If you’re considering using Moneycorp to do your money transfer then this article is ideal for you. Throughout this article, we look look at Moneycorp in more detail, and whether this is the right option for you.
Who are Moneycorp Money Transfer?
Moneycorp transfers can be done between various countries in the world. The company seen as a global specialist in international payments and is trading under TTT Moneycorp Limited. Transfers can be made as a once off payment, or regular customers can make use of a mobile app to manage their money transfers.
How You Can Send Money Overseas
If you are sending money to family who live abroad or you have a child who is in need of some emergency funds while they are travelling, you can send money overseas in various ways.
There are many businesses out there who are competing with each other to get your business, and help you to send this money overseas, these can include banks, as well as other money transfer firms like Moneycorp.
The best way to send this money however, can be confusing at the least and a minefield at the worst.
Every firm will offer you a deal that will be based around a range of considerations, including how much you are looking to transfer, the frequency, how quickly you need it to be transferred and how the other person is going to receive it.
Whether you want to make an instant payment or send it in regular payments for any reason, our article will provide you with more information on making the right decision.
The 3 Main Options
When you are considering the various option of money transfer, there are three potential 3 options; bank and building society, foreign exchange brokers and high street transfer firms.
These three options all have their own pros and cons, which we will look at in more detail throughout this article. They will all offer different fees, different durations for transferring the money and there will be other considerations, such as the frequency you wish to make the payment transfers.
The high street banks will always be the safest option out of the three, but they all have different pros and cons.
Hidden Cost of Using Moneycorp
You will need to consider the potential wide range of potential fees, interest and exchange rates you may be charged, depending on your option. This can sometimes be a minefield when using companies such as Moneycorp for money transfer. You may not know where to turn, and what your options are.
The best thing you can do in this situation is to start by using your pounds as your starting currency, and then you can find out how much of your foreign currency, your pounds will be able to buy. This will then give you a total sum that you may wish to use to match against different deals.
You can also use this sum when you are assessing any potential fees, interest and exchange rates.
Moneycorp’s foreign exchange rates are available in a range of shapes and sizes, the also change regularly, so one option you look at may have a different cost the following day,
Therefore, if you are trying to compare the offers against the others, you should aim to compare within 24 hours, otherwise the price may not be accurate.
There may be sending fees included from Moneycorp, and they could also add receiving fees at the end. It is important to be aware of these extra costs.
Always ask about receiver fees, as if you are sending to family, they may not be able to cover this. You can cover it for them though.
Ask for Confirmation!
Once you have made your decision from the different options and you are happy with your choice, the next step is to request confirmation.
Make sure you send confirmation to the bank, exchange firm or broker that they you are happy for them to deal with your personal details.
You will have information on how much you wish to spend, the required frequency and timescales.
Ask them to send confirmation in writing, so that you have this on the off chance that something goes wrong.
Make sure you keep all receipts related to the transaction, as you may need these at a later date.
Is It Safe to Use Moneycorp?
With everyday banking your money is protected by the Financial Services Compensation Scheme (FSCS), which means that if the bank happens to go bust, your money would be protected.
On the other hand, when you use foreign exchange firms like Moneycorp, you do not have this level of security. If the money transfer firm goes bust, your money would also be gone and you would have no back up.
There is the Financial Conduct Authority (FCA) and this helps ensure a certain level of quality.This requires that companies follow a strict set of rules, which will increase your safety, security and you will have increased chances of getting a refund, if the worst happens.
Our main tip is to use the FCA approved foreign exchange firms like Moneycorp, especially if you plan to send a lot of money.
Moneycorp alternative: using your current account
You may be wondering why you should be using a foreign exchange firm, as you already have a current account with your UK bank or building society.
The answer is that you don’t. There is absolutely no reason why you need to use a foreign exchange firm. Your bank or building society will be able to discuss the options with you.
It can often be a lot safer, not to mention more convenient, to use your bank or building society.
The main advantages to using your own bank include the ability to set it up quickly and easily, you will have guidance through the process, and they are on the high street so they are instantly accessible.
