Moneycorp money transfer in the UK: a review of features, fees, and more

Gert Svaiko

23.03.23 (updated more than 1 year ago)

4 minute read

There are many reasons for wanting to move money overseas. For example, you might be planning a trip abroad, buying property or wanting to send money to family and friends in different countries.

So, what’s the best way to do it? Transfers can be made through your bank (often with high fees) or a specialist transfer service.

To help you find the best option for your needs, we’ve put together a review of Moneycorp, a popular company providing international transfer services. Here we’ll take a close look at Moneycorp’s offering. This includes how it works, all the key features, and the fees.

We also compare Moneycorp with Wise’s international money transfer option, which gives you a low-cost alternative, with a fair exchange rate. On top of this, Wise even has a multi-currency account, giving you the added benefit of being able to manage your money in 40+ currencies.

Key facts about Moneycorp money transfer

💰 Supported currencies:	120+; 35 online
💸 Transfer fee:	variable fee
💱 Exchange rate:	may include a mark-up
⏱️ Transfer time:	1-2 working days
🚦 Online transfer limit:	£100,000, min £50
📅 Service availability:	24/7

What is Moneycorp money transfer?

So what is Moneycorp? Moneycorp money transfer is a service which allows both individuals and businesses to make international payments, as well as receive money from overseas.

Transfers can be made in a way that suits you: online via their website, through their app or over the phone.

What currencies Moneycorp supports?

With Moneycorp, you’re able to send money overseas to 190 countries. They support over 120 currencies in total, with 35 supported for online payments.¹

The 35 currencies currently available both online and over the phone are listed below in a handy table:¹

Currency	Currency
U.A.E. Dirham (AED)	Morocco Dirham (MAD)
Australian Dollar (AUD)	Mexico Peso (MXN)
Bulgaria Lev (BGN)	Norway Krone (NOK)
Bahrain Dinar (BHD)	New Zealand Dollar (NZD)
Canadian Dollar (CAD)	Oman Rial (OMR)
Switzerland Franc (CHF)	Poland Zloty (PLN)
China Yuan Renminbi (CNH)	Qatar Rial (QAR)
Czech Republic Koruna (CZK)	Romania New Leu (RON)
Denmark Krone (DKK)	Russia Ruble (RUB)
Euro (EUR)	Saudi Arabia Rial (SAR)
Pound Sterling (GBP)	Sweden Krona (SEK)
Hong Kong Dollar (HKD)	Singapore Dollar (SGD)
Croatia Kuna (HRK)	Thailand Baht (THB)
Hungary Forint (HUF)	Tunisia Dinar (TND)
Israel Shekel (ILS)	Turkey Lira (TRY)
Jordan Dinar (JOD)	United States Dollar (USD)
Japan Yen (JPY)	South Africa Rand (ZAR)
Kuwait Dinar (KWD)

How to transfer money with Moneycorp from the UK?

To transfer money from the UK with Moneycorp, all you need to do is:²

Sign up for a free personal account with Moneycorp.
Log in to your new account and arrange your transfer. Moneycorp will ask for:

recipient full name, address and bank account details
IBAN, BIC/SWIFT code and any other banking code or number required by the recipient's country
what currency you wish to use
how much you want to send
when you’d like the payment to be made.

Moneycorp will make the payment for you. You can expect this to take 1-2 working days, with express payments arriving the same day.

What are the transfer limits when sending money with Moneycorp?

Moneycorp has transfer limits which you’ll need to take into account.

The lower limit for an online transfer is £50, or the equivalent in the currency you’re using.³

The upper limit for an online transfer is £100,000, or the equivalent in the currency you’re using. There are no upper limits if you choose to make a transfer over the phone, which is an option to consider if you need to make larger transfers.³

Is Moneycorp money transfer safe to use?

Something that you’re bound to ask yourself before making a transfer: is Moneycorp safe to use?

Moneycorp is a longstanding finance business, having been in operation for over 40 years. This means it has knowledge and experience of handling money securely.

The company is regulated by the FCA and has implemented segregation of funds to keep your money safe. This is where funds from transfers are held in safeguarded client accounts separate from firm money, so you can rest assured that the money is protected should anything happen to the company. ⁴

Moneycorp money transfer fees and rates review

A key thing to consider when considering Moneycorp’s money transfer service is cost. You’ll need to look closely at the cost of Moneycorp’s transfer rates and its upfront fees.

The good news is that Moneycorp aims to provide competitive exchange rates and small transfer fees. We’ll look at these in more detail next.

As an alternative, you may wish to look at Wise’s money transfer service that has low, transparent fees*. Sending money with Wise always gets you the mid-market exchange rate for every transfer.⁵

Learn more about Wise

Moneycorp transfer fees

Moneycorp charges a small fee per transaction to cover their costs. Although it is not clear what percentage of the transaction they charge, fees will be proportionately higher for small amounts compared to larger amounts. The same rate is charged by Moneycorp whether the transfer is made by debit card or bank transfer.⁶

Moneycorp exchange rate

Moneycorp uses a panel of banks to offer them the best exchange rates available for each currency, making their rates competitive.

Key features include allowing you to target a desired exchange rate for your transfer.⁷ Moneycorp lets you set up an alert which notifies you by SMS or email when the desired exchange rate for your currency is reached. They also allow you to lock in a favourable rate for a future transfer.

Moneycorp vs Wise

It can help to consider how Moneycorp measures up against another market leader, such as Wise.

While Moneycorp has competitive exchange rates, it may be difficult to see additional fees upfront. Wise will only charge a very small transparent fee for each transfer (from 0.41%*), which is visible upfront before you make your transfer.⁸ For very small amounts there is a small, fixed fee.⁹ And crucially, Wise only uses the mid-market exchange rate, with no margin added on top.

Wise support transfers across 160+ countries in 40+ currencies. Moneycorp, on the other hand, is more limited in the number of currencies supported online.

Wise has also built up a solid customer base with 186,278 reviews on Trustpilot, of which 155,701 have five stars.¹⁰ This is compared to Moneycorp’s 6,244 reviews, of which 4,784 have five stars.¹¹

How to contact Moneycorp?

The Moneycorp contact number in the UK is +44 (0) 207 589 3000 for customer services. They can be contacted on this number Monday-Friday, between 8.00am - 6.30pm. You can also email them at enquiries@moneycorp.com.

So, now after our Moneycorp review, you should have a better idea of what Moneycorp money transfer is and how it all works. We’ve covered currencies supported, how you go about setting up a transfer, what fees to expect, as well as transfer limits and security measures.

We also looked at long-standing international money transfer specialist Wise, to give you a flavour of how it compares with Moneycorp. Hopefully now, you’re better equipped to choose which service is right for you.

Sources used:

Sources last checked on date: 16-Mar-2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.