Business FAQs
Some of the most common questions we receive are highlighted below.
Why should I use Moneycorp instead of my bank to make foreign exchange transactions?
As foreign exchange specialists we provide your business with a more personal, tailored service than the banks offer.
You’ll be assigned a dealing and Account Management team who’ll get to understand your company’s needs, and work with you to manage these proactively.
Timely information is crucial within the business environment, and we’ll provide up-to-the-minute insight into the driving forces affecting the currency markets. Armed with this knowledge you can then make informed decisions regarding your foreign currency transactions or your hedging strategies.
How much do your foreign exchange dealing and payment services cost?
It’s free to open an Account with us. Once you’ve done this you can trade currency over the telephone or through our moneycorp online platform. It costs just £15 to make international payments by phone and fees using our online platform are just £5 (standard) and £9 (express).
We charge no commission and all the currency market information and guidance from our foreign exchange dealers is provided free of charge.
How much do hedging strategies cost?
Once we understand your specific business needs we can provide you with an exact cost. The type of costs may include deposits (for booking forward contracts), or being subject to a margin call if the market moves against you.
For more information about costs and how they work, please call us on:
+35319015252
How does the service work?
1) Open an Account with us online, or by calling the team on +353 (1) 901 5252.
2) You’ll be allocated a Personal Dealer to discuss your requirements with. They’ll be able to provide you with pricing information and currency market insight.
3) If you wish to make a transaction, you can agree and book it verbally.
4) You’ll receive confirmation (a Contract Note) of any transaction immediately after booking. At this stage you’ll need to provide details of the beneficiary of your foreign currency payment. Details of any options that you buy will be sent in a similar manner.
5) Send your funds to the moneycorp Client Account to arrive on or before the date when the currency is to be paid out.
6) Once your funds have cleared we’ll send your foreign currency to the account you specified on the agreed value date.
7) You can also trade foreign currencies and make international payments using our moneycorp Online facility.
How much can I transact?
There is no maximum limit on how much you can transact. However, depending on the type of foreign exchange transaction you want to make, there may be a minimum limit.
What foreign exchange contracts and hedging tools do you offer?
We offer a full range of foreign exchange services, including spot contracts, forward contracts. Hedging tools such as stop loss and market orders are also available.
We also offer option products which are part of our financial risk management service; this is managed by our sister company Moneycorp Financial Risk Management Limited. This service is only limited to businesses seeking guidance regarding their risk management.
How do I transfer funds to Moneycorp?
You can transfer funds electronically to our secure client funds account. Funds must reach this account on or before the agreed value date in order for your foreign currency to be paid out.
We’ll provide you with all the necessary details when we confirm any foreign currency transactions with you.
How will I know that my beneficiaries will receive their payments 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 foreign currency with speed and efficiency. Plus, when you book your trade, you’ll agree a value date; the date when the payment will be made.
As long as you have transferred your money in time to reach the moneycorp Client Account on or before this date, then the payment will be made. Payment delivery times vary according to currency, but it’s possible to achieve same day delivery for euro, US dollar, Canadian dollar and sterling payments.
Can I track the progress of my payments?
Yes, payments made using our moneycorp Online system can be tracked. Call a member of our Customer Services team on +35319015252 to find out more.
How can I take advantage of currency market movements?
With the currency markets constantly fluctuating, the timing of your transactions is critical. We provide up-to-the-minute market information that helps identify the best time to trade and maximise the opportunities for you to profit on transactions.
We offer a range of services which give you greater control to let the currency fluctuations work for you. No longer are you obliged to accept the on-the-day exchange rate offered by the currency markets.
To help protect from the markets moving against you, we offer a range of hedging tools, including forward contracts and market orders.
What other services do you provide?
In addition to our foreign exchange and international payment services, we provide comprehensive treasury and risk management guidance. We also offer assistance in the implementation of hedging strategies that are appropriate to individual companies.
We supply bulk currency banknotes and global remittance solutions for organisations that make large volumes of small international payments.
We also provide a range of services for individuals, including international money transfers.
Foreign exchange options can carry a high level of risk to your capital and are not suitable for everyone. You should seek independent advice if necessary.
