Why should I choose moneycorp instead of my bank?

moneycorp’s market knowledge and technology provide you with a range of choices for organising international payments to suit your requirements. In addition, the specialist service can offer better rates than retail banks, and lower transfer fees. The expert team will take the time to understand your requirements and suggest the best solutions to maximise the value of your currency transfer.

How do I know my money is safe with moneycorp?

We have been in business for over 35 years and help clients make about 7 million transactions each year. As an authorised Payment Institution, moneycorp is legally required to safeguard client funds in respect of a payment. We are a licensed Money Service Business; all relevant customer funds are safeguarded in segregated client bank accounts. TTT Moneycorp Limited is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.

Commonwealth FX holds licenses throughout the USA with very stringent reporting requirements.

Commonwealth Foreign Exchange, Inc. (“Commonwealth”) is a Rhode Island corporation (#000115949) and is federally registered as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the United States Department of Treasury (# DCN 31000040046671). Commonwealth maintains the following Money Transmitter licenses:

State License Name License Number
AZ Arizona Money Transmission MT-0930108
AR Arkansas Money Transmitter 43379
CA California-DBO Money Transmitter 2434
CO Colorado Money Transmitter 500164
CT Connecticut Money Transmission MT-917447
DC District of Columbia Money Transmitter MTR5387
DE Delaware Money Transmitter 024799
FL Florida Money Transmitters Part II FT230000123
GA Georgia Money Transmitter 48131
HI Hawaii Money Transmitter HIMT-099
ID Idaho Money Transmitter MTL-203
IL Illinois Money Transmitter MT-253
IA Iowa Money Transmitter License 2016-0105
KS Kansas Money Transmitter License MT.0000118
KY Kentucky Money Transmitter License SC379094
ME Maine Money Transmission License 917447
MD Maryland Money Transmitter 917447
MI Michigan Money Transmitter License MT0018848
MN Minnesota Money Transmitter MN-MT-917447
MS Mississippi Money Transmitter 3500
MO Missouri Sale of Checks MT-17-8069
NB Nebraska Money Transmitter 917447
NV Nevada Money Transmitter MT11050
NH New Hampshire Money Transmitter 19821-MT
NJ New Jersey Money Transmitter L053539
NM New Mexico Money Transmitter 917447
NY New York Transmitter of Money MT 103034
NC North Carolina Money Transmitter 159251
OH Ohio License to Transmit Money OHMT-082
OK Oklahoma Money Transmission License OKDOB001
OR Oregon Money Transmitter MTX-30141
PA Pennsylvania Money Transmitter 45358
RI Rhode Island Electronic Money Transfers
Rhode Island Sales of Checks
SD South Dakota Money Transmitter MT.2131
TN Tennessee Money Transmitter 183
UT Utah Money Transmitter 136
VT Vermont Money Transmitter; MT100-080
VA Virginia Money Transmission MO-285
WA Washington Money Transmitter 550-MT-82073
WV West Virginia Money Transmitter WVMT-0701
WI Wisconsin Money Transmitter 165-SOC
WY Wyoming Money Transmitter MT-7231

State Licensing Disclaimers

  1. California (CA) If you have complaints with respect to any aspect of the money transmission activities conducted at this location, you may contact the California Department of Business Oversight at: Toll-free telephone number: 1-800-622-0620 Email: consumer.services@dbo.ca.gov Fax: 916-445-2123 Mail: Department of Business Oversight: Consumer Services, 1515 K Street, Suite 200, Sacramento, CA 95814
  2. Colorado (CO) Customer Notice (PDF)
  3. Illinois (IL) If you have complaints with respect to any aspect of the money transmission activities conducted at this location, you may contact the Illinois Department of Financial & Professional Regulation at: Toll-free telephone number: 1-888-298-8089 Mail: Department of Financial & Professional Regulation: Division of Financial Institutions, 320 West Washington, 5th Floor Springfield, Illinois 62786
  4. Minnesota (MN) If you are a resident of Minnesota you may voluntary disqualify yourself from sending or receiving money transfers through moneycorp by contacting us at compliance@moneycorp.com. All voluntary disqualifications expire within one year from the date of the request, unless you specify that the request remain in effect for a longer period. You may terminate the disqualification at any time by providing written notice to moneycorp at compliance@moneycorp.com. Individuals who request disqualification are subject to inclusion on Minnesota’s “No Transmit List” and as such moneycorp may be obligated to provide your identifying information to the Minnesota Department of Commerce. For more information on Minnesota’s “No Transmit List,” please see Minne. Stat. 53B.27, subd 3.
  5. New York (NY) Commonwealth Foreign Exchange, Inc. is regulated and licensed by the New York State Department of Financial services to transact the business of receiving money for transmission within this country and abroad. New York consumers can direct unresolved complaints to the Consumer Assistance Unit, NYS Department of Financial Services, One Commerce Plaza, Albany NY 12257, ph. (800) 342-3736, website
  6. Texas (TX) If you have a compliant, first contact the consumer assistance division of moneycorp at 800-239-2389. If you still have an unresolved compliant regarding the company’s money transmission or currency exchange activity, please direct your compliant to: Texas Department of Banking, 2601 North Lamar Boulevard, Austin, Texas 78705, 1-877-276-5554 (toll free), www.dob.texas.gov
  7. Washington (WA) Right to Refund – The following applies only to Transactions that are submitted by Senders in the State of Washington: You, the customer, are entitled to a refund of all monies received for transmittal within ten (10) days of receipt of a written request for refund unless any of the following occurs: i. The monies have been transmitted and delivered to the recipient prior to receipt of the written request for a refund; ii. Instructions have been given committing an equivalent amount of money to the person designated by the customer prior to the receipt of a written request for a refund; iii. moneycorp has reason to believe that a crime has occurred, is occurring, or may potentially occur as a result of transmitting money as requested by the customer or refunding the money as requested by the customer; or iv. moneycorp is otherwise barred by law from making a refund.

