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MoneyCorp

MoneyCorp Review
  • Editor Rating

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

  • MoneyCorp Review
  • Reviewed by:
  • Published on:
  • Last modified: June 13, 2016
  • Exchange Rates
    Editor: 79%
  • Website Friendly
    Editor: 90%
  • Customer Service
    Editor: 75%
  • Overall
    Editor: 82%

MoneyCorp Review

MoneyCorp is split into three trading divisions:

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

Commercial Foreign Exchange – Since1999, 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.

With over 35 years of business experience, 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

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 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 in 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 opens to an engaging image of a casual young couple presumably checking rates by mobile, setting a relaxed, welcoming tone that the brand. The three services: personal transfers, corporate accounts and travel money are options 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. Another personal touch that compliments the photograph is the image of a satisfied customer and details of that and two other couples’ pleasure with 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 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 an image of trustworthiness.

Reviews:

Poor rating on TRUSTPILOT with 22 reviews, MoneyCorp has a 3.6 rating.

When Explorer card changed from Visa to MasterCard a client in Spain was  unable to convince MoneyCorp to send her a new card and was told she could only return to the UK to collect her card. The company informed her that had she lost her card abroad, MoneyCorp was not prepared to re-issue the card by sending it to any other address than the registered home address. The experience has been reported by several other travellers including one who wasn’t able to get service issues sorted out at branch in Spain. This policy defeats the purpose of using the explorer card abroad.

Excellent rating 97% satisfaction out of 4518 reviews on feefo. Delays plagued some clients, others were happy although they noted their bank Beat MoneyCorp transfer rates for similar amounts of GBP to USD!

Editor’s Review: Beating bank rates is the whole point of using a foreign exchange company, yet even some of MoneyCorp’s satisfied customers admit their bank can improve on MoneyCorp’s rate. Using their online transfer service has been trying for customers who find it necessary to phone transfers through when website erroneously asks for a SWIFT code for US banks which don’t use the code. Airport bureau de exchange rates are competitive, but holiday cash purchases made at Heathrow aren’t the reason most people use foreign exchange. Other, smaller foreign exchange companies manage to save their clients far more than MoneyCorp. Not having brokers dedicated to each client adds to the large, unresponsive feeling clients dealing with MoneyCorp experience.

3 out of 4 stars for overall quality of service. Advantages of offering travel cards and travel money as well as great corporate service are counterbalanced by mediocre rates.

 

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.