Money Corp

[Kitty]

Has anyone any experience of using this company for currency transactions? 

A search of the Forum hasn't come up with anything.

[Gastines]

Yes,Very helpful and on the ball. Don't forget you have to sign up with your details a week or so before you want to transfer money. Once signed in and code number and contact given it is fairly straightforward. Allow for French bank delays and possible charge.If you bank with HSBC you will find MoneyCorp don't charge extra.

[Lou]

Hi Cathy

I used to use Moneycorp regularly - for both one-off transactions and regular monthly payments. No problems with them in the two years or so I used them - always helpful on the phone, transfers always on time etc etc.

I stopped using them simply because through a business connection I can get a better deal with another company (I won't mention them by name as I DO get a benefit from them and so would contravene the forum rules!)

In other words, was quite happy with Moneycorp at the time. Perhaps I should stress that my time with them dates to more than a year ago now so I don't have any recent experience.

Lou

[Kitty]

Thanks so much for your comments. 

My worry about these sorts of companies is what happens they go bust on the day they have your money?  Is this worry misplaced?

Also what is the difference between Money Corp and FX companies?

[mint]

Cathy, that was one of my worries when I tried to buy in sterling and not use a foreign exchange company at all.  I mean, if banks are going bust, how can you be completely relaxed about these companies?  Don't forget they are not regulated to the same extent as banks.

Some people we know used Money Corp on both occasions of buying and selling and there is always some sort of slight delay (as I understand it ,so don't all jump on me if that's not the case!)

In other words, they like to hang on to your money if only for a few days because, after all, isn't that one of the ways in which they make profits?

[oldgit72]

I've used them several times over the past 2 years without any problems. You can also do a forward contract up to 6 months with them if the rate is good on any particular day by letting them have 10% up front. Never accept the initial rate quoted either especially if you are transferring a substantial amount. Their traders will try to get the best deal for themselves but if you push them, they will improve the rate as they will still be making something from the deal. You should be able to get within 1p/1c of the advertised bank spot rate.

[Kitty]

[quote user="oldgit72"]You should be able to get within 1p/1c of the advertised bank spot rate.[/quote]

Interesting.  With the banks, you cannot anywhere near the spot rate.  Thanks for tip.  I shall let you know how I get on, if I use them.

Any answers on what happens if they go bust?  I think they are covered by the FSA but what does this mean?

[Renaud]

Not sure about the F but I think that the SA stands for s*d all.

[Kitty]

[quote user="Renaud"]Not sure about the F but I think that the SA stands for s*d all.[/quote]

[:D] [:D]

[nectarine]

We've used Moneycorp a couple of times and always found them reliable and helpful. You have a nominated person for your account and they are usually available and easy to get hold of. I found their rates competitive and so they're the ones we have chosen for all our currency transactions.

[Kitty]

[quote user="Cathy"]  What happens if a company like Money Corp goes bust?  I think they are covered by the FSA but what does this mean? [/quote]

Any answers to this one?

[mint]

That was my main fear and the reason why I wanted to pay for my purchase (I should say would-be purchase) in sterling.  It was to avoid using one of these companies at the present time.

The company I used to deal with was Hifx and they banked with Barclays.  So, whether I would have had compensation through Barclays, I was fortunate enough not to have to find out.

If banks are going bust, I do wonder who covers these FX companies.  And, in any case, what exactly is the limit of cover?

[Will]

Cathy and Sweets

Some, but not all, foreign exchange companies are covered by the FSA. This site gives an indication of some which are included in the scheme.

Under the FSA compensation scheme, you can get a maximum of £50,000 if a bank (and forex companies count as 'banks' for this purpose) goes belly-up. See here. It's worth pointing out though, that many of these companies have close links to banks, and the maximum compensation is per person, per bank. So if, perish the thought, RBS went bust and you had £50,000 on deposit with RBS and a further £50,000 worth of money being transferred by Moneycorp (RBS being a significant shareholder in Moneycorp, causing the transfer to fail) you may well only stand to get £50,000 in total compensation, depending on how the FSA viewed the situation.

The HiFX/Barclays link is another example (one I didn't know about); similarly, Currencies Direct (another good and reputable company) has close associations with Lloyds TSB.

[Kitty]

Thank you, Will, for your comprehensive answer.  I have looked at all the links, which were very helpful indeed.

I hope to use MoneyCorp for a currency transaction and I shall let you know how I get on.

[Lou]

Will, that's an interesting site.

I was pleased/relieved to see that the company I currently use is also listed there.

Cathy - if you'd like details of my contact at this other company (for comparison purposes with Moneycorp perhaps) then PM me.

You can open accounts with as many brokers as you like and aren't under any obligation to then trade with them (though you probably open yourself up to endless emails/phone calls once they've got your details!!)

Lou

[Stan Streason]

I would have no problems with Moneycorp - they have been trading for over 30 years and their last audited accounts show net assets of some £50+m.  You have to be very very unlucky if they go but the day you do a transfer - probably far more likely to get run over crossing the road (in that to my knowledge one of these companies has never gone down owing its customers money).

I tend to use 4xcc and their website says they keep all clients funds in designated accounts with ABN Amro and dont mix them with their own funds which are with Barclays.  I could not see aimiklar statement on Monet Corps website but I would phone and ask a question if you were worried.  EDIT - actually they say what they do if you follow Will's link a couple of posts ago

[Rudolf Kilchherr from Moneycorp]

Dear All,

I work for Moneycorp from our London office as an account manager and I am French (I look after clients referred by our partners related to the French market).

First of all I would like to thank the people who used us and are sharing their positive experience, we work very hard to give our clients as good an experience as possible and it is always good to hear the feedback.

I just wanted to clarify a few important points that some of you had raised, especially delays in transactions, FSA regulation and safety of funds.

 -Delays of transactions:

Sorry to state the obvious but we can only send the funds once we have received them. Indeed, most of the delays our clients incur are due to issues with incoming funds (wrong reference, wrong bank account, delay in the bank where the funds originate from to actually action the transfer, etc…) the other significant reasons for delays are at the receiving end. We do not speculate on funds AT ALL and do not hold them longer than the client wishes: if a deal has been booked by a client as soon as the funds arrive (when correctly labelled) we send them as a SWIFT payment (fastest possible). The only time when funds would not be sent immediately is when a client wishes to send us the funds (No Deal Booked) to be in position to act quicker should a specific currency level be reached.

  

-Since November 2009 and the Payment Services Regulations, Moneycorp is authorised by the FSA as a Payments Institution (PI). Authorised PIs are required to safeguard client funds they hold in relation to an electronic payment.

 

-Safety of funds: Incoming client funds are held on “Client Accounts”, held with our bankers. Outbound funds come under the protection of the Payment Services Regulations (providing the broker is authorised by the FSA for the provision of payment services as is the case with Moneycorp ) and as such they are held in specific safeguarded accounts.

 

I hope this helps and answer some uncertainties you might have.

[Kitty]

Feedback time.

Following the posts on this thread, we decided to take out an account with Money Corp and have been impressed with their service.  Everything is done quickly and efficiently.  Phone calls are answered, queries are answered - a perfect service.

We got a very good rate for the bulk of money that we exchanged from pounds to euros - very close to the rate quoted on www.xe.com.  We then opened up an account and, by telephone, we order our money to be exchanged when we want.  We don't get interest on the money deposited with them but we get control over when we want to exchange our money.

We also have ordered money to be changed at set rates, should the euro/pound rate get to a specific amount e.g. 1.2, when the money is then automatically transferred.

As things stand at present, I would recommend using them.