FAQs

Frequently asked questions

What are the benefits of using Moneycorp as opposed to a bank?

How much does it cost?

How does the service work?

How do I open an account with Moneycorp?

How much can I trade?

Can I trade spot and forward at the same time?

How do I transfer my funds to you?

How do I know that my money will be safe?

How can I ensure that my payments reach my supplier/beneficiary on time?

How can I track the progress of my payments?

How can I take advantage of currency market movements?

What market information does Moneycorp provide?

What are the benefits of using Moneycorp as opposed to a bank?
Moneycorp is a foreign exchange specialist who can offer you a service specifically tailored to the individual needs of your company. Unlike when dealing with the banks, you will be assigned a dealing and account management team who will develop a comprehensive understanding of your company’s foreign exchange needs and work closely with you to manage these proactively.

Furthermore, as timely information is crucial within the business environment, you will receive up-to-the minute information on the driving forces affecting currency markets, enabling you to make well-informed decisions regarding your currency requirements.

The volatile nature of the currency markets creates both risks and opportunities. Moneycorp will protect you from the risks, while helping you take advantage of any opportunities.

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How much does it cost?
Opening a trading facility with Moneycorp is free of charge. This will allow you to buy and sell currency, but there is no obligation on you to use the facility.
Moneycorp does not charge commission; access to market information and guidance from our dealers is also provided to our customers free of charge.
Moneycorp charges £15 each time you transfer money of any currency.

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How does the service work?
1. Open a trading facility with Moneycorp by registering your details online, or by calling the team on +44 (0)20 7823 7400
2. You will be allocated a personal dealer with whom you can discuss your requirements, who can give you an exchange rate or the latest market information
3. Once you are happy with the proposed exchange rate and contract option you can agree and book your trade verbally
4. You will receive confirmation of your trade (a Contract Note) immediately after booking your trade and you will need to provide the details of the beneficiary who will receive the foreign currency
5. Send your funds to the Moneycorp Client Account to arrive on or before the agreed date when the currency is due to be paid out (value date)
6. Moneycorp will then send your foreign currency to the account you have specified, on the agreed value date, by SWIFT, once your funds have cleared

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How do I open an account with Moneycorp?
In order to buy or sell currency you will need to open a trading facility by completing a Trading Agreement. You can register your company’s details online, or download a Trading Agreement - once completed this can be faxed back to us. You may also be asked to provide supporting documents which your Account Executive will discuss with you. Opening a trading facility takes just a few minutes and you will then be able to benefit from our services immediately.

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How much can I trade?
Moneycorp’s minimum transaction size is £20,000 (or currency equivalent). However, we do have the facility to handle smaller transactions within the Moneycorp group of companies. There is no maximum limit.

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Can I trade spot and forward at the same time?
You may enter into both spot and forward contracts with Moneycorp at the same time. Depending on your requirements, we can arrange currency trades and contracts to suit your needs.

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How do I transfer my funds to you?
You can transfer funds by making an electronic transfer to our secure client funds account. You will need to ensure that funds reach this account on or before the agreed value date in order for your currency to be paid out. We will provide you with all the necessary details when we confirm your trade.

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How do I know that my money will be safe?
Established in 1962 and trading currencies since 1979, TTT Moneycorp Ltd transacts in excess of £10 billion per year in currencies on behalf of our clients. Your funds will be held in a secure client account with one of our main clearing banks; HSBC, Barclays or RBS.

In addition, you can be secure in the knowledge that Moneycorp has been awarded top credit ratings by Dun & Bradstreet, Graydon and other credit agencies and that RBS is a significant minority shareholder in the TTT Moneycorp Group.

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How can I ensure that my payments reach my supplier/beneficiary on time?
Moneycorp is a member of SWIFT (Society for Worldwide Interbank Financial Telecommunications), the global platform for instant wiring of domestic and international money transfers. This facility enables us to transfer your currency with increased speed, efficiency and control.

In addition, when you book your trade, you will agree a value date – the date on which the payment will be made. As long as you have transferred your money in time to reach the Moneycorp Client Account on or before the value date, then the payment will be made. Payment delivery times vary according to currency, but it is possible to achieve same day delivery for Euro and US Dollar payments.

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How can I track the progress of my payments?
Moneycorp provides a full corporate customer service providing you with information regarding all your payments. Simply call +44 (0)20 7823 7878 to speak to a member of the customer services team.

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How can I take advantage of currency market movements?
Constantly fluctuating currency markets mean that the timing of trades is critical. At Moneycorp, we specialise in giving you vital market information to assist your decision on the best time to trade. We can help you to reduce currency risk and to maximise the opportunities to profit on transactions. Our services mean that you are no longer obliged to accept the on-the-day exchange rate offered by the currency market. You can now make currency fluctuations work for you.

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What market information does Moneycorp provide?
Our qualified dealers use a wide range of sources to gather accurate, reliable and up-to-the minute information, which we use to make your trading decisions. These sources include real-time news and interbank prices from Reuters, Bloomberg and CNBC. In addition, our highly experienced and well-connected dealers regularly call upon an extensive network of personal contacts in financial institutions around the world. We deploy all of these resources, combined with personal and proactive account management services, to provide our clients with the most comprehensive market information.

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Case study:
See how Moneycorp helped a garden furniture company to manage its exotic currency requirement read more