Question 1

What is Moneycorp Bank?

Accepted Answer

Moneycorp Bank is a Gibraltar-based credit institution that operates cross-border banking services into the United Kingdom under a Freedom of Services Passport. It is part of the broader Moneycorp Group, a leading international payments and foreign exchange company.

The bank specialises in multi-currency business accounts, international payments, foreign exchange services, and wholesale banknote distribution to financial institutions. Moneycorp Bank serves UK businesses, high-net-worth individuals, online sellers, and financial institutions requiring sophisticated cross-border payment solutions.

Question 2

When was Moneycorp Bank founded?

Accepted Answer

Moneycorp Bank Limited was incorporated in Gibraltar on June 19, 2015 (company number 113151). The bank was established as part of Moneycorp's international expansion strategy in 2014, when the parent company obtained banking licences in both Gibraltar and Brazil.

The establishment of Moneycorp Bank represented a significant evolution for the Moneycorp Group, which was founded in 1962 and began foreign exchange operations in 1979. By creating a licensed bank entity in Gibraltar, Moneycorp could offer deposit-taking services and enhanced regulatory credentials to complement its existing payment services.

Question 3

Where is Moneycorp Bank headquartered?

Accepted Answer

Moneycorp Bank Limited is headquartered in Gibraltar at 7/b King's Yard Lane, Gibraltar, GX11 1AA. While the legal entity is based in Gibraltar, the bank's UK operations are closely integrated with the broader Moneycorp Group, whose UK headquarters are located at Floor 5, Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ.

The Gibraltar location provides strategic advantages, including robust regulatory oversight by the Gibraltar Financial Services Commission and access to the Gibraltar Deposit Guarantee Scheme.

Question 4

Where does Moneycorp Bank operate?

Accepted Answer

Moneycorp Bank operates primarily through cross-border services into the United Kingdom under a Freedom of Services Passport authorised by the Gibraltar Financial Services Commission (FCA Reference Number 751074). This passporting arrangement allows the Gibraltar-based bank to provide banking services to UK clients without establishing a UK branch.

The bank serves clients throughout the UK through digital channels, providing online banking platforms and integrated payment solutions. As part of the larger Moneycorp Group, the bank benefits from a global network that spans 11 countries, though Moneycorp Bank Limited itself focuses on Gibraltar and cross-border UK operations.

Question 5

What services does Moneycorp Bank offer?

Accepted Answer

Moneycorp Bank provides a comprehensive range of services including:

Deposit and Savings Accounts: The bank accepts deposits and other repayable funds from the public, protected under the Gibraltar Deposit Guarantee Scheme up to EUR 100,000 per depositor.

Multi-Currency Accounts: Moneycorp Bank offers multi-currency business accounts allowing clients to hold, manage, and transact in over 30 currencies with real-time exchange rate tracking and 24/7 online access.

International Payment Services: The bank facilitates cross-border payments to over 190 countries through multiple payment rail providers, including SWIFT transfers, SEPA payments, and other international payment methods.

Foreign Exchange Solutions: Clients can access spot contracts, forward contracts, and other FX risk management products to hedge currency exposure and optimise international transactions.

Wholesale Banknote Services: Through its Financial Institutions Group (FIG), Moneycorp Bank is an approved participant in the Federal Reserve's Foreign Bank International Cash Services (FBICS) program, sourcing and supplying US Dollar banknotes directly from the Federal Reserve Bank of New York to financial institutions globally.

Electronic Money Services: The bank is authorised to issue electronic money and provide payment services under Gibraltar regulations, including prepaid Explorer multi-currency cards issued in partnership with MasterCard.

Digital Banking Platforms: Customers can access services through online banking systems, mobile platforms, and API integrations for automated mass payments and treasury management.

Question 6

What makes Moneycorp Bank unique?

Accepted Answer

Moneycorp Bank distinguishes itself through several unique characteristics:

Federal Reserve FBICS Membership: Moneycorp Bank was one of the first two non-U.S. banks approved to participate in the Federal Reserve's Foreign Bank International Cash Services program in November 2019, providing direct access to U.S. dollar currency services and positioning it as a key player in global wholesale currency distribution.

Gibraltar Banking Licence with UK Passporting: The bank leverages Gibraltar's regulatory framework while maintaining seamless cross-border service provision into the UK market, combining offshore banking benefits with UK market access.

Part of an Integrated Payments Ecosystem: Unlike standalone banks, Moneycorp Bank operates within the broader Moneycorp Group, which holds 62 regulatory permissions across multiple jurisdictions, enabling comprehensive cross-border payment solutions.

B2B2X Focus: The bank has evolved from consumer-focused services to predominantly serving businesses and financial institutions, with 91% of revenue now derived from B2B operations.

Proprietary Technology Platform: Moneycorp Bank utilises a best-in-class, purpose-built technology stack developed through over £90 million in investment, including the Soteria compliance system that provides real-time monitoring of transactions against 50 different screening criteria.

Question 7

What type of financial institution is Moneycorp Bank?

Accepted Answer

Moneycorp Bank Limited is a Credit Institution (bank) authorised and regulated by the Gibraltar Financial Services Commission under the Financial Services Act 2019 and the Financial Services (Credit Institutions and Capital Requirements) Regulations 2020.

In UK regulatory terms, it operates as a passported bank providing cross-border services into the United Kingdom under the Banking Consolidation Directive. This classification allows it to accept deposits, provide payment services, issue electronic money, and offer certain investment services related to foreign exchange products.

The bank fits the profile of a specialist international bank focused on foreign exchange, cross-border payments, and treasury services rather than traditional retail banking activities such as consumer lending or mortgage services.

Moneycorp Bank

in the United Kingdom 🇬🇧

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About Moneycorp Bank in the United Kingdom