The downsides of using your own bank will include lower exchange rates, especially if you are sending large volumes of money. The transaction is slower with a bank than with a foreign exchange firm.
Some banks may take as long as 6 working days to fully complete the money transfer process, whereas foreign exchange firms will deliver a much quicker service.
What about Regular Payments?
Although UK banks are a bit slow with the transfer, you can usually speed up the process by paying a transfer and/or a receiver fee. The fee may vary, depending on your bank.
Most UK banks have their own counterpart banks overseas, which allows for special arrangements to be made.
You should speak to your bank about overseas banks as there are often lower exchange rates and either no charges, or much smaller charges.
If you are planning to send regular payments, this can be extremely useful.
Whether you’re trying to pay bills on a ‘holiday home’ overseas, or you are supporting family members financially, who may be living away from home then you may be able to make special arrangements.
Our main tip is that you should hold an account which is in your name in both the UK and the country where you are making the regular payments. You will then be able to benefit from reduced fees and lower costs.
Another Moneycorp Alternative – Using High Street Firms
Instead of using your bank, you may choose to use a high street foreign exchange firm.
This choice will give you plenty of options, as there are high street branches everywhere and you can discuss the options in-person, such as the Post Office or if you’re used to using the internet, you can quickly scan the internet for the best deals and fees.
The benefits of using a high street firm are that you will get the opportunity to use a wide range of services such as the ability to do ‘instant transfers’ into the recipient’s bank account.
It is also really easy to set it up, you will not need a high street foreign exchange account and if you are only sending a small amount, you won’t need ID either.
These firms will also be able to take care of the process very quickly, which is ideal if your family member urgently needs some instant cash to be able to get on with their travels.
You should be aware that between the high street firms, the fees and costs will vary widely. You may be charged higher fees for smaller transfers, and this needs to be taken into consideration.
Other downsides include the exchange rate rapidly changing, which means that you must make sure that you reach a decision on the day you receive the deal with these firms, as the following day, the exchange rate may be different.
Additionally, your overseas transaction will not always as safe. This is due to the fact that not all firms are covered by the FSCS discussed above.
Using Moneycorp for Money Transfer
Your final option is use a broker like Moneycorp to send your money overseas. This is an ideal option for sending larger sums of money, which have low exchange rates.
As the Broker is a specialist in exchange rates, you will end up with better rates, which will be ideal if you are sending regular payments.
In addition, the process is extremely fast; the Brokers will not mess about with your overseas payment and can often take care of the payment within the same day.
There are also downsides, just like with the other options. Setting up an account with a Broker may take a while, so even though you may be able to take care of the process quickly, the set up is longer.
Also, you should only do this if you have large amounts to send overseas, as smaller payments end up with the biggest fees. This means that setting up an account may not be worth your while.
Using a Broker is also not the safest option. If the firm goes bust, your money will not be protected, as not all Brokers are covered by the FSCS.
Compare the Market
As with any important financial decision, you should compare and contrast the market, to find out what works for you and your needs for sending money overseas.
There are a range of comparison sites available, so don’t just stick to one, use a few!
Make sure the comparisons as detailed as possible. Using filters will be extremely useful here.
When you find a deal that fits your needs, you will be able to check this against the other firms, banks and brokers. Also, before you decide what option to use, you should double check that your deal is covered or authorised by the FCA.
It is important to be aware of any scams. Scams exist with everything, including money transfer.
If the deal seems too good to be true, then you can safely assume that it is,
If you find deals that ask you to click on external links, or make phone calls, or they are requesting that you send details over emails, you should double check this with the payment provider.
Most authorised firms, will not do this.
When you open an overseas account with an authorised provider, you should not give out your details, make sure everything is legitimate first.
If you are intending on making purchases and payments, such as online shopping from overseas stores, you may want to consider using a credit card. This is a convenient way to send money, and you know it is safe.
There are also other ways of sending money overseas, however, you should avoid sending cheques or foreign bank drafts as these can be easily intercepted and you may not see your money again!
Also this process can be painfully slow and unsafe together, and you may end up with handling charges.