier. Moneycorp, like most providers, adds a margin to the mid-market exchange rate to generate profits. This means the rate you get will be 1% to 2% higher than the mid-market rate, the rate banks and transfer services use when trading among themselves.

This might not sound like much, but even a small percentage can add a lot to your total cost. So, take note when you’re dealing with large sums. Luckily, larger money transfers always tend to get smaller exchange rate margins. In any case, checking the current mid-market rate is a great tactic so you’re always aware of what kind of deal you’ll be getting.

Additional Fees

Here’s the great news – Moneycorp doesn’t charge any additional fees. No monthly fees, no account management fees, nada. However, it’s worth noting that when you’re sending money overseas, intermediary banks may take a cut along the way. These fees can vary from bank to bank, so you should check with your and your recipient’s bank.

Remember, knowledge is power, especially when you’re dealing with your hard-earned cash. Keep these costs in mind, and you’ll be navigating the world of international money transfers like a pro.

How Safe is Moneycorp?

When it comes to safety, Moneycorp isn’t playing around. They’ve got all the bases covered to ensure your money is in safe hands.

Firstly, Moneycorp is authorized and regulated by the Financial Conduct Authority (FCA) for the provision of payment services. The FCA is the UK’s financial watchdog, and they keep a close eye on businesses to ensure they’re playing by the rules. Being under the watchful eye of the FCA means Moneycorp has to meet some pretty high standards.

But their safety measures don’t stop there. Moneycorp operates in a regulated industry across many jurisdictions, meeting all applicable laws and regulatory standards in the countries where they do business. This includes operating under the relevant licenses in countries such as:

• The UK – the Her Majesty’s Revenue and Customs (HMRC);
• Gibraltar – the Gibraltar Financial Services Commission (GFSC);
• The US – the Financial Crimes and Enforcement Network (FinCEN) and the Federal Reserve Bank of New York;
• Ireland – the Central Bank of Ireland;
• Canada – the Financial Transactions and Reports Analysis Centre (FINTRAC) and the Revenu Québec;
• Hong Kong – the Hong Kong Customs and Excise Department;
• The UAE – the Dubai Financial Services Authority;
• Brazil – the Central Bank of Brazil.

As a part of these regulations, Moneycorp is required to keep its clients’ funds separate from its own operating funds. This means they use segregated accounts to keep your money separate and safe, even if something were to go wrong with the company itself.

Moneycorp also invests heavily in cutting-edge technology to manage compliance and regulatory risks. This includes protection against cyber threats by using state-of-the-art security measures. From encrypted transactions to secure servers, they’ve got their digital fortress locked down tight.

All in all, Moneycorp’s safety precautions are nothing short of top-notch. They’ve got the authorizations, the regulations, the technology, and the policies in place to keep your money safe and sound. Their treatment is like a safety blanket for your international money transfers.

How Fast is Moneycorp?

In the fast-paced world of fintech, speed is of the essence. So, how does Moneycorp stack up?

Well, Moneycorp’s transfer times can be as quick as the same day for major currencies and routes. However, for less common currencies or more complex transfer routes, it may take 1-2 business days. The total time to complete a money transfer from start to finish depends on a few factors, like the time you initiate the transfer, the currencies involved, and your selected payment method.

Moneycorp makes it their mission to facilitate the process as quickly as possible. They have a global network of banking relationships, which helps to speed up transactions. Plus, they offer a range of transfer options, like Spot Contracts for immediate transfers and Forward Contracts to lock in a rate for a future transfer.

Now, compared to the industry average, Moneycorp is pretty much on par. Many international money transfer services, especially traditional banks, can take several business days, sometimes even up to five. So, while Moneycorp won’t necessarily teleport your money, they’re definitely quicker than a snail-paced traditional bank transfer.

How to Use Moneycorp

Using Moneycorp is as easy as pie. Here’s a simple, step-by-step guide to get you from zero to international money transfer hero in no time.

