Moneycorp Review

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Started in 1962, Moneycorp first began dealing with foreign exchange in 1979. This safe, efficient company is one of the top currency brokers in the business today. Overall, it employs a total of more than 600 employees and serves 2.8 million customers every year.

At Moneycorp, clients within the United Kingdom get a fast, efficient company to work with. Just last year, Moneycorp traded over £11 billion. They are highly rated by D&B, Graydon and Equifax. As a leader in the industry, Moneycorp is frequently quoted by the news media as an expert in the field.

Safe Transfers

The company is currently authorized and regulated by the FSA. The FSA reports that this regulated payment institution regularly outperforms others in the field. Additionally, it has also been audited since 1987 by PWC.  Clients at HBSC, Barclays and RBS receive segregated client accounts. Due to the high quality banking relationships the company has developed, clients at any bank can rest assured knowing that their currency is safe and secure.

Since Moneycorp is authorized by the Financial Services Authority, it offers an extremely safe way to send or receive money from abroad. Since 1996, this company has worked to maintain its ISO 9000 Quality Assurance. Whether clients want an investment or just need a means of receiving their payments abroad, Moneycorp provides them with options and reasonable fees. It offers much better rates than traditional banks and can save clients thousands of pounds when they transfer large sums of money. Too often, large banks try to skim money off the top of clients’ transactions. With Moneycorp, all fees and charges are straightforward and kept to the minimum. Clients never have to worry about their account having hidden fees or charges.

Moneycorp is the second largest non-bank foreign exchange company in the UK and claims to transact over £11 million of currency each year.  It offers a range of services including:

–          Online travel money.

–          Prepaid currency cards.

–          Private overseas transfers.  Customers can choose from an ad hoc transfer or Moneycorp’s regular payment plan.

–          Commercial foreign exchange for business.

Company History

–          1962 saw the company incorporated and it started dealing forex in 1979 when the Bank of England granted it a license to operate a bureau in Central London.

–          In 2006, RBS bought a major stake in the business from owners – the Shlewet Family.

–          In 2011 RBS increased their shareholding to 97.5%.

What we like About Moneycorp

–          ISO9000 compliant which means their systems is to be trusted.  When you are transferring large sums of money this brings great peace of mind.

–          Rates.  Although they offer some of the best rates on the market, if you can find better elsewhere, they are normally willing to compromise.

–          AAA credit rating.  Few currency brokers can boast a AAA credit rating but Moneycorp is one of them.

–          FSA Regulated.

What we don’t like about Moneycorp:

–          There isn’t much!  They are rather stringent with their KYC (ID) requirements but this is only due to the fact that they go the extra mile with everything.