Moneycorp Review

Sending and receiving money can be done in many different ways. Since money transfer services offer an affordable and convenient way to send money internationally, they have become increasingly popular in recent years. 

If you’re looking for a money transfer service yourself, you may have come across Moneycorp. Moneycorp is the second largest foreign exchange broker in the United Kingdom, providing a variety of international transaction services to individuals and small businesses worldwide. 

In this article, we’ll take a look at how Moneycorp works, its fees, and its services. We’ll also discuss the pros and cons of using Moneycorp so that you can decide if it’s the right service for you.

Moneycorp Overview

The UK-based Moneycorp offers customized international payments and foreign exchange services to individuals, online sellers, sole traders, and large corporations. In order to save money and make cross-border payments fast, this provider combines industry expertise with cutting-edge technology.

As of 1962, when the company began operating as TTT Moneycorp Limited, Moneycorp facilitates cheap money transfers to and from more than 190 countries through its international disbursing network. 

Also, customers can send funds in over 120 currencies to their overseas recipients. You’ll get competitive exchange rates whether you transfer over the phone or use Moneycorp’s online platform or mobile app.  

Additionally, Moneycorp’s services are well-reviewed across a variety of platforms, with many favorable reviews. There is no doubt that Moneycorp is a reputable currency exchange company.

Moneycorp Individual Services

Customers from different countries can transfer money internationally through Moneycorp.

The most popular service on Moneycorp include:

  • Transferring money internationally

 Use the existing exchange rates at Moneycorp for spot transfers.


  • Regular transfer of funds

You can lock existing rates for up to two years when you set up regular money transfers with Moneycorp.


  • Forward contracts

Using forward contracts, you can lock in a price for two years or more.


  • Market orders

Make use of market orders to set up automated transfers at better rates than existing ones.


  • Travel card with FX optimization (available only to UK residents)

 Up to ten currencies can be held on the Moneycorp currency card.


  • Travel money from Moneycorp (for UK residents)

Your Moneycorp travel card can be topped up with travel money in a variety of currencies. You can have your money delivered to your home, picked up at a bureau de change, or picked up at a Moneycorp branch.


  • Management of accounts

They can assist you in setting up transfers and obtaining information regarding forex.

Moneycorp Business Services

Businesses can use the currency services provided by Moneycorp from a variety of countries.

 Offerings from Moneycorp include:


  • Payments made internationally by Moneycorp

Businesses can transfer funds using spot contracts at the current rate offered by Moneycorp.


  • Hedging tools for currencies

The most common types are forward contracts, market orders, and currency options.


  • Payments in bulk

Your accounting system can be used to upload different types of payment-related files for bulk payments.


  • Solutions for online sellers 

Registering on the UK website grants access to unique EUR and USD receiving accounts for online sellers. They can be used to receive payment from Amazon, Etsy, eBay, and Cdiscount.


  • Managers of business accounts

 Make transfers and seek forex advice from your dedicated account manager.


  • Moneycorp accessibility 

International payments and foreign exchange are all part of Moneycorp’s range of currency solutions. Not only does the company serve individuals, but it also develops solutions for SMEs and large corporations. With years of experience in the money transfer market, the company has a strong understanding of the market.

Moneycorp makes it easy to send funds. You can use their mobile app or online platform or reach them over the phone. A maximum of £100,000 and a minimum of £50 apply to online transfers. There is no limit to phone transfers, and they can be made in over 120 currencies.

Moneycorp Currencies Available

You can choose from over 120 currencies, including:

  • AED
  • BHD
  • AUD
  • BGN
  • CHF
  • CAD
  • CNH
  • DKK
  • CZK
  • GBP
  • EUR
  • HKD
  • HUF
  • HRK
  • ILS
  • JPY
  • JOD and many more…

Moneycorp Exchange Rates & Fees

In the same way as other money transfer companies, Moneycorp makes money through transfer fees and exchange rate margins covered by the sender. In addition to Moneycorp’s commissions and infrastructure operating costs, these fees also cover the costs associated with the processes.

Exchange Rates

Several transfer options are available through Moneycorp, all of which can affect the exchange rate you pay. In order to exchange currencies, Moneycorp is licensed by the Financial Conduct Authority

In other words, its main business is buying and selling currencies. Moneycorp offers competitive international payment rates by leveraging the knowledge and experience of its global currency specialists.

Generally, using the platform will cost you between 1% and 2% more than the mid-market rate. Getting the best exchange rate margin is all about knowing what can affect the amount you pay:


  • Present exchange rate

A total of 14 banks work with Moneycorp to provide the best wholesale exchange rates to the provider. As a result, customers benefit from rates that are closer to interbank rates.


  • Transaction amount

There will be a higher cost associated with sending smaller amounts than with sending larger amounts. In the process of transferring funds, the provider incurs both fixed and semi-variable costs.


