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Review: Sending money with Moneycorp

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Moneycorp International Money Transfers

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Our verdict

Moneycorp can give you a bank-beating rate so you can save on foreign exchange to over 30 different currencies.

Moneycorp gives you a bank beating exchange rate and a flat fee for regular and express overseas money transfers. It offers travel money services too; however, foreign cash and the prepaid travel money card are available to residents in the UK only.

Moneycorp's real downfall is its double charge when converting currencies - your dollar payment must first be converted into GBP and then into your desired currency. In addition, MoneyCorp isn't the fastest, standard deliveries take 2-4 business days and you'll need to pay for the express option to get your money in less than two business days.

That said, there's no transfer limit when dealing with Moneycorp on the phone and you can make one-off payments, recurring payments, forward contracts and market orders. Sign up is also easy and can be completed within minutes.

Moneycorp is a United Kingdom based foreign exchange company providing one off, recurring and market order international payments. And they’ve been doing this since 1979.

In this guide

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  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question

Details

Product details

Product Name Moneycorp International Money Transfers
Customer Service Phone, Email, In person
Maximum Transfer Amount Unlimited
Number of Currencies 32

What currencies does Moneycorp offer?

Moneycorp allows you to transfer all the major currencies, including the following:

  • EUR (Euro)
  • GBP (Pound Sterling)
  • AUD (Australian Dollar)
  • USD (United States Dollar)
  • CZK (Czech Koruna)
  • DKK (Danish Krone)
  • HKD (Hong Kong Dollar)
  • HUF (Hungarian Forint)
  • JPY (Japanese Yen)
  • NZD (New Zealand Dollar)
  • NOK (Norwegian Krone)
  • PLN (Polish Zloty)
  • SEK (Swedish Krona)
  • SGD (Singapore Dollar)
  • ZAR (South African Rand)
  • CHF (Swiss Franc)
  • THB (Thai Baht)
  • AED (UAE Dirham)

Other exotic currencies

In addition to the above currencies, you can also make an international payment in these exotic currencies.

INR (Indian Rupee)BHD (Bahrain Dinar)MXN (Mexican Peso)
ILS (Israeli Shekels)BRL (Brazilian Real)OMR (Omani Rial)
MAD (Moroccan Dirham)EGP (Egyptian Pound)TTD (Trinidad & Tobago Dollar)
JOD (Jordanian Dinar)KES (Kenyan Shilling)KWD (Kuwaiti Dinar)
QAR (Qatari Riyal)TND (Tunisian Dinar)RON (Romanian Lei)

Unavailable countries

You’re unable to send a payment to some of Australia's closest neighbours. You may want to consider an alternate money transfer service if you want to send money from Australia to the following countries.

  • South Korea
  • Vanuatu
  • Kuwait
  • Lebanon

How much does it cost to transfer money with Moneycorp?

For personal payments made online, Moneycorp charges a flat fee for regular and express transfers. You’ll pay £5 for regular payments and £9 for express payments. If you’re using Moneycorp to make recurring payments, the charges are a little different. Regular payments cost £4 for each transaction and express recurring payments cost £8 each payment.

Minimum transfer amount

Moneycorp lets you exchange Australian dollars to up to 33 different international currencies. You can send as little as £50 (about 89 AUD) for one off payments and £250 (about $448 AUD) for recurring payments.

Banned countries

As these countries have international sanctions in place, you can’t send money to the following countries at all.

  • Afghanistan
  • Central African Republic
  • Crimea & Sevastopol
  • North Korea
  • Democratic Republic of Congo
  • Iran
  • Iraq
  • Libya
  • Burma
  • Somalia
  • Sudan
  • Syria
  • Sierra Leone
  • Russia

What types of transfers can you carry out with Moneycorp?

Moneycorp let you transfer money in the following ways:

  • One off payments. Also called a spot transfer, make a one-off online payment of £50 or more. A flat transfer fee applies based on how quickly you want the funds delivered. Choose from regular or express delivery.
  • Regular payments. Make regular payments every week, month or quarter. Lock in a rate or choose to get the rate at the time of the transfer. Transfer £250 or more each time you make a recurring payment.
  • Forwards contracts. Lock in an exchange rate for up to two years in advance.
  • Market orders. Target a rate in the future and execute the trade when you get your desired rate.

