Moneycorp
Encyclopedia
Moneycorp is a UK company offering foreign exchange
(bureau de change
) services to individual and corporate customers. It operates in a number of countries and also provides bulk foreign notes and travel money services via a number of travel companies and airlines.
In April 1979 Moneycorp obtained a licence from the Bank of England to operate bureaux de change in Central London.
In December 2006 the Royal Bank of Scotland (RBS) Special Opportunities Fund became a significant shareholder in the Group. It purchased an undisclosed stake from the Shlewet Family Trust, which controls the company. It served 2.8 million customers and did trades worth more than £11 billion.
Based on data taken on November 1, 2010 from companies house
Moneycorp was the second largest non-bank foreign exchange company in the UK based on profits.All UK currency brokers must be Authorised as Payment Institutions by the FSA. This list is publicly available on the FSA website. All UK companies must also submit their full accounts to Companies House. The accounts of all the authorised payment institutions were checked with Companies House on the 1st November 2010 to create this list. The UK's Companies House website www.companieshouse.gov.uk. Measured by pre-tax profit as turnover is not available for all companies and this list excludes companies licensed and operating but not registered in the UK..
, London, the United Kingdom with additional offices around the United Kingdom and in Australia, Spain, the United Arab Emirates, and the United States.
The company is split into three trading divisions;
for the provision of payment services. Moneycorp is also registered as a Money Service Business with Her Majesty's Revenue and Customs (HMRC) under the Money Laundering Regulations.
Foreign exchange market
The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
(bureau de change
Bureau de Change
A bureau de change or currency exchange is a business whose customers exchange one currency for another. Although originally French, the term bureau de change is widely used throughout Europe, and European travellers can usually easily identify these facilities when in other European countries...
) services to individual and corporate customers. It operates in a number of countries and also provides bulk foreign notes and travel money services via a number of travel companies and airlines.
History
The company was established in 1962 and was formerly known as Town Tickets and Tours Limited. It changed its name to TTT Moneycorp Limited in April 1993 then changed this to just Moneycorp dropping the TTT as part of a rebranding in 2008.In April 1979 Moneycorp obtained a licence from the Bank of England to operate bureaux de change in Central London.
In December 2006 the Royal Bank of Scotland (RBS) Special Opportunities Fund became a significant shareholder in the Group. It purchased an undisclosed stake from the Shlewet Family Trust, which controls the company. It served 2.8 million customers and did trades worth more than £11 billion.
Based on data taken on November 1, 2010 from companies house
Companies House
Companies House is the United Kingdom Registrar of Companies and is an Executive Agency of the United Kingdom Government Department for Business, Innovation and Skills . All forms of companies are incorporated and registered with Companies House and file specific details as required by the...
Moneycorp was the second largest non-bank foreign exchange company in the UK based on profits.All UK currency brokers must be Authorised as Payment Institutions by the FSA. This list is publicly available on the FSA website. All UK companies must also submit their full accounts to Companies House. The accounts of all the authorised payment institutions were checked with Companies House on the 1st November 2010 to create this list. The UK's Companies House website www.companieshouse.gov.uk. Measured by pre-tax profit as turnover is not available for all companies and this list excludes companies licensed and operating but not registered in the UK..
Operations
Its headquarters are in KnightsbridgeKnightsbridge
Knightsbridge is a road which gives its name to an exclusive district lying to the west of central London. The road runs along the south side of Hyde Park, west from Hyde Park Corner, spanning the City of Westminster and the Royal Borough of Kensington and Chelsea...
, London, the United Kingdom with additional offices around the United Kingdom and in Australia, Spain, the United Arab Emirates, and the United States.
The company is split into three trading divisions;
- Bureau de Change - the company operates 27 bureaux de change branches. Primarily at airports and shopping areas.
- Commercial Foreign Exchange (CFX) - established in 1999, it provides foreign exchange to businesses and individuals, with spot and forward currency delivery, currency options and priority worldwide payments.
- Wholesale Banknotes - provides banknotes to businesses and FX providers in the Greater LondonGreater LondonGreater London is the top-level administrative division of England covering London. It was created in 1965 and spans the City of London, including Middle Temple and Inner Temple, and the 32 London boroughs. This territory is coterminate with the London Government Office Region and the London...
area. Clients are split across several categories, including: banks, bureaux de change, government bodies, high-street retailers, money transfer businesses and corporate clients.
Regulation
As of 1 November 2009, Moneycorp was authorised and regulated by the Financial Services AuthorityFinancial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
for the provision of payment services. Moneycorp is also registered as a Money Service Business with Her Majesty's Revenue and Customs (HMRC) under the Money Laundering Regulations.