As technology and AI slowly replace every manual task, moving money across borders has become an essential necessity for everyone in the business world. From small, emerging startups to large, established enterprises, companies are in need of fast, reliable, and competitive financial services to keep their money flow in check.
Individuals sending funds to their families back home or purchasing goods or properties abroad are also largely dependent on convenient solutions that ensure robust and safe international money transfers.
Amidst the ocean of fintech players making waves in the industry, Key Currency emerges as a dominant force, especially for clients looking to transfer larger sums without breaking the bank or losing precious time.
In this in-depth review, we’ll dive into the world of Key Currency and explore its features, pros & cons, safety, speed, fees, rates, customer service, and customer reviews. Let’s explore everything Key Currency has to offer!
Who are Key Currency?
Key Currency has been making a name for itself in the international money transfer game since its inception in 2016. Founded by a group of seasoned professionals with a collective experience spanning decades in the foreign exchange and financial services industries, the company stands by one central mission: to disrupt the status quo in the money transfer market by offering a more personalized, secure, and competitive service.
Headquartered in the beautiful city of Truro, Cornwall, in the UK, Key Currency has stayed true to its roots while expanding its reach across the globe. The company culture is one that embraces innovation and teamwork, fostering a collaborative environment in which employees and clients alike thrive. This has resulted in both a rapidly growing client base and a strong reputation for exceptional service and support as well.
Key Currency’s originality lies in its unique approach to money transfers. Rather than focusing on smaller transactions like many of its competitors, the company specifically targets clients seeking to transfer larger sums. It’s a money-saver that empowers people to bypass traditional banking systems and their hefty fees, all while providing unparalleled customer service.
The economic and social impact of Key Currency has been nothing short of remarkable. The company has helped thousands of personal and corporate clients save millions in transfer fees and unreasonable exchange rates, enabling them to invest their hard-earned money in more meaningful ways.
With its unique approach, customer-centric culture, and dedication to competitive pricing, it becomes clearer why the company has enjoyed such impressive success in a relatively short time. But that’s enough of the backstory; let’s dive into the nitty-gritty of Key Currency’s features and services.
Key Currency Pros & Cons
|1.||Amazing customer service – Key Currency offers personalized customer support that focuses on addressing clients’ unique needs and concerns, ensuring a smooth and satisfying transfer experience.||Not suitable for small money transfers – Key Currency’s exchange rate markup tends to be higher for smaller transfers, making it less cost-effective for those looking to send small amounts.|
|2.||High Trustpilot rating – A strong Trustpilot score (4.9 / 5) reflects the positive feedback from satisfied customers, showcasing Key Currency’s commitment to providing reliable and efficient money transfer services.||Limited deposit options – Key Currency only accepts payments via bank transfer, which might be inconvenient for customers who prefer other payment methods, such as credit/debit cards or digital wallets.|
|3.||No transfer fees – Key Currency doesn’t charge any fees for making international transfers, which means more cost-effective transactions for customers.||Limited exotic currency coverage – With only 37 currencies supported, Key Currency may not be the best choice for clients who need to transfer funds in less-common or exotic currencies.|
|4.||Favorable exchange rates – Key Currency offers competitive exchange rates on money transfers, helping clients save money compared to traditional banks.||No option for instant custom quotes – Clients need to contact Key Currency to receive a custom quote, as the company doesn’t provide instant quotes through their website.|
|5.||Dedicated account managers – Clients receive personalized attention from dedicated account managers who help guide them through the transfer process and provide tailored solutions for their specific requirements.||Not available for US residents – Key Currency primarily focuses on the UK, EU, and Australia, making it unavailable for those based in the United States.|
|6.||No minimum and maximum transfer limits – Key Currency’s lack of minimum and maximum transfer limits allows clients the flexibility to send any amount they need without restrictions.||No mobile app – The lack of a mobile app may be a drawback for customers who prefer managing their money transfers instantaneously, as they must rely on the website to access their account and initiate transfers.|
|7.||Flexible hedging solutions – Key Currency offers various currency risk management options, such as forward contracts and limit orders, enabling clients to navigate volatile currency markets effectively.|
|8.||Global service coverage – With a broad reach across multiple countries, Key Currency caters to clients’ diverse international money transfer needs.|
|9.||Lots of experience – Key Currency’s team comprises industry experts with years of experience, ensuring knowledgeable guidance and reliable service.|
|10.||Fast money transfers – Key Currency’s efficient processing helps clients complete their international transfers within 1-2 business days, which is faster than the industry average.|
|11.||Exchange rate alerts option – Clients can stay informed about favorable exchange rates through Key Currency’s exchange rate alerts, enabling them to make transfers at the most advantageous times.|
Key Currency Key Attributes
- Founded: 2016
- Headquarters: Truro, Cornwall, the UK
- Other offices: Key Currency extends its global presence with representative offices in the Netherlands, Portugal, and Spain, ensuring a local touch for clients in these regions;
- Annual trading volume: The company handled an impressive £2 billion in trading volume in 2022, showcasing its growing influence in the international money transfer market;
- Number of employees: Key Currency boasts a team of 42 dedicated professionals (per their LinkedIn page), all committed to providing exceptional service to clients;
