moneycorp bank introduces fee free international payments

moneycorp bank, specialists in the provision of foreign exchange services, today introduced fee-free online international payments for personal clients. The move is believed to be a first for any Gibraltar bank, potentially saving customers up to £40 per transaction.

Founded less than three years ago, moneycorp bank has actively sought to bring greater value delivered by innovative services. These include moneycorp’s mobile app, offering easy access to account solutions, and a prepaid multi-currency card option.

moneycorp bank is part of moneycorp group, which has been dealing in foreign exchange since 1979. Today’s launch means moneycorp bank account holders enjoy the same fee free experience as moneycorp international payments customers. In 2018 moneycorp traded £35.5bn worth of currency for clients through its offices in the UK, USA, Brazil, Hong Kong, Spain, France, Gibraltar, Romania, Australia, UAE and Ireland.

The removal of online fees on international money transfers saves clients a further £15 per transaction. This is a significant saving when compared to the usual £40 fees charged by other banks. The service, accessed via moneycorp’s mobile app or secure online platform allows customers to:

  • Benefit from sending money abroad for free online
  • Be guided through the process by a currency exchange expert
  • Lock into an exchange rate for up to two years with a forward contract
  • Set up a payment plan to automatically transfer money abroad at set times

Michael Azopardi, Chief Executive of moneycorp bank commented:

“Removing online fees for those transferring money abroad is another first for moneycorp bank, and particularly important for clients who value our ability to hold their funds in both Euros and Sterling. In a volatile economic climate we help our clients stay ahead of the agenda and profit from keen rates both online and over the phone.”

moneycorp bank account holders benefit from the opportunity to hold savings in sterling or euros and earn interest on balances over £10,000/€10,000. The current interest rate on balances over £10,000/€10,000 is 1.30% on sterling and 0.05% on euros.