Moneycorp is an international money transfer company that began forex operations in 1979. It has generated substantial revenues over the past four decades, becoming a dominant force in the industry. Moneycorp now holds the mantle as one of the largest money transfer companies, with an estimated £22.6 billion in trading activity taking place annually. Moneycorp is FCA licensed and regulated to offer financial services to UK clients.
The trading platform has also won accolades from registered members, and objective analysts alike. This international money transfer service currently offers 90 currencies with worldwide reach. It has won numerous awards over the years, including the Best Financial Services Provider in 2011, Travel Money Provider of the Year in 2015, and Trusted Gold Service Award, Feefo in 2017.
Moneycorp provides a series of ongoing services including regular transfers and repeat transfers, and payment via debit card is also supported. Businesses and individuals can benefit from the services provided by Moneycorp, notably the hedging ability to purchase Forex at a fixed rate for delivery in the future. Moneycorp services are readily available via Android and iOS apps, replete with all the safety and security features that are required.
Moneycorp’s Global Operations
Moneycorp employs 780+ professional staff who work hard to ensure that clients are assured of smooth transactions, low-cost transactions, and flexibility. The company allows users to send as little as £50, and the upper limit reaches into the millions. What makes Moneycorp different to other international money transfer services is that this company is committed to low cost money transfer services. It offers competitively priced exchange rates which are the envy of competing money transfer services. Customers can also get a free quote on money transfers and easily view the full listing of money transfer options and rates that are currently available. Moneycorp processes millions of transactions annually and has been in business for 35 years.
What Moneycorp Isn’t
Moneycorp is not a fly-by-night operation which is looking to fleece its customers out of their hard-earned cash. This company is the industry leader and has been since 1979. Moneycorp is not a bank, but it offers international money transfers that meet with the same safety standards offered by banks. Moneycorp offers 5 unique types of forward contracts, in addition to typical market orders.
It’s important to understand that this is not some new age company that is bursting out of the gates with lots of venture capital behind it. It is an established enterprise, and it espouses professionalism, expertise, and cost effectiveness. Moneycorp targets small businesses and substantial property transfers, and is not necessarily interested in the remittances market.
Getting Started with Moneycorp
Moneycorp is an established enterprise with offices in London, England. It is easy to register with this company and once you’re signed up, you can take advantage of many of their services including travel money and money transfers. The transactions are accurate, the payments are prompt, and the service is professional. Note that this company has a high credit rating on Dun & Bradstreet, with annual turnover more than £22.6 billion, and features a high number of traders in the Forex business. In other words, you are in safe hands when you transact through Moneycorp.
Fees and Minimum Balance Requirements
Moneycorp works like many other currency dealers (Forex dealers). The bigger the amount that you transfer, the better your rate will be. This company is reputed to transfer billions of pounds annually, ensuring that it has plenty of clout when it comes to lowering exchange rates, given that it is like an economy of scale.
If you use the online platform for your exchange rate, the rate will be fixed. This offers an added advantage over banks, and you can expect a rate of between 1% and 1.2%. The minimum amount that you can transfer is £50, and the upper limit has not been set. Businesses (SMEs) may transfer thousands, perhaps even millions of pounds, and that’s why this company is highly regarded.
Is Moneycorp Safe?
Yes. This international money transfer company is well respected throughout the world, and its stellar rating at independent review sites is testament of that. The company was incorporated in 1962 and opened its Forex department in 1979. As such, it has been operational for 39 years (as of 2018). The company has headquarters in Victoria, London, with regional offices around the world. Since the company has a full banking license, it is well respected by users everywhere.
- Multiple Forward Contract Options Available
- Established Enterprise with Global Operations
- Better Exchange Rates than High Street Banks
- Highly Responsive Customer Support Team
- 98% Positive Customer Feedback
Sign-Up Process Can be a Bit Clunky
- Not Universally Available Throughout US
- Changing Personal Information on Registration Form is Tedious
Is Moneycorp Right for You?
If you’re looking for a low-cost, reliable international money transfer service, Moneycorp certainly warrants consideration. According to MoneyTransferComparison’s Moneycorp review, the service earned a 92.8 score out of 100. The proof of the pudding is in the numbers. With some 5,000 positive reviews on the Feefo platform, Moneycorp’s services resonate with many people. You will likely find the range of services, cost-effective rates, and expediency of this online money transfer service much to your liking.