The registration and transfer process

You will need to register for a free account before you can send money overseas with Moneycorp. You can create an account in three easy steps.

  • Step 1: Enter your personal information, your contact details, the currency you have, the currency you want and the reason for your money transfer.
  • Step 2: Provide your date of birth and address.
  • Step 3: Create your login details. Pick a username and a password and check your email for your account activation code.

You’re required to verify your identity and address by providing Moneycorp with a copy of your passport or driver's licence and utility bill. Note: online statements and mobile phone bills will not be accepted. You can use your driver's licence to verify your identity as well as your address.

How do I initiate a transfer?

Once you’ve registered and verified your account, you can transfer money online or over the phone. It’s more expensive to request a transfer over the phone.

Moneycorp is a UK company. There may be issues for Australian users sending money to the UK, namely the time it takes to send funds to Moneycorp and an additional currency conversion fee. You will need to send funds to Moneycorp via a SWIFT payment, which can take up to three business days to clear.

You’ll need to provide the Bank Identifier Code (BIC) and the SWIFT code for the recipient's bank account. You’ll also need to provide the International Bank Account Number (IBAN) for payments to the European Union.

What’s the good and bad of using Moneycorp?

The good

  • Bank-beating rates. Moneycorp offers a bank-beating exchange rate. It also provides personal and business transfers to suit your needs.
  • Highly rated on feefo. Moneycorp is rated 4.7 out of 5 based on over 7,200 reviews. 80% of reviewers rate Moneycorp as "excellent".
  • You can transfer money anytime, anywhere. Moneycorp online is available 24 hours a day with the most competitive rates.

The bad

  • Indicative rates. The exchange rates quoted by the Moneycorp exchange rate calculator are indicative rates only. These rates are based on the interbank rate and are not the deal you’ll get when you send money overseas using Moneycorp – it applies a small margin to the interbank rate.
  • Double currency conversion. Funds will need to be converted to pounds when a payment is made to Moneycorp from Australia, and you're charged for it. Converting a currency twice doesn’t make much sense when there’s a host of locally-based money transfer companies.

What other products and services does Moneycorp offer?

Moneycorp provides more than online foreign exchange services. Moneycorp issues foreign cash (airport pickup locations as well as delivery by Royal Mail) and a travel money card, but these products are available to residents of the UK only.

  • Foreign cash. Order foreign cash online and collect the money from London & airport collections, or have the money sent an address in the UK.
  • Travel card. Moneycorp also issues the prepaid multi-currency Explorer Card, which can be loaded with foreign currency and used like a normal debit card outside the U.K.

How does Moneycorp compare to other providers?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 23 of 23
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Sign up and get a AUD$15 top-up. For new customers only. T&Cs apply.
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Earn up to 100,000 bonus Qantas Points on your first currency conversion by 31 July 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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FAQs for Moneycorp


You may want to have a look at local international payment companies if you want to send money overseas. We compare a number of competitive international money transfer companies based in Australia. Let us know if you need help with your comparison.

Frequently asked questions

Sources
  1. Moneycorp official website, accessed March 2023

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Shirley Finder

Publisher

Hi there, looking for more information? Ask us a question.

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Joseph

October 26, 2016

How can I do a money transfer


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Harold Jacob Finder

October 27, 2016

Hello Joseph,


Thanks for your question.


Once you’ve registered and verified your account, you can transfer money online or over the phone. But please note it’s more expensive to request a transfer over the phone. Moneycorp are a UK company. There may be issues for Australian users sending money to the UK, namely the time it takes to send funds to Moneycorp and an additional currency conversion fee. You will need to send funds to Moneycorp via a SWIFT payment, which can take up to 3 business days to clear. Also, you’ll need to provide the Bank Identifier Code (BIC) and the SWIFT code for the recipient’s bank account. You’ll also need to provide the International Bank Account Number (IBAN) for payments to the European Union.


I hope that helps.


Cheers,

Harold


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