Getting Started

Who uses Money Mover?

Money Mover has been designed for people who need to move money from one currency to another.

We work with both personal users and organisations (such as public and private companies, LLPs and partnerships).

Our customers tend to use us for making higher value payments (in excess of GBP 1,000 or equivalent). We are currently unable to support the lower-value remittance market (payments of sub-GBP 1,000).

Our typical personal user has regular financial commitments in another currency. Maybe they own or are buying property abroad, are sending home salary or bonuses, or are paying tuition fees in another country. This user wants better exchange rates than he or she is being offered elsewhere, and to benefit from a more transparent process.

Our typical business user is a small/medium enterprise (SME) paying suppliers or settling invoices in a range of currencies, or is sending funds on a regular basis to overseas offices. Our business users feel they are being treated more like retail than business customers, and seek more control over the global payments process. They are also keen to receive rates which follow the market closely.

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).

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 our users a single fee per transaction. This fee varies according to the transaction size.

1%
GBP 1,000 to GBP 10,000
0.75%
GBP 10,001 to GBP 100,000
0.50%
GBP 100,000+


We show you clearly how much money you will need to send, and how much the recipient of your payment will receive.

We show you our fee before you decide to accept the rate and make your payment.

We make no additional charges – everything is included in the single fee we show you.

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 counterparties.

Profiles and passwords

How do I get started?

To get started with Money Mover, the first step is to create a profile. To do this you give us your email address, which we verify is yours, and choose a password.

We then ask you to provide us with some personal information (such as your date and place of birth) and your contact details, including your country of citizenship (nationality). We need this information so that we know who you are and can identify you in future. If you are a not a UK resident we will also ask you to upload a copy of some photo ID (such as a passport or driving licence) and proof of address (such as a bank statement, tax notification or utility bill).

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. If you are not a UK resident we will also ask you to upload some documents such as a copy of your photo ID and a proof of address.

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.

Countries and currencies supported

How many currencies do you support?

You can see which currencies we support here . We are adding more currencies all the time, so do contact us if there is a particular one that you’d like to see.

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 (at the moment) 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.

Making payments

Why can't I make my first payment immediately?

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?

You can make a payment at any time by clicking the “Make a payment” button.

We’ll 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.

What is Flexible Payments?

Flexible Payments is a feature that allows you to select the payment date for your payment.

The default payment date is usually two or three working days in the future. Using Flexible Payments you can choose the date you want your payment to be sent to ensure your payment gets to your client on time. By selecting a date in the future you can lock in an exchange rate, which is useful if you know you have a purchase to make for a fixed amount in the future. Selecting a payment date three working days or more into the future you are instructing a Forward payment.

Once enabled, a calendar will appear at Step 4 of the Make a Payment process. Using this calendar you can select the date you want your payment to be sent.

What is a Forward?

A Forward contract allows you to lock in an exchange rate for the purchase or sale of a currency on a future date. Forwards can be useful if you require certainty over the local equivalent of a known future invoice or receivable, or simply want to take advantage of preferable exchange rates.

Forward contracts do require the immediate payment of a deposit to the value of a certain percentage of your total payment amount.

We may also require additional margin from you in the form of a margin call in the event that the market exchange rate moves against your position in excess of the initial deposit value

Click here to read more about forwards.

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 1 month  Deposit of 3% of Sell currency amount
Between 1 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. 

To read more about forwards click here.

What is a Multiple Recipients payment?

Multiple Recipients makes it easy to pay a number of recipients in the same currency on the same day. This feature is great for payrolls or a run of invoices. Our platform aggregates the currency payments into a single transaction which means that you only transfer a single settlement amount across to us, saving you time and money.

Click here to find out how to make a multiple recipients payment.

What is a Same Currency payment?

When you're making a payments overseas, most of the time you'll need to convert funds to a foreign currency. However there may be occasions where you need to send funds in the same currency.

Same Currency Payments allows you to make these payments. Once activated, you will be able to select the same buy and sell currencies when instructing a payment on our platform.

All payments will cost a flat rate of £10, which will be charged via monthly invoice.

Learn more

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.

Where do I send funds to settle my payment?

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.

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.

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 is the payment date?

The payment date is the date on which 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.

What details do I need to use to send my funds for settlement?

Your funds should be transferred to our payment provider in good time on the settlement date. 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?

No. Payments received by our payment services provider have to be from an account in the name of the person or organisation making the payment.

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 support@moneymover.com.

Setting up payments

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,.

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.

The documentation we will need is as follows, however we can obtain most of it ourselves from Comapanies House directly.

  •  Certificate of Incorporation
  •  Latest financial accounts
  •  Proof of regulatory registration
  •  Memorandum & Articles of Association
  •  Shareholder Register


It’s important that we understand who controls the organisation, so we will ask you about people such as directors, partners and beneficial owners. Finally, we’ll 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 (permissions) they require. You may need to provide some personal and contact information,

Please note that you can add as many businesses as you like to your profile.

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.

Setting up recipients

What is a recipient?

A recipient is a person or organisation to which you want to make a payment.

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
  • Address
  • 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.