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Moneycorp: Financial Solutions Review

  • banking2018
  • CBM2018

Moneycorp is a company based in UK, it offers services such as foreign exchange and international payment to individuals and corporate customers. Best and comprehensive services to their customers are the utmost importance to them. Customer satisfaction is what they aim to deliver.

Choose Moneycorp instead of your own bank to make foreign exchange transactions

A more personal and tailored service is what they provide as foreign exchange specialist. A well trusted, well trained account management team equipped with timely information regarding the driving forces affecting the currency market will be provided to work and guide you in understanding your  needs.

Setting up a moneycorp account

For just a few minutes you can complete an Account Agreement online or you can request a copy from their team member by calling +44(0)20 7589 3000. A detailed personal information is required as well as identification documents to create an account. The verification process might take up a few days to complete depending on which country you reside. Opening an account does not mean you have an obligation to trade with them, but it saves time when your desire to trade arrives.

You can also download their application on to your smartphone for a faster transaction. With the moneycorp app, you can book a deal, make money transfers, check your account balance, and add funds to your account.

Sending currency using Moneycorp online

Just click on “Book a deal” on the home page and follow the given instructions, during the process, provide your debit card information and your recipients’ detailed information. The data you provided will be stored for future use.

Ways to pay for your currency

To pay for transfers on Moneycorp Online, personal clients are given three ways

  • Bank transfer
  • Funds on Account
  • Debit Card

BANK TRANSFER

By bank transfer, you can send your payment to moneycorp by bank transfer to the account displayed when you login and click “Add funds to account”. You can choose from the following bank transfer FPS, BACS, CHAPS.

Faster Payment Service (FPS): this is an electronic payments that can be made online, thru phone, in branch or through self service kiosk in 2-24 hours provided both banks are part of the FPS.

(BACS): For Direct Debits and Direct Credits from organizations, you can use this electronic system of payments directly from one bank account to another. It takes 3 working days for payments to clear.

(CHAPS): As long as the instructions are received by 2pm, this guarantees same-day payment. Your bank will usually charge for this service but there is no limit as to the amount of money you send.

For them to link your payment to your account make sure to quote your payment reference starting with CK in arranging the transfer from your bank. If you wish to use this method, before you book your international payment be sure to send your funds to moneycorp.

For a more detailed information on moneycorp’s bank accounts, their customer service team will be happy to serve you dial +44(0)20 7589 3000 between 7:30am and 9:00 pm Monday to Friday, and 9:00am to 1:00pm on Saturday.

FUNDS ON ACCOUNT

Funds on account. You can use these to pay for your current international payment if you have paid funds into your moneycorp account by bank transfer or debit card. You will be asked to use these funds to pay in case you wish to pay for your transaction.

DEBIT CARD

Debit Card. Upon entering your UK debit card details, your currency is paid for after completing the Verified  Visa or MasterCard Secure Code authentication check.

It is required that the address you provided on your moneycorp account is the same as the billing address on your card. Credit cards are not accepted.

How much does it cost to make a transfer with Moneycorp

Moneycorp offers No Online Payment fees until 27th of August 2018, however deals booked over the phone are subject to a transfer fee of £15 and are sent express.

Factors affecting what rate to charge

Their rates are based on a combination of the following factors:

  1. The current exchange rate
  2. The amount transacted
  3. The currency purchased

Whether you pay by debit card or pre-fund your account by bank transfer still you receive the same rate.From 10pm on Friday to 8pm on Sunday (both GMT) foreign exchange market are off hence, the exchange rate you receive on Moneycorp Online during this period will not increase or decrease. But at all other times the rate you receive depends on the current exchange rates.

Moneycorp Online offers transfers in 33 currencies. Express transfers are available in all of these currencies, and Standard transfers are available as indicated  below.

Standard Express
Currency Code £5

2-4 days

£9

0-2 days

UAE dirham AED Y
Australian dollar AUD Y
Bahrain dinar BHD Y
Canadian dollar CAD Y
Swiss franc CHF Y
Czech koruna CZK Y
Danish krone DKK Y
Euro EUR Y Y
Pound sterling GBP Y Y
Hong Kong dollar HKD Y
Croatian kuna HRK Y
Hungarian forint HUF Y
Israeli shekel ILS Y
Jordanian dinar JOD Y
Japanese yen JPY Y
Kuwaiti dinar KWD Y
Mexican peso MXN Y
Moroccan dirham MAD Y
Norwegian krone NOK Y
New Zealand dollar NZD Y
Omani rial OMR Y
Polish zloty PLN Y
Qatari riyal QAR Y
Romanian Leu RON Y
Saudi riyal SAR Y
Swedish krona SEK Y
Singapore dollar SGD Y
Thai baht THB Y
Tunisian dinar TND Y
Turkish lira TRY Y
US dollar USD Y
South African rand ZAR Y

Amount Limit to Send with Moneycorp

You may purchase currency up to £100,000 but if above  £100,000 or the equivalent in another currency you are required to contact MoneyCorp’s experienced dealers on +44(0)20 7589 3000. If via your dealer you have already purchased £100,000 you can transfer the full amount by clicking ‘finalise your transfer’.

Danish krone and South African rand Standard transfers are subject to upper size limits of DKK150,000 and ZAR30,000, respectively, but you can send up to £100,000 thru Express transfers to these countries

Why Moneycorp?

They offer personal, corporate, and travel solutions for you. Moreover, they have currency tools that can help you decide and track the foreign exchange rates. You and your money is safe with them, they are authorized and regulated by the Financial Conduct Authority.

What are you waiting for? Sign up and experience better financial solutions with Moneycorp.

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