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Moneycorp

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Fastest Transfer Speed
Within minutes
Minimum Transfer Amount
£50
Maximum Transfer Amount
£100,000

Summary

Make international transfers, or partner your business with Moneycorp to offer foreign exchange services.

Individuals can choose from several types of transfers to get their money abroad, while businesses can become a Moneycorp partner and extend foreign exchange services to their customers in addition their existing products.

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Our Verdict

Moneycorp gives you a bank beating exchange rate and a flat fee for regular and express overseas money transfers. It offers travel money services too; however, foreign cash and the prepaid travel money card are available to residents in the UK only.

Moneycorp’s real downfall is its double charge when converting currencies – your dollar payment must first be converted into GBP and then into your desired currency. In addition, MoneyCorp isn’t the fastest, standard deliveries take 2-4 business days and you’ll need to pay for the express option to get your money in less than two business days.

That said, there’s no transfer limit when dealing with Moneycorp on the phone and you can make one-off payments, recurring payments, forward contracts and market orders. Sign up is also easy and can be completed within minutes.

Get your money overseas, at a cost

Whether you’re buying property overseas or sending money to friends and family, Moneycorp can send your money where you need it at a competitive rate with all the help you want. With its free expert guidance, Moneycorp can help you save money by using their experience, market knowledge, technology and focus to get you the most competitive exchange rates.

While Moneycorp offers a lower margin than many banks, you might pay a little more than some online services. Funds will be converted to pounds when a payment is made to Moneycorp from America, and you’re charged for it. Converting a currency twice doesn’t make much sense when there’s a host of US-based money transfer companies, and you’ll pay extra for this two-step process.

What are Moneycorp’s exchange rates?

Exchange rates are typically 3 to 4% better than high street banks, which could equate to a saving of up to $4,000 on an overseas transfer of $100,000.

Moneycorp’s exchange rates are based on the mid-market rate and fluctuate over a general business day. Moneycorp adds its own 1% to 1.2% margin on the mid-market rate.

Make note that the rates quoted by its online calculator are the mid-market rates, not the rate you’ll pay. Even with the small margin Moneycorp adds to this rate, you’ll get a much better rate than you’ll find at your local bank.

How much will it cost to send money with Moneycorp?

Moneycorp charges a flat fee of about $6.50 for standard one-off transfers and about $11 for express service. If you set up regular recurring transfers, you’ll pay $5 or $10 for express.

What types of transfers can I make?

With Moneycorp, you have a few solid options when sending money overseas:

  • One-off payments. You can send spot transfers online of about $65 minimum.
  • Recurring payments. You can set up regular weekly, monthly or quarterly payments by locking in a rate or choosing to get the rate at the time of the transfer. You’ll need to transfer $315 or more to qualify for recurring payments.
  • Forward contracts. This tool allows you to lock in an exchange rate for up to two years in advance of your transfer.
  • Market orders. Specify the rate you want to pay, and Moneycorp will execute your transfer when the market hits it.

Your options for transferring money also come with speed options. Standard delivery is 2 to 4 days, or up to 2 days for express delivery.

Pros and cons of using Moneycorp

Pros

  • Competitive exchange rates. Moneycorp offers bank-beating exchange rates.
  • Customer service. Moneycorp earned a 5 star rating with feefo.
  • You can transfer money anytime, anywhere. Moneycorp is available online 24 hours a day.
  • No maximum. Transfer as much as you need.

Cons

  • Double currency conversion. Funds will need to be converted to pounds when a payment is made to Moneycorp from America, and you’re charged for it. Converting a currency twice doesn’t make much sense when there’s a host of local based money transfer companies.
  • You can’t transfer to all countries. For example, Korea, Indonesia, Vietnam and the Philippines are excluded from Moneycorp.
  • Setup can be complicated. The need for ID and phone verification adds time. However, transactions are more secure as a result.
  • Calculator’s rates not the rate you’ll pay. Moneycorp’s online calculator uses mid-market rates that don’t accurately reflect the rate you’ll ultimately get.
  • Double conversions increase costs. Your dollars will first be transferred into Great Britain pounds before finally being transferred to your target currency.

How does Moneycorp compare to other services?

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
1 - 12 of 12
Name Product USFMT Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Instarem
24 hours
From 0%
New Instarem customers will get a special FX rate and zero-fees on their first transfer.
Instarem offers offers rewards on every transaction.
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
MoneyGram
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Airwallex
Airwallex
Within minutes
$0
After spending $15k in your first 90 days, receive a one-time $500 bonus that will automatically be credited to your account on any FX conversion.
Airwallex can help you make business payments to 150+ countries in 60+ currencies.
OFX International Money Transfers (Business)
24 hours
$0
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
$0
Increase business efficiency with zero transaction fees and same-day transfers.
Xe Money Transfer for Business
24 hours
$0
Save your time and money with Xe Money Transfer for business.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Currencies Direct (business)
24 hours
$0
Minimizes costs of international transactions and offers custom solutions for business clients. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.
Xe
Within minutes
$3
Xe has fast transfers with low fees and a range of foreign currency tools.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Currencies Direct
24 hours
$0
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.
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How do I transfer money with Moneycorp?

To use Moneycorp, you must first register for an account. Follow these steps to get started:

Step 1. Head over to Moneycorp’s website and click “Open a personal account.”

Step 2. Enter your name and email address

Step 3. Create a username and password.

Step 4. Fill out your personal information.

Including your address, Social Security number, phone number and currency requirements. Click Verify my details.

Step 5. Verify who you are

Upload proof of ID and proof of address. After you upload your documents, a representative will be in touch with you to set up your account and answer any questions you might have.

Bottom line

Moneycorp is a secure service that offers options for transferring money overseas, but its transfer times aren’t the speediest. As with any service, be sure to compare your options before making a decision.

Frequently asked questions

Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.

Name Product USFMT Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
OFX International Money Transfers (Business)
24 hours
$0
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
Xe
Within minutes
From $0
Xe has fast transfers with low fees and a range of foreign currency tools.
MoneyGram
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Instarem
24 hours
From 0%
New Instarem customers will get a special FX rate and zero-fees on their first transfer.
Instarem offers offers rewards on every transaction.
Xe Money Transfer for Business
24 hours
$0
Save your time and money with Xe Money Transfer for business.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
WorldRemit - 4free
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
PayPal (business)
Within minutes
$0
Provides business solutions for small business owners in over 24 currencies worldwide. Try 3 months free of Spotify Premium when you sign up with PayPal.
Wise (TransferWise) International Money Transfers Business
Within minutes
From $8.16
Enjoy high maximum transfers into more than 40 currencies, while saving up to 90% over local banks.
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
CurrencyTransfer for Business
24 hours
$0
Increase business efficiency with zero transaction fees and same-day transfers.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
CurrencyFair
24 hours
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
CurrencyFair
24 hours
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Remitly
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Remitly
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
PayPal
Within minutes
From $0
Use PayPal to safely send money and receive payments from around the world in over 25 currencies with just an email address or mobile number. Try 3 months free of Spotify Premium when you sign up with PayPal.
Xe
Within minutes
$3
Xe has fast transfers with low fees and a range of foreign currency tools.
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