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Hi, 

Just wanted feedback please from anyone who has transferred a large sum of money (a house sale) through Moneycorp, or anyone similar?  Is the money definitely secure/guaranteed etc?? .....

Many thanks! Xx

 

 

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We used them, felt very secure 


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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Unless they are a bank, I don't think they would be guaranteed by the government.

You should ask them that question.

The odds of any large company going broke and you losing your money are very slim but obviously have happened occasionally through history.

I'm sure you will be fine. I haven't used them. I used a bank which may be safer but probably a bit more expensive.


I want it all, and I want it now.

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@Susan from Moneycorp

Your thoughts?

Best regards.


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com and acollett@bdhtax.com

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Good morning Alan,

Per International Payment Services Regulations, clients of Moneycorp have the funds in their accounts 'ringfenced' so they cannot be accessed or used by anyone other than the client. 

For our clients' safety, we detail this on our website:
https://www.moneycorp.com/en-gb/news-hub/staying-secure-online/

 

 

 

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8 hours ago, Aussiebird said:

Hi, 

Just wanted feedback please from anyone who has transferred a large sum of money (a house sale) through Moneycorp, or anyone similar?  Is the money definitely secure/guaranteed etc?? .....

Many thanks! Xx

 

 

Hi Aussiebird!

Most of our Australian client business is due to the purchase/sale of property and, understanding that this is an incredibly important chapter for them, and also having had to go through the process ourselves during our respective moves to Australia, we're especially sensitive to their needs and concerns.

Being the No1. global non-bank International Payments provider, it's our responsibility to set the precedent for our sector and both create and maintain the most stringent standards possible. Please let me know how I can help you further ~

Sue. 

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3 hours ago, Parley said:

Unless they are a bank, I don't think they would be guaranteed by the government.

You should ask them that question.

The odds of any large company going broke and you losing your money are very slim but obviously have happened occasionally through history.

I'm sure you will be fine. I haven't used them. I used a bank which may be safer but probably a bit more expensive.

That's a good question in the unpredictable current climate. Banks have government guarantees for certain amounts, and special provisions for house sales. It would be good to know what these are, as it could determine how you transfer money. Not saying any particular company will go bust, but obviously we are in a time of financial stress, and if you can reduce risk of transfer to zero that may be worth it.

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18 hours ago, newjez said:

That's a good question in the unpredictable current climate.... Not saying any particular company will go bust, but obviously we are in a time of financial stress, and if you can reduce risk of transfer to zero that may be worth it.

I'd be surprised if companies like Moneycorp or Transferwise are at risk of going bust.   They're not money lenders or investment bankers, they just transfer funds around the world.


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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Posted (edited)
4 hours ago, Marisawright said:

I'd be surprised if companies like Moneycorp or Transferwise are at risk of going bust.   They're not money lenders or investment bankers, they just transfer funds around the world.

I was surprised when AIG faced bankruptcy during the GFC. But I'm not saying that any company is facing bankruptcy. But if you can transfer money at no risk, why take any risk, if there is a negligible difference in cost?

Edited by newjez

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1 hour ago, newjez said:

I was surprised when AIG faced bankruptcy during the GFC. But I'm not saying that any company is facing bankruptcy. But if you can transfer money at no risk, why take any risk, if there is a negligible difference in cost?

Compare the sum you receive if using Moneycorp with (say) Barclays or NatWest.

It might not be a "negligible difference" ...

Recognise also that when using forex specialists such as Moneycorp the money resides in the client bank account of one of the High Street banks anyway.  

Best regards.

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Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com and acollett@bdhtax.com

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1 hour ago, newjez said:

I was surprised when AIG faced bankruptcy during the GFC. But I'm not saying that any company is facing bankruptcy. But if you can transfer money at no risk, why take any risk, if there is a negligible difference in cost?

AIG is an insurance company so it should not have been surprising. Insurance companies make most of their profits by using premium money to invest in the stock market.

The difference isn’t negligible 


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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On the proceeds of a house sale a few points difference in exchange rate can cost you thousands of dollars. Use an established forex company. 

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So many wineries ......so little time :yes:

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8 hours ago, Alan Collett said:

Compare the sum you receive if using Moneycorp with (say) Barclays or NatWest.

It might not be a "negligible difference" ...

Recognise also that when using forex specialists such as Moneycorp the money resides in the client bank account of one of the High Street banks anyway.  

Best regards.

Are you saying there is no risk then?

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14 hours ago, rammygirl said:

On the proceeds of a house sale a few points difference in exchange rate can cost you thousands of dollars. Use an established forex company. 

Thank you, could you recommend any please? 

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Also, when we transfer our funds, even if we are still in UK whilst we do it, are we liable to pay tax on it in Australia?

I was told if we provide an Australian address, then we can provide our TFN and we won't be taxed?  Is this correct?

Can anyone please confirm if you have experienced this? 