- Trustpilot rating: With a stellar 4.9 / 5 Trustpilot rating, it’s evident that Key Currency has won the hearts of its customers through its top-notch services and support;
- Number of clients: Serving a growing clientele of over 50,000, Key Currency’s appeal continues to expand, attracting more and more clients seeking better transfer options;
- Available countries: While the company’s website doesn’t explicitly list the available countries, it’s evident that they’re primarily UK and EU-focused, with services also extended to clients in Australia. Note that Key Currency services aren’t available for US residents;
- Number of currencies: Key Currency deals in 37 different currencies, offering a wide range of options for international transfers. It’s worth mentioning that other international money transfer providers offer more support for less-frequently traded currencies;
- Minimum transfer limit: With no minimum transfer limits, Key Currency offers flexibility for clients with diverse transaction needs. If they wish, they can make money transfers as small as £10;
- Maximum transfer limit: Optimized for large money transfers, Key Currency doesn’t impose any maximum transfer limits. Clients can send several million pounds (or any of the 37 global currencies) in a single transaction;
- Transfer fee: Advertised as one of their strongest suits, Key Currency doesn’t charge their clients (big or small) any transfer fees, no matter the currency or the amount of their transfers;
- Exchange rate markup: Though not advertised on their website, our research indicates that Key Currency’s exchange rate markup ranges from 0.2% on transfers above £200,000 to 1% on transfers below £5,000;
- Sending money: Key Currency requires a bank account to ensure seamless international money transfers. They don’t support additional options such as credit/debit cards, PayPal, mobile money, cryptocurrency wallets, etc.;
- Receiving money: Clients of Key Currency can send funds to their recipients abroad only to their bank accounts. Key Currency doesn’t offer cash pickups or electronic money deposits;
- Payments flexibility: With Key Currency, clients can easily initiate transfers through their online platform or via phone;
- Supported languages: While their website is only available in English, Key Currency provides dedicated dealers fluent in English, Spanish, Italian, French, and Swedish, ensuring smooth communication with clients that aren’t based in the UK;
- Regulated by: Safety and compliance are of paramount importance in the world of international money transfers. Key Currency ensures that its operations are regulated and authorized by reputable institutions. While specific regulators may vary depending on the jurisdiction, some common regulatory bodies overseeing Key Currency’s operations include:
- The Financial Conduct Authority (FCA), as an Authorized Payment Institution (Financial Services Register no. 753989) in the UK;
- The Bank of Spain (registered no. 6912) as a subsidiary of Key Currency Limited in Spain;
- The Financial Crimes Enforcement Network (FinCEN) as The Currency Cloud Inc. (MSB Registration Number: 31000206794359) in the US.
- Mobile app: Despite its numerous advantages, one notable drawback of Key Currency is the absence of a dedicated mobile app. This means that clients must rely on the company’s website or contact their account managers via phone or email to initiate and manage their transactions. While the lack of a mobile app may be a downside for some, many clients still appreciate the responsive online platform and personalized service provided by Key Currency’s team;
- Awards: Though a relatively young player in the international money transfer industry, Key Currency has already earned recognition from several reputable outlets – a testament to the quality of its services and commitment to customer satisfaction. Some notable awards and accolades include:
- Best Currency Exchange Service (ADVFN – each year from 2016 to 2023);
- Best Currency Provider (Online Personal Wealth Awards – 2016 and 2017).
Key Currency Features
Key Currency offers two main account types to cater to the diverse needs of its clientele:
- Personal Accounts: These are perfect for individuals looking to transfer funds for various reasons, such as property purchases, emigration, or sending money to family and friends abroad. Personal account holders benefit from competitive exchange rates, zero transfer fees, and dedicated account managers to assist with every transaction;
- Business Accounts: Designed for businesses with international transactions, these accounts help companies manage their foreign exchange exposure efficiently. Business account holders can take advantage of tailored currency solutions, risk management strategies, and personalized support from experienced account managers.
Money Transfer Options
Key Currency provides an array of money transfer options to suit different requirements and preferences:
- Spot Contracts: These are ideal for immediate transfers, allowing clients to buy or sell a currency at the current exchange rate. Spot contracts offer convenience and quick execution for those looking to transfer funds right away;
- Regular Payments: For clients with recurring transactions, such as mortgage payments or overseas pensions, Key Currency’s regular payment option ensures timely and hassle-free transfers with no additional fees;
- Forward Contracts: To lock in an exchange rate for a future transaction, clients can opt for forward contracts. This helps to hedge against currency fluctuations and provides certainty in budgeting and planning;
- Limit Orders: Clients can set a target exchange rate for their transaction, and Key Currency will execute the transfer once the market reaches that specific rate. This feature enables clients to potentially benefit from favorable market movements;
- Rate Alerts: Everyone can stay informed about currency movements with Key Currency’s rate alerts. Clients can set up notifications for when their desired exchange rate is reached, helping them make informed decisions on when to transfer funds;
- Market Analysis: Key Currency equips clients with market insights and analysis, empowering them to make well-informed decisions on their international money transfers. Clients gain access to expert opinions, market news, and currency forecasts, all aimed at helping them navigate the ever-changing world of foreign exchange.
