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Key Currency Review

When you need to transfer money, whether for personal or business purposes, a company with efficient and reliable services is essential. Money transfer services are used by many businesses and individuals to send money to friends, family members, or employees abroad. These services are commonly offered by banks and other financial institutions. 

However, where companies like Key Currency excel is accessibility and providing plenty of options, specifically money transfers from one individual to another.  

With the help of a reliable money transfer service, you can send funds online directly to someone else in just a few minutes or even provide instructions for the transfer over the phone. At Key Currency, there are several different types of transfer options available, so it’s important to do thorough research before you proceed.    

That’s where we come in! Let’s take a closer look at Key Currency’s services, pros and cons, and fees. 

Key Currency Overview 

Newcomer Key Currency entered the FX market in 2016. They’re an old-fashioned brokerage service and handle all business through email and telephone. A dedicated account manager will be assigned to you as soon as you register to provide you with market updates, assistance with any queries, and handle transactions for you. When you book a transaction, you speak on a recorded line and agree on the rate and amount. 

The company has won awards every year since it was founded: 

  • The 2016 and 2017 Online Personal Wealth Awards honored them as the best currency provider 
  • ADVFN Awards for Best Currency Exchange Service 2018-2021 

Clive Cooke, the company CEO, used to lead City Index, one of the world’s most established Forex and CFDs companies. 

With the highest level of transparency, Key Currency strives to achieve trust and loyalty with its business and personal clients. In addition to providing international money transfer services to corporate clients, various individual customers trust this moderately-sized business with their money and even use it when making overseas investments, such as buying property overseas. 

Key Currency Individual Services 

Ways to Transfer Money 

If you need to transfer money abroad to a bank account, Key Currency can be of great help. They have a network of banks that the company works with, including the so-called “big four” UK banks: HSBC; Barclays; Lloyds Banking Group; and NatWest Group. These institutions lend credibility to their money transfer services. In other words, you can trust that your money will get to its destination quickly and securely. 

Key Currency also offers the option to transfer money online, via email, or via phone. This option makes the entire process faster and more convenient, especially if you have a hectic schedule. The company will work with you to find the best way to send your money where it needs to go. 

Spot Contracts 

A spot contract is a foreign exchange (FX) transaction involving the immediate exchange of two currencies at pre-agreed upon rates. Typically, one party will agree to buy the currency from the other party and vice versа. The two parties exchange the currencies at the agreed-upon rate. 

Spot contracts are typically used for hedging purposes or to take advantage of short-term FX fluctuations. 

For example, if a company expects to receive payment in EUR in the near future, but its operating expenses are denominated in USD, it may enter into a spot contract to sell EUR and buy USD. This would protect the company from any potential decline in the value of EUR against USD. 

Another common use case for spot contracts is speculative trading. Traders may enter into spot contracts to try and profit from short-term changes in FX rates. For example, if a trader believes that EUR will appreciate against USD in the near future, they may enter into a spot contract to buy EUR and sell USD. If their prediction turns out to be correct, they will be able to close out the position at a profit. 

Forward Contracts 

A forward contract is a type of foreign exchange (FX) transaction involving the future purchase or sale of two currencies at pre-agreed upon rates. The key difference between forward contracts and other types of FX transactions is that forward contracts are settled at some point in the future. 

Forward contracts are typically used by companies that need to hedge against potential adverse movements in FX rates. For example, if a company expects to receive payment in EUR in six months, but its operating costs are denominated in USD, it may enter into a forward contract to sell EUR and buy USD six months from now. This would protect the company from any potential decline in the value of EUR against USD over that six-month period. 

Limit Orders 

In a limit order, you specify a price at which you would like to buy or sell a security with a broker. Because you cannot be certain that market prices will hit your limit price, limit orders may not always be carried out; however, limit orders do give you more control than market orders, since you can specify the exact price at which you wish to see your trade executed. 

Stop Losses 

A stop loss order is placed with a broker when a security reaches a certain price called its “stop” price. When this happens, your broker executes your order automatically without consulting you first. Stop losses help investors avoid major losses on their investments by allowing them to set predetermined exit points.

There are several different ways stop losses can be used, including setting them as percentages below recent highs or lows (support and resistance levels), using Fibonacci Retracements, or moving averages. 

Key Currency Business Services 

Receive Payments From Abroad 

If you’re a business owner, you know that receiving payments from abroad can be a challenge. You want to make sure that you get paid on time and in full, without any hassle. That’s where Key Currency comes in. 

Key Currency offers a convenient and reliable way for businesses to receive payments from overseas. The company offers a range of services that allow you to receive payments quickly and securely, with minimal fees. It also offers dedicated dealer assistance, so you can always get the help you need. 

Business FX & Hedging 

Foreign exchange (FX) can be a volatile market, and it’s important to protect your business from currency fluctuations. Key Currency offers FX hedging services to help businesses minimize risk and stabilize their cash flow. They can work with you to develop a customized hedging strategy that suits your needs. 

