Moneycorp is one of the UK's leading foreign exchange companies and provides tailored foreign exchange services to help individuals save money on their overseas currency transfers. Moneycorp is a division of TTT Moneycorp group, which last year traded in excess of £10 billion in currencies. The Company has been accredited with ISO 9000 Quality Assurance since 1996, a unique achievement in the foreign exchange industry, which means that all our systems and processes meet the highest standards. TTT Moneycorp Ltd is a long established, financially secure company, which has been trading in foreign currencies since 1979. In addition, the Royal Bank of Scotland (RBS) is a significant shareholder in the group.
Moneycorp will offer you the following benefits for your foreign exchange transactions:
1. The most competitive exchange rates available.
2. Fixed exchange rates for settlement in the future, protecting you from adverse currency movements and allowing you to lock into favourable exchange rates.
3. No commission charges and no receiving bank fees - guaranteed.
4. Expert and friendly guidance throughout your transactions.
5. A Regular Payment Plan for your regular overseas transfers, such as mortgage or pension payments, with convenient settlement by Direct Debit.
Q. Why should I use Moneycorp as opposed to my bank?
Staff at your high street bank possess neither the expertise nor the market information to either offer you competitive exchange rates or monitor the currency markets on your behalf to help you get the best deal.
Q. How does Moneycorp save me money?
Firstly, by offering better rates of exchange than the banks when you need to trade and secondly by ensuring that you trade at the most favourable time. The purpose is always to get you more currency for your Sterling.
Q. It all sounds complicated. Will I understand how it works?
Our team of experts will explain everything in jargon free terms and ensure that you understand how everything works before you make any trading decisions. Our aim is to save you money, not to confuse you with market terminology.
Q. Is dealing with Moneycorp going to be time consuming?
Definitely not. Opening a Trading Facility takes only a few minutes and then everything else can be dealt with instantly over the telephone. The money that you will save will be worth a few extra minutes.
Q. What is the minimum amount that I can transact?
Usually we require a minimum transaction of £5,000, but we have facilities within the group to handle smaller amounts. The minimum monthly amount that you can send under our Regular Payment Plan is £250. We can even deliver your holiday money to your home or office.
Q. What will it cost me?
In general the more money you wish to convert the better the rate. Depending on your bank or broker, there will be a cost to transfer funds of between £15 and £40 per transaction. It's a good idea to compare the total cost of a currency trade as some currency dealers do not charge a transfer fee but more than make up for this difference in the exchange rate that they quote.
Q. How do I purchase currency?
Once you have set up your trading facility with Moneycorp, you will be able to buy currency over the telephone.
Q. Can I hold out for a particular rate?
Yes, you can instruct Moneycorp the moment the rates change to your desired level. Some brokers, such as Moneycorp, can place an order to purchase currency outside London trading hours, which will automatically trigger as soon as your desired rate is achieved. Just make sure you are being realistic about the rate you are looking for and be prepared to wait!
Q. What if the rate is good now, but I don't need to or can't make payment for 3 months?
You can fix an exchange rate for up to two years to make it easier to plan the cost of your currency payments. This is particularly useful if you are buying a new property "off plan". With Moneycorp, forward buying your currency is very straightforward. Simply book an exchange rate and send your dealer a deposit, usually 10% of the contract value. The 90% balance of your currency contract is payable when you wish to have funds transferred overseas.
Q. If I take out an Overseas Mortgage and have to make payments from the UK how can I do this?
Moneycorp provides a Regular Payment Plan to assist those clients that need to make regular overseas payments. Such payments might include overseas mortgage payments or transfers of UK pension payments or any other regular transfers.
The Regular Payment Plan allows you to fix an exchange rate on regular overseas payments for a period of between 6 and 24 months, removing the worry caused by fluctuations in the exchange rate over that period of time. Moneycorp will deduct the payments from your account by Direct Debit each month and transfer your funds directly to the destination account of your nomination.
Q. How do I pay for my currency?
After booking an exchange rate with Moneycorp, you will need to transfer funds to their client account. The easiest and quickest way is by CHAPS or BACS. Bear in mind that any cheque will have to clear before funds can be sent. Once we have received your cleared funds, we will transfer your currency to the account of your choice.
Q. How long will my funds take to transfer to an overseas bank account?
Moneycorp use Electronic Funds Transfer and can generally get the funds into the destination account a good deal quicker than a high street bank. We have a same-day transfer service to most European countries and North America, and next day for all other destinations. Bear in mind that there is sometimes a short delay in the receiving bank before your account is credited, this can usually be overcome with a "proof of payment" document that we can provide on request.
We can provide free quotes on demand.
Trading accounts are simple and free to set up and there is no obligation to trade.
Please use the contact form below to send us an enquiry and we will respond promptly.
Please mention Best FX Rate when contacting the dealer directly.