How do I get started?
To get started with Money Mover, the first step is to register your email address, which you can do so here.
This will give you access to a reduced version of the Money Mover platform. From here you set up your profile and add a business and/or personal account which will allow you to instruct payments on behalf of that entity.
What is a profile?
Every Money Mover user needs a profile in order to make personal or business payments. You create your profile when you first register with us, and it contains information about you including your contact details. We also ask you to upload some documents such as a copy of your photo ID and a proof of address.
For more information click here.
What do I need to do before I can make personal payments?
Once you’ve created your profile, it’s easy to set up personal payments.
In order to comply with anti-money laundering requirements, you’ll need to tell us a bit about how you wish to use our service. We’ll ask you how many payments you expect to make per year, your average payment size and why you’re making these payments. It’s worth saying that this information also helps us spot any unusual activity on your account, which can help protect you from fraud.
We also ask you to tell us about the currencies that you use most frequently, and the country that you send most of your payments to.
What do I need to do before I can make business payments?
Once you’ve set up a profile, we know about you as an individual. If you wish to make payments on behalf of an organisation (such as a company or partnership), then you need to tell us about that organisation and the people who control it.
To add a business to your profile, you need to tell us what kind of organisation it is (for example limited company, charity or partnership), and whether it’s listed on an exchange or regulated.
We’ll ask you for the registered name, registration number and contact details of your organisation, so you might want to have your company documentation to hand.
We’ll also ask what the business does, the currencies that it uses most frequently, and the country that it sends most payments to.
In order to comply with anti-money laundering requirements, you’ll need to tell us about how the organisation wishes to use our service. We’ll ask you how many payments it expects to make a year, the average payment size and why it makes these payments. It’s worth saying that, in addition to complying with anti-money laundering requirements, this information also helps us spot any unusual activity on the account, which can help protect you from fraud.
You’ll then need to upload some documents. What we need depends on the kind of organisation (Private Limited Company/Sole Trader/LLP etc), and we’ll tell you exactly what we need before you start the registration process. We’ll also need to know who you wish to be able to make payments and operate the account on behalf of the business, and what level of access they require. You may need to provide some personal and contact information, and driving licence/passport/ID numbers, for some of the above.
Please note that you can add as many businesses as you like to your profile.
To see the documents you need to set up a business account click here.
How long before I can start making payments?
Once you’ve submitted an application to set up personal or business payments, we need to review the information that you’ve provided in order to verify your identity and the identity of any organisations that you’ve asked us to set up.
This process takes some time, but we’ll let you know as soon as it’s complete. Generally this takes up to 48 hours, but can be faster or slower in some instances.
You’ll be able to check the progress of your application via your dashboard, and we’ll always get in touch promptly if we need any more information.
How do I make a payment?
Once approved and activated, you can make a payment at any time by clicking the “Make a payment” button.
We’ll first ask you who you want to pay, so you’ll need the bank account details if you haven’t already set up the recipient. You can also add a reference to the payment so that your recipient can easily identify it.
You then choose the currencies you wish to sell and buy, and provide us with the payment amount (in either currency). At this point, we ask you for a brief description of the reason for the payment.
You will then see details of the amount you need to pay and the amount your recipient will receive, along with the exchange rate, our fee and the date that your recipient will receive the payment. You will also see a settlement date, which is the date by which we need to receive your funds in order for your recipient to receive the payment on the quoted date.
The rates we provide are directly linked to market rates, and we will show you the current exchange rate as an indicative quote when you've provided the necessary payment details. You can refresh this indicative quotation at any point to reflect the latest market rates.
If you’re happy with the rates and information we’ve shown you about the payment, you simply tick the box to accept our terms and conditions, before clicking the button to confirm the payment.
Can I move funds between my own currency accounts?
Banks often charge you just as much to transfer funds between your currency accounts as they do when you pay a third party. Use Money Mover to move funds between your currency accounts, cut your fees and put more of your money to work.
The process is exactly the same as paying a third party, you simply set up your currency account as the recipient of the payment.
Click here to find out more.
What types of payment products are available with Money Mover?
We currently support the ability to make standard SPOT payments, Same Day payments and Forward payments, as well as the ability to pay multiple recipients in one transaction.
Can I make same day payments?
Yes, however we will need to enable you for this feature first.
If you want to make same day payments then please get in touch with our support team at email@example.com who will activate you for this feature.
Please note, to make same day payments we have to receive funds before the cut off time designated on the execution confirmation for your payment.
What is the payment date?
The payment date is the date on which we expect your recipient will receive your payment. This is normally the settlement date, but may be the next business day in certain currencies.