• Step 1: Sign Up for an Account
  Head over to the Moneycorp website or download the app on your iOS or Android device. Click on the ‘Sign Up’ button and enter the necessary info. You’ll need to provide some basic information about yourself or your business. It’s quick, easy, and painless – no complex algebra or ancient history quizzes;
  
  
• Step 2: Get a Quote
  Once you’re all set up, you can get a quote for your transfer. Simply select the currencies you’re transferring between and how much you want to transfer. Moneycorp will show you the exchange rate and any fees right there and then – no guesswork or unpleasant surprises;
  
  
• Step 3: Set Up Your Transfer
  Choose your transfer type (Spot Contract, Forward Contract, Market Order, Limit Order, Stop Loss Order, or one of those fancy options). You’ll be good to go after simply filling in your recipient’s bank details. It’s a lot like online shopping, but instead of ordering something, you’re sending money across the globe;
  
  
• Step 4: Confirm and Pay
  Double-check all the details before you hit the ‘Confirm’ button. Then, you’d need to fund your transfer. You can pay via bank transfer, debit card, or check;
  
  
• Step 5: Sit Back and Relax
  Once you’ve made your payment, Moneycorp will handle the rest. You can track your transfer through your account or the app. You’ll also get an email confirmation about the completion of your transfer or any obstacles on the way (should they arise), so you’re never left in the dark.

And there you have it. Five simple steps to navigate the world of international money transfers with Moneycorp.

Moneycorp’s Cancellation Policy

We’ve all dealt with situations (especially when handling money) when sometimes things don’t quite go according to plan. When making an international money transfer, it’s not unusual to put in the wrong amount, or perhaps have a change of heart. Whatever the case, anyone can benefit from knowing all of their options. So, let’s talk about Moneycorp’s cancellation policy.

First off, it’s worth noting that canceling a transfer isn’t always as easy as clicking the ‘undo’ button. Once you’ve agreed upon and signed off a contract and confirmed the transaction, you have effectively entered into a binding agreement.

If you have set up a Spot Contract or a Forward Contract, cancellation can be a bit tricky. This is because Moneycorp, on your instruction, has entered the currency markets and bought currency on your behalf. If you cancel, Moneycorp may need to sell the currency back to the market, potentially at a different rate. If the market rate has moved against you, there could be a cost for this, which you would need to cover.

On the other hand, if you’ve set up a Limit Order, Stop Loss Order, or one of the options contracts and your target rate hasn’t been reached, you can usually cancel without any issue.

As for refunds, if your transfer has not yet been sent out to your recipient, Moneycorp will generally be able to refund your money, minus any market loss they’ve incurred if they have to sell the currency back to the market.

Given that, if you’re thinking about canceling a transfer, the best course of action is to get in touch with Moneycorp directly. Their customer service team can guide you through the process and explain any potential costs.

So, while canceling a money transfer with Moneycorp isn’t quite as simple as canceling a Netflix subscription, they do have systems in place to help manage cancellations as fairly and smoothly as possible.

Moneycorp Customer Service

In the realm of customer service, Moneycorp seems to be doing a pretty solid job. Just look at their Trustpilot rating – 4.3 out of 5 stars, which in the world of customer reviews, is akin to a standing ovation.

Customers frequently highlight the helpful, friendly, and professional service they receive from Moneycorp’s customer support team. They appreciate the clear and concise information provided, the patience shown in answering queries, and the overall efficiency of the service.

Let’s take a look at the ways you can use to get in touch with a representative of their support team.

If you’re a fan of a good old-fashioned chinwag, you’ll be glad to know you can reach Moneycorp over the phone. They have dedicated customer service lines for UK customers, international callers, and anywhere they have a physical office.

Prefer typing to talking? You can always shoot them an email. Their customer service team is quite responsive and typically gets back to you within a business day.

If you prefer to solve issues on your own, Moneycorp has got you covered too. They’ve comprised a comprehensive FAQ section on their website that contains detailed answers to many common questions.

