Moneycorp review - Fees, rates and safety


Moneycorp is headquartered in London, England, and has been active in foreign exchange services since 1979. It has locations in ten countries around the world, including the United States, and offers payments to over 190.¹ In this article, we’ll take a look at what it offers to help you decide whether Moneycorp may be right for you, as well as talking about a possible alternative option - Wise. The finance platform Wise has over 7 million users worldwide thanks to low and transparent fees and transfers done at the mid-market rate.

See if you could save with Wise

Table of contents:

Moneycorp fees and exchange rates

Fees and limits

Moneycorp doesn’t charge fees on its transfers, and there’s no upper limit to how much money you can change. There is a lower limit, which depends on the currency you’re using. It’s 50 dollars in the United States, 50 pounds in the United Kingdom and 50 euros in the Eurozone.

Instead of charging a fee, Moneycorp charges a markup on the exchange rate you get. We’ll talk about that in a minute.

Minimum transfer amount Dependent on country:² USD 50 for United States;GBP 50 for United Kingdom;EUR 50 for the Eurozone
Maximum transfer amount None

Bear in mind that there may also be third-party fees that aren’t charged by Moneycorp directly. For example, when using the SWIFT international transfer network, banks along the line may charge a fee for this service.

Exchange rates

You’ll often see foreign exchange providers making a big thing of “no fees” policies. This sounds great, but there’s a problem. Just because there isn’t a fee as such doesn’t mean you’ll always be getting the best rate. That’s because most banks and other providers, every time you make a transaction, will add a markup to the rate. Even if that looks small on paper, the numbers can quickly add up and mean you’re paying quite a bit more than you’d like.

When banks make deals with each other, they’ll use the mid-market rate, also called the interbank rate. This is just what it sounds like: the midpoint between the buy and sell rate. It’s also the number you’ll see if you search for rates on or Google. It’s important to check each provider carefully when you’re comparing your options, making sure you take into account any markup they may add.

Moneycorp says it calculates its rates on a combination of the current exchange rate among a panel of 14 or more banks, the amount transacted – bigger transfers will get a better rate – and the currency chosen. For example, a popular currency like US dollars will get a better rate than a more obscure currency. Moneycorp won’t give you the interbank rate, but it does say you’ll get closer than if you use a bank to do the transaction.³

There’s a simple way to check which provider gives you the best deal. Look at what happens when you pay in a certain amount of money, say $100, at a range of different providers. Use their online tools, if they offer these, to check how much money arrives with your recipient. The better the deal, the more will get to the receiving end.

One modern alternative to a conventional provider that could be worth checking out is the Wise borderless bank account. This lets you send money to a huge range of countries, using the mid-market rate with no markup and paying no foreign transfer fees. There’s just a single low fee that’s stated clearly upfront. That means fair, cheap money transfers, every time.

Which countries and currencies does Moneycorp offer?

Moneycorp says that it supports almost 120 currencies. The key point is that 30 of those currencies are open for trading online; the others will need you to phone up. Here’s a run-down of the 30 that can be traded online:

Currencies Countries and territories
AED - United Arab Emirates DurhamAUD - Australian DollarBGN - Bulgarian LevBHD - Bahraini DinarCAD - Canadian DollarCHF - Swiss FrancCNH - China Yuan RenminbiCZK - Czech Republic KorunaDKK - Danish KroneEUR - EuroGBP - Pound SterlingHKD - Hong Kong DollarHRK - Croatian KunaHUF - Hungarian ForintILS - Israeli ShekelJOD - Jordanian DinarJPY - Japanese YenKWD - Kuwaiti DinarMAD - Moroccan DirhamMXN - Mexican PesoNOK - Norwegian KroneNZD - New Zealand DollarOMR - Omani RialPLN - Polish ZlotyRUB - Russian RubleSAR - Saudi Arabian RiyalQAR - Qatari RiyalRON - Romanian New LeuSEK - Swedish KronaSGD - Singaporean DollarTHB - Thai BahtTND - Tunisian DinarTRY - Turkish LiraUSD - United States DollarZAR - South African Rand AustraliaBahrainBulgariaCanadaChinaCroatiaCzech RepublicDenmarkEurozoneHong KongHungaryIsraelJapanJordanKuwaitMexicoMoroccoNew ZealandNorwayOmanPolandQatarRomaniaRussiaSaudi ArabiaSingaporeSouth AfricaSwedenSwitzerlandThailandTunisiaTurkeyUnited Arab EmiratesUnited KingdomUnited States

How secure is Moneycorp?

When you’re using a financial services provider, you’re going to want to be sure your money is safe and your transactions are secure. Moneycorp says that it’s registered as a money services business. In jurisdictions where it’s required to be a licensed and bonded money transmitter, Moneycorp gives details on a state-by-state basis. The site lists details for 45 states, plus the District of Columbia.⁵ ⁶

Moneycorp is registered as a Rhode Island corporation. It isn’t registered with the Federal Deposit Insurance Corporation for its electronic transfer service, so transfers are not FDIC insured. Moneycorp does state, though, that state banking regulations ensure that the company’s capital and bonding is always sufficient.⁵

According to the Privacy Policy posted on the Moneycorp website, the company uses what it calls “appropriate security measures” and an “in depth security programme” to protect your data.⁷

We couldn’t see a specific reference to encryption, but the relevant paragraph does say that payment card data is tokenized. This means your sensitive data can’t be compromised if there’s a security breach.

