Key Currency Review: Exchange Rates, Transfer Fees & Limits
Author: April Summers
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Key Currency has emerged as a significant player in the money transfer field. We've examined their services, with a keen focus on their rates, to offer a well-rounded review. Delve into our detailed insights in this thorough analysis.
This UK-based money transfer provider endeavours to be a leading authority in the international remittance industry, for both personal and business clients. In this review, we will identify the distinguishing features of Key Currency by observing the cost, credibility, and support options available to customers sending and receiving money transfers.
About Key Currency
Based in Truro, Key Currency is proud to provide a customised person-to-person money transfer experience. Once registered with the provider, customers are assigned a representative who will guide them through the different available transfer services, exchange rates, and payment procedures.
Since its founding in 2015, Key Currency has established strong relationships with four major UK banks and guarantees highly competitive, fee-free international money transfers. Due to the fact Key Currency has lower operating overheads than the big banks and currency brokers, the company is able to pass those savings on to their customer base.
Key Currency focuses on providing attentive customer service and up to date foreign exchange data, in a bid to give users greater peace of mind. Clive Cooke, Chairman of the company, understands how integral customer service is: “Our business basically comes down to this: give people better exchange rates, treat them well and get the job done properly.”
Key Currency are keen to promote maximum transparency in all areas related to business and personal money transfers, encouraging trust and loyalty from all their clients. The moderately sized business has refined their international services to include all clients, both private and corporate, and they are often trusted to transfer large amounts of money internationally by customers making overseas investments such as buying property abroad.
Key Currency Exchange Rate, Fees & Costs
In this section we will look at the various costs associated with the brand, from foreign exchange rate spread to transfer fees.
Exchange Rates
Through their relationships with four of the UK’s leading banking institutions, Key Currency is able to offer highly competitive exchange rates. However, customers should bear in mind an exchange rate spread will differ depending on the amount being transferred and how exotic the trading currencies are. The company primarily deals with larger money transfers, categorised in the following amounts:
Less than £5,000
£5,000 to 20,000
£20,000 to 50,000
£50,000 to 200,000
More than £200,000
Disappointingly, Key Currency does not advertise their exchange rates and therefore does not offer much transparency in this sense. However, customer reviews indicate their rates are mostly competitive: customers who wish to receive a quote for an overseas money transfer should visit the Key Currency website.
Transfer Fees
Key Currency is a currency brokerage that does not charge any fee for their services and it is free to sign up for a Personal or Business account.
Additional Costs
Although the company practices a “no hidden fees” service any fees or charges Key Currency incurs as a result of currency conversion will need to be paid for by the customer.
To put all these numbers into perspective, here's a real-time view of current exchange rates and fees charged by Key Currency for sending USD to different countries:
| Currency pair | Key Currency exchange rate | Transfer fee | Amount received |
|---|---|---|---|
| USD / CAD | 1.4139 | $0.00 | $14,139.21 |
| USD / EUR | 0.8732 | $0.00 | €8,731.62 |
| USD / GBP | 0.7534 | $0.00 | £7,533.99 |
| USD / ILS | 2.9823 | $0.00 | ₪29,823.35 |
| USD / KES | 129.1165 | $0.00 | KES 1,291,165.39 |
| USD / MAD | 9.3263 | $0.00 | MAD 93,263.20 |
| USD / MXN | 17.3634 | $0.00 | $173,633.93 |
| USD / PLN | 3.7347 | $0.00 | zł 37,347.05 |
| USD / SGD | 1.2912 | $0.00 | $12,912.14 |
| USD / THB | 33.1068 | $0.00 | ฿331,068.39 |
Top Corridors to Send Money to With Key Currency
The European Union is the main corridor Key Currency operates in, but the company also deals with a number of other regions, including Australia, Canada, and New Zealand.
Pros & Cons of Using Key Currency
We have compiled a list of the biggest benefits and drawbacks of using Key Currency to send money overseas:
- No minimum transfer amount
- A personalised, fee-free service
- Key Currency representatives offer to monitor exchange rates on behalf of clients, informing them when a favourable market move has occurred
- Experience handling larger overseas transfers and business transactions such as salaries, pensions, mortgages and rent
- Lack of transparency when it comes to exchange rate structure: unlike competitors like Wise, WorldRemit and PaySend, customers are unable to view exchange rates and costs ahead of time, and instead must sign up for an account to receive a quote
What Types of Transfers Can You Make With Key Currency?
Key Currency suggests customers to speak directly with a representative to find out the best transfer options for their overseas remittance needs.
How Long Will It Take to Receive Money Using Key Currency?
SEPA transfers can take 1 - 2 working days
Transfers outside of SEPA zone can take 2 - 5 working days
A SWIFT transfer can take between 1 - 4 working days
What Type of Transfers Can You Make With Key Currency?
Key Currency suggests customers to speak directly with a representative to find out the best transfer options for their overseas remittance needs.
How Long Will It Take to Receive Money Using Key Currency?
SEPA transfers can take 1 - 2 working days
Transfers outside of SEPA zone can take 2 - 5 working days
A SWIFT transfer can take between 1 - 4 working days
What Payment Methods Can I Use When Sending Money With Key Currency?
