Moneycorp Answers


THE COST savings of using a specialist currency company are attractive but I have been put off as I understand there could be extra work involved. I also have concerns regarding the safety of my money – am I being over cautious?

Specialist currency providers are becoming popular choices for British ex-pats living in Spain or, indeed, those returning to the UK. Opening a trading facility is much easier and quicker than you may think but is necessary to comply with European KYC anti-money laundering legislation.

Moneycorp offers the option for customers to apply for registration on-line, via our website, which is a short and straight forward process. Alternatively, customers can simply complete a paper registration form. Additional documentation such as proof of identity and proof of address may be required in some cases.

For the small amount of effort to apply for an account, there are many potential benefits available. These include potential cost savings and the advantage of having a range of currency services that are not always offered by traditional financial institutions, such as high street banks. Trading is also straightforward and is normally conducted over the telephone.

Put simply, you can have access to great rates along with ‘real time’ information on the market which can help you to trade your currency at an advantageous time. Using a specialist currency company means you can arrange to have the rate monitored on your behalf, to help you make the most of market movements and potentially avoid trading when the market is not favourable for you.

Purchasing a Forward Contract, means that you can fix the prevailing rate of exchange to buy currency now, to be settled at a determined date in the future, thus avoiding any potential impact from subsequent market fluctuations. A deposit of 10% of the total amount is required for this service.

The question of security is completely understandable and one that any client needs to be comfortable with.

There are certain questions that will allow you to choose a currency provider with confidence and should be addressed if you have any doubts:

  • How long have you been in business?
  • How many staff do you have?
  • What is your turnover?
  • How many clients do you deal with each year?
  • Do you have any other divisions as part of the company?
  • Do you speculate with the funds?
  • How do you handle client funds?
  • Do you have audited accounts at Companies House?
  • Where are your offices?
  • Are you Financial Conduct Authority regulated?

This is how moneycorp answer…

  • How long have you been in business? (moneycorp has been dealing in foreign exchange since 1979)
  • How many staff do you have? (Over 760 last year)
  • What is your turnover? (The last financial year saw moneycorp trade over £25.6 billlion worth of currencies)
  • How many clients do you deal with each year? (We executed over 7 million client transactions in 2016)
  • Do you have any other divisions as part of the company? (Yes. Retail, Wholesale, Commercial including an award-winning on line trading platform)
  • Do you speculate with the funds? (Absolutely not! Moneycorp does not take trading positions and all foreign exchange positions are exactly matched with our panel of liquidity providers.
  • How do you handle client funds? (All client funds are safeguarded in segregated client bank accounts.)
  • Do you have audited accounts at Companies House? (Yes, we do. PricewaterhouseCoopers have been our auditors since 1987.)
  • Where are your offices? (moneycorp has its HO in central London and has other offices outside the UK. Details of locations are on our web site.
  • Are you regulated by the Financial Conduct Authority? (Yes. Moneycorp is the trading name of TTT Moneycorp Ltd. which is authorised and regulated by the Financial Conduct Authority for the provision of payment services.)

For further information about how moneycorp can help with your particular currency requirement, contact us on +34 902887243 or email [email protected]

• TTT Moneycorp Limited, Sucursal en España is registered with the Banco de España underthe code number 6875 and with the Mercantile Registry of Málaga under volume 5461, book 4638, sheet 7 page MA-131271, inscription number 1. Its registered office is Centro Comercial Cala Sol, Local 10B, La Cala de Mijas, 29649 Málaga and its Spanish tax identification number is W8266051E.

© No part of this web site may be reproduced without written permission from the publishers. All rights reserved. Todos los derechos reservados.


Please enter your comment!
Please enter your name here