MoneyCorp is the 2nd largest UK money transfer company and one of the most well established, having been trading in currency since 1999. Headquartered in Knightsbridge, London, MoneyCorp have offices in the UK, Ireland, two in Spain, France and the United States.
MoneyCorp is split into three trading divisions:
Bureau de Change– the company operates 30 bureaux de change branches at airports, including Heathrow Londonand London Gatwick, and shopping areas in city centres. Travel money is delivered free to UK clients for amounts over £500.
Commercial Foreign Exchange – Since1999, MoneyCorp has provided foreign exchange to businesses and individuals, with spot and forward currency delivery, currency options and priority worldwide payments.
Wholesale Banknotes– provides banknotes to businesses and other Foreign Exchange companies in the Greater London area. Clients are split across several categories, including: banks, bureaux de change, government bodies, high-street retailers, money transfer businesses and corporate clients.
With over 35 years of business experience, MoneyCorp has a huge share in the foreign exchange market. It saw 8.1 million customer transactions last year and traded £22.7 billion. The company has 760 employees in the UK, Europe and the US.
Personal Transactions Include:
Starcard benefits are:
Personal Transfer Fees:
Online express (delivery within 0-2 days) £9. Delivery within 2-4 days £5. Phone transfer fees £15.
Corporate Solutions Include:
Online dealing and international payments platform, with access to make foreign exchange deals and payments from one streamlined login.
Clients can hold up to 32 currency balances online with the ability to view transaction history while having in place a multi-level authorisation capability.
Best-price execution is assured by leveraging MoneyCorp’s annual volumes of £13.1 billion with a panel of 9 liquidity providers.
Specialised sector knowledge available to corporate clients in the following industries:-
Travel Money Services Include:
Airport Travel Exchange-Reserved online, 55 currencies are available at bureaux de change shops located in airports in: Bristol, Gatwick, Stansted, Southampton and Southend.
Home Delivery offers free next day delivery with insurance cover.
Explorer Card-Prepaid multi-currency card can be loaded online or at any MoneyCorp branch.
Currencies available to load are: British Pounds, Euros, US Dollars, Australian Dollars, New Zealand Dollars, Canadian Dollars and South African Rand.
Fees for ATM withdrawal- £1.50/1.75 euro/US $2.30/ AUS $2.30/ Can $2.40/NZ $3/ ZAR 20
The site initially appears simple and engaging although as visitor’s proceed, the three services: personal transfers, corporate accounts and travel money are repeated without the same helpful customer focused, content seem on competitor’s sites. Very simplified currency calculator gives spot transfer clients an immediate idea of the rate they can hope to receive.
The emphasis isn’t on clients, but rather on daily market updates, weekly briefs and press releases which highlight MoneyCorp’s expansion and hiring. Given the company’s size, this contrasts with The scope of the company’s reach is seen throughout-from the drop down menus for services in Spanish, Portuguese and French to the reminders about the volume of trade and the years trading MoneyCorp has accrued. The implication that being in business for a long time and being a big business automatically provides clients with exclusive advantages is clearly the strategy employed by this global giant. Partnered with UK airports and Virgin Atlantic, MoneyCorp’s bureau de change business is given, by association an image of trustworthiness.
MoneyCorp has a 3.6, poor rating on TRUSTPILOT with 22 reviews.
When Explorer card changed from Visa to MasterCard a client who had moved to Spain was told she could only collect her newly issued card by returning to the UK where it would be mailed to her former home. Similar customer service disconnect was reported by several other travellers including one who wasn’t able to get service issues sorted out at the office in Spain. This policy defeats the purpose of having security when loading funds into the explorer card to be accessed when abroad.
Excellent rating 97% satisfaction out of 4518 reviews on feefo. Transfer delays were issues and oddly clients praised MoneyCorp while admitting their bank beat the company’s rates.
Editor’s Review: Beating bank rates and getting fantastic dedicated service is the benefit of using a foreign exchange company, so it’s shocking that MoneyCorp’s satisfied customers admit their bank can improve on MoneyCorp’s exchange rate. Their online transfer platform doesn’t have a global sensibility and the website erroneously asks for information US banks don’t use, making it necessary for users to make transfer by telephone. Not having brokers dedicated to each client adds to the large, unresponsive feeling clients dealing with MoneyCorp experience. Other, smaller foreign exchange companies manage to save their clients far more than MoneyCorp. While their airport bureau de exchange rates are slightly better than the very poor rates usually seen their holiday cash purchases made at Heathrow are convienent.
3 out of 4 stars for great corporate service but poor exchange rates for typical transfers.
The travel cards are the single best advantage MoneyCorp can boast over other foreign exchange providers. Being able to purchase the cards online provides personal and business travellers alike with a money saving service when they purchase abroad.
Gimmicks like Starcard offer very little value especially when presented at airport bureau de change branches with hopes of a preferred rate. The rates issued at airports are notoriously poor value and MoneyCorp’s airport service is no better.