Let’s overview the communication challenges through which you can get ahold of a Moneycorp’s representative:

UK:

• Personal users:
  • Email: enquiries@moneycorp.com
  • Phone: +44 (0) 207 589 3000
• Business users:
  • Email: corporateenquiries@moneycorp.com
  • Phone: +44 (0) 207 823 7800

US:

• Personal users:
  • Email: usaoffice@moneycorp.com
  • Phone: 877 252 8232; +14073525890
• Business users:
  • Email: contact@moneycorp.com
  • Phone: 800 239 2389; +14012749009

Canada:

• Personal users:
  • Email: canadapersonalenquiries@moneycorp.com
  • Phone: 888-822-8131
• Business users:
  • Email: canadabusinessenquiries@moneycorp.com
  • Phone: 888-822-8131

France:

• Personal users:
  • Email: clients.paris@moneycorp.com
  • Phone: +33 1 84 13 16 50
• Business users:
  • Email: clients.paris@moneycorp.com
  • Phone: +44 (0) 207 823 7800

Spain:

• Personal users:
  • Email: costablanca@moneycorp.com; costadelsoloffice@moneycorp.com 
  • Phone: +34 965 725 755; +34 952 587 657
• Business users:
  • Email: cfxmadrid@moneycorp.com
  • Phone: +34 911 233 383

Ireland:

• Personal users:
  • Email: pfxdublin@moneycorp.com
  • Phone: +353 (0) 1 644 7999
• Business users:
  • Email: cfxdublin@moneycorp.com
  • Phone: +353 (0) 1 901 5252

How Does Moneycorp Compare With Its Competitors?

In the bustling world of international money transfers, Moneycorp holds its own quite comfortably. They’ve been around the block a few times (since 1979 to be precise), and that experience shines through in their service. 

Here, we’ll overview how they stack up against some of the other big hitters in the fintech world.

To begin with, where Moneycorp truly excels is in the versatility of their service. They offer a wide array of transfer types – Spot Contracts, Forward Contracts, Market Orders, Limit Orders, Stop Loss Orders, and even options contracts. This makes them a standout choice for businesses or individuals who need a more tailored approach to their international transfers. Not every provider offers this level of flexibility.

Their customer service also tends to garner positive reviews, with many customers praising their friendly and professional support team. This high level of service can be a real comfort when you’re dealing with the sometimes daunting world of international finance.

However, there are a couple of areas where Moneycorp might not shine as brightly as some competitors. Their exchange rate markup of 1% to 2% might not be the most competitive in the market. Some fintech companies, particularly those that operate exclusively online, may offer tighter margins.

Also, while Moneycorp’s mobile app is user-friendly and efficient, some competitors might edge them out with sleeker, more intuitive interfaces and additional features, such as peer-to-peer transfers.

So, if those two areas are more important for your specific needs and priorities, there might be other competitors that tick your boxes more emphatically.

Moneycorp vs. TorFX

Feature	Moneycorp	TorFX
Founded in	1979	2004
Trading Volume	£38 billion in 2021	Over £10 billion per year
Trustpilot Rating	4.3 / 5	4.9 / 5
Suitable for	Both small and large money transfers.	Both small and large money transfers.
Transfer Fee	No fee for online transfers; £15 for transfers over the phone.	No fee
Average Exchange Rate Markup	Added to the mid-market exchange rate and varies between 1% for large transfers and 2% for small transfers.	Added to the mid-market exchange rate and varies between 1.9% for large transfers and 2.7% for small transfers.
Minimum Transfer Amount	£50 (or currency equivalent)	£100 (or currency equivalent); (£500 for recurring money transfers).
Maximum Transfer Amount	£100,000 (or currency equivalent) for online transfers; No limit for transfers over the phone;	No limit (£10,000 for recurring money transfers).
Transfer Speed	1-2 business days on average	0-2 business days on average
Dedicated Dealer	Yes	Yes
Countries Covered	Over 190 countries worldwide	Over 120 countries worldwide
Currencies Covered	35 global currencies for online transfers; 120+ currencies for transfers over the phone;	More than 40 global currencies.
Payment Methods	Bank account, debit card, and check	Bank account for all users; Bank account, debit/credit card, and check for UK bank holders.
Receiving Methods	Bank account	Bank account
Cash Pick-Up Option	No	No
Instant Custom Quote	No. Quotes are available through email for registered users.	No. Quotes are available through email for registered users.
Business Features	Spot contracts, forward contracts, market orders, limit orders, stop-loss orders, vanilla options, zero-cost options, rate alerts, and regular payments plan.	Spot contracts, forward contracts, market orders, limit orders, stop-loss orders, rate alerts, and automatic payments.
Flagship Debit Card	No	No
Mobile App	Yes	Yes
Cancellation Policy	Each individual transfer’s cancellation can be discussed upon contacting a Moneycorp representative. Generally, most transfers that haven’t been completed can be canceled and refunded.	Transfer cancellations are possible depending on the status of the transfer and the contract type. Cancellation and refund costs may incur.

