Currency is a UK-based currency broker that has experienced significant growth since its establishment less than a decade ago. The company now challenges established names in the business with its no-fee policy and competitive exchange rates. This Key Currency review discusses how it stacks up against the competition by evaluating its affordability, convenience, and legitimacy.
About Key Currency
Established in 2015, Key Currency positioned itself differently from other UK-based currency brokers as being independent and privately owned, rather than a subsidiary of larger conglomerates. As a director-led institution, the company has been able to keep the overhead costs low and prioritize its goals of competitive exchange rates and outstanding customer service.
The company also found itself a niche by riding the wave of UK citizens and expats seeking to relocate or buy property there. Key Currency provided specialized services for these investors and has expanded those skills to allow money transfers in over 35 currencies.
Key Currency Review at a Glance
💳 Pay-in Options | Bank Transfer |
🏧 Pay-out Options | Bank Deposit |
💶 Min. Transfer Amount | No Minimum |
💷 Max. Transfer Amount | No Maximum |
💱 Currencies Supported | 39 |
👥 Number of Customers | 50,000+ |
🔐 Trustpilot Score | 4.9/5 |
📝 Number of Reviews | 1,288 |
🌍 Available in | 39+ |
💬 Languages Supported | English, Spanish |
📍 Headquarters | Cornwall, UK |
📃 Established | 2015 |
🌏 Offices | The UK, Spain |
👥 Number of Employees | 45+ |
📈 Private/Public | Private |
🏆 Award(s) | Best Currency Exchange Service by ADVFN (2016, 2017, 2018, 2019, 2022) |
👮 Regulators | FCA, Bank of Spain |
How Key Currency Works
As a currency broker, Key Currency buys and sells currency directly for its customers, and executes their transfers internationally via its growing network of contacts.
Top Key Currency Features
Key Currency provides personalized customer assistance to help users navigate the world of forex exchange, with multiple contract opportunities and market expertise.
Range of FX Tools
Key Currency presents a strong set of FX tools, delivered with the help of expert client representatives. These tools are tailored to the individual goals of each client and include contracts such as spot, forward contracts, and limit orders. These provide more control over money transfers and will mitigate currency fluctuations for future transfers.
Rate Alerts & Market Analysis
Key Currency works with numerous experts in the field and the firm seeks to highlight its market knowledge and give users the best market advice. Market alert tools can advise on target exchange rates and users can get access to market analysis if they seek to build their own market knowledge.
Specialized Services
Like its rival TorFX; Key Currency also provides specialized services for the transfer of larger sums, for the purposes of emigration, buying a property, or pension withdrawal. With professional help, users can avoid legal trouble and safely transfer their funds abroad.
What We Like and Dislike About Key Currency
Why Should You Use Key Currency | Why Shouldn't You Use the Key Currency? |
Range of transfer options — Unlike the majority of money transfer providers, Key Currency offers several types of transfers for different circumstances. | Transparency — Key Currency doesn’t feature a calculator displaying the costs and exchange rates before signing up, making it more difficult to compare. |
Personalized customer service — Key Currency offers a dedicated account manager providing expert advice for your individual needs. | No mobile app — As of this writing, Key Currency doesn’t offer a mobile app. |
No fees — The currency broker operates on a no-fee basis, irrespective of the amount or currency. | Limited depositing options — The currency broker only supports bank transfers. |
Competitive exchange rates — Despite the exchange rate markup, Key Currency’s bank beating rates are competitive for industry standards. | |
Specialization on large sums — The operator provides tailored services for the transfer of large sums. |
Key Currency has the means to accommodate tailored and complex currency requirements, such as emigrating and paying for property abroad. This can involve multiple transfers over different environments. The help of a dedicated account manager along with the option to arrange rates is a valuable asset in these situations.
However, being a currency broker, Key Currency is not the best option for quick and small transfers. With a slow sign-up process and its focus on large transfers, users may come across better deals with other money transfer providers, including TransferGo and Wise.
What Do Users Have to Say About Key Currency?
The broker has an excellent rate of 4.9/5 on TrustPilot but lacks significant feedback elsewhere. Customers are particularly happy with the personalized service they receive; they often single out their representatives by name and regard them as attentive, helpful, and knowledgeable.
Among the most common complaints is a lack of transparency. Key Currency doesn’t provide an exchange rate before the money is deposited into their account, and there are a number of customers that are not satisfied with this process. However, that brings more risk with large sums and volatile markets.
What Are Key Currency Exchange Rates, Fees & Costs
Key Currency doesn’t impose additional transaction fees, but the customers should be prepared to get a poorer exchange rate than the inter-bank rate.
Exchange Markup | Varies |
Transaction Fees | 0% |
Additional Fees | Varies |
Exchange Rate Markup
Like many brokers, Key Currency also runs a no-fee policy and makes money from exchange rate markup instead. In such situations, the broker adds a profit margin on top of the mid-market rate, which is the rate at which banks trade with each other. This will be reflected in the customer experience but specialized advice comes with the Key Transfer service. The company doesn’t display its margins, but the feedback suggests that it can go up to 3.6%. The markup typically varies by the currencies involved and the transfer amount.
