Susan from Moneycorp Posted January 28, 2020 Share Posted January 28, 2020 Hi everyone! Just thought I'd say Hello and introduce myself - my name's Susan and I look after the Moneycorp Australia office over here in Sydney I've been here a while - originally from the UK - and have been through the Migration process myself; so I completely understand how frustrating/painful/maddening/exciting/brilliant/crazy it can be! I do a lot of travelling & have been in the Banking business most of my life, so if I can help in any way just ask the questions  3 Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted January 28, 2020 Share Posted January 28, 2020 Hi Susan it’s lovely to have you on board and finally have someone in Australia to look after us from Moneycorp. Quote Link to comment Share on other sites More sharing options...
Lavers Posted February 15, 2020 Share Posted February 15, 2020 Hi Susan Just wondering how Moneycorp works? Quote Link to comment Share on other sites More sharing options...
Susan from Moneycorp Posted February 16, 2020 Author Share Posted February 16, 2020 Hi there, Great to hear from you ~ Moneycorp are the largest non-bank provider of foreign exchange and currency transfers, we've been in business for more than 40years and we provide a safe, transparent way for you to send different currencies around the world. Non-bank financial institutions operate with the same market price platforms as the Banks but take much smaller margins than Banks which is why you have more cash in your pocket by choosing an operator like Moneycorp. Quote Link to comment Share on other sites More sharing options...
Lavers Posted February 17, 2020 Share Posted February 17, 2020 6 hours ago, Susan Watts said: Hi there, Great to hear from you ~ Moneycorp are the largest non-bank provider of foreign exchange and currency transfers, we've been in business for more than 40years and we provide a safe, transparent way for you to send different currencies around the world. Non-bank financial institutions operate with the same market price platforms as the Banks but take much smaller margins than Banks which is why you have more cash in your pocket by choosing an operator like Moneycorp. So I send my money to moneycorp, then from moneycorp I can send my cash to an Aus bank account with no charges? Can i just keep my money in moneycorp and spend it from there? Quote Link to comment Share on other sites More sharing options...
Susan from Moneycorp Posted February 17, 2020 Author Share Posted February 17, 2020 Hello again, Yes, you will be able to pay into your account with us and then, after doing your fx transaction, you'll have the option to pay those funds to whichever Financial Institution you hold your account with. ie. If you're holding £ with HSBC in the UK and wish to convert it to AUD, you'll instruct HSBC to pay £ to your £ account with Moneycorp, book your fx transaction and then instruct Moneycorp to pay to your AU$ account in Australia, ie. Westpac/National Australia Bank. You may leave your currency in your Moneycorp account - just as you would a bank account - for as long as you wish, then pay to your beneficiaries as/when you'd like to transfer those funds. Feel free to call me on +61 414 838586 if you're in Australia - or you can always send an email to me: susan.watts@moneycorp.com if we're out of hours! Quote Link to comment Share on other sites More sharing options...
Marisawright Posted February 17, 2020 Share Posted February 17, 2020 10 minutes ago, Lavers said: So I send my money to moneycorp, then from moneycorp I can send my cash to an Aus bank account with no charges? Can i just keep my money in moneycorp and spend it from there? Yes to the first question. The only way to get money out of your Moneycorp account is by bank transfer but you can transfer to any account Quote Link to comment Share on other sites More sharing options...
Lavers Posted February 17, 2020 Share Posted February 17, 2020 4 hours ago, Marisawright said: Yes to the first question. The only way to get money out of your Moneycorp account is by bank transfer but you can transfer to any account Ok brilliant, so moneycorp is just a holding account? If I transfer from moneycorp to an Aus account can I only touch that money when I arrive in Aus and activate the account properly? Which account in Aus would you recommend? Quote Link to comment Share on other sites More sharing options...
