Moneycorp is a globally focused provider of personal and business financial services. Specializing in foreign exchange transactions and money transfers, Moneycorp supports one-time and recurring payments to recipients almost anywhere in the world.
Let’s dig into Moneycorp’s international money transfers for personal customers, examining its performance features, costs, pros, and cons.
Pros and Cons of Moneycorp
Here’s what industry insiders and actual Moneycorp customers especially like about the company:
- Secure and dependable money transfers
- Supplemental services, including multi-currency credit cards
- Many ways to arrange transfers, including online, mobile, and telephone options
- Outstanding customer service and advice
However, Moneycorp also has a couple of drawbacks:
- The company’s mobile app has a relatively low user rating
- Some customers report delays in completing the sign-up process, especially concerning identity and bank account verifications
Moneycorp traces its operational history to 1962, and it began focusing on its currency exchange business in the late 1970s. It went on to become a fixture in the UK, operating foreign exchange services on high streets throughout the country. The Royal Bank of Scotland (RBS) became one of Moneycorp’s main shareholders in 2006, and by 2011, RBS held a 99.9% ownership stake.
Now one of the world’s leading currency dealers, Moneycorp is headquartered in London and maintains physical offices in five continents. It’s licensed to serve customers and recipients in nearly every country in the world, and it has one of the widest global coverage areas of any company in the industry.
Moneycorp is fully licensed and authorized to operate in every jurisdiction it serves. The company provides white-label international money transfer services to a long list of high-profile, accredited media companies including The Guardian, CNN, and The Telegraph, among others.
Key company facts also include the following statistics, as reported in the 2020 edition of Moneycorp’s annual brochure:
- The company completed more than one million payments in 2019
- Moneycorp traded £36.9 billion (about US$47.1 billion) in foreign currency exchange transactions in 2019
- Moneycorp completed payments to recipients in 192 countries in 2019
- It has served more than 17,000 enterprise customers since establishing its dedicated international payments division
How It Works
Using Moneycorp to complete a personal money transfer is as easy as 1-2-3:
- Sign up for a Moneycorp personal service account. The entire registration and setup process takes only a few minutes. You can do it online using a desktop system or by downloading the company’s mobile app, available on Google Play and Apple’s App Store.
- Arrange your transfer by providing recipient details, specifying the currencies you’re trading, and setting the amount.
- Moneycorp will manage and track your transfer once you submit payment.
Customers can make payments on a one-time basis or set up regular recurring payments using intuitive features that are available when you’re signed in to your Moneycorp account.
Note that Moneycorp does require proof of identity when you are setting up your account. For most personal customers, you need only supply a scan of your signed, valid passport or another identity document such as a driver’s license or national identity card.
Features and Performance
Online customers can initiate a new person-to-person foreign exchange transfer in 33 major international currencies. You also have the option of setting up your transaction over the phone, which opens the door to a wider range of options covering 120-plus currencies and more than 190 destination jurisdictions.
Moneycorp accepts payments in three forms:
- Online payments using local bank transfers
- Credit cards
- Debit cards
As of January 2021, Moneycorp only delivers funds directly into recipients’ bank accounts. There is no option to arrange a cash pickup.
Moneycorp uses the banking industry’s most secure cybersecurity and encryption protections. Your money is very safe in the company’s hands, and the company completes most transactions very quickly. However, actual completion timelines vary, depending on where your transfer originated, where the money is headed, and which two currencies you are working with.
Moneycorp also offers many complimentary financial services, including currency exchange rate alerts, the option to store international currencies in your Moneycorp account, and multi-currency MasterCard accounts for frequent travelers.
Costs and Pricing
Moneycorp’s transfer costs vary, depending on several factors. These include:
- How you arrange and pay for your transfer
- Whether you want express service
- How much money you are exchanging
Moneycorp does not publish firm specifics about its exchange rate markups on its website. For its part, Moneycorp explains that it purchases currency in wholesale amounts from major banks, giving it access to the best possible actual rates. Moneycorp maintains working partnerships with 18 major financial institutions, each of which competitively bids for the company’s wholesale currency purchases. However, it also notes that the actual exchange rates it offers depend on many factors, including:
- The size of your transaction
- Whether you initiate your transaction online or by phone
- The original currency you are exchanging
- The currency you are looking to purchase
- The market availability of your currencies
As of January 2021, Moneycorp does not charge transaction fees on most transfers initiated online. However, fees may apply if you want express service that will deliver the funds to your recipient as early as the same day, and to transactions arranged over the telephone.
What Others Are Saying About Moneycorp
On Trustpilot, Moneycorp has an impressive profile marked by excellent aggregate scores across a large sample size. As of January 2021, the company had more than 5,600 user reviews and an average score of 4.6 out of 5.
Review scores break down as follows:
- 76% gave Moneycorp a perfect 5 out of 5
- 85% gave Moneycorp 4 out of 5 or higher
- 88% gave Moneycorp a favorable rating
Moneycorp has earned accolades in the financial services industry, capturing many major awards over its history. Some recent successes include:
- Money Transfer Provider of the Year (MoneyAge Awards, 2019)
- Best Money Transfer Service Provider (World Banking Awards, 2019)
- Sunday Times TopTrack 250 (2017)
- Travel Money Provider of the Year (Moneyfacts Consumer Awards, 2015-2016)
The UK-based Feefo consumer information network also honored Moneycorp with a gold medal for trusted service in 2018 and 2019. In 2020, Moneycorp earned platinum honors from Feefo, its highest rating.
The Bottom Line
Moneycorp has been around for a long time, and it has one of the most complete and trustworthy track records in the industry. While its exchange rates and pricing may not be the lowest on the market, you do get other valuable benefits by choosing Moneycorp as your transfer provider. The company has one of the widest service areas in the world. And according to numerous finance experts, it’s among the safest and most stable operators in the industry. As you assess which money transfer service is right for you, Moneycorp is worth considering—especially for those seeking complete peace of mind when arranging international money transfers.