Moneycorp is the 2nd biggest Forex transfer service in the UK. They offer specialised services for both personal and business transfers. Moneycorp requires lower fees than banks and travel bureaus, while maintaining the credibility of a long history. This makes them a very popular choice for customers who want better deals without risking their money with a “younger” firm.
Moneycorp Ltd. was established in 1962 as Town Tickets and Tours Limited, and started dealing in foreign exchange in 1979. Their stated philosophy is to keep up with the fast-moving world of Forex by “anticipating the changing needs of the market, and of [their] customers, to develop new services”1.
Town Tickets and Tours Limited became TTT Moneycorp in 1993, and dropped the TTT in 2008 as part of their rebranding.
Over recent years, they have developed an extremely user-friendly and reliable online online capabilities. Moneycorp offers a range of white label solutions, with products geared towards many other businesses. They are a very popular option among corporations, who make up a significant chunk of their client base.
Moneycorp’s Explorer multi-currency card allows travelers to load currency onto the equivalent of a debit card. It can be used in 35 million locations and 2 million ATMs around the world.
The current CEO, Mark Horgan, was appointed in January 2012. He has held a string of senior positions at big businesses over the past two and a half decades. Before taking his current role at Moneycorp, he served as Marketing Director of Sainsbury’s Supermarkets Ltd. Before that, he had served as Managing Director of the Access Prepaid Worldwide subsidiary of MasterCard. He has previously served as CEO of The Number UK Ltd., and CEO of Europe Operations at KGB USA, Inc.
Noel Medici has served as Chief Financial Officer (CFO) of Moneycorp since 2011, before which he served as Chief Operating Officer (COO). Having qualified as a Chartered Accountant with Deloitte, he moved into financial services, after which he held senior roles at several multinational bank brokers, including Natwest and Old Mutual.
Nick Haslehurst is Moneycorp’s new CFO.
David Kerns serves as Head of Private Clients at Moneycorp, where he oversees all aspects of the client experience. He has a high level of experience in the financial services industry, and is often asked to provide commentary and expert opinion on the currency markets. He has left Moneycorp and yet to be replaced at the time of writing this.
Size and reach
Moneycorp is the 2nd largest money transfer corporation in the UK. Founded in 1962, and operating in foreign exchange since 1979, they have over 35 years of experience, making them one of the most trusted and used Forex operators.
In 2014 alone, Moneycorp executed 9.2 million transactions to over 150 countries. They transferred £13.1 billion in this period. In 2015, Moneycorp traded a whooping figure of GBP 22.6.
Moneycorp employs around 760 full-time, committed individuals, and are capable of providing quick, expert advice. They have a “spokespanel” of experts, which is regarded as one of the most influential and knowledgeable groups of commentators in the foreign exchange market.
At the end of December 2014, Moneycorp had a net worth of £627 443, up from £475 086 at the end of the previous year. Their assets were valued at £658 761, in comparison to liabilities of £31 318.
Public Stock Performance
Moneycorp Ltd. is not a publicly listed company.
Moneycorp Ltd. is authorised and regulated by the FCA and HMRC.
Mergers and Acquisitions
In December 2006, the Royal Bank of Scotland (RBS) Special Opportunities Fund became a significant shareholder in the Group, purchasing a stake from the Shlewet Family Trust, the company’s former owners, becoming the sole institutional investor in the Group, with a total shareholding of 99.9% in November 2011. After 8 years Moneycorp was bought by Bridgepoint for £212 million.
In August 2015 the company bought a 45% stake in Brazilian currency company Novo Mundo Corretora de Câmbio.
Reputation and awards
As the 2nd biggest Forex corporation, Moneycorp is a safe bet for anyone who regularly transfers sums of any size overseas. They have a high reputation among customers, with a 95% positive rating on reviews site Feefo.
They also have a high reputation among other businesses, who often use them for white label solutions. Their About Us page lists a few of the businesses who partner with them.