Transfer Fees
Key Currency doesn’t ask for additional transfer fees; irrespective of the amount, currencies involved, or date and time of the transfer.
Additional Costs
Even without additional fees, some charges may apply with bank transfers. The company states that any fees resulting from the currency conversion will be paid for by the customer, and both parties may be subject to a fee.
If you would like to learn more, we created the following guide on the cheapest ways to send money where you can compare them and easily find the best that suits your needs.
Key Currency Fee Transparency
Sadly, Key Currency fails to satisfy when it comes to transparency in fees involved with the transfers. There is no option to calculate fees in advance, or even after signing up, as customer feedback suggests. Some users suggested that in certain instances, the company couldn’t provide a rate until after the money was deposited into their account. Note that custom quoting is a system that is prone to customer bias, especially when there is no reference chart explaining the factors affecting rate variations.
Top Currencies and Destinations for Sending Money with Key Currency
The company has a big presence in Spain and usually works best for transfers between major currencies, such as GBP, EUR, and USD. Over the past 12 months, the company transacted over £600 million of foreign exchange in 39 different currencies for over 4,700 customers.
Here are the top destinations to transfer funds online via Key Currency:
United States
New Zealand
Japan
Switzerland
South Africa
Bahrain
What Type of Transfers Can You Make with Key Currency?
Key Currency only supports bank transfers but provides flexibility in the types of transfers users can opt for.
Forward Contract: With this method, senders can lock in an exchange rate and make their transfers anytime within the specified time period. This protects against market fluctuations.
Spot Contract: Spot rates are the current market rate and are used for those who want to transfer money in a short time frame.
Limit Orders: If users are unhappy with the current exchange rate, they can set up the desired rate for the transfer to be executed at a later date.
Does Key Currency Offer Business Money Transfers?
Key Currency allows users to set up a corporate account, which allows businesses to pay overseas suppliers and receive foreign payments. While business accounts receive tailored service from currency experts, the FX tools offered are the same as personal account owners.
What are Key Currency’s Payment and Withdrawal Options?
Unfortunately, Key Currency lacks flexibility in deposit and withdrawal options.
Key Currency Deposit Options | Key Currency Withdrawal Options |
Bank Transfer | Bank Transfer |
How Long Will it Take to Receive Money Using Key Currency?
Despite offering services to other regions, Key Currency mainly operates within Europe. Generally, transfers within SEPA take 1-2 days, while transfers outside of SEPA, via the SWIFT network, can take up to 5 working days.
Is Key Currency Safe to Use?
The UK-based money transfer operator is regulated by the Financial Conduct Authority as an Authorized Payment Institution with the register number 753989. This means that the company is obliged to safeguard clients’ monies by keeping them in a segregated account other than the company accounts. Should the company go out of business during any transfer, the payments shall be returned to the clients.
Key Currency also boasts solid feedback from the clients in terms of legitimacy — unlike many other providers, there isn’t a mention of arbitrary account closures or not being able to access the funds.
Key Currency Support Options
Key Currency offers personalized customer service by providing a dedicated account manager — but lacks online self-help options, such as live chat or help center.
Support Options | Phone, Email, Online Form |
Support Languages | English |
Contact Number | +44 (0)1872 487 500 |
Support Email | |
Live Chat Support | No |
How to Get Started with Key Currency to Send and Receive Money
First-time customers can set up an account online with Key Currency, or alternatively, they can call customer service for a representative.
How to Send Money with Key Currency?
Filling out the application for an account takes no longer than a few minutes, but there is no information about how long the verification takes. Here’s a step-by-step guide to start making payments with Key Currency.
Step 1: Register for an account
Step 2: Get a quote
Step 3: Confirm the transfer
How to Receive Money Using Key Currency?
Senders can only deposit the money to the recipient’s bank account using Key Currency, so the recipient doesn’t have to do anything to collect their funds; they will be notified when they can access them through their accounts.
Does Key Currency Have a Mobile App?
At the time of writing this review, Key Currency does not have a mobile app on offer, nor has it shared any signs of one being in development. However, we created a complete guide on the best money transfer apps so you can easily see and compare them.
Key Currency Alternatives
Remitly: Key Currency lacks a mobile app with which users can track and make transfers on the go. For those who prioritize mobile experience, Remitly offers a sleek app with near-perfect ratings from its users.
WorldRemit: Unfortunately, users can only opt for bank transfers using Key Currency. WorldRemit, on the other hand, is famous for the flexibility it offers to users: you can choose cash delivery, top up your loved ones’ airtime, or send mobile money conveniently.
Wise: As a specialized service, Key Currency is not cut out for small and quick transfers. Users with such needs will find Wise very handy with its speed, affordability, and simplicity.
