Moneycorp

TTT Moneycorp Limited

Type	Private company
Industry	Financial Services
Founded	1962 (1962)
Headquarters	Knightsbridge, London, UK
Key people	Bassam Shlewet (Chairman), David Postings (Chief Executive)
Products	Foreign exchange
Employees	+600[1]
Website	http://www.moneycorp.com/

Moneycorp (TTT Moneycorp Limited) 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.

History

The company was established in 1962 and was formerly known as Town Tickets and Tours Limited.^[2] 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.^[3]

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.^[4][5] It served 2.8 million customers and did trades worth more than £11 billion.^[5]

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.^{[nb 1]}

Operations

Its headquarters are in Knightsbridge, 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.^[6] 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 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 Authority for the provision of payment services.^[7] Moneycorp is also registered as a Money Service Business with Her Majesty's Revenue and Customs (HMRC) under the Money Laundering Regulations.

Notes

Footnotes

1. ^ 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..

References

1. ^ "Key facts about Moneycorp". moneycorp. http://www.moneycorp.com/About-us/Key-facts/. Retrieved January 3, 2011. 
2. ^ "TTT Moneycorp Limited". Bloomberg. http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=5473088. Retrieved January 3, 2011. 
3. ^ http://www.moneycorp.com/Personal/Travel-money/Bureau-de-Change/
4. ^ "Press Release - The Royal Bank of Scotland (RBS) acquires a shareholding in the Group". Moneycorp. 28 December 2006. http://www.ttt.co.uk/rbs_pr.cfm. 
5. ^ ^{a b} "Investment by Royal Bank Equity Finance in TTT Moneycorp". PwC. 2007. http://www.pwc.co.uk/pdf/TTT_moneycorp.pdf. 
6. ^ "Bureau de change branches". Moneycorp. http://www.moneycorp.com/Personal/Travel-money/Bureau-de-Change/. Retrieved April 23, 2011. 
7. ^ "FSA Register - Basic details for TTT Moneycorp Limited". Financial Services Authority. 1 November 2009. http://www.fsa.gov.uk/register/psdFirmBasicDetails.do?sid=122958. 

External links

• moneycorp.com