Global specialists in currency exchange & international payments.
What is MoneyCorp?
Moneycorp is considered as the second largest foreign exchange broker in the UK, which assists SMEs and individuals around the world to save money when undertaking international money transactions. Moneycorp Money Transfer Company was established in the year 1962 and was known as Town Tickets and Tours Limited. It started offering foreign exchange in 1979 up to date. Later on, in 1993, its stakeholder remained it to TTT Moneycorp. As part of a rebranding, Moneycorp dropped the TTT in the year 2008. Moneycorp has its headquarters in Victoria, London, and offers money transfer services to over 190 countries.
Services offered by Moneycorp
Moneycorp offers several money transfer services, many of them aimed at both business and personal customers.
Moneycorp offers two types of standing orders. The first one is the limit order, which implies that you will choose a specific exchange rate. In this case, the transaction will not go through until the market exchange rate corresponds to the rate you selected. A limit order is advantageous, especially when you need money urgently. Moneycorp also offers a stop-loss order, which is similar to the limit order. However, under a stop-loss order, you will select an exchange rate that is below the current market rate. Unfortunately, if you choose this kind of standing order, you will not receive any protection in case the market rate does not favor you.
Spot contracts refer to agreements by the customer to buy a certain amount of foreign currency under the current exchange rate offer. These contracts are beneficial, especially when you wish to make an urgent transfer.
Forward contracts allow you to set a specific rate and use that rate in your transactions for a maximum of two years. Businesses that wish to make accurate revenue projections and cash flow can benefit when they use forward contracts. The only challenge is that customers are required to make some deposits before using the forward contract service.
Moneycorp does not offer Mastercard usability for international customers. However, Uk residents can use Mastercards when they are transacting.
Moneycorp offers foreign exchange banknotes to FX brokers, private banks, central banks, money transfer companies, bureau de change, and other businesses not only in the UK but also worldwide.
Fees and limits
Customers can make transactions using Moneycorp for free, and there is no limit to the amount of money you can exchange. However, there is a lower limit, which usually depends on the currency you are using. For instance, in the US it is 50 dollars, in the UK it is 50 pounds, and in the Eurozone, it is 50 euros. Notably, Moneycorp charges a markup on the exchange rate the recipient gets. You should also know that in some cases, there might be third party fees that are not charged directly by Moneycorp. One situation where you can witness third party fees is when you are using a SWIFT international transfer network since the associated banks can charge some fees for transfer service.
Currencies and countries supported by Moneycorp
Currently, Moneycorp supports about 120 currencies. The good is that 30 of the 120 currencies are always open for online trading. To trade the other remaining currencies, you can contact Moneycorp customer support for assistance.
Regardless of the amount of money that you wish to transaction online, you will wish to be assured that your transactions and funds are safe and secure. Moneycorpp has not to be left out since it is registered and licensed as a Rhode Island corporation. However, Moneycorp is not registered with the Federal Deposit Insurance Corporation, a thing which makes transfers under FDIC uninsured.
Trust and credibility
Many publications such as CityAM, The Guardian, Telegraph, and CNN doe use the Moneycorps services, a thing which increases customers’ trust level. In addition, Moneycorp is regarded as the only money transfer company globally that has a banking license from Gibraltar. Moneycorp is also considered as the most reliable money transfer agent since it usually transfers more than £35bn annually.
Advantages of using Moneycorp
- Moneycorp has the best customer support team, which is always available to attend to all clients.
- You can make money transfers at any time of the day using Moneycorp.
- There is no maximum amount that you can transact with Moneycorp
- Moneycorp offers safe, user-friendly and convenient online services
Disadvantages of using Moneycorp
- When transacting with Moneycorp, your funds must first be converted into pounds before they are transferred to your target currency.
- You are not allowed to transfer funds to all countries around the world—for instance, the Philippines, Vietnam, Indonesia, and Korea and excluded.
Finally, if you wish to convert any assets or foreign currency which you have from euros, US dollars, and other leading currencies into UK pounds, then Moneycorp is your best agent. Also, Moneycorp has experts who always willing to assist you in getting the best exchange rates.