Dedicated Dealer Assistance 

When you work with Key Currency, you’ll have access to their team of dedicated dealers who are always available to help with any questions or concerns you may have. They can provide expert guidance on the foreign exchange market and help you make the best decisions for your business. 

Set Rate Alerts 

With Key Currency, you can set up rate alerts so that you’re always aware of changes in the market. This way, you can make sure that you’re getting the best possible rate for your transactions. The rate alert system is free to use and easy to set up – just tell them what rate you’re looking for, and they’ll do the rest! 

Pay Overseas Suppliers 

As a business owner, it’s important to be able to pay your overseas suppliers on time and in full. With Key Currency, you can do just that — it’s a convenient and reliable way to send payments overseas, with minimal fees. 

Key Currency Accessibility 

In addition to the UK office, Key Currency also has representative offices in Spain, Portugal, and the Netherlands. That being said, the website is only available in English, and there is no international phone number to indicate they are aiming for international clients. The company mainly focuses on providing services to UK expats around the world. 

However, they also employ Spanish, Swedish, and Italian-speaking business development managers and dealers. Spain appears to be a particular focus despite the lack of a Spanish version of its online trading platform. For those interested in buying a home in Spain, the company has a special team of real estate experts to help you with everything you need. Spanish regions covered by Key Currency include Costa del Sol, Costa Blanca, Murcia, Catalonia, and Ibiza.

Currencies Available 

With Key Currency, you can choose from a wide range of currencies, including the United Arab Emirates dirham, Australian dollar, Bahraini dinar, Botswana pula, Canadian dollar, Czech koruna, Hungarian forint, Danish krone, Israeli Shekel, Euro, Japanese yen, British Pound, Hong Kong dollar, Kenyan shilling, Croatian kuna, Kuwaiti dinar, Moroccan dirham, Mauritian rupee, Mexican peso, Norwegian krone, Swedish krona,  New Zealand dollar, Omani rial, Polish złoty, Qatari Riyal, Romanian leu, Saudi riyal,  Singapore dollar, Thai baht, Turkish lira, Ugandan shilling, United States Dollar, South African rand, and Swiss franc. 

Send Exchange Rates & Fees 

The following sections will introduce you to foreign exchange rate spreads, transfer fees, and other brand-related costs that you can encounter on Key Currency. 

The Exchange Rate 

Having four of the UK’s biggest banks as partners, Key Currency offers highly competitive exchange rates. The spread will depend on the sender’s location and the amount of money being transferred. The company specializes in large money transfers, including:  

  • Amounts below £5,000 
  • Between £5,000 and 20,000  
  • Between £20,000 and £50,000 
  • From $50,000 to $200,000 
  • Over £200,000 

Nevertheless, Key Currency doesn’t advertise exchange rates, so this aspect is not very transparent. However, customers are generally pleased with Key Currency’s rates. You can request a quote on overseas money transfers by visiting their website. 

Fees Associated With Transfers  

Becoming a Key Currency customer is free of charge, and there is no cost for opening a personal or business account. The same applies to money transfers. There are no fees associated with international money transfers.

How to Send Money With Key Currency

Before sending or receiving funds via Key Currency, you’ll need to register an account.

Key Currency Account

  • Step 1: On the homepage, click the Open an Account button and select either Private or Corporate. Depending on the type of account you have selected, you will be asked a few more questions. Once you have completed this section, press Continue.  
  • Step 2: Before proceeding, you’ll need to provide your personal and company details.  
  • Step 3: During this step, you will be asked what currencies you intend to buy and sell, whether you intend to make international payments on a regular basis, and why you need foreign exchange services. After answering these questions, you will be asked to accept Key Currency’s terms and conditions. To do so, click the Submit button.  
  • Step 4: As soon as your new Key Currency account is created, you will receive an email confirmation that enables you to receive quotes, as well as pay and send money overseas. 

Sending Funds With Key Currency 

This is a simple, four-step process:

  • Step 1: Register. Registration can be done online or over the phone. The process is simple, fast, and doesn’t require you to trade right away.
  • Step 2: Get a quote. Give Key Currency a heads-up as to the currency and amount you need. After that, you’ll receive a quote.
  • Step 3: Submit your payment. Upon receiving your money, it is sent to a segregated client account via bank transfer.
  • Step 4: Once your payment has been received, Key Currency will transfer your funds to the account you requested.

The only way to send Key Currency funds is through a bank transfer. This is a major limitation when compared to Currencies Direct (read our full review) and OFX, which also accept credit cards. However, the speed and cost of bank transfers are usually much better. In some cases, such as when selling a Spanish house, Key Currency accepts Spanish bankers’ drafts.  

Receiving Funds With Key Currency 

With the correct details, your funds can be sent anywhere in the world. You may need an ‘IBAN’ or ‘BIC’ code for this. There are a few countries where funds cannot be received, known as “extremely high-risk” countries. This includes Syria, North Korea, Iran, and Somalia, among others. 