Moneycorp was named Best Financial Services Provider by the Overseas Property Professionals Awards in 2011, and Travel Money Provider of the Year by Consumer Moneyfacts in 2015.
general fees sitting at £5 (Free Using Our Link) Moneycorp is a cheap option, with many features and services that make it easy to use. This price, however, is prohibitive for small transfers.
Sign Up Review
- Company: TTT MONEYCORP.
- Founded: 1962.
- Payment Options: Domestic Wire.
- Accounts Available In: UK, USA (State-limited), Europe.
- Minimum Amount: $50
- Regulation: Financial Conduct Authority (UK).
- Dedicated Dealers: Yes.
If you decide to start sending currency abroad with Moneycorp, you should you have two options of trading, but before that, you would have to register.
Registration is free of charge, and will be initiated after you have made contact with the support team, and verified your identity. It should be rather smooth with Moneycorp, dealing with so many international clients (exchanging 11Bn in foreign currencies in a single year). There will be documents you would be forced to provide in order to authenticate your identity (i.e. you are who you really claim you are). The whole process could take no more than a day or two, but could take also a bit longer.
Even though Moneycorp is massive in size, the international FX transfer market dictates, because of anti money laundering regulation, that this process will take some (although minimal effort). This is why I wouldn’t recommend going through this trouble, if you’re transferring a low one-time off amount. On the other hand, the savings you could eventually get with Moneycorp when transferring larger amounts of thousands, or tens of thousands of Pound, Euros or Dollars, is enormous. (more on that below)
Trading With Moneycorp
After you signed up with Moneycorp, you can trade up to GBP 30,000 through the online platform, and up to any amount via telephone. Through the platform, you will receive a free quote, but the reason most people would prefer the telephone option is the dedicated currency experts.
When you speak to your own, dedicated, currency dealer on the phone, you can benefit in several ways:
1. Get guidance on when is the right time to make the currency exchange, according to internal forecasts on the market.
2. According to your own needs, you can receive guidance on using the different tools offered by Moneycorp. These are hedging tools that will enable you to lock down current rates for the future, and basically minimize your Foreign Exchange exposure (mostly relevant for businesses, and to assets abroad bought in payments).
3. Get a live free quote, which is to some extent flexible. If you have read our International Currency Guide, you should know that you can compare live quotes between several providers, and then in some cases to get a bidding war going. This is impossible to do using the online platform.
4. Most importantly to most people, it conveys trust in you. You will be sending potentially hundreds of thousands of dollars, transferring them into a commercial company’s account, beyond every other thing you would want to feel trusted, and nothing feels better than speaking to a human-being with a name and a face, who will escort you deal by deal as long as you remain with Moneycorp.
View our comparison for Moneycorp hedging vs Avatrade hedging here.
For some people it all comes down the margins. The experts who feel they need absolutely no assistance, just getting an immediate trade with the lowest possible exchange rate, may and may not get what they want. What I mean is that being the second large currency dealer in the UK, Moneycorp has the potential to outbid any other company on a bid war for a big trade.
For that, the trade must be large. Hundreds or thousands of Dollars or more trades, is a situation where I would advise registering to all our top recommended firms with, and get multi-quotes, compare between them, and then call them back again to see if they could offer you a better rate. It requires some negotiation skills, a lot of patience, no real necessity to transfer the funds at the moment, and as I stated beforehand – the transfer size has to be big enough to be worth fighting for from companies transferring Billions annually.
For those who won’t fit into the description above, would be looking at approximately 0.8%-1.2% margins, which significantly vary (be worse) if it’s a really small trade, or using exotic currencies. They could also become smaller if the trade is medium-sized and up, if you transfer funds regularly, expecting further transactions in the future and so on – the more desirable client you are, the higher the likeliness you’ll get lower margins.
These are markups that represent big savings compared to banks, and approximately the same bottom line compared to other leading FX companeis. There is also a 5-9 Pound fee for each transfer, but that won’t make much of a difference for larger transfers.
The bottom line is that Moneycorp’s spreads are just about as the rest of the companies we recommended, and are probably among the lowest on the market.
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