Read our full TorFX review.

Moneycorp vs. OFX

Feature
Feature	Moneycorp	OFX
Founded in	1979	1998
Trading Volume	£38 billion in 2021	$140 billion
Trustpilot Rating	4.3 / 5	4.2 / 5
Suitable for	Both small and large money transfers.	Large money transfers
Transfer Fee	No fee for online transfers; £15 for transfers over the phone.	AUD $15.00 under $10,000 (Australia); CAD $15.00 under $10,000 (Canada); HK $60.00 under $50,000 (Hong Kong); NZD $15.00 under $10,000 (New Zealand); No fee for rest of the world.
Average Exchange Rate Markup	Added to the mid-market exchange rate and varies between 1% for large transfers and 2% for small transfers.	0.4% – 1.9% added to the mid-market exchange rate
Minimum Transfer Amount	£50 (or currency equivalent)	$1000 in the US; £100 in the UK; €2 in the EU; $150 in Hong Kong and Singapore; AUD $250 and its currency equivalent in the rest of the world.
Maximum Transfer Amount	£100,000 (or currency equivalent) for online transfers; No limit for transfers over the phone;	No limit
Transfer Speed	1-2 business days on average	1-4 days (the average time is 1-3 days for major currencies and might extend to 3-5 days for exotic currencies).
Dedicated Dealer	Yes	Yes
Countries Covered	Over 190 countries worldwide	190+ countries
Currencies Covered	35 global currencies for online transfers; 120+ currencies for transfers over the phone;	55 currencies
Payment Methods	Bank account, debit card, and check	Bank account
Receiving Methods	Bank account	Bank account
Cash Pick-Up Option	No	No
Instant Custom Quote	No. Quotes are available through email for registered users.	No
Business Features	Spot contracts, forward contracts, market orders, limit orders, stop-loss orders, vanilla options, zero-cost options, rate alerts, and regular payments plan.	Forward contracts, limit orders, spot transfers, recurring payments, rate alerts, risk calculator.
Flagship Debit Card	No	No
Mobile App	Yes	Yes
Cancellation Policy	Each individual transfer’s cancellation can be discussed upon contacting a Moneycorp representative. Generally, most transfers that haven’t been completed can be canceled and refunded.	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.

Read our full OFX review.

Moneycorp vs. Remitly

Feature	Moneycorp	Remitly
Founded in	1979	2011
Trading Volume	£38 billion in 2021	$20.4 billion in 2021
Trustpilot Rating	4.3 / 5	4.1 / 5
Suitable for	Both small and large money transfers.	Remittances (small monthly money transfers to family or friends).
Transfer Fee	No fee for online transfers; £15 for transfers over the phone.	$0.00 – $50 depends on the selected countries, the transfer amount, and the payment method ($3.00 – $7.00 on average).
Average Exchange Rate Markup	Added to the mid-market exchange rate and varies between 1% for large transfers and 2% for small transfers.	1% – 2.5% on mid-market rates on average (can range between 0.5% and 3.7%).
Minimum Transfer Amount	£50 (or currency equivalent)	$1 (or currency equivalent)
Maximum Transfer Amount	£100,000 (or currency equivalent) for online transfers; No limit for transfers over the phone;	Depends on the sending and receiving country, the transfer amount, and the transfer method (from $3,000 to £150,000).
Transfer Speed	1-2 business days on average	Within minutes (Express delivery); 3-5 business days (Economy delivery).
Dedicated Dealer	Yes	No
Countries Covered	Over 190 countries worldwide	Over 180 countries
Currencies Covered	35 global currencies for online transfers; 120+ currencies for transfers over the phone;	Over 75 currencies
Payment Methods	Bank account, debit card, and check	Bank account, credit or debit card, Passbook (USA), Klarna (Germany and Austria), SEPA (France), and iDEAL (the Netherlands).
Receiving Methods	Bank account	Bank account, cash pick-up, mobile wallet, and home delivery.
Cash Pick-Up Option	No	Yes (about 400,000 locations worldwide)
Instant Custom Quote	No. Quotes are available through email for registered users.	No
Business Features	Spot contracts, forward contracts, market orders, limit orders, stop-loss orders, vanilla options, zero-cost options, rate alerts, and regular payments plan.	No
Flagship Debit Card	No	Yes (Passbook card)
Mobile App	Yes	Yes
Cancellation Policy	Each individual transfer’s cancellation can be discussed upon contacting a Moneycorp representative. Generally, most transfers that haven’t been completed can be canceled and refunded.	Only available for transfers that are still “in the hands” of Remitly. Once they are intercepted by a bank, transfers cannot be canceled.

