Foreign Exchange Frequently Asked Questions
FAQ’s
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 are you able to offer better exchange rates than my bank?
Although banks are very large financial institutions and could theoretically offer you an excellent exchange rate, they rarely do so. Foreign currency is not their core business and therefore you are unlikely to be able to talk directly to a currency specialist. Banks charge big “spreads” in order to make maximum profitability from their clients. They consider their clients to be a “captive audience” and rely on complacency and lack of knowledge of other ways of transferring funds in order to secure your business.
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.
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.
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.
I have heard that some banks charge receiving/ receipt charges. Will I have to pay these?
No. Moneycorp guarantees 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.
Can I buy or sell currency when the market reaches a target level?
Yes you can. Your dealer will explain to you the various market tools available, which can help you achieve a better exchange rate.
How secure are my funds?
Your funds are as secure with Moneycorp as they are at your own bank. Your funds are held in one of Moneycorp’s designated client accounts at one of the major UK clearing banks. TTT Moneycorp Ltd was established in 1962 and has been trading foreign currency for over 26 years. The company has an enviable history of growth, trading in excess of $15 billion in currencies annually and has with no outstanding debts or borrowings. As a result we have excellent credit ratings from leading credit agencies. We encourage our clients to inspect our annual report, available on our website, or check our credit ratings. You are also welcome to visit our trading floor in Knightsbridge, London.