Marisawright Posted February 17, 2020 Share Posted February 17, 2020 47 minutes ago, Lavers said: Ok brilliant, so moneycorp is just a holding account? If I transfer from moneycorp to an Aus account can I only touch that money when I arrive in Aus and activate the account properly? Which account in Aus would you recommend? ING Bank has the lowest fees. Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted February 17, 2020 Share Posted February 17, 2020 Hi @Lavers when we moved over in 2004 we used Moneycorp to transfer our money over from our house sale. I was a nervous wreck. I had watched the forums for so long, between this and another forum (that isn’t going anymore )there were so many people using Moneycorp with excellent reviews and I never, even to this day saw one negative.  When we took over the forum another currency company were on here who I didn’t know anything about. So I asked Moneycorp if they would like to take their place. I still get a couple of forex companies contacting me each year but for me, especially when it comes to parting with money, I have to know someone 100%. It is free to open an account with Moneycorp, so basically you just register online. You will then be assigned an account manager who will make contact. 1)You can tell them you are either just checking what rates you will get for your money. 2) you could lock in a rate now this was very popular back when we moved ours the rate had hit 2.65 and started dropping, people started panicking and told their account manager if it went back to 2.65 to transfer immediately. 3) Or you can move some money to your Au bank account.  Re bank account we use NAB and ANZ. Now Moneycorp use to offer a few free transfer for Pomsinoz members so that it didn’t cost you anything to receive the funds in to your Au Bank. I’m not sure if that’s still possible but it’s worth asking.  You will definitely get a lot more than if you transfer through your bank. I know people who save hundreds on a regular basis. Dont forget as well that with Moneycorp you can send money back to the UK using the same system, so if you are returning back then register for an account now or if you have used them recently your account may still be active. I know some places close your accounts if they aren’t kept active. Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted February 17, 2020 Share Posted February 17, 2020 2 hours ago, Marisawright said: ING Bank has the lowest fees. Is that the one where you can use it overseas and there is no atm fees? Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted February 17, 2020 Share Posted February 17, 2020 @Lavers forgot to say although you can’t draw cash out you may be able to transfer funds to another account to use a credit card or a pre paid credit card you can buy from Coles etc Quote Link to comment Share on other sites More sharing options...
Lavers Posted February 17, 2020 Share Posted February 17, 2020 20 minutes ago, The Pom Queen said: @Lavers forgot to say although you can’t draw cash out you may be able to transfer funds to another account to use a credit card or a pre paid credit card you can buy from Coles etc Ok thank you...so just to confirm my moneycorp account will only hold funds and move them to an account which I choose. I cant use moneycorp for withdrawing cash or for spending in shops? Only I use a card called revolut which I can do transfers free of charge and use like a normal bank card, only like you say you have to feel 100% and moneycorp seems the better route as I don't know anyone else who has used the revolut card.  Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted February 17, 2020 Share Posted February 17, 2020 26 minutes ago, Lavers said: Ok thank you...so just to confirm my moneycorp account will only hold funds and move them to an account which I choose. I cant use moneycorp for withdrawing cash or for spending in shops? Only I use a card called revolut which I can do transfers free of charge and use like a normal bank card, only like you say you have to feel 100% and moneycorp seems the better route as I don't know anyone else who has used the revolut card.  The only problem with cards like that is the exchange rate they give you. Hopefully tomorrow @Susan Watts from Moneycorp can send you a private message explaining things more.  Quote Link to comment Share on other sites More sharing options...
Marisawright Posted February 17, 2020 Share Posted February 17, 2020 9 hours ago, The Pom Queen said: Is that the one where you can use it overseas and there is no atm fees? Yes. ING charges no fees for ATM withdrawals overseas, AND it also refunds any charge you might get charged by the overseas bank as well. Every time we used an ATM in Spain and Italy, it would warn you that there was a 2 or 3 euro fee for using it.  The fee would be charged and then we'd see it refunded by ING the same day. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted February 17, 2020 Share Posted February 17, 2020 8 hours ago, The Pom Queen said: The only problem with cards like that is the exchange rate they give you. Hopefully tomorrow @Susan Watts from Moneycorp can send you a private message explaining things more.  That would be my concern too.  I read an article about those cards, which said the exchange rates were so bad, it would cost you about $30 for every $200 you spent. I don't recall it mentioning the Revolut card though. Getting an Australian bank account set up and working is much faster than getting a UK bank account set up.  Quote Link to comment Share on other sites More sharing options...
