Moneycorp

Moneycorp is a UK foreign exchange and international payment service, offering currency exchange rate alerts and forward contracts to secure the prevailing exchange rate, regular payment plans that can be combined with a Forward contract to lock in the exchange rate in advance, and 24/7 online access to your account¹. Its website is www.moneycorp.com².

An international money transfer allows people to send funds from a UK account to another account in a different country³. Moneycorp's business is doing that for individuals and businesses, along with the tools that go with it: fixing an exchange rate in advance, watching rates, and setting up payments that repeat.

This page covers what Moneycorp offers, how its charges are worked out, how to set up a transfer and what checks apply, and what happens if something goes wrong. It does not carry Moneycorp's rates or fees, because those change; the figures that matter for your transfer are the ones on Moneycorp's own site on the day.

What Moneycorp offers: international money transfers

Moneycorp's core service is the international money transfer: moving funds from a UK account to an account in another country³. That is a different thing from a domestic bank transfer, and it is also different from the money transfer products credit card providers sell, where the money moves between accounts in the UK.

The market Moneycorp operates in includes a range of providers. The Post Office's international money transfer service is provided by Western Union and is an online or in-branch service for individual and business customers alike who want to transfer money abroad⁷. Some app-based providers use peer-to-peer money transfer services rather than holding and sending the money themselves⁸. Moneycorp sits in the specialist foreign exchange part of this market, alongside other currency firms.

For a consumer, the practical question is what a provider gives you beyond the transfer itself. Specialist currency firms typically offer a choice of how to send, the ability to fix a rate for a future date, and a named contact. The sending money in the UK and abroad guide sets out how the different routes compare, and the money abroad guide covers moving, living and travelling overseas.

Moneycorp's own site is the place to check which services it currently offers, because product ranges change. What follows covers the main types of service a currency firm of this kind provides and what each one means for you.

Where you can send money and in which currencies

Moneycorp publishes a table of the countries and currencies it supports for international payments. That table lists Thailand with the currency THB⁹. Currency availability is not fixed: providers add and remove corridors, and cut-off times differ by currency, so the list on Moneycorp's site on the day of your transfer is the one that applies.

For context on how wide these networks can be, one currency firm advertises access to more than 140 different currencies through its in-house experts, with hedging options and rate alerts¹⁰. Another provider lists destinations including Australia, Austria, Belgium, Canada, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, India, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Mexico, Moldova, the Netherlands, Norway, the Philippines, Poland, Portugal, Romania, Singapore, Slovakia, South Africa, Spain, Sweden, Turkey and the United States⁸. Those are other firms' lists, not Moneycorp's, but they show the shape of the market.

Two practical points follow. First, the currency you send in is not always the currency that arrives: some providers send in the destination currency, others send sterling and let the receiving bank convert, and the second route usually costs more. Second, some destinations have local rules about who can receive money and what documentation is needed. If you are sending to a country with exchange controls, allow more time and expect more paperwork.

How Moneycorp's fees and charges work

Currency firms generally charge in one of two ways, and often both at once. The first is a transfer fee, a fixed or percentage charge added to the transaction. The second is the exchange rate margin: the rate you are given is worse than the rate the firm gets in the market, and the difference is its revenue. A low or zero transfer fee with a poor rate can cost more than a visible fee with a rate close to the market.

Those are that firm's terms, not Moneycorp's, but they show the two shapes a charge can take: a percentage with a floor, or a flat amount per transfer.

Moneycorp does not publish a single fee that applies to every transfer, because the cost depends on the amount, the currency pair, the destination and the service you use. The figures that apply to your transfer are on Moneycorp's own site and in the quote it gives you. When you compare quotes, compare the amount that arrives in the recipient's account for the same amount sent, not the headline fee.

Forward contracts and rate alerts: fixing or watching the exchange rate

A forward contract fixes an exchange rate now for a transfer you will make later. That protects you if the rate moves against you, and it costs you the benefit if the rate moves in your favour. Firms commonly ask for a deposit or margin against the contract, because they carry the risk of the rate moving before settlement. Moneycorp sets its own terms, so ask what deposit or margin applies and what happens if you cannot complete the contract.

Rate alerts are the lighter option: you tell the firm the rate you want, and it tells you when the market reaches it. One currency firm describes its service as giving access to more than 140 currencies through in-house experts with hedging options and rate alerts¹⁰. That is a description of a competitor's service, but it shows what the category includes.

There is a rule worth knowing about how rates can change. Under the Payment Services Regulations 2017, changes in interest or exchange rates may be applied immediately and without notice where they are based on reference rates provided to the user, or where the change is more favourable to the user¹¹. In practice that means a rate quoted to you can move before your transfer settles, and the terms you sign set out how that is handled.

Regular payment plans for recurring transfers abroad

If you send money abroad regularly, for example to family, for a mortgage on an overseas property, or to a business supplier, a repeating plan is usually cheaper and simpler than setting up each transfer by hand. These plans send a fixed amount on a fixed schedule at an agreed rate arrangement.

Most bank apps have a section called "regular payments" or similar, which lists your recurring payments and direct debits¹². That is the domestic equivalent, and it is worth checking there before you set up anything new, so you know what is already leaving your account.

