Written by Michael Foote, Insurance and Finance ExpertMichael Foote is the founder of Quote Goat and has over 13 years experience working in the finance, insurance and currency sectors. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city for a number of firms including HSBC.
Company Name: Moneycorp Money Transfer and Currency Exchange
Company Description: Moneycorp provide international money transfer services for corporate and private clients at bank-beating exchange rates
Moneycorp are a major player in the industry and have excellent review scores across the internet.
Hover over the stars to select a rating or write a review below
Who is Moneycorp?
One of the UK’s largest foreign exchange brokers, Moneycorp has been established since the 60s. Though it only entered the currency game in 1979. Since then it’s gone from strength to strength. Now processing millions of transactions every year, the brand has also built a solid reputation with both customers and industry counterparts. Partnering with several airports, including Gatwick and Stansted, the brand offers customers the ability to not only send, transfer, and exchange currencies online, but also at several airports too.
Moneycorp has recently hit the headlines with its continued expansion. Setting its sights on global domination, the brand buys out of US-based Commonwealth Foreign Exchange. The move is part of Moneycorp’s move to become one of the largest payments and foreign exchange service providers in the world.
Is Moneycorp reliable?
Moneycorp has more than earned its stripes in the industry. With 35 years in the business, over 7 million transactions processed annually, and a whopping 24.6bn traded in the last year, the brand is a behemoth amongst currency brokers. A strong D&B credit rating, and a full banking license in Gibraltar stack up to make industry veteran, Moneycorp, not just an industry giant, but a reliable one too.
How much does Moneycorp charge?
Moneycorp has a range of different charges, depending on the type of transaction, how it’s conducted, and how fast you want the transaction processed. Online transfers start at £5 for a standard payment (2-4 working days). Express payments cost £9 (0-2 working days). If you sign up to Moneycorp’s Regular Payment Plan, the standard and express fees drop by £1. If you book any kind of transaction over the phone, the fees ramp up significantly to £15 – though these are all treated as an express payment.
Moneycorp takes the following into consideration when considering its exchange rates: The currency being purchased, the current exchange rate, and the amount transacted. Moneycorp does have some limits. There’s a minimum trade of £50 online and the minimum you can send via the Regular Payment Plan is £250.
How easy is Moneycorp to use?
On the face of it, Moneycorp seems easy to use. Transfer money in any one of 33 currencies, overseas, online, 24 hours a day. You can also conduct the transaction over the phone – though you will incur more charges. You can also order travel money online, or via one of Moneycorp’s branches. You can collect your travel money in branch at various airports – including Bristol Airport, Central London, Gatwick, Stansted, Southampton and Southend. Plus, Moneycorp also offers prepaid cards, which can be used abroad.
What do the Moneycorp reviews say?
It’s very much a mixed bag when it comes to customer reviews for Moneycorp. Trustpilot has just 156 reviews for the brand, and while that isn’t a huge number, it’s enough to get a feel of the main highs and lows. A common theme is the contradiction between the brand’s claims of being an easy to use service, yet some customers struggle, calling it a complex process. But there’s another contradiction at work here. Some customers seem to hit endless hurdles when it comes to signing up and completing a transaction, others find the whole thing a breeze – including self-confessed ‘technophobes’. The key here could be the customer service staff. Customers who engage with the staff rate the service highly.
On TrustPilot, Moneycorp has an average score of 3/5, with customer quotes including:
‘Ridiculously complex to use for transfers, despite the advertised easy process. Received a letter telling me that I was now in a position to “fully utilise their services” but in fact found no end of obstacles.’
‘It isn’t idiot proof – I thought I had paid someone but there were extra steps after that to do with buying the currency, which were not intuitive and which I didn’t do until I got some support.’
‘Excellent professional service. Understood and met my needs. Very proactive when rates were in my favour calling me in NZ to get me best value.’
Has Moneycorp won any awards?
Having been in the currency business for over three decades, Moneycorp has been awarded its share of industry accolades over the years. Most recently, it scooped the gong for Travel Money Provider of the Year, award by Consumer Moneyfacts, in 2015. Going back a little further it also bagged the Best Financial Services Provider trophy, at the OPP Awards, in 2011.
Anything else to know about Moneycorp?
As well as online and telephone options, customers can also take advantage of the Moneycorp app. Offering international payments and currency exchange services via your mobile device makes Moneycorp easy to use on the move. The app is free, though Moneycorp’s usual fees will still apply to transactions. Moneycorp doesn’t just limit its currency services to individual customers – businesses can take advantage of its exchange rates too. The Moneycorp website details a range of global payment solutions for corporate customers.
If you’re looking to really max out your money saving potential, it’s worth knowing that you can earn Virgin Atlantic air miles with Moneycorp. Virgin Atlantic Flying Club members don’t pay any commission on transactions either.