Read our full Remitly review.

Moneycorp Customer Reviews

Diving into the ocean of online customer reviews, Moneycorp seems to be riding a pretty decent wave. The Trustpilot score of 4.3 out of 5 stars makes it evident that the majority of their customers are more than satisfied with the service they receive.

Users frequently commend Moneycorp for their efficient and straightforward service. Many reviews highlight the ease of setting up an account, initiating a transfer, and tracking the progress of their transactions. In an industry that can sometimes feel complicated, customers appreciate Moneycorp’s user-friendly approach.

Another point that comes up often in reviews is the quality of customer service. Customers laud the knowledgeable, friendly, and patient support team who seem to go out of their way to help. This level of service appears to build a lot of trust with customers, which is a big plus in the financial world.

Except… it’s not all sunshine and rainbows. Some users express dissatisfaction with the exchange rates offered by Moneycorp, feeling they could get a better deal elsewhere. A few others mention issues with transfer times, finding them longer than expected.

Positive Moneycorp Customer Reviews

I needed to transfer a large sum from the UK to two separate contacts in Australia. Moneycorp’s Ian Pitts was really helpful at every stage of the process, and made what could have been a complicated and worrying process one that was quick, smooth and straightforward. Excellent communication and reassurance throughout – I have no hesitation in recommending Moneycorp (and Ian) for this sort of transaction.

– Serena

This was a very daunting task for me, having sold a home in Europe and now buying in the UK, I needed to transfer Euros to Pounds, however, the team at Moneycorp, particularly Adam Jordan and his team including Matt, worked with me, guided me through the whole process and persevered with my questions and lack of understanding about the currency transfer market. They were wonderful, professional, friendly, and knowledgeable, I cannot rate them highly enough and would very much recommend using Moneycorp for any international money transfer. It was really a good experience working with them. Thanks.

– Anonymous

Excellent, first class service! We were recommended Moneycorp to assist with money transfers as part of a move to South Africa (from the UK). Before using them everything seemed too good to be true? Historically we have used prepayment cards and the rates being given by Moneycorp were always better. Tempted by this and after lots of review searching we opted to try them out. We have to say, the service given by Adam and his team has been absolutely exceptional and we wouldn’t hesitate in recommending their services to anyone. Thank you and keep this going!

– Thomas Williams

We needed to convert a substantial sum from Israeli Shekels (NIS) to GBP and transfer the money from Israel to the UK. The bank’s exchange rate was dismal and the fees seemed exorbitant. Our financial advisers suggested Moneycorp for the job, and we couldn’t be happier with the outcome. Moneycorp proved to be highly professional and reliable; the exchange rate was very competitive and Adam’s assistance at all stages of the transaction was invaluable. We intend to use Moneycorp again and highly recommend using their services.

– Hila

Negative Moneycorp Customer Reviews

I had used Moneycorp to transfer money from the US to the UK, without an issue. Last October I tried doing the same with 4 transactions and the money never arrived in my Moneycorp account. It took over 3 months, many dismissed calls and lots of stress to resolve the problem and for them to finally find the funds stuck somewhere in their system. I would like to thank Beatris Stoeva for not giving up on our request and finally figuring out the problem and successfully locating our funds. Moneycorp needs more people like her dealing with customers.

– Rivero H.

I’ve learned a very expensive lesson and that is to explore the market before deciding to put your trust in Moneycorp. Having had a longstanding relationship with Moneycorp I put my trust in their trading service to repatriate money from abroad. As a lay person I had no reason to doubt the rate that was being offered however having sought comparisons within the market after the transaction completed (I appreciate now this was the wrong way around) I was hugely disappointed to have found there are providers offering much more competitive rates.

