Page 1 of 2 12 LastLast
Results 1 to 10 of 15

Thread: Moneycorp??

  1. #1
    Rho's Avatar
    Rho
    Rho is offline Member
    Join Date
    Jan 2006
    Location
    Red Beach, Auckland
    Posts
    39

    Default Moneycorp??

    Hi again

    Not been for a while. Just a quick question to see if anyone has used Moneycorp for transferring their sterling.

    I have done a search on the forum but it didn't bring anything up.

    I've previously just used the bank, but their rates are awful. Are Moneycorp ok - just worried about sending them large sums of money and never seeing it again?!

    Any advice welcome.
    Thank you
    Rho.x

  2. #2
    zummerzet_lou's Avatar
    zummerzet_lou is offline your flexible friend
    Join Date
    Jul 2007
    Location
    Christchurch, NZ
    Posts
    447
    Blog Entries
    6

    Default

    Hiya,

    Sorry I can't answer your question. Just wanted to add that PSS recommend Moenycorp, so guess they can't be too bad?

    We also spoke to them at the London Expo last year, and seemed to know their stuff but there was no mention of fees, and I couldn't find anything in their literature nor their website.

    Would be interest in any replies you get to this, and we'll be wanting to transfer our money in the near future.

    Lou
    EOI Submitted 8th July 2007, 140 points no job offer.
    EOI Selected 18th July 2007
    ITA pack received 12th Oct 2007
    Completed ITA posted to NZIS 26th November 2007
    Case Officer assigned approx 22nd Feb 2008
    Immigration interview 7th May 2008
    PR AIP 10th May 2008
    Arrived in NZ, August 13th

    Check out our website -> http://the-clarks.freehostia.com/

  3. #3
    ebianca's Avatar
    ebianca is offline Gingery, Peppery & Spicy
    Join Date
    Dec 2006
    Location
    WELLINGTON, New Zealand!!
    Posts
    1,019
    Blog Entries
    10

    Default

    I don't think they charge you a fee but they keep hold of your money for a certain amount of time (about 5 days i think) and they make the interest on that. also they give you the fixed rate on the day you give them the money so if exchange rate goes up before they actually transfer it i guess they make money there too.

    I have'nt used them but they have been recommended a few times along our way- we just use the bank transfers.
    Flights booked for 24th March 2008!
    Landed in Wellington 26th March 2008!!

    Job Offer Received 9th July 2008!

    Temp Work Permit application submitted 11th July 2008!
    Temp Work Permit approved 4th August 2008!

    EOI Submitted 11th July 2008!
    EOI Selected 16th July 2008!
    EOI 'Successful' 1st August 2008!
    ITA Received 8th August 2008!
    ITA Aplication accepted 26th September!

    APROVED in Principle 10th June 2009!!!!
    Residency Visa issued 7th July 2009!!!!!

  4. #4
    Taffy's Avatar
    Taffy is offline He who shall be ignored
    Join Date
    May 2004
    Location
    Hamilton, NZ
    Posts
    3,408
    Blog Entries
    5

    Default

    Most people we know used World First, because they guarantee to beat anyone elses rate. Makes sense when the exchange rate is on the floor as it is now
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  5. #5
    keeweegal's Avatar
    keeweegal is offline Kosher Kiwi
    Join Date
    Jun 2007
    Location
    Hamilton, Kiwiland
    Posts
    295
    Blog Entries
    1

    Default

    We used HiFX and they were fine. We even managed to negotiate a bit even though it was only 5k.
    Inside me is a skinny woman crying to get out but I can usually shut her up with cake!

  6. #6
    kokopeli is offline God like figure
    Join Date
    Sep 2004
    Posts
    718

    Default

    It's much better to use an FX broker even for small amounts because you'll get close to the inter-bank rate and not the crappy tourist rates.

    I've used MoneyCorp, HiFX and World First a few times. No problems with security and they are usually pretty even on exchange rates. HiFX usually make the fastest transfers and don't charge a fee, but then you have to trade a minimum of 5,000 GBP.