For the receiving end, the timing matters as much as the fee. Direct debit payments typically take three business days to reach a provider, with a maximum of seven business days, and withdrawal requests are processed within one business day of receipt, with funds then taking seven to ten working days to reach a bank account¹³. Those are one investment firm's terms, not Moneycorp's, but they show that "regular" transfers can take longer than people expect at each end.

If you are sending money to cover a payment with a deadline, build in the clearing time at both ends. A transfer that leaves your account on time can still arrive late.

Banking with Moneycorp online and by phone

Moneycorp is arranged by phone as well as online. Authorised push payments can be made over the phone, via online banking or in person¹⁴. Telephone banking lets you pay bills or transfer funds by landline or mobile phone without visiting a branch or cash machine, though call charges may apply¹⁵.

If you are opening an account with a provider, the usual routes are an application form completed online, in person or by phone¹⁶. For a currency firm the process is normally an online registration followed by identity checks, and then transfers are instructed online or by phone with a dealer.

There is an access point worth knowing if you are helping someone else manage their money. Most banks give telephone and online access plus branch instructions, but only a small number give access to the mobile app¹⁷. If you hold power of attorney for someone, check what access the firm will give you before you need it.

How to make a transfer and the documents you may need

To make a bank transfer you need the amount you want to send, the full name of the person you are sending money to, their six-digit sort code, their eight-digit account number, a payment reference, and whether you want the money sent straight away or at a later date and time¹⁸. For an international transfer the equivalent details are the recipient's name, their account number or IBAN, their bank's identifier, and the currency and country of the receiving account.

The mechanics differ by provider. On a Lloyds credit card money transfer, you select your credit card in the app, then choose "Balance and money transfers" from the account menu, or call if you do not bank online¹⁹. You need the sort code and account number of the receiving account, your phone for a security check, and your app or online banking login details¹⁹. That is a different product from an international transfer, but the pattern is the same: identify the recipient, confirm the amount, pass a security check.

If money is being transferred into someone else's account rather than your own, the rules can be stricter. Court funds can be transferred into someone else's account, but you need to go to court to get approval²⁰.

Fraud checks and when Moneycorp may refuse a claim

Before a payment leaves, banks and payment firms run name checks. Confirmation of Payee works by checking whether the name of the account a payer is sending money to matches the name they have entered, with alerts notifying the payer when there has not been a match¹. It checks the name on a new payee's account as well as the sort code and account number⁵, and it returns a match, a close match or no match, so corrections can be made before the money is sent⁵.

The check applies when you send money to someone you have not paid before²². If the payee's bank does not use Confirmation of Payee, the sending firm will say it cannot check the account name and the customer decides whether to proceed²².

If a payment turns out to be fraudulent, the grounds on which a bank can refuse a refund are narrow. They can usually refuse only if they can prove you authorised the payments, if they can prove you were at fault because you acted fraudulently or negligently, or if you told them about the fraud 13 months or more after the payment was taken²³. If the provider turns down a claim, it must show that you acted with gross negligence, and it is up to the provider to prove this²⁴.

The mandatory reimbursement scheme for authorised push payment fraud has its own exclusions. A provider can reject a claim if it has evidence that you were complicit in the fraud or were particularly careless²⁵. International payments are among the categories excluded from the reimbursement requirement, along with card payments, cryptocurrency transfers, payments to accounts the consumer controls, civil disputes, first-party fraud, gross negligence, payments made before 7 October 2024, and claims made more than 13 months after the last payment²⁶.

If a firm refuses a refund, one route is to report the matter to Trading Standards²⁷. For a dispute with a payment firm about a transfer, the Financial Ombudsman Service handles complaints about sending money abroad³.

How your money is protected with Moneycorp

Payment firms do not hold your money the way a bank does. Many investment platforms hold your money in separate client money accounts, usually with UK banks²⁸. Currency firms use a similar arrangement called safeguarding: funds are held in specially designated, safeguarded bank accounts, kept separate from the company's other assets¹⁰.

The rules require firms to reconcile those accounts regularly. Payment firms must perform safeguarding reconciliations at least once each day, other than weekends, public holidays and days when relevant foreign markets are closed⁶.

Safeguarding is not the same as protection under the Financial Services Compensation Scheme. Some firms are covered by the FSCS and say so plainly: one provider states that both it and its partner banks are covered by FSCS protection²⁹, and that customers may have protection for claims related to misleading advice, poor investment management or misrepresentation²⁹. Whether that applies to your money depends on the firm and the product, so ask Moneycorp directly which arrangement covers the money you send and the money it holds for you.

Moneycorp's client funds are safeguarded under the Payment Services Regulations³. You can check the firm's entry on the FCA Register, and check the company record at Companies House under number 00738837⁴.

How to contact Moneycorp and complain

Moneycorp's contact details, including phone lines and opening hours, are on its own site at www.moneycorp.com². Dealers are reached by phone, and account holders can also instruct transfers online.

If something goes wrong, complain to Moneycorp first. If you are not satisfied with its final response, or eight weeks pass without one, you can take the complaint to the Financial Ombudsman Service, which handles complaints about sending money abroad³. The service is free to consumers.

For a payment that has gone to the wrong account, the receiving bank needs the recipient's permission before it can return the money, which is why speed matters²¹. For a suspected scam, report it to your bank immediately and to Action Fraud.

Free, impartial help is available from MoneyHelper for general money questions, and from debt advice charities if a transfer has left you short. The scams and fraud guide and the consumer protection guide set out your rights in more detail.