Moneycorp started in 1979 and has become a top choice for sending money abroad. It works in over 190 countries and handles more than 120 currencies. In 2022, it moved over £70 billion for its clients.
It’s regulated by the Financial Conduct Authority (FCA) in the UK. This shows Moneycorp is trusted and safe for managing your money.
This review shows Moneycorp is well-liked, with a 4.4/5 Trustpilot rating and over 2800 five-star reviews. But, some users have had issues like frozen accounts or unhelpful staff. Moneycorp stands out for its good exchange rates and low fees.
Using Moneycorp means fast transactions, usually within 48 hours. You also get tools like currency hedging and monitoring. For more on how Moneycorp can help with your international money needs, check out Moneycorp Global Payments Reviews.
Overview of Moneycorp’s Services
Moneycorp provides a wide range of services for both individuals and businesses. They offer money transfer options like spot contracts, forward contracts, limit orders, and options contracts. These options help clients manage currency risks effectively.
Moneycorp is known for its dedicated account management. Clients get personalized support throughout their journey. The platform supports both phone and online transactions. Plus, Moneycorp doesn’t charge standard transfer fees, except for small fees in SWIFT transactions.
| Service | Description | Benefits |
|---|---|---|
| Spot Contracts | Instant transfers at current market rates | Favorable for immediate needs |
| Forward Contracts | Lock in an exchange rate for future transfers | Protection against rate fluctuations |
| Limit Orders | Set a target exchange rate for future transfers | Efficient for planned transactions |
| Options Contracts | Flexible contracts allowing you to choose | Control over exchange rate movements |
Moneycorp has high customer satisfaction ratings. They score 4.4/5 on Trustpilot and 4.8/5 on Feefo. Clients love their competitive Moneycorp exchange rates. Big transfers can save up to £8k compared to banks.
Moneycorp’s foreign currency margins are 1% to 2%. This is much lower than banks, which can charge up to 5%. Overall, Moneycorp is a top choice for international money transfers.
Moneycorp Compared to Other Providers
Moneycorp is a big name in global money transfers. When comparing Moneycorp to Wise, Wise often wins with its clear fees and rates. Wise’s rates are often better than Moneycorp’s, making it a top choice for those looking to save money.
In money transfer comparisons, Currencies Direct is also a top pick. It’s known for great customer service and an easy-to-use platform. People like Currencies Direct for its simple process and good rates, making it a better choice than Moneycorp for some.
How much you pay for a transfer matters a lot. Moneycorp might seem good at first, but people often complain about its service and delays. The way fees are set can also affect your choice. Some companies might seem free but charge more on exchange rates, which is important for big transfers.
How fast your money gets to the other side also matters. While most transfers take a few days, some services offer instant transfers for more money. People often look for faster and easier ways to send money, which is why Currencies Direct and Wise are popular choices.
The table below shows some key differences between these money transfer services:
| Provider | Transfer Fees | Exchange Rate Markup | Transfer Speed |
|---|---|---|---|
| Moneycorp | $5 – $25 (varies) | 0.6% – 1.2% | 1-3 days |
| Wise | Low flat fee | 0.3% – 0.5% | 1-2 days |
| Currencies Direct | $0 – $20 | 0.2% – 1.0% | 1-3 days |
Knowing the differences in fees and rates can really help when sending money abroad. Whether you choose Moneycorp, Wise, or Currencies Direct, do your homework. This way, you can find the best option for your needs.
Conclusion: Is Moneycorp the Right Choice?
When looking at Moneycorp, it’s key to see both its good points and not-so-good points. Moneycorp is known for being a safe place to send money abroad. It lets you secure good exchange rates for up to two years. This makes it a good pick for big money moves.
But, Moneycorp has some downsides. Customer service can be a problem, and rates might not always be the best. This might make some people look elsewhere, like Wise or Currencies Direct.
Choosing Moneycorp means thinking about what you need versus what others offer. For big money moves over £5,000, other services might be cheaper. Banks can charge a lot more than Moneycorp for sending money abroad.
It’s important to look at prices, service quality, and what you need for your money moves. Moneycorp is solid for business needs, but others might offer better deals. To find the best fit, check out Moneycorp’s services and compare them with others.