We’ve already taken things like public holidays and the characteristics of each country’s payment infrastructure into account so, as long as you submit your funds by the settlement date, you’ll know when your payment will arrive with the recipient.
You can look on your dashboard to see where your payment is at any stage of the process.
How does my payment get sent?
Your payment is sent by the fastest means available in the country/currency that you have selected. This is normally a SWIFT transfer. We do not make any additional charge for SWIFT transfers.
For smaller amounts (less than GBP 5,000 or equivalent) or in situations where SWIFT is not available, your payment may be sent via the local secure payment infrastructure (such as Faster Payments or SEPA).
In all cases, you will be provided with a delivery date on which your recipient can expect to receive his funds. You can always track the status of your payment via the dashboard.
Is there a minimum payment amount?
The Money Mover service is designed for businesses making higher value payments. Please be aware that the minimum payment size is GBP 1,000 (or equivalent).
If all your payments are in the same currency, you can pay multiple recipients in one transaction. Money Mover combines these payments into one conversion amount allowing you to purchase a lump sum of foreign currency and then schedule multiple small payments to individual bank accounts.
As long as the total conversion amount is over £1,000 we will be able to support that payment, even if the individual payments are below the £1,000 threshold.
Can you support payments from the US?
We can make payments to the US, however due to the current regulatory structure in the US, we don't currently support payments from US residents or from accounts located in the US.
Can I use a credit card or cash?
No, unfortunately not at the moment. Our platform is solely for bank account to bank account transactions.
How do I cancel a payment?
To cancel a payment please email firstname.lastname@example.org. or call us on 01223 928030.
How much do I need to deposit for a forward transaction?
When you execute a forward transaction you may be required to pay a deposit. The amount of deposit will be based on the Sell currency amount and length of time until the Forward transaction settles, and will be calculated as follows:
|Length of deposit||Deposit amount|
|Between 1 week and 3 months||Deposit of 3% of Sell currency amount|
|Between 4 and 6 months||Deposit of 5% of Sell currency amount|
What is an additional deposit request?
All open, forward exchange contracts executed by you will be marked to market on a daily basis up to maturity date to assess the value of the position against the prevailing, market exchange rate. If the market exchange rate moves against your position in excess of the initial deposit value, we may come back to you for an additional deposit to cover the additional risk and bring our risk exposure back to zero.
Setting up recipients
What is a recipient?
A recipient is a person or business that you send money to. To set up a recipient simply click on the recipients and select 'Add a recipient' and then enter all the required fields. Alternatively you can set up your recipient at stage 3 of the Make a Payment process.
How do I set up a recipient?
You can set up a recipient from your dashboard or in the course of making a payment. You need to know the following information about the recipient:
- Full name - first name and last name for individuals and company name for businesses
- Bank account details (IBAN code/account number, SWIFT/BIC/Sort codes, ABA/BSB routing number as appropriate)
- Country in which the bank account is held
- Currency in which the bank account is held
You’ll also need to tell us briefly why you’re making the payment (e.g. house purchase, paying an invoice, transferring salary). The collection of this information is an anti-money laundering requirement.
You can assign a nickname to each recipient so that you can identify them quickly in the future.
Can I pay individuals and businesses?
Yes, we support payments to both business and individual entities.
What is an IBAN code?
The International Bank Account Number (IBAN) is an international standard for identifying bank accounts. Example: GB22 BARC 1020 1133 4455 22, where GB is the United Kingdom country code. You can find the IBAN code on the front page of most bank statements, via online banking services, or by calling the bank's customer services team.
What is a SWIFT/BIC code?
BIC/SWIFT is a standard format of Business Identifier Codes approved by the International Organization for Standardisation (ISO). It is a unique identification code for both financial and non-financial institutions. BIC/SWIFT is 8 or 11 characters long. Example: BARCGB22. You can find the SWIFT/BIC code on the front page of most bank statements, via online banking services, or by calling the bank's customer services team.
What is an ABA routing number?
The ABA routing number is a 9–digit number assigned to financial institutions by The American Bankers Association (ABA) to identify the financial institution upon which a payment was drawn. Example: 346789239
What is a BSB routing number?
A BSB (Bank State Branch Number) routing number is used by banks in New Zealand and Australia to identify a specific account holding branch. The BSB number, equivalent to the ABA routing number in the United States, is a hyphenated, six digit number. Example 124-001
Which countries do not need an IBAN or SWIFT/BIC code?
Banks in the USA, New Zealand, Australia, Hong Kong, Singapore and the UK do not require an IBAN or a SWIFT/BIC Code. The USA requires an ABA number, New Zealand and Australia require a BSB number, Hong Kong and Singapore a clearing code and the UK a sort code, all of which can be obtained from your bank.