What kind of services does Moneycorp offer?

As you’d expect from a major provider, Moneycorp has a wide range of services. Some are aimed mostly at personal customers, while others are generally used by business customers.

Business services ⁸

Forward contracts

These let you commit to a specific exchange rate, and then keep that rate available to you for up to two years. They’re aimed at businesses that want to be able to make accurate cash flow and revenue projections. The drawback is that you may have to place a deposit with Moneycorp

Standing orders

There are two kinds of these. A limit order means that you select a certain exchange rate. The transaction won’t be made until the market reaches that rate. It’s useful if you don’t need money in a hurry but are prepared to wait for the rate you want. A stop loss order is similar, but you choose a rate below the current market one. You’re then protected if the market moves against you.

Spot contracts

Unlike standing orders, these take effect straight away. They’re agreements to buy a set amount of foreign currency, using the rate currently on offer. Spot contracts are used when transfers need to be made immediately.

Currency options

Here, you’ll get both a set rate and a set date for the transfer to be made. This option can be used both for exchanging money and for wiring it internationally.


We couldn’t find details of any card offerings on Moneycorp’s US website. The UK website does offer a Red Explorer Mastercard online to international payments customers, but this is only available to residents of the UK. ⁹

Bureau de change

Moneycorp has a small network of physical bureau de change in the UK. Its British website lists these locations: ¹⁰

  • Gatwick Airport – 20+ branches in both North and South Terminals, open 24/7
  • Stansted Airport – 5+ branches in both Arrivals and Departures, open 24/7
  • Bristol Airport – branches landside, airside, and in arrivals
  • Central London – Notting Hill: 152 Portobello Road, London, W11 2EA; and Soho: 78 Shaftesbury Avenue, London, W1D 6NE

The website also mentions a branch at Southend Airport, although this isn’t featured on the page.

It’s worth remembering that changing money at an airport may be convenient, but it can also be a costly option. Planning ahead can often save you a considerable amount, letting you spend it on the stuff you want rather than just on charges and poor exchange rates. With Wise, you can use a multi-currency account that lets you make payments and use ATMs in local currency while you’re traveling, thanks to the linked travel money card.


Moneycorp’s wholesale currency services supply banknotes to a wide range of organisations, from airlines to government agencies. The company says it can offer these services in over 100 currencies, aiming to be a leading global supplier of banknotes from its secure cash centre in London.¹¹

Customer reviews

Moneycorp gets positive feedback overall from its customers. The consumer reviews site Feefo lists well over 5,000 reviews of Moneycorp. Of the 735 reviews from the last year when we checked the site, over 92% gave the service four or five stars out of five. The company gained an average rating of 4.6/5, suggesting that most customers are pretty happy with Moneycorp’s services.¹²

How can you contact Moneycorp?

If you have queries about how to use Moneycorp, the site contains a “Help & Support FAQs” page where you can find answers to many of the most common questions. If your question isn’t listed there, or you need to contact the company for any other reason, you can do this by email, phone, or letter. The contact details are different for personal and business customers, so make sure you use the right details.

Personal customers¹³


Phone: From within the US call 877-252-8232 - toll-free; open Mon-Fri 8 am to 5pm EST. From outside the US call +14073525890.

Mail: Write to: moneycorp, 7380 Sand Lake Road, Suite 410, Orlando, Florida 32819, USA

Business customers¹³


Phone: From within the US call 800-239-2389 - toll-free; open Mon-Fri 8:30 am to 5:30 pm EST. From outside the US call +14012749009.

Mail: Write to: moneycorp, 1 Park Row, Suite 403, Providence, Rhode Island 02903, USA

Summing up

As you’d expect from a major international provider, Moneycorp offers a wide range of financial products and services. We noticed that its US website doesn’t contain as much information as the one based in the UK, but there’s still a lot on offer. The lack of a fee for exchanging currency may seem to be a big plus for many people, though it’s always important to check how much money the recipient will actually get after the exchange rate markup that’s added.

Make sure you look at a wide range of options to see what’s right for your needs, including both conventional providers and newer alternatives like the Wise multi-currency account.


  1. Moneycorp - About us 17 Feb 2020
  2. Money transfer comparison - Moneycorp money transfer review 2020, 23 Feb 2020
  3. Moneycorp - FAQ for personal clients, 25 Feb 2020
  4. Moneycorp - Tradable currency list 17 Feb 2020
  5. Moneycorp - Security & Regulations FAQs 20 Feb 2020
  6. Moneycorp - Licensing 20 Feb 2020
  7. MoneyCorp - Privacy Policy, 20 Feb 2020
  8. Moneycorp - Foreign exchange solutions 21 Feb 2020
  9. Moneycorp GB - Personal FAQs, 24 Feb 2020
  10. Moneycorp - Bureau de change locations 24 Feb 2020
  11. Moneycorp - Wholesale banknotes 24 Feb 2020
  12. Feefo - Moneycorp reviews, 20 Feb 2020
  13. Moneycorp - Contact Us 24 Feb 2020

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.

Money without borders

Find out more

Tips, news and updates for your location