Moneycorp’s explanation on complaining was that (I paraphrase) ‘they offer a premium service and so it is OK to charge you for it’ because that is what they believe. My disappointment is that I assumed by being loyal to Moneycorp I would get honest advice and that should have been to ensure I understood their choice to charge for a premium service and the impact it would have on my transaction. If you are a lay person like me please ensure you explore the market, seek comparisons for competitive rates and ask questions so that you are clear on the impact of Moneycorp’s charging.

– Mr. G.

I have not used Moneycorp for many years but decided to use them recently. After getting my account sorted out I did a trade and waited patiently for confirmation that the trade had been done. Unfortunately there was a glitch in the system and I did not receive a confirmation as the payment had not gone through. After an initial unsatisfactory response from support, I made contact with Kim and the problem was immediately sorted out. My faith in Moneycorp is restored.

– Patricia Towsey

Moneycorp Alternatives

WorldRemit

WorldRemit is another big name in the international money transfer industry. They bring some unique features to the table that might make them a more suitable option for certain users compared to Moneycorp.

1. More Transfer Options
   WorldRemit isn’t just for bank transfers. They offer more ways to get money to your recipient, including cash pickups, mobile money, and airtime top-ups. If your recipient doesn’t have a bank account, or if they need cash fast, WorldRemit could be a better choice;
   
   
2. Lower Minimum Transfers
   WorldRemit has a lower minimum transfer limit compared to Moneycorp. This makes it a better option if you need to make small transfers;
   
   
3. Extensive Global Reach
   WorldRemit operates in over 130 countries and has a large network for cash pick-up locations. If you’re sending money to a location that’s a bit off the beaten track, WorldRemit might have you covered where Moneycorp doesn’t;
   
   
4. User-Friendly Mobile App
   WorldRemit’s mobile app is sleek, intuitive, and packed with features. You can initiate and track transfers, get exchange rate alerts, and more, all from your phone. If you like doing everything from your mobile device, WorldRemit might be a better fit for you.

However, it’s worth noting that WorldRemit might not be the best choice for larger transfers or complex foreign exchange needs. They don’t offer the range of contract options that Moneycorp does, so if you need to lock in a rate, set up a regular payment, or want to use hedging tools, Moneycorp is the more sophisticated option.

Wise

Formerly known as TransferWise, Wise is another heavy-hitter in the international money transfer market. They’ve made a name for themselves with their commitment to transparency, simplicity, and fair pricing. Here are some unique features that might make Wise a compelling alternative to Moneycorp:

1. Real Mid-Market Rates
   One of Wise’s standout features is their commitment to offering the mid-market exchange rate. This is the “real” exchange rate you see on Google or XE, with no markup. Instead, Wise charges a small, upfront fee for transfers, which is often cheaper than the spread charged by other providers;
   
   
2. Multi-Currency Account
   Wise offers a Borderless account, which allows you to hold and manage money in multiple currencies. You can also receive money for free in several major currencies, making it a great option for freelancers, businesses, or anyone dealing with multiple currencies on a regular basis;
   
   
3. Transparent Pricing
   Wise is all about transparency. Before you make a transfer, they show you exactly how much it will cost, including their fee and the amount your recipient will get. There are no hidden costs or surprises, which can be a breath of fresh air in the often opaque world of finance;
   
   
4. Fast Transfers
   Wise is known for its speedy transfers, with many transactions being completed within several hours. Some transfers can even be instant. This makes Wise a great option if speed is a priority for you.

That said, Wise might not be the best fit for everyone. They don’t offer the range of transfer options that Moneycorp does, such as forward contracts or options, making them a less flexible choice for businesses or individuals with complex foreign exchange needs.

Also, while Wise is generally cheaper for smaller transfers, for large amounts, the flat fee could add up, making other providers potentially more cost-effective.