To arrange an international payment with Key Currency customers will be asked to send funds to a segregated client account by bank transfer.
What Are the Best Reasons to Use Key Currency?
Large Money Transfers Are in Safe Hands: Key Currency is popular with customers who are sending funds overseas for emigration, reimbursing student fees or sending money home
Business Services Available: Key Currency offer services designed to improve profit margins, mass overseas payments for business and international supplier payments, as well as currency exchange tools such as forward contracts and market analysis
Property-related Assistance: Key Currency is used to liaising directly with clients’ solicitors to ensure transactions run smoothly when buying a home abroad
What Do Users Have to Say About Key Currency?
Learning about the opinions and experiences of former and current customers is a fantastic way to gauge the overall performance of any company. Judging by user reviews posted on TrustPilot, the UK’s top consumer feedback site, Key Currency appears to be excelling as a money transfer service provider. Over 900 reviews have been left on Key Currency’s TrustPilot page, awarding the company an overall rating of 4.9 out of 5, with an outstanding 99% of all reviews qualifying the brand as Great or Excellent.
Can I Trust Key Currency?
According to the calibre of online reviews left by customers, many of which comment on their reliable and helpful services, Key Currency appears to be an exceptional and extremely trustworthy company. Registered in England and Wales under company no. 9603083, Key Currency Limited is based out of St. Piran House, Truro Technology Park, Truro, TR1 2XN, United Kingdom but the company also has offices in Spain, Portugal and The Netherlands.
In terms of adhering to the relevant authorities, Key Currency is fully regulated by the Financial Conduct Authority and registered as an Authorised Payment Institution (Financial Services Register No. 753989). The company has also been acknowledged by the industry, having won six awards in various areas relating to foreign exchange services.
How to Get Started With Key Currency to Send & Receive Money?
It is free for customers to sign up with Key Currency: follow these steps to complete the registration process in less than five minutes.
Opening a Key Currency Account
Open an Account
Click the Open an Account button at the top of the homepage, selecting the Account Type from Private or Corporate. You will be asked a few further questions, depending on the type of account you have chosen: press Continue once this section is completed.
Enter Your Details
You will need to enter your Personal or Company details and contact information before proceeding.
Divulge the Purpose of Your Account
At this point, you will be asked to divulge the Purpose of your Key Currency account: What currency will you be buying and selling? How frequently will you be making international payments? What is your reason for using foreign exchange services? Once you have answered these questions you will need to accept Key Currency’s terms and conditions: click Submit once complete.
Confirmation
You will receive an email confirming your new Key Currency account which can be used to get a quote, make a payment and send money overseas.
Does Key Currency Have a Mobile App?
At the time of writing, Key Currency does not offer a mobile app and their services can be accessed via mobile or desktop browser only.
Other Money Transfer Providers
FAQs
How do I contact Key Currency?
Key Currency’s team of customer service representatives can be reached Monday to Friday 8.30 am - 5.30pm GMT, via phone +44 (0)1872 487 500 or +44 (0)1872 487 501 or email: support@keycurrency.co.uk. It is also possible to request a callback via the Key Currency webform.
How to find the best exchange rate?
Finding the best exchange rate is crucial to maximising the money received on the other end. Usually, you will receive better exchange rates with money transfer provider compared to a traditional bank. Here are a few tips to find the best exchange rate online:
Start looking early: various providers will offer different exchange rates on different days, start looking as early as you can to identify the best provider for your currency pair.
Pay attention to the current exchange rate: staying up to date with the current exchange rate will give you the advantage to buy and sell on time. Currencies fluctuate daily due to supply and demand, so checking it frequently is recommended to get the best rate possible. Alternatively, you can sign up with our price alerts to know when your currency reaches the desired price.
Avoid using your bank: banks are trustworthy, reliable, and convenient, but they do not provide value for money. They charge high fees and usually have higher costs compared to the money transfer provider. Some money transfer companies will even provide a mid-market rate.
What currencies are available with Key Currency?
Sending currencies include: GBP, EUR, USD, CAD, AUD, NZD, JPY, ZAR, CHF.
Receiving currencies include all the above, plus: Bahraini Dinar, Botswana Pula, Croatian Kuna, Czech Koruna, Danish Krone, Hong Kong Dollar, Hungarian Forint, Israeli Shekel, Kenyan Shilling, Kuwaiti Dinar, Latvian Levi, Lithuanian Litas, Mauritius Rupee, Mexican New Peso, Moroccan Dirham, Norwegian Krone, Omani Rial, Romanian Leu, Russian Ruble, Saudi Arabian Riyal, Singapore Dollar, Swedish Krona, Thailand Baht, Turkish Lira, UAE Dirham, Ugandan Shilling.
Key Currency user feedback
Would you recommend Key Currency?
Anonymous
Currency found in moneytransfers was not available through Key Currency
Anonymous
Make you pay deposit and then offer a terrible rate and if you want to cancel, then charge a huge amount of money to do so
Shokoko Bakava
It seems like a scam company! They force you to provide the most private information without giving you any details
Anonymous
No support for Norwegian or Swedish kroner Response from Key Currency: We do support Norwegian and Swedish kroner; we have a dedicated Scandinavian team.
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