Countries and currencies
How many currencies do you support?
Can I send payments to accounts in any country?
You can see which countries we can make payments to and from here. Please cross reference this with our list of currencies as we are not always able to pay the home currency to a particular country. For example, we can pay US Dollars to China but not Chinese Renminbi.
Please contact us if there is a particular country that you’d like to us to add.
Do you support payments to Bitcoins or other cryptocurrencies?
No. Money Mover does not allow users to make payments in Bitcoins or other crypto currencies.
Fees and exchange rates
What exchange rates will I get?
Money Mover users receive live market rates provided to us by our payment services providers and market counterparties.
This rate is typically at or around the ‘interbank’ exchange rate for the currencies that you wish to buy and sell.
We then add our fee to the market rate, and provide you with an ‘all-in’ rate which includes all fees and charges. This is the rate you should use when you compare us with alternative payment providers, such as your bank.
How much do you charge?
We charge a fixed fee of a percentage of the transaction size. We have a three tier pricing structure that varies based on the value of the payment which is as follows:
GBP 1,000 to GBP 10,000
GBP 10,001 to GBP 100,000
This fee is included within the exchange rate we offer to you, and we are always clear and transparent with our charges. At the point of execution, we show you what the current mid-market rate is, what the rate is that you will receive, and what this difference translates to as a fee in pounds and pence (or dollars and cents).
Do you charge an initial fee or an annual fee?
We do not charge initial, joining or annual fees. You pay a fee only when you chose to make a payment with us.
Where do you get your exchange rates?
Our exchange rates are provided by our payment services providers and market counter-parties.
What is the settlement date?
The settlement date is the date by which we will need to have received the funds associated with the payment you’re making. The settlement date will vary depending on the payment date you have selected.
Where do I send funds to settle my payment?
Once you have confirmed the transaction, you will receive details the exact amount of settlement funds we require from you and where to send to send those funds.
This information will be presented at both the point of confirmation and via email.
Please note that our segregated client accounts (for all currencies) are held in the United Kingdom. If your bank account is not based in the UK then this means that you may need to make the transfer from your local branch if this is not offered by your online banking service.
When must I send in the funds to settle my payment?
For today, tomorrow and spot payments we advise that you send funds to us as soon as you have confirmed your payment.
Forward payments will require an immediate deposit (the size of which varies depending on the length of the forward) followed by the remaining balance, which must be paid prior to the settlement date.
You must send in funds by the settlement date in order for the payment to reach your recipient by the quoted time. If funds are not received from you by the settlement date, then the payment to your recipient will be delayed, and you may be charged a fee for delayed payment.
What details do I need to use to send my funds for settlement?
All of the details required to make the transfer are set out on the payment confirmation that is displayed on screen and once you have confirmed your payment. You will be able to print this out. We also send you an email containing this information immediately after you confirm your payment.
In addition to using the correct Sort/Account, IBAN/SWIFT codes, please remember to quote the Payment Reference number that we give you as the 'Reference' to your payment.
If your bank requires an address to set up the payee then please use the bank address set out in the confirmation. Occasionally this address will change automatically based on the sort code entered. This is normal – please just make sure that you enter the correct account numbers.
Can I settle my payment from an account in someone else's name?
We cannot receive funds from an account in someone else's name. This includes scenarios where funds to settle a business payment are sent from a personal account even if the business owned by that person - and vice versa.
Payments received by our payment services provider have to be from an account in the name of the person or organisation making the payment.
Browser issues and solutions
As with any website, occasionally you may experience technical issues when using our application. These issues can usually be resolved with basic solutions such as clearing your cache or changing your browser. We'd encourage using Google Chrome, Safari or Mozilla Firefox, as Money Mover performs best with these.
If these solutions don't work you can get in touch with us by emailing email@example.com or calling 01223 928030.
Why can't I get a quote?
You can instruct payments 24 hours a day subject to the following restrictions:
- Quotations are unavailable from 21:00 (London time) on Fridays until the opening of markets in the Far East the following Monday
- Some exotic currencies are unavailable 22:00 to 23:20 (London time) each day
- Some currencies may be unavailable on bank holidays
If none of the above are applicable and you are still unable to obtain a rate, please contact us on firstname.lastname@example.org.
How do I change my password?
You can change your password by going to the login page and clicking 'Reset your password' or from your dashboard and clicking on the Personal tab, Settings, and completing the form.
The easy way to send secure international payments
Money Mover is the new, secure and low-cost way for individuals and businesses to make global payments in a range of currencies.
We’ve designed it from the ground up to take the hassle out of foreign exchange and international money transfer.Register for free