XE

XE is another prominent player in the international money transfer landscape, with a long-standing reputation for providing comprehensive currency-related services. Here’s how they might stand out or fall short in comparison to Moneycorp:

1. No Transfer Fees
   One of the biggest selling points of XE is that they charge no transfer fees, regardless of the amount you’re sending or the destination. This contrasts with Moneycorp, which has no fees for online transfers but charges for phone transfers. If you’re making regular or large transfers, those savings could add up;
   
   
2. Wide Range of Currencies
   XE supports transfers in over 130 currencies online, which is more extensive than Moneycorp’s 120 currencies over the phone and 35 currencies online. This makes XE a potentially better choice if you’re dealing with less common currencies;
   
   
3. Market Information and Tools
   XE provides a wealth of market information and tools, including currency charts, rate alerts, and market analysis. If you’re a bit of a forex nerd, or if you like to time your transfers to get the best rates, you might appreciate these features.
   

Like Moneycorp, XE offers a range of business services, including risk management solutions and mass international payments. However, they don’t offer the same range of contract options as Moneycorp, which could make them a less flexible choice for businesses with complex foreign exchange needs.

Additionally, XE’s transfers can take 1-4 days, which might be slower than some of Moneycorp’s transfers. If you value speed above anything else, you might want to look elsewhere.

Conclusion

After this deep dive into the world of Moneycorp, it’s clear that this veteran player still has plenty of gas in the tank. They’ve got the experience, the range of services, and their customers love to keep them sitting pretty in this fast-paced fintech game.

From their spot-on FX contracts to their nifty zero-cost options, they’ve got your back whether you’re a small business boss, a global nomad, or just someone who needs to send a bit of dosh overseas. Their customer service is a bit like that friend who’s always got a helpful piece of advice, just when you need it.

However, even they aren’t perfect. That exchange rate markup can sting a bit, and their mobile app might not be as shiny as some of the newer kids on the block. But let’s face it, in this world of hidden fees and opaque terms, Moneycorp’s commitment to transparency is as refreshing as finding a fully charged e-scooter when you’re running late.

In the end, though, whether Moneycorp is your fintech soulmate will depend on your specific needs. Maybe you’re all about those mid-market rates, or perhaps you’re a sucker for a sleek app. Whatever floats your financial boat, there’s a world of options out there, and Moneycorp is one that’s definitely worth considering.

And remember, in this digital age of finance, it’s all about finding the platform that fits your pocket and your lifestyle like a glove.

F.A.Q.

Can I use Moneycorp for one-off transfers, or do I need to set up regular payments?

Absolutely, you can use Moneycorp for both one-off transfers and regular payments. The options are there, whenever you need them!

I’m a bit of a night owl. Can I set up a transfer at 3 AM?

You bet! Moneycorp’s online platform and mobile app are available 24/7. So whether you’re an early bird or a night owl, you can make a transfer whenever it suits you.

Can I cancel a transfer if I change my mind?

You can, but it might cost you. If Moneycorp has already bought the currency for your transfer, you’ll need to sell it back, and the rate might have changed. It’s a bit like returning a shirt after you’ve worn it. You have a chance of doing it, but you might not get all your money back.

I’m moving abroad. Can I set up a transfer to my own account in another country?

Absolutely, that’s a piece of cake with Moneycorp. You can set up a transfer to any bank account, including your own.

Can I set up a transfer now and have it go through when the exchange rate hits a certain level?

Yes, you can! That’s called a limit order, and it’s one of the handy tools Moneycorp offers. It’s like having a personal currency butler, keeping an eye on the rates for you.

What’s the largest amount I can transfer with Moneycorp?

Online, the maximum transfer limit is £100,000 (or currency equivalent). However, there’s no limit for phone transfers. If you’re feeling like a high roller, give them a ring!

Can I use Moneycorp if I’m not in the UK?

The number of onboarding countries with Moenycorp is limited! But, if you’ve signed up with them while in the UK, you can continue using your account even if you move elsewhere. Moneycorp serves customers in 190+ countries. They’ve got more coverage than your favorite global coffee chain.

Is Moneycorp regulated?

For sure! Moneycorp meets all applicable laws and regulatory standards where they do business. They’re as safe as houses.

Can I set up a business account with Moneycorp?

Yes, you can. Moneycorp offers a range of services for businesses, including risk management solutions and mass international payments. They’re like the Swiss army knife of business foreign exchange.

How can I contact Moneycorp if I need help?

You can get in touch with Moneycorp via phone or email. They’re just a click or a call away, ready to lend a helping hand.