  • Currency used

Currency transfers are much simpler in popular currencies like the sterling pound, euro, and dollar. These currencies are priced more competitively than less-used currencies by the bank panel that Moneycorp works with.

Moneycorp offers the following strategies for targeting specific exchange rates for your transfers:


  • Alert on currency exchange rates

Your online Moneycorp account allows you to set an alert. You will receive a text or email notification when the specified currency pair reaches your desired level.


  • Forward contract

A two-year lock-in period is available for exchanges. Your future transfers will be guaranteed at this chosen rate.


  • Creating a market order 

Market orders allow you to set a target rate and initiate an automatic response when the target rate is reached.


Depending on the method you choose, you may make transfers online, through the Moneycorp app, or by phone as a Moneycorp customer. 

Phone transfers are more expensive than those initiated online or through the app. For online or phone transfers from France or Spain, you will have to pay £5 for standard delivery (it takes 2-4 days) and £9 for express delivery (0-2 days). 

There is a flat fee of £15 for over-the-phone transfers, except in Australia, Romania, and a few other countries.

Additional Costs

Moneycorp doesn’t charge additional fees when sending or receiving funds from the UK, Brazil, Australia, the US, Denmark, the Eurozone, and Sweden. These countries have local collection accounts for the company.

You may, however, be charged additional fees if you send or receive money from a country that is not listed above. Check with your bank about the applicable fees before sending or receiving a transfer.

How to Send Money With Moneycorp?

If you want to transfer money internationally for any reason, you can use Moneycorp. To send and receive money successfully, follow the steps below. The company has made the process simple and quick.

Sending Money 

Moneycorp requires that you set up an account before you can send money:


  1. Get started by signing up

You can sign up for a personal payment account or a business payment account with Moneycorp. Business registration details must be provided when you sign up for a business payments account. When you open a personal payments account, you’ll be asked for your name and email address.


  1. Provide personal details

Your name and email address are prefilled from the information provided in step 1 of the registration process. You’ll also be required to provide your date of birth, username, password, country, and mobile number.


  1. Select your currency needs

Choose your main currency and estimate how much you hope to transfer in a year. Your account is created once you check the box at the bottom of the form agreeing to the terms and conditions.


  1. Proof of identity and address

Providing proof of your identity and address is the final step. The following documents must be uploaded as proof of identity:


  • A driver’s license with a photocard

  • A passport that is signed and valid 

  • Government-issued photo identification


Documents that prove your address can include:

  • Utility bills or bank statements, whether online or printed

  • Bills for council taxes


Usually, it takes two working days to verify and approve a document. Once you’re approved, your dedicated account manager will send you an email with details about your customer ID, username, and password. A transfer can be made at any time by logging into your account.

Transferring Funds

Upon logging into your account, you can begin transferring funds immediately. You will need to enter your recipient’s name, address, and bank account details. Once you have entered the amount you want to pay, select your recipient from the drop-down list or add a new one using the ‘Send a Payment’ tab.

Choose your payment method, review the transfer details, and click Send to complete your transfer.

Receiving Money 

Once the direct deposit reaches the beneficiary’s bank account, they can withdraw the money from an ATM or over the counter or spend it as they see fit.

Mobile App

Both the Google Play Store and Apple App Store offer Moneycorp’s mobile app for free. Sending money and checking your account are made easy using the app. 

The app also allows:


  • Currency loading and currency purchases 

  • Keeping track of currency exchange rates

  • Creating SMS and email alerts for currency changes

  • Keeping track of your account balance and historical transactions

  • Exchange rate locking

  • The ability to add, edit, and delete recipients of payments. 

Your fingerprint or Face ID can be used to log in to the app.

Transfer Speed

International payments are usually delivered within 48 hours, according to Moneycorp. A standard transfer takes 2-4 days, while an express transfer takes 0-2 days. Moreover, you should consider the presence of intermediary banks and country-specific regulations.

The minimum limit for Moneycorp is £50 (or its equivalent in another currency).

Using the online platform, you can transfer up to £100,000. Moneycorp account managers can assist you with larger transfers. There is no limit on transfers made over the phone.

Payment Methods Available

Moneycorp accepts the following methods of payment for transfers:


  • Credit or debit card

Money is usually transferred into your account the fastest way using this method. However, Moneycorp may charge you additional fees for credit card transfers.


  • Bank transfer

The time it takes for your bank transfer to appear in your account can range from minutes to two days. The cost of bank transfers can vary depending on where you are sending from and are often cheaper or even free depending on the country.


  • Checks 

Moneycorp accepts checks; however, they take longer (1-3 days), delaying the funds’ transfer.

