Corpay Review

Corpay provides money transfer services for personal customers from different parts of the world.
 

What Corpay offers

• International money transfers.
• Dedicated account managers.
• Forward contracts.
• Stop loss and limit orders.
• Regular transfers.

International money transfers - Get existing Corpay exchange rates when you carry out Spot transfers.

Dedicated account managers - Speak with a dedicated currency dealer when you want to transfer funds or if you need expert forex-related advice.

Forward contracts - Lock existing Corpay exchange rates for up to two years.

Stop loss and limit orders - Set maximum budget rates through stop loss orders. Use limit orders to target better than existing rates.

Regular transfers - Set up regular transfers according to your specific requirements.
 

What Corpay doesn’t do

• FX-optimised travel cards.
• Digital wallets.
• Cash pick up.

Corpay score

The reason behind Corpay's average score in this section is that it does not provide cash pick up, digital wallets, and travel cards.

Depending on the country in which your business is registered, you may sign up for a Corpay business account.
 

What Corpay offers

• International money transfers.
• Dedicated account managers.
• Forward contracts.
• Stop loss and limit orders.
• Options.
• Digital wallets.

International money transfers - Carry out Spot transfers that use existing Corpay exchange rates.

Dedicated account managers - Benefit through bespoke strategies created by your account manager to meet your specific requirements.

Forward contracts - Use forward contracts to lock existing rates for transfers you wish to carry out in the future.

Stop loss and limit orders - Use stop loss orders to minimize your forex risk by setting lowest acceptable exchange rates. Target better than existing rates by using limit orders.

Options - Use option products provided by Corpay Markets to further complement your hedging strategies.

Digital wallets - Buy currencies you wish to transfer later, and hold them as balances in a digital wallet.
 

What Corpay doesn’t do

• Unique multi-currency receiving accounts.
• Business travel cards.
• Solutions for online sellers.
• Accounting integration.

Corpay score

Offering travel cards, online seller solutions, accounting integration, and multi-currency accounts would improve the Corpay score for its business services.

Corpay fees

You might have to pay a Standard Telegraphic Transfer (TT) fee. It limits to a maximum of £20 for personal and business customers. However, there are no transfer fees if you send more than £3,000.
 

Corpay exchange rates

Corpay applies markups/margins on existing mid-market/interbank exchange rates. The margin can vary significantly based on your trading volume, the frequency of transfers, and the currencies involved.
 

Are there additional Corpay fees?

You might incur intermediary bank fees if you are sending your payment to Corpay from outside of the UK.
 

Corpay score

The non-transparent exchange rate margins that Corpay applies cause its score in this section to remain just above average.

What Corpay does well

ID verification - Tends to take place within two hours. Verifiable UK residents can expect straight through onboarding in minutes.

Phone transfers - Carry out over the phone transfers by speaking with your account manager.
 

Where Corpay could improve

Signing up - Signing up with Corpay could be made easier.

Payment methods - Corpay currently accepts payments only via bank account transfers.

Speed - Transfers to some currencies process on the same day but most transfers take 1 - 2 business days.

Minimum fee-free transfer limit - You need to transfer more than £3,000 or its equivalent in another currency to qualify for fee-free transfers.

App for mobile devices - Corpay has not launched apps for Android and Apple yet.
 

Corpay score

Corpay can improve its score in this section by offering apps for mobile devices, lowering the fee-free limit, simplifying the registration process, adding more payment methods and offering quick turnaround times for all transfers.

What Corpay does well

Supported currencies - Corpay gives its customers access to more than 140 currencies.

Supported countries - You can register with Corpay from most countries. Exceptions include Afghanistan, Cuba, Iran, Iraq, Libya, North Korea, Somalia, South Sudan, Syria and Zimbabwe.

Customer support - Provides customer service over the phone through its global offices, and also via email.
 

Where Corpay could improve

Local settlement accounts - With its only local settlement account in the UK, international customers might have to pay intermediary bank fees when making payments.

More languages - Access to the Corpay website is only in English.
 

Corpay score

Corpay can better its score in this section by making its website multilingual and by increasing its local settlement accounts.

What Corpay does well

Regulated - Corpay is authorised by the UK Financial Conduct Authority (FCA).
 

Where Corpay could improve

Exchange rate transparency - Customers don't find out how much margin Corpay applies on exchange rates unless they do their own research.

Trustpilot - Corpay rates as Great on Trustpilot, getting 8 out of 10, with around 650 reviews. However, there aren't many recent Corpay reviews on this platform. On Feefo, Corpay scores 9.6 out of 10. However, some reviews highlight concerns surrounding poor customer support, not getting the right trading advice and non-transparency in exchange rates.
 

Corpay score

Making its exchange rates completely transparent as well as addressing customer concerns quickly and effectively would help increase Corpay's score in this section.