Moneycorp, also called TTT Moneycorp Limited, is a UK-based foreign exchange company that has been in operation for 35 years and now has offices in the UK, Spain, the USA and Ireland.
One of the largest players in the money transfer industry, it has a fully integrated online payment and telephone platform that serves both corporate and private customers. Moneycorp specializes in corporate wire transfer services, as well as international payments and transactions for high-net worth individuals.
Key facts about Moneycorp
- Moneycorp has partnerships with the Virgin Atlantic airline and a number of airports, including UK’s Southampton Airport, Heathrow London, and London Gatwick, among others.
- It has 10 retail “bureau de change” stores across London and the South East, along with 61 airport locations to help people transfer money across the UK.
- Moneycorp offers standard or express delivery methods for wire transfers and allows its customers to buy or sell in 30 currencies.
- In 2014, Moneycorp was acquired by the private equity investment company Bridgepoint Capital for a whopping £212 million, with the hopes of growing the company’s international reach even further.
- In 2015, Moneycorp bought a 45% stake in Novo Mundo Corretora de Cambio, a Brazilian currency company.
Who Is Moneycorp?
Moneycorp has maintained a long history of success and growth by successfully operating and maintaining three very distinct forms of money transfer services.
- Bureau de Change: These are local currency and foreign exchanges centers, which are found in airports or stores across the UK, Spain, USA and Ireland.
- Commercial Foreign Exchange (or CFX): This service allows businesses and individuals to send money online by creating forward currency contracts, which means each party can agree to buy or sell a money online at a predetermined rate of exchange.
- Wholesale Banknotes: This services provides banknotes to other foreign exchange providers and businesses, including banks, government offices, high-street retailers, and other money transfer businesses.
How Does Moneycorp Work?
The first step is to register for a free account. I will outline the registration process more in depth below.
Once you've registered, you will have two choices:
- “Trade FX,” which allows you to search and agree to an exchange rate online.
- “Finalize A Book Deal Over the Phone,” which allows you to transfer money online based on an exchange rate you negotiated on a previous phone call with a Moneycorp representative.
You can call a Moneycorp representative to request a fixed exchange rate for the international payment you want to make. Moneycorp calls these “spot contacts” and promises to stick to the agreed-upon exchange rate.
The next step is to choose which currencies you would like to exchange form the drop-down menu.
The currencies are offered in pairs. Once you choose your currency pair, then select the “Value Date.” This is the date by which you must pay for your contract and the day on which your funds will be available to their final recipient. If your “Value Date” is more than 10 working days in the future, Moneycorp requires a cash deposit to secure the deal.
Just two steps away
After you set on a “Value Date”, you can toggle the direction of your deal by clicking on “Sell” or “Buy.”
Simply enter the amount of currency you wish to buy or sell. From there, Moneycorp is required by law to ask for a reason for your trade and the source of your funds. Choose from a drop-down menu of pre-selected reasons, such as “property purchase” or “immigration.”
Then, you will be directed to the next page, where you can agree to the exchange rate and terms of the deal and officially book your transfer. After you book your transfer, you will receive a pop-up confirming your deal. You will also be able to see all deals you’ve book, either online or over the phone, by clicking on the “Deals” tab from your main page.
How to Continue a Deal You Started Over the Phone
From your main account page, click on the text next to the phone icon to transfer currency you have already purchased online or over the phone via your personal “Dealer”. Then, use the filter to select the specific country of the deal you want to complete.
On the next page, another dropdown menu will appear to let you select the recipient of your wire transfer. This should be a pre-populated option based on a previous phone deal.
From there, you just follow the same steps that were outlined above. You will still be able to access your final transfer information by clicking on the “Deals” tab once you’re finished.
If you do not see your desired recipient, you can add them in manually.
How Do You Register at Moneycorp?
Simply go to Moneycorp's homepage and create a free account by clicking the "Register" button on the top left-hand side of the page. You then have the choice to either open a personal or a business account. You can also sign-up for a prepaid card from the main page, which allows you to access your funds quickly when you travel.
To open a personal account, simply follow the 3-stage registration process.
Registration is pretty simple, whether you’re creating a personal account or a business account. Everything is step-by-step, and it took me less than 5 minutes to set-up an account.
How Much Does It Cost to Use Moneycorp?
In my opinion, one way that Moneycorp outshines conventional banks is the fact that their wire transfer fees and rates are so simple to understand.
Once you’ve settled on an exchange rate for your deal or transfer, there are two flat fee options you can choose from: Express and Standard. If you choose Express, your transfer will arrive in 1-2 business days. If you choose Standard, it will arrive in 3-5 business days.
The Express fee is £9 and is available for all destinations, while the Standard fee is £5.
The only drawback is that the Standard option is only available in certain countries.
How Long Does It Take to Transfer Money with MoneyCorp?
As mentioned above, there are only two options for delivery timelines with Moneycorp. Express takes no more than 1-2 business days and Standard 3-5 business days.
However, whether you’re transferring money online or making an international money transfer in person, it is possible to schedule your transfers to occur at a future date.
From the website, simply choose the transfer date from the drop-down calendar. Keep it mind that it must be a UK working day and that certain cut-off times and time zones may come into play. Once you choose a transfer date, you will see an estimated arrival date and delivery times appear on the screen.
Is Moneycorp Safe & Reliable?
One safeguard they provide is segregated customer accounts. This means that your personal funds are separated from their business accounts and are secured for your transfers only. TTT Moneycorp Limited is also regulated by the Financial Conduct Authority.
The company also boasts of 35 years of success and an annual transaction average of £8.1 million. Because the company’s overall net worth is around £18.5 million, they guarantee a secure and reliable transfer for all their customers.
Moneycorp also offers secure home delivery and reserve and collect services, as well as a travel credit card, called the Explorer MasterCard to provide customers with more security when they travel abroad.
Moneycorp Customer Support
Because of it’s broad international reach, Moneycorp maintains separate customer support lines for its locations in the USA, Brazil and Spain. You can find the contact information on their homepage under "Contact Us".
For questions about the Explorer MasterCard, you can email customer support directly.
What Others Are Saying About Moneycorp
Some customers have complained that Moneycorp customer service representatives can be difficult to reach at times. Overall the reviews have been positive and that's reassuring. Customers love the reliability and transparency Moneycorp offers and generally agree that their wire transfers meet or exceed the minimum delivery times promised. People appreciate the stress-free simple process and the quick and efficient transfer of money.
Find out what people have to say about TransferWise and World First:
Moneycorp Facebook & Twitter Page
Moneycorp maintains a very lively presence on social media, through both Facebook and Twitter.
On Facebook, Moneycorp is nearing 8,000 followers and posts everything from travel tips and tidbits to Valentine’s Day gift ideas to winners of company-sponsored contests like the Free Flight Giveaway.
On Twitter, Moneycorp has more than 2,500 followers and counting. Just recently, they Tweeted an announcement about their next upcoming flight giveaway. They also tweeted a quiz from Buzzfeed UK about what it’s like to live overseas.
My Rating of Moneycorp
On a scale of 1-10, I would rate Moneycorp at an 8. They seem to have the largest number of positive reviews when it comes to speed and accuracy. The online interface makes sending money online or transferring money abroad incredibly simple and fast.
That, to me, is pretty crucial when ranking a currency exchange service.
But, when it comes to customer service, the reviews are not consistent. This makes me hesitant to put them in the 9 or 10 category.
To summarize, it seems like Moneycorp is a reliable and quick currency exchange or money transfer service. It works best for those customers or businesses that are happy taking a more hands-on approach to the transfer process.