Lavers Posted February 17, 2020 Share Posted February 17, 2020 1 hour ago, Marisawright said: That would be my concern too.  I read an article about those cards, which said the exchange rates were so bad, it would cost you about $30 for every $200 you spent. I don't recall it mentioning the Revolut card though. Getting an Australian bank account set up and working is much faster than getting a UK bank account set up.  The revolut card does offer really good rates I'm just apprehensive as I dont know anyone else who uses it. I have used it but only for smaller amounts. Moneycorp looks the way to go though. Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted February 18, 2020 Share Posted February 18, 2020 58 minutes ago, Lavers said: The revolut card does offer really good rates I'm just apprehensive as I dont know anyone else who uses it. I have used it but only for smaller amounts. Moneycorp looks the way to go though. There would be nothing stopping you doing both. Sign up for a Moneycorp account, like I said it’s free, it doesn’t lock you in to anything. ‘You could maybe use them for moving large sums of money at a better rate. Then use the revolut until your Aussie Bank cards are set up for small transactions when you get here, ie shopping Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted February 18, 2020 Share Posted February 18, 2020 9 hours ago, Lavers said: The revolut card does offer really good rates I'm just apprehensive as I dont know anyone else who uses it. I have used it but only for smaller amounts. Moneycorp looks the way to go though. I've used revolut for years, and it is great at what it is great at, but there are some pretty big issues with it, that in my view therefore make it only good as a infrequent use card, I certainly wouldn't use it in a current account like way. The rates are decent and you can store cash on it when rates are in your favour to spend any time in the future, however the amount you can draw out of an ATM before incurring fees is small and they have pitiful customer service. They are also well known for closing accounts (or suspending access) on a whim and then with next to no customer service it's very difficult to get access back.  Even with these niggles I'd still be happy to use it as a payment card whilst in another country - just transferring money from my AUS or UK account in drips as required to keep it topped up.  That said if you are just looking for a card to spend money in AUS before you open your UK account you could do a lot worse than a Halifax Clarity Credit Card (other similar cards exist) that allows you to spend fee free anywhere in the world (they make their money on the exhange rate - which is still good to be fair - and the fact you may leave a balance on the card)  If on the other habd you are looking to send a decent chunk of cash from the UK to Oz (or the other way) then moneycorp and their like are by far the best way to do it 1 Quote Link to comment Share on other sites More sharing options...
Susan from Moneycorp Posted February 19, 2020 Author Share Posted February 19, 2020 Hello everyone! Good morning from (Moneycorp!) Sydney - my huge thanks to our lovely Pom Queen for all of her great info yesterday regarding transfers and multi-currency cards (where you can pre-load a sum (ie. £500) and use that card to spend as local currency when you arrive at your given destination) ~ so many to choose from with, seemingly, every Bank and Financial Institution issuing one for their customers. I've been away for the past two days for my birthday and Mum has flown over to see me as a special treat Back now and on hand for anything I can help with (as an Expat that includes questions on airlines, hotels, food, flight costs, train timetables, quokka sightings, restaurants etc....) I might have spent a lifetime in Foreign Exchange, but my clients have even more important other needs once they're here!  Quote Link to comment Share on other sites More sharing options...
Marisawright Posted February 19, 2020 Share Posted February 19, 2020 26 minutes ago, Susan Watts said: my huge thanks to our lovely Pom Queen for all of her great info yesterday regarding transfers and multi-currency cards (where you can pre-load a sum (ie. £500) and use that card to spend as local currency when you arrive at your given destination) ~ so many to choose from with, seemingly, every Bank and Financial Institution issuing one for their customers. Yes, and from the article that I read in The Age, they are all a rip-off compared to using an ordinary debit or credit card from a bank that has low or no fees.  Am I right in thinking that one could use funds held in a Moneycorp account to pay someone directly, without having to transfer to an Australian bank account first?  I'm thinking of something like having to pay a $3,000 bond to a real estate agent if you haven't got your Aussie bank account set up properly yet. Could you transfer straight from your Moneycorp account to the estate agent's bank account? Quote Link to comment Share on other sites More sharing options...
Susan from Moneycorp Posted February 19, 2020 Author Share Posted February 19, 2020 hi there, Yes, your thinking is right - If your AUD was being held in your moneycorp account and you wanted to send a sum to a friend/family member in Australia, you could pay directly to their account. Same with if you needed to pay a Real Estate agent - you can pay direct to their account. Quote Link to comment Share on other sites More sharing options...
Lavers Posted March 19, 2020 Share Posted March 19, 2020 Hi Susan If I was to send my money to moneycorp and leave it there for a few months, is it protected? Quote Link to comment Share on other sites More sharing options...
Susan from Moneycorp Posted March 20, 2020 Author Share Posted March 20, 2020 Hi there! Yes, your money is protected by the UK regulatory authority the FCA (Financial Conduct Authority) under their FSCS (Financial Services Compensation Scheme) which was set up to protect every individual with an account in the UK holding up to £85,000. Sue, 1 Quote Link to comment Share on other sites More sharing options...
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