    I haven't used MoneyCorp since the put me on hold and asked my broker if he wanted to speak with me. The fool on the phone didn't press the mute button, had a lengthy chat with my broker then came back on and told me my man was out of the office. Other to that, they were ok and let me trade smaller amounts without a fee.

    Hannah, Ailsa and Giles at World First are by far the nicest money people to deal with. They don't have a minimum trade, but they charge a flat 15 fee for trades less than 5,000GBP. Unfortunately, transfers with WF seem to take a bit longer than the others. I usually arrange a deal on Monday (NZ time). The money leaves my UK bank account at close of business on Monday (UK time) and clears with World First in the UK by close of business on Friday (UK time). By that time, the NZ office has shut, so I have to wait until the following Monday for the NZ office to make the payment to my NZ bank. The funds don't clear until last thing Tuesday or first thing Wednesday (NZ). I've been told that things would be faster if I banked with Barclays in the UK because that's who World First use.

  7. #7
    zummerzet_lou's Avatar
    zummerzet_lou is offline your flexible friend
    Join Date
    Jul 2007
    Location
    Christchurch, NZ
    Posts
    447
    Blog Entries
    6

    Default

    Can I ask a really daft question about this money transfer malarky

    We will eventually be moving about 100K UKP, and obviously want a good exchange rate, and minimal fees.

    Do these companies, do as they suggest, and only transfer your funds when the rate meets your conditions? and how long can they wait .. months? weeks?

    So, for instance, say the rate goes up to 2.8NZD to the UKP .. would we get the full rate?

    Presumably they don't do this for nowt, so what sort of fees do they all charge?

    Sorry - am only just researching this aspect of our move.

    Lou
    EOI Submitted 8th July 2007, 140 points no job offer.
    EOI Selected 18th July 2007
    ITA pack received 12th Oct 2007
    Completed ITA posted to NZIS 26th November 2007
    Case Officer assigned approx 22nd Feb 2008
    Immigration interview 7th May 2008
    PR AIP 10th May 2008
    Arrived in NZ, August 13th

    Check out our website -> http://the-clarks.freehostia.com/

  8. #8
    Taffy's Avatar
    Taffy is offline He who shall be ignored
    Join Date
    May 2004
    Location
    Hamilton, NZ
    Posts
    3,408
    Blog Entries
    5

    Default

    You have to be careful with transfers on hold, as some companies will insist the money sits with them until the conditions are met. This, of course, will lose you so much in interest that the better rate wont make up for it (unless they pay you interest, but you can be certain it will be puny!). You'll never get the true inter-bank rate, so just keep an eye on the rate yourself and pick whoever can offer you the best rate when you choose to do the transfer.
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  9. #9
    kokopeli is offline God like figure
    Join Date
    Sep 2004
    Posts
    718

    Default

    Don't apologise Lou, these things are important for all of us not yet lucky enough to win Big Wednesday!!!

    When you're bringing over money to buy a house, even a small fluctuation in the exchange rates can save - or cost- you several hundred, if not thousands of dollars.

    If you have the money to fund it, you could set up a regular transfer where you arrange to bring across a fixed sum every month for up to 12 months in advance. When you sign the contract, the foreign exchange broker buys the foreign money and agrees to sell it to you in fixed installments at the exchange rate on the day you do the deal. There is always an element of risk when you fix a price in advance. It's a bit like fixed rate mortgages. You save if interest rates go up, but lose if they go down.

    I watch the markets like a hawk and try to pick when I bring money across. The rate moves about quite a bit. Last week, for example, it ranged from $2.45 and $2.55 against the Pound. If only I'd taken that fixed deal when the rate soared to $3.00 last September...........

  10. #10
    Taffy's Avatar
    Taffy is offline He who shall be ignored
    Join Date
    May 2004
    Location
    Hamilton, NZ
    Posts
    3,408
    Blog Entries
    5

    Default

    Tell you what Lou, when you get here I'll take you to meet Ailsa and Giles at World First. They are great people and are really very helpful, so they can talk over any concerns and whats best to do (whether you use their services or not!).
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

Page 1 of 2 12 LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46