Review: Sending money with Moneycorp
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.
Moneycorp gives you a bank beating exchange rate and a flat fee for regular and express overseas money transfers. As well as providing an international payments service, Moneycorp offers travel money services too; however, foreign cash and the prepaid travel money card are available to residents in the UK only.
We review Moneycorp’s foreign exchange services so you can make a decision about which provider to use to send money overseas.
|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)|
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.
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.
As these countries have international sanctions in place, you can’t send money to the following countries at all.
- Central African Republic
- Crimea & Sevastopol
- North Korea
- Democratic Republic of Congo
- Sierra Leone
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?
- 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.
- 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?
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.
You are about to post a question on finder.com.au:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
October 26, 2016
How can I do a money transfer
Harold Jacob Finder
October 27, 2016
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.
Show more Show less