MoneyCorp Review

Moneycorp is a UK-based foreign exchange and global payment services provider. It offers international money transfer solutions to personal customers from different countries.
 

What Moneycorp offers

• International money transfers.
• Regular transfers.
• Forward contracts.
• Market orders.
• FX optimised travel card (for UK residents).
• Moneycorp travel money (for UK residents).
• Account managers.

International money transfers - Carry out Spot Transfers and make use of existing Moneycorp exchange rates.

Regular transfers - Set up regular Moneycorp money transfers according to your requirements, and get to lock existing rates for up to two years.

Forward contracts - Use forward contracts to lock existing Moneycorp rates for up to two years.

Market orders - Target better than existing rates and set up automated transfers by using market orders.

FX optimised travel card (for UK residents) - Use the Red explorer Moneycorp currency card to hold funds in up to 10 different currencies.

Moneycorp travel money (for UK residents) - Get travel money in various currencies delivered to your home, pick it up from a bureaux de change, or get it topped up on your Moneycorp travel card.

Account managers - You may speak with your account manager to set up transfers and to get forex-related information.
 

What moneycorp doesn’t do

• Cash pick up.

Businesses from different countries may use specialist forex services provided by Moneycorp.
 

What Moneycorp offers

• Moneycorp international payments.
• Currency hedging tools.
• Bulk payments.
• Online seller solutions (through the UK website).
• Business account managers.

Moneycorp international payments - Businesses can use Spot Contracts to transfer funds with existing Moneycorp rates.

Currency hedging tools - These come in the form of forward contracts, market orders and currency options.

Bulk payments - Carry out bulk payments by uploading different types of payment-related files from your accounting system.

Online seller solutions (through the UK website) - Online sellers who register through the UK website get access to unique receiving accounts in EUR and USD. Use these to receive payments from platforms such as Amazon, Rakuten, eBay, Etsy and Cdiscount.

Business account managers - Speak with your dedicated account manager to get forex-related advice and to carry out transfers.
 

What Moneycorp doesn’t do

• Moneycorp travel card for businesses.
• Accounting integration with Xero or QuickBooks.

Moneycorp fees

Moneycorp fees depend on the Moneycorp website you use. A few examples are listed in the corresponding table.

With other countries, you are alerted of any applicable Moneycorp fee before you finalize your transfer.
 

Moneycorp exchange rates

Moneycorp rates come with markups/margins added on top of existing interbank rates. The rate you get also depends on the amount you wish to transfer. Some Moneycorp customer reviews on Trustpilot mention receiving less than favorable rates.
 

Moneycorp card exchange rate

You are subject to Moneycorp exchange rates when currency conversion takes place on your Moneycorp card. These rates include markups added on top of existing mid-market/interbank rates. You get to lock in exchange rates in advance. You pay no card payment or ATM fees.
 

Are there additional Moneycorp fees? 

You might need to pay intermediary bank fees depending on the country from which you make your payment.

What Moneycorp does well

Express transfers - Depending on where you live, you might be able to carry out Express transfers. While these transfers might go through on the same day, they come at an added cost.

Payment methods - Pay using a bank transfer, a debit card or your Moneycorp account balance.

Phone transfers - Setting up transfers over the phone is simple.
 

Where Moneycorp could improve

Sign up and verification - Creating a new account and completing the verification process can seem tedious and time consuming.

Transfer speed - Moneycorp claims to process all transfers in 2 - 3 business days. However, transfers can take longer in some instances. 

Moneycorp app - Moneycorp has apps for Android and Apple. However, a number of Moneycorp reviews on Google Play Store and Apple App Store highlight problems with how both apps work.

What Moneycorp does well
 

Supported registration countries - Moneycorp accepts customers through its dedicated websites for the U.S., the UK, Spain, Ireland, France, Romania and Australia. Global customers need to sign up using the Moneycorp UK website.

Supported destination countries and currencies - Carry out online transfers in 33 currencies to more than 190 countries. AED, AUD, BHD, CAD, CHF, CZK, DKK, EUR, HKD, HRD, HUF, ILS, INR, JOD, JPY, KWD, LTL, LVL, MAD, MXN, NOK, NZD, OMR, PLN, QAR, RON, SAR, SEK, SGD, THB, TNB, TRY, USD, ZAR. Additional currencies are available over the phone.

Moneycorp travel card currencies - The currencies you can load on your Moneycorp travel card include GBP, EUR, USD, CAD, AUD, NZD, ZAR, CHF, TRY and AED.

Moneycorp customer service - Get local phone support depending on where you live, or get support via email.
 

Where Moneycorp could improve

More language support - While Moneycorp provides multilingual website access, increasing the number of languages would benefit its customers.

What Moneycorp does well

Regulated - Moneycorp is licensed by financial regulatory bodies in different countries.

Positive feedback for business services - Most business customers appear to be satisfied with the services and support offered by Moneycorp. 
 

Where Moneycorp could improve

Exchange rate transparency - Customers need to carry out their own research to determine how much markup Moneycorp applies on exchange rates.

Mneycorp Trustpilot reviews - With over 4,600 reviews, Moneycorp gets a score of 9 out of 10 on Trustpilot, and it rates as Excellent. However, several Moneycorp reviews on Trustpilot as well as Google Play Store and Apple App Store complain about receiving poor customer service. While Moneycorp acknowledges customer problems on Trustpilot, its replies don't seem particularly solution-oriented.