Moneycorp with the Royal Bank of Scotland

 

TTT Moneycorp Limited the money transfer specialists have announced that it has secured a significant financial commitment from Royal Bank of Scotland (RBS) as a result of a partial sale of shares by the Shlewet family trust which controls the Company.

 

Moneycorp was established in 1979 and has grown into one of the leading non-bank providers of commercial and wholesale foreign exchange services to businesses and individuals and the operation of retail bureaux de change across Central London and Gatwick and Stansted airports. The Company achieved turnover last year in excess of £3.8 billion, serving in excess of 2.5 million customers per annum with operations across four continents.  Bassam Shlewet, Group Chief Executive for the last 27 years, said I am very excited about this development in the life of the Company, enabling us to fulfil our true potential by partnering with such a strong financial institution as RBS".

 

The Royal Bank of Scotland whose broadly based financial services include clearing banking, corporate banking, financial services, investment management and insurance, both in the UK and overseas.  It is the third largest bank in Europe and the Group serves more than 35 million customers worldwide. RBS Global Banking & Markets is a leading banking partner to major corporations and financial institutions around the world, specialising in providing these customers with a full range of debt financing, risk management and investment services.

 

When buying property abroad, making regular payments overseas or other overseas money transactions it is important to receive specialist currency advice. Moneycorp can help take the gamble out of transferring money abroad. Property investors can secure rates up to 2 years in advance protecting them from adverse currency movements. This could mean saving a substantial amount of money on a large transaction.

 

 

A recent mystery-shopping exercise conducted by  Savills Private Finance, a mortgage broker, found that somebody wanting to transfer the equivalent of €100,000 through Nat West, at a rate of €1.4120, would need £70,822. If they had gone to Moneycorp or Currencies Direct, both foreign-exchange brokers, they would have got a rate of €1.4753, costing them £67,783 — £3,039 cheaper.

In addition to the British bank’s charges, you may face further fees from the recipient bank. Forex specialists tend to absorb these costs. Moneycorp charges £15 on transfers but it covers any charges levied by the recipient bank and the fee is negotiable on large amounts.

Learn more about currency transfers services