How do I set up an international payments account, and how long will it take?

Opening an account takes just a few moments - complete an Account Agreement online or request a copy from a member of the team by calling +44 (0) XXX XXXX. There is no obligation to trade immediately after you open an account, but doing so now means you won't have to wait at all when the time to trade arrives.

Sign up for an account and your dedicated account manager will contact you to walk you through the required documentation.

What information do I need to send a payment overseas?

The following information is required by most countries for receiving international payments:

  • Full name and address of the Beneficiary/Receiver
  • Full name and address of the Remitter/Sender Bank Name,
  • Branch Address, SWIFT code, local bank code (Transit in Canada, SORT in England, BSB in Australia, IFSC in India).
  • Reference/Purpose of Payment
  • Additional information required by some countries are TAX ID numbers, phone numbers, and contact name for corporations.

How do I get a user ID and password for an online account?

Once your account is approved, you will receive an email from your dedicated account manager with your Customer ID #, Username and Password for online access.

Then you can login and make international payments and use risk management tools right away.

Are there any costs to using the online system?

No. By opening an account with moneycorp, you’ll gain access to our online payments platform designed to help you manage all of your FX needs.

How much money can I transfer?

You can trade from £50 or its equivalent to a maximum of £100,000 in any of 33 currencies using the online platform. If you’re signing up a Regular Payment Plan, the minimum amount is £250. If you want to exchange more than £100,000, you can do so over the phone by talking to one of the expert team.

How do I know how much money I need to send?

Whether through your account manager or online, you will receive a receipt clearly outlining the amount of foreign currency bought/sold and the cost in your home currency. Or you can opt for pre-authorized debit and we will seamlessly debit your account the owed amount on the receipt.

Are there maximum or minimum numbers of payments?

No, we are a full-service partner. We can help you manage all your international payment and receivable needs. Depending on your volume, we can work with you to ensure your business runs smoothly by integrating your systems with ours, or customizing our online user interface to your needs.

How long do international money transfers take?

There are two options: Standard and Express. The Standard option is more cost-effective, and the Express option is quicker. You can choose whichever suits your needs. The delivery time for each are as follows:

  • Standard: 2-4 days
  • Express: 0-2 days

The delivery times are measured in working days and the exact time will depend on the currency, destination and receiving bank; country regulations and correspondent banks may delay this process. For example, MAD and INR take 3 days and min 2 days, respectively, for Express delivery.

How does my payment recipient know to expect the payment?

Once your payments are booked and sent, your payee will receive an email with the amount and currency sent, as well as any pertinent reference information.

How much do transfers cost?

For transactions using Moneycorp Online the charges are £5 for a standard payment, taking 2–4 working days, and £9 for an express payment, taking 0-2 working days. For transfers carried out as part of a Regular Payment Plan the charges are £4 for a standard payment and £8 for an express payment. Deals booked over the telephone are subject to a transfer fee of £15 and are sent express.

How do I know what the foreign exchange rate is?

You can obtain exchange rates from your account manager or directly online. When you receive a quote online, you can book your order at that exchange rate. As exchange rates change several times a minute, it is only locked in when your transaction is booked. You will receive a confirmation via email.

How are the exchange rates I receive calculated?

The currency exchange rate fluctuates due to a range of global economic and political factors. The exchange rate you receive is based not only on the current exchange rate but also:

  • The amount transacted
  • The currency purchased

Foreign exchange markets do not operate between the hours of 14.00 PST / 17.00 EST / 22.00 GMT on Friday and 12.00 PST / 15.00 EST / 20.00 GMT on Sunday. If you use the online platform between those times, the rate will be fixed at the point the market closes, but while the market is operational, the rate you receive will be tracked against live exchange rates. The costs don’t change however you pay for the transfer; you receive the same rate whether you pay by debit card or pre-fund your account by bank transfer.

Can you notify me when the rates hit my target rate?

Yes. Once you and your account manager have determined your foreign exchange needs, you can determine a target rate. Your account manager will notify you, or even book your trade as soon the market reaches the desired level, even if it’s outside of business hours.

How long can I book forward contracts?

Subject to certain conditions, you can lock in a rate today for use up to one year from now. Your account manager will work with you to determine market trends, and how they fit with your needs to determine what length forward contract is right for you.

How do you keep my information secure?

We take privacy and security very seriously. Please view our privacy policy and ask your account manager if you have any specific concerns or require any additional security details.

What happens if I have any problems or a complaint?

As an authorised payment institution, moneycorp has an expert team on hand to help with any difficulties and a robust, comprehensive complaints procedure. The team is focussed on customer satisfaction, so problems are put right as quickly as possible through an official complaints procedure.

To view our complaints handling procedure click here.