Withdrawal Options

Moneycorp deposits funds into the beneficiary’s bank account without the recipient having to do anything. When funds arrive, the recipient may receive a notification from their bank.

Is It Possible to Cancel the Transfer?

Not all the time. Please contact the customer support team as soon as possible if you wish to cancel a payment that has already been sent. You should also have your customer identification number, payment reference number, and beneficiary details handy to speed up tracking.

It is not guaranteed that such cancellations will be refunded, but Moneycorp offers to assist in any way it can. When booking your trade, always pay attention to all the prompts and only proceed after you have verified the transfer details.

Moneycorp Reviews

Online reviews for Moneycorp are mostly positive. In Trustpilot, for instance, the company has 6,225 reviews, of which 82% are rated 4.4 or 5. Reviews highlighted the following areas:


  • Exceptional service. Professionalism and support are widely regarded as strengths of account managers.
  • Transfers that are quick and reliable. The international transfers were received in a timely manner.
  • A very good exchange rate especially when transferring large amounts overseas.


  • Delays during the weekend. The Moneycorp client account will show transfers made over the weekend starting Monday. As a result, the recipients will have to wait even longer for the funds.

Moneycorp Pros


  • Foreign exchange experience

Moneycorp specializes in currency exchange. They provide you with competitive rates, sound exchange risk management, and other innovative currency solutions thanks to their over four decades of industry experience.


  • Channels for multiple transfers

Mobile apps, online banking, and phone transfers are all available with Moneycorp. As such, you can select the most suitable and affordable channel to use at any given time.


  • A global reach

Over 120 currencies and 190 countries are supported by Moneycorp. A wide network of sending and disbursing providers means you can transfer funds to almost any destination.


  • Solutions for business payments

If you’re looking for business-focused innovations in money transfers, Moneycorp is at the forefront of the industry when it comes to bulk payments to vendors or API integrations. When businesses make mass payments, the platform saves them time, trouble, and mistakes.


  • Country-specific websites

Moneycorp offers country-specific websites that make money transfers even more convenient. French, Spanish, British, American, Romanian, Australian, Hong Kong, and Irish regions are among those that have dedicated websites. For other countries, Moneycorp has a global website.

Moneycorp Cons


  • Live chat is not available

Moneycorp only accepts communications via email and telephone. The cost of customer calls may be higher when they originate outside the UK or from regional offices.

  • Setup of an account takes a long time

As soon as you sign up with Moneycorp, you only have access to limited account options. All your documents must be verified before you can access your account. It may take up to two days for the verification process to be completed.


  • Small transfers are expensive

If your transfer is less than £1000, initiating it over the phone can be expensive. Money transfers over the phone are, therefore, more prevalent when large amounts are involved.

Is Moneycorp Safe?

TTT Moneycorp Limited, incorporated in England, trades under the name Moneycorp. It’s licensed and regulated by FCA in the UK and FinCEN in the United States.

Risk management and regulatory compliance are extremely important to Moneycorp. Investing in technology and people to improve Moneycorp’s compliance capabilities is a strategic priority for the company. Moneycorp holds its clients’ money in separately held client accounts, which means the funds cannot be used for other purposes.

Having been in business since 1962, the company has over 50 years of foreign currency expertise. Globally, the company has handled hundreds of billions of pounds in currencies since its founding. Moneycorp’s customer service is outstanding thanks to its over 760 dedicated employees. 

The company has received 4.6 out of 5 ratings from over 7200 customers on Feefo. 94% of Moneycorp’s customers rate their service very highly (4 or 5 stars), making the company very highly rated.

There is no question that Moneycorp’s currency exchange and payment services are safe.

Moneycorp Summary

Overall, Moneycorp provides competitive rates and excellent customer service, making it an excellent company for money transfers. It’s definitely worth considering Moneycorp if you want to send money abroad in a reliable and affordable manner.

Checks, bank transfers, or even your debit or credit card can be used to pay for your transfer. The best way to speed up transfer times is to use a credit card. A beneficiary should expect funds to reach their account within two business days at most after the transfer takes place. 

With the assistance of banks, Moneycorp offers competitive exchange rates. With a margin of between 1% and 2%, customers are always assured of the best rates. Moneycorp offers over 190 destinations, so wherever you want to send money, you won’t run into a problem. 

In some cases, the lack of cash pickup options may be an obstacle to senders and receivers. However, the provider serves the top markets and targets top clients, including small and medium businesses, so this shouldn’t be that big of a problem. 

Prior to choosing a money transfer service, it is always advisable to compare exchange rates, fees, delivery times, and sending limits.


An online money transfer service may be necessary for a number of reasons. Your family may be overseas, or you may be paying for goods or services from an overseas company. Your choice of money transfer service should be based on your needs, no matter what. 

It will definitely be worth your time to check out Moneycorp.