Business FAQs

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.

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. There are no additional fees when sending payments using our online platform. If you prefer to arrange a payment over the telephone, we charge £15. 

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:

020 7823 7400

1)  Open an Account with us online, or by calling the team on +44 (0)20 7823 7400.

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.

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.

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.

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.

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.

Yes, payments made using our moneycorp Online system can be tracked. Call a member of our Customer Services team on +44 (0)20 7823 7878 to find out more.

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.

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 and travel money.

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.

A margin call is a request from a broker such as moneycorp to a customer to lodge collateral against the customer's outstanding foreign exchange contracts. The collateral is usually in the form of cash. The request arises in order to protect the broker against currency market fluctuations.

At moneycorp, cash collateral is also considered a prepayment against the customer's foreign exchange contracts. It reduces the amount due from the customer when the contracts are settled at maturity. Moneycorp holds cash collateral that it has received in a segregated client account.

The amount and timing of a margin call depends on the terms agreed between the broker and the customer. Moneycorp customers are usually required to pay an initial amount of cash collateral against forward foreign exchange contracts. An additional margin call will be made if the market value of the forward contracts becomes sufficiently negative to have offset the initial collateral by a pre-determined amount. For customers with a credit facility the amount and timing of a margin call will depend on the agreed terms.

About Address Requirements

Effective August 2nd 2022, completed recipient addresses are mandatory when making payments. 

All existing and new recipients must include a valid address for all payment types. Payments that fail to include all required information will result in delayed or rejected payments.  

A complete, valid address include the following fields:  

• Recipient Address (required)

• Recipient City (required)

• Recipient Country (required)

• Recipient Province/State (If applicable)

• Recipient Postal Code (If applicable)

Please note: In order to add or modify an address on your existing recipients you can open the recipient page and click on the three dots on the top right to edit address, or email your account manager to make the update for you. If this is not done in advance you will need to provide the address data at the time of entering the payment. 

If you have any questions or need further assistance, please get in touch with us.

Entrusting your money to somebody else is always a daunting prospect, and Moneycorp understands how important it is to repay the faith that has been placed in us. Having operated for 40 years, we have developed a reputation as a trustworthy and reliable foreign exchange specialist.

As an Authorised Payment Institution, TTT Moneycorp Limited (“Moneycorp”) is subject to the safeguarding obligations of the Payment Services Regulations 2017 (“PSRs”) and relevant guidance provided by the Financial Conduct Authority (“FCA”).

Moneycorp have implemented a method of safeguarding called “the segregation method” to protect funds (which means keeping funds separate from all other funds the firm holds). It’s important to note that only funds known as ‘relevant funds’ are safeguarded and are therefore protected. ‘Relevant funds’ are defined in the PSRs as (a) sums received from, or for the benefit of, a payment service user for the execution of a payment transaction, and (b) sums received from a payment service provider for the execution of a payment transaction on behalf of a payment service user.

When Moneycorp receive Relevant funds, they are moved into a safeguarded client account, in accordance with the PSRs. The funds within the safeguarded client accounts are not mixed with firm money and in the unlikely event of a firm’s insolvency, no third party creditors will have access to these funds. All funds within the safeguarded accounts will be returned to clients as part of the insolvency process. Moneycorp conduct daily reconciliations (both internal and external) to ensure that the client balances within our internal and external records correspond to the funds held in the safeguarded client accounts.

We know that security is one of the most important aspects to consider when choosing a payment institution. If you have any questions about our business practices, please call us on the contacts listed on our contact us page where we will be happy to discuss any concerns.

The TTT Moneycorp Ltd IBAN is a multicurrency IBAN solution for incoming customer payments. It enables customers to receive payments into their Moneycorp account, under their name instead of Moneycorp’s name.

The IBAN can receive funds in multiple currencies, streamlining the receipt of payments.

A customer’s IBAN is unique, meaning we know who incoming payments are for, removing the need for references for individual payments.

All major currencies are available on the multicurrency IBAN, however all payments must be sent via SWIFT, so for some currencies, such as GBP, EUR and USD, it may be more economical to use other routes. Your Moneycorp relationship manager will always explain what options you have and help you to select the most suitable route. 

The below table represents currencies that will use the IBAN by default. 

For GBP, EUR, USD, HKD and SGD trades, you are able to use the IBAN but it won’t be the default option on Moneycorp Online and will need to be requested via your Moneycorp relationship manager.