Foreign Exchange FAQs

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.

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.

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.

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.

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.

How do I set up an account with Moneycorp?
We will open a trading facility for you as soon as we receive your completed Trading Agreement. This will enable us to immediately start monitoring the markets on your behalf. Trading Agreements are available from a member of our team or you can open a trading facility online.

How long do transfers take?
This depends on where in the world you are sending funds. Usually, transfers to Western Europe and the US are same day. Further east takes two days. Your Moneycorp Account Executive will advise you.

How much will this cost me?
Moneycorp charges no commission fees. The only cost will be a £15 telegraphic transfer fee.

Will foreign exchange dealers offer advice about market conditions and rates?
Currency FX dealers are not regulated to give advice but many will provide you with information about prevailing market trends and currency movements. However, remember that no one can predict the markets with absolute certainty. You will have to make your own decision about when to buy currency, but market knowledge and experience imparted by your currency dealer will hopefully make that decision easier! Further information can be found at www.moneycorp.com where you can peruse the latest currency charts as well as sign up to receive daily or weekly market updates.

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 offers you three easy options to make your payments. Whichever option you choose, you will always receive an excellent rate of exchange and enjoy the convenience of making payments by Direct Debit as opposed to arranging individual payments through your bank.

Option 1
Fix the Sterling amount that you transfer each month.With this option the currency amount that you receive in your overseas bank will vary according to the rate of exchange at the time of each transfer.

Option 2
Fix the currency amount that you receive.Know exactly how much currency you will receive in your overseas bank account, with the Sterling amount debited from your UK account varying according to the exchange rate at the time of each transfer.

Option 3
Fix the exchange rate for all of your transfers.By fixing the exchange rate, you will know how much in Sterling you will pay and how much currency you will receive in your overseas bank account. This option is available for periods of between 6 and 24 months.

I have heard that some banks charge receiving/ reciept charges. Will I have to pay these?
No. We guarantee that our clients will not pay any bank receipt charges when sending funds abroad*. This guarantee applies regardless of the amount being transferred or to which bank the payment is being made.*Should a client incur such charges, Moneycorp will refund them in full.

Is moneycorp a member of SWIFT?
In a word, yes! Moneycorp is a member of SWIFT (Society for World-wide Interbank Financial Telecommunications), the global platform for instant wiring of domestic and international money transfers. This provides us with increased speed and efficiency as well as more control over your transfers.

What happens next?
Your Moneycorp Account Executive will talk you through all of the options available to you once we have established your individual needs. Any instructions that you give over the phone will be confirmed in writing to you.

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