written by on 12/06/2014
It started few months ago when I tried to register for a business account. I was asked numerous of questions and to provide supportive documents such as bank statements etc. for account opening. They still would not open one and come back with more questions often repeating themselves. I got to a point of being really frustrated and gave up. I decided to give a another try a couple of months later with another rep. Got my forms, sent back signed, went through validation. First time I try to log in there is a system error stating I should try again later. I retried again and got another error stating my account could not be created and should contact support. MC support couldn't figure out what was wrong and you could hear frustration at the other end of the line with statements that it should work. Eventually, they found and fixed a glitch on their side. I was finally able to log in. My first attempt to convert currency failed. The calculator in Tools didn't work givig me NaaN.NaaN for any type of conversion I was trying to make. Then, created a "Deal". The screen shows you two boxes with currencies and values to type. Each has a button that changes from Sell to Buy when clicked and vice-versa. I found it very confusing as I wasn't sure what button labels are actually indicating - it's a sell or buy, am I buying or selling currency in left or right boxes. It didn't work the first time anyway. There was another problem in my account that fortunately was resolved really quick. Obviously, I created two incorrect deals by testing what the boxes would actually do. Then, I added some funds to my account via bank transfer. Money arrived on the same day although did not get converted into currency chosen in my deal when checked next day. I had to give them a ring and ask a rep to do it manually. Summary: I think the system is very unstable and confusing. I believe there is some issues going on with their back-end. The front-end user facing interface could be improved a lot. I was forced to use another service which is double the transaction fee but it was a pleasure to use and worked beautifully throughout the whole process (there was not even one moment when I didn't know what is happening). With Moenycorp it's a lot of guessing. Sine am doing one transfer a month I'll probably go back to the more expensive platform. For a £9 (£4 extra) is probably well worth it and won't cover time spent dealing with Moenycorp to get your money transferred abroad.
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