Moneycorp

MoneyCorp Review
  • Editor Rating

  • Rated 3.5 stars
£20 to £100000
  • 70%

  • Moneycorp Review
  • Reviewed by:
  • Published on:
  • Last modified: January 5, 2017
  • Exchange Rates
    Editor: 79%
  • Website Friendly
    Editor: 90%
  • Customer Service
    Editor: 75%
  • Overall
    Editor: 82%

Moneycorp Review

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, Spain, France and the United States.

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.

Moneycorp is split into three trading divisions:

  • Bureau de Change – the company operates 30 bureaux de change branches at airports, including Heathrow and London Gatwick, and shopping areas in city centres. Travel money is delivered free to UK clients for amounts over £500.
  • Commercial Foreign Exchange – since 1999 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.

 

moneycorp

moneycorp

Personal Transactions Include:

  • One off payments
  • Target Rates
  • Regular Payments
  • Online transfers
  • 2 £25 Amazon gift certificates for referring a friend

Moneycorp Starcard: offered as an incentive to make a transfer, the card is sent within 28 days after transaction has been completed. When Starcard is presented at a Moneycorp airport branch, client is quoted Moneycorp’s best rate, without needing to reserve a booking for this service.

Starcard benefits are:

  • Travel money exchange rates typically better than those offered by providers like Marks & Spencer, the Post Office and high street banks
  • Exclusive discounts of up to 10% in the Apple online store
  • Airport and holiday services for airport parking, hotels, lounges and travel insurance
  • Hotelopia, reduced rate accommodation at over 60,000 hotels in 7,500 destinations
  • 20% off car rentals in 30,000 locations in 174 countries
  • Starcard has no cap so client can purchase as much currency as they like at Moneycorp exclusive rates.

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
  • Competitive real-time exchange rates and low transfer fees
  • Reporting and management information
  • Payment tracking and automated beneficiary notification alerts
  • Beneficiary bank account verification

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:

  • Global Insurance and Reinsurance
  • Fund Managers
  • Private Equity Houses
  • Asset Managers
  • Consumer Finance
  • Banks
  • Wealth Managers
  • Hospitality and Leisure

Travel Money Services Include:

  • Airport Travel Exchange – Reserved online, 55 currencies are available at bureaux de change shops located at 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

Website:

Homepage manages to streamline the myriad services into three simple options: personal transfers, corporate accounts and travel money. These options are repeated down the page to simplify the route that guides visitors toward choosing their preference. Very simplified currency calculator gives spot transfer clients an immediate idea of the rate they can hope to receive. A personal touch that helps to break up all the data are the photographs of satisfied customers and details of other couples’ pleasure at using Moneycorp to transfer funds for purchasing property abroad. All three contrasted the amount they saved with what they’d have spent had they transferred with a bank.

There is very little personable content on the site save daily market update briefs, weekly briefs and press releases which highlight Moneycorp’s expansion and hiring. Given the company’s size, this contrasts with competitor’s customer focused, helpful content badly, making Moneycorp seem brash. 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, increased trustworthiness and global presence.

Reviews:

Excellent rating on feefo for Moneycorp with 97% satisfaction out of 4,723 reviews. Most clients were quite satisfied and many named their specific customer representative, almost as if they had a dedicated dealer, which is good to see with such a large firm. Delays plagued some clients, making them wait a week for transfers, others were happy although they noted their bank actually beat Moneycorp transfer rates for similar amounts of GBP to USD. When clients made errors in giving the correct numerical information, they reported very stressful and time consuming processes that followed as they repeatedly initiated resolution by phone.

TRUSTPILOT rating recently reduced to Bad with 47 reviews, Moneycorp scores only 2.2 out of 10. Most of these, however feature a change of Moneycorp’s Travel card service that paint the customer service representatives in poor light.

When Explorer card changed from Visa to MasterCard a client in Spain was unable to convince Moneycorp to send her a new card there. She was told she would not be able to access her money on the card unless she flew to the UK and also that had she lost the card, she’d also have to return to her home address in UK to have it posted. Some report the branch in Spain has been helpful with transfer errors where calling to resolve them hadn’t worked, others say the office hasn’t been able to correct issues.

Editor’s Review:

Moneycorp’s many years in the industry have allowed them to develop a rich banquet of services for both individual and business clients alike. They’ve expanded very well from offering only airport bureau de change services while keeping travellers’ needs in mind with such services as travel money and travel cards. As seen by their high ratings on feefo, clients are satisfied with the firm’s foreign exchange services and the representatives they note by name. It’s odd that they are satisfied even when they could have better rates with banks, but we wonder is this perhaps down to the Americans not yet knowing their banks are vastly over charging them for international transfers? When they discover that other, smaller foreign exchange companies can save their clients far more than Moneycorp, they’ll wise up and not be so complacent about transfers that don’t challenge bank rates.

3 out of 4 stars

 

Pros

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.

Cons

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.