The currency’s and country’s standard payment networks are used when sending funds with Key Currency. These include “SEPA” for Euros within Europe, “Faster Payments” for Pounds within the UK, and “Single ACH” for all other payments. 

Additional Details 

  • Transfer types  

It is recommended that you consult with a Key Currency representative in person in order to determine what is the best option for overseas transfers. 

  • Money receiving time  

It can take between one and two business days to process SEPA transfers. There may be a delay of 2-5 working days for transfers outside the SEPA zone. It can take up to four working days for a SWIFT transfer to be completed.

  • Methods of payment  

A bank transfer is required with Key Currency in order to arrange an international payment. 

  • Mobile app 

A mobile app is not available for Key Currency, and its services can only be accessed via a web browser on a mobile or desktop device. 

Key Currency Reviews 

TrustPilot, one of the top consumer review sites in the UK, reports that Key Currency excels in money transfer services. Almost 99% of reviews on Key Currency’s TrustPilot page rate the brand as Great or Excellent, with over 900 reviews at the time of writing. 

Their reviews are mostly five stars, with only one percent of one-star reviews. In those, a lack of compliance and delayed payments are among the mentioned faults. FX companies are not in control of partner banks’ strict compliance procedures, which results in payment delays. 

Key Currency Pros 

  • There is no minimum transfer amount. 
  • Personalized service and no fees. 
  • The Key Currency team will monitor exchange rates on the client’s behalf, informing them when rates have shifted in their favor. 
  • Experienced in handling international transfers and business transactions, such as salary payments, mortgage payments, and rent payments.
  • Several leading banks have partnered with Key Currency to provide competitive exchange rates. 
  • Fee-free, unlike other currency brokers, Key Currency doesn’t charge fees for international transfers. 
  • Tools for FX — a wide range of tools are available to you, such as limit orders, spot contracts, alerts on rates, scheduled payments, and forward contracts. 
  • A 4.9/5 rating on Trustpilot reflects positive online reviews.

Key Currency Cons 

  • Lack of transparency — getting a quote requires registration. A preview of exchange rates and costs is not possible. 
  • Payment options are limited — payments can only be made through bank transfers.
  • The service is unavailable to US clients. 

Key Currency Alternatives 

There are several companies that provide currency exchange and international money transfer services. Some of the most popular alternatives to Key Currency include:

  • XE Money Transfer:  

XE offers a variety of currency solutions for individuals and businesses, including international money transfers, foreign currency accounts, and travel money cards. 

  • TransferWise:  

Wise is a popular peer-to-peer money transfer service that allows users to send and receive money internationally at the mid-market exchange rate. 

  • Currencies Direct:  

Currencies Direct provides foreign exchange and international payment services for individuals and businesses. Services include bank beating rates on international currency transfers, forward contracts, market orders, and more. 

  • OFX:  

OFX is a global provider of foreign exchange services, offering competitive exchange rates and fee-free transfers to clients in over 55 countries. 

Tips for Choosing the Right Money Transfer for You 

When you’re looking to make an international money transfer, there are a few things you’ll want to keep in mind in order to ensure that you’re getting the best possible deal. 

Here are some tips: 

  • Compare exchange rates

This is probably the most important factor in determining how much your money transfer will cost. When comparing rates, be sure to take into account any fees that may apply. 

  • Consider the type of transfer 

There are two main types of international money transfers: bank transfers and peer-to-peer (P2P) transfers. Bank transfers tend to be more expensive and take longer, while P2P transfers are typically cheaper and faster. 

  • Choose the right provider

There are a number of companies that offer international money transfer services, so it’s important to do your research and choose one that’s reputable and offers competitive rates. 

  • Understand the fees involved

In addition to the exchange rate, you’ll also need to pay attention to any fees that may apply, including transaction fees, receiving fees, and currency conversion fees. 

  • Know the turnaround time

Depending on the company you use and the method of payment you choose, your money transfer could take anywhere from a few hours to several days to process. Make sure you know how long it will take before making your transfer so you can plan accordingly.  

  • Consider the payment methods offered 

Different money transfer services offer different payment methods. Some allow you to pay with a credit or debit card, while others may require a bank transfer. Consider what payment method is best for you before making a decision. 

  • Consider the delivery methods offered 

Money transfer services typically offer different delivery methods, such as bank deposit or cash pickup. Choose the delivery method that is most convenient for you and your recipient.

  • Read the fine print 

Before using any money transfer service, be sure to read the fine print carefully. Make sure you understand all of the terms and conditions before agreeing to anything. 

Key Currency Summary 

If you’re looking for a money transfer service that offers excellent customer service, Key Currency is definitely worth checking out. It’s convenient, efficient, fast, and very easy to use. 

Overall, Key Currency is a great option for those looking for a reliable and affordable way to send money abroad. The information provided in this article will hopefully assist you in making the right decision.

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Categories Money Transfer