Thanks so much xx

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1 hour ago, Aussiebird said:

Thank you, could you recommend any please? 

Contact Susan from Moneycorp - see above.

Moneycorp is a sponsor of this forum.

Best regards,


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com and acollett@bdhtax.com

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1 hour ago, Aussiebird said:

Also, when we transfer our funds, even if we are still in UK whilst we do it, are we liable to pay tax on it in Australia?

I was told if we provide an Australian address, then we can provide our TFN and we won't be taxed?  Is this correct?

Can anyone please confirm if you have experienced this? 

Thanks so much xx

As a rule there is no tax on a transfer of capital from the UK to Australia.

You may be thinking of interest received from monies in a deposit account; once in Australia if you provide your TFN:

*    You will receive the interest without tax being deducted; no TFN and resident in Australia means tax at 47% will be withheld from the interest.

*    You include the interest on your annual personal tax return in Australia.   It will then be added to your other income for the tax year and will be taxed when the tax assessment is issued to you.

Best regards.


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com and acollett@bdhtax.com

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In the US during the GFC, some of the big banks such as Citibank would have gone bankrupt but were bailed out by the Federal Government.

They did allow some to fail such as Lehman brothers and Bear Sterns.

The good thing though is that after the GFC, the regulators forced banks to have much more capital on hand. In Australia our big 4 banks are very well capitalised and stronger than they have ever been i think. I am sure our government would never allow a big bank to fail.

Smaller players may not be as safe.


I want it all, and I want it now.

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Moneycorp has been used by many members of the forum. I have used OFX for several large transfers and TransferWise for smaller ones.  Always compare the amount you will end up with in dollars.  Sometimes paying a fee may seem expensive but you can end up with more cash in the end.

If you are overseas any interest on money in Aus will be subject to a 10% withholding tax, again this should be declared and you will get back any overpaid.

I would recommend getting an agent who understands both UK and OZ tax to do at least your first tax returns where you have both UK and Oz affairs.

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So many wineries ......so little time :yes:

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1 hour ago, rammygirl said:

Moneycorp has been used by many members of the forum. I have used OFX for several large transfers and TransferWise for smaller ones.  Always compare the amount you will end up with in dollars.  Sometimes paying a fee may seem expensive but you can end up with more cash in the end.

If you are overseas any interest on money in Aus will be subject to a 10% withholding tax, again this should be declared and you will get back any overpaid.

I would recommend getting an agent who understands both UK and OZ tax to do at least your first tax returns where you have both UK and Oz affairs.

I asked if there was any risk, and the question wasn't published. It wasn't a difficult question, and quite important in the current situation.

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8 hours ago, Aussiebird said:

Thank you, could you recommend any please? 

Moneycorp or Transferwise


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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5 hours ago, newjez said:

I asked if there was any risk, and the question wasn't published. It wasn't a difficult question, and quite important in the current situation.

The question was published and answered


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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6 hours ago, Parley said:

In the US during the GFC, some of the big banks such as Citibank would have gone bankrupt but were bailed out by the Federal Government.

They did allow some to fail such as Lehman brothers and Bear Sterns.

The good thing though is that after the GFC, the regulators forced banks to have much more capital on hand. In Australia our big 4 banks are very well capitalised and stronger than they have ever been i think. I am sure our government would never allow a big bank to fail.

Smaller players may not be as safe.

Those were banks, not specialist money transfer companies. They got into difficulties because of bad lending practices which is not something those companies do


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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4 hours ago, Marisawright said:

Those were banks, not specialist money transfer companies. They got into difficulties because of bad lending practices which is not something those companies do

I thought that exchange agents are not subject to  the same rules as banks, ie, if they fold whilst holding your money do you have any comeback against anyone for compensation and are they regulated by any regulatory bodies and in which country are they regulated given they may operate across country borders or have the regs been tightened.

I am talking hypothetically of course because we have all used them as their rates are always much better than the banks and compensation through the banks is limited also. 

But they may be risks that need consideration and may mean that smaller deals on consecutive days need to be considered and the size of exchange company becomes a consideration, I used to use HiFX and Moneycorp and found I could usually talk to a dealer direct.

We are all at the mercy of the money men. 

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On 22/07/2020 at 10:36, newjez said:

I asked if there was any risk, and the question wasn't published. It wasn't a difficult question, and quite important in the current situation.

Money that is held in a client account is 100% still the property of the clients if a business goes bust and can't be used to reimburse other creditors.

Of course when a firm that is supposed to keep client money's in a client account goes bust what you sometimes discover is that the firm has been siphoning funds out of the client account. There's always a tiny risk (no matter how well run and audited they've been in the past) that a firm will start doing fraudulent things. But that applies to Banks and Solicitors not just to money transfer companies.

Technically you can't say there's no risk from using a money transfer company, but what you can say is there's no more risk than using a Bank.

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Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

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