Key Currency International Money Transfer Costs
When transferring money internationally, it’s crucial to understand the costs involved. Key Currency isn’t the most transparent provider out there for visitors who are browsing for options, but for established clients, the company ensures they’re aware of any fees or charges associated with their transactions.
Let’s break down the different costs clients may encounter when using Key Currency’s services:
Key Currency charges no transfer fees for its clients (personal or business), regardless of the transaction size. This means that clients can enjoy the full benefits of their transfers without worrying about hidden costs or unnecessary fees.
Exchange rates are a critical factor to consider when transferring money internationally, as they directly impact the amount received in the destination currency. While Key Currency doesn’t publish its exchange rates on its website, our research indicates that the company applies a margin on the mid-market exchange rate. This margin ranges from 0.2% for large transfers above £200,000 to 1% for smaller transfers below £5,000.
It’s worth noting that Key Currency’s exchange rate margins are generally more competitive than those offered by traditional banks and even other money transfer providers, which often charge between 3% to 5% on top of the mid-market rate.
Key Currency maintains its commitment to transparency by not charging any hidden or additional fees. However, clients should be aware that intermediary or recipient banks involved in the transfer process might impose their own fees, which are beyond Key Currency’s control. These fees vary depending on the banks and countries involved, so it’s essential to check with the respective banks to understand any potential charges.
How Safe is Key Currency?
Dealing with international money transfers always brings the question of the safety and security of clients’ funds. Key Currency understands this and has implemented multiple layers of security to ensure that its clients are in safe hands.
Let’s explore the various precautions taken by the company to safeguard its customers’ interests:
- Regulatory compliance: Key Currency is authorized and regulated by several reputable institutions, depending on the jurisdiction of operation.
The company is regulated by the highly-reputable Financial Conduct Authority (FCA) in the United Kingdom. In Spain, Key Currency falls under the jurisdiction of the Bank of Spain. The Financial Crimes Enforcement Network (FinCEN) regulates Key Currency’s activities in the United States.
Adherence to strict regulatory guidelines ensures that Key Currency operates in compliance with the highest standards of safety and transparency;
- Segregated client accounts: Key Currency holds its clients’ funds in segregated accounts, separate from the company’s own operational funds. This practice provides an additional layer of protection for clients’ money, ensuring that their funds are secure and cannot be used by the company for any other purpose;
- Robust security protocols: Key Currency employs state-of-the-art security measures to protect its clients’ sensitive information and financial transactions. The company’s online platform uses advanced encryption technology to safeguard data, and it continually updates its systems to stay ahead of potential cyber threats;
- Experienced management team: Key Currency is led by a team of seasoned professionals with extensive experience in the foreign exchange and financial services industries. Their expertise and commitment to client safety contribute to the company’s solid reputation for secure and reliable money transfers.
How Fast is Key Currency?
The speed of money transfers is a critical factor for most clients. Key Currency recognizes this necessity and strives to facilitate swift and efficient transactions.
Let’s examine how quickly transfers can be completed through Key Currency and how the company compares to the industry average:
- Transfer speed: Key Currency typically processes transactions within one to two working days for major currencies, ensuring that clients’ funds reach their destination as quickly as possible. Factors such as the currencies involved, time zones, and banking hours can impact the speed of transfers, but the company works diligently to minimize delays.
For less common currencies or countries with more complex banking systems, the transfer process may take slightly longer, from three to five working days. However, Key Currency’s experienced team will always strive to expedite the process, keeping clients informed along the way;
- Facilitating the process: Key Currency’s dedicated account managers play a crucial role in speeding up the money transfer process. By offering personalized support and guidance, they ensure that clients have a seamless experience, promptly addressing any issues that may arise.
The company’s online platform is also designed to be user-friendly and efficient, allowing clients to initiate transfers quickly and easily, whether they’re using the online portal or contacting their account manager directly;
Compared to the industry average, Key Currency’s transfer speed is highly competitive. Traditional banks often take three to five working days to process international money transfers, while some online money transfer providers may take two to three working days.
With Key Currency’s typical transfer time of one to two working days for major currencies, clients can enjoy faster transactions and the peace of mind that their funds will reach their destination promptly.
How to Use Key Currency
Figuring out international money transfers doesn’t have to be a daunting or complicated process. Key Currency ensures a smooth and straightforward process for its clients.
Here’s a brief step-by-step rundown on how to sign up for a Key Currency account and kick off your money transfer journey:
- Step 1 – Visit Key Currency’s website:
Head to Key Currency’s main page, where you’ll find all the essential details you need to begin your international money transfer adventure;
- Step 2 – Choose an account type:
Key Currency caters to both individuals and businesses, so select the account type that best suits your needs – either a Personal Account or a Business Account;
- Step 3 – Provide personal details:
After choosing an account type, you’ll be asked to provide some extra information to verify your account. This may include your name, contact details, and the purpose of your money transfer. Rest assured that Key Currency employs robust security measures to protect your data;
- Step 4 – Get a quote:
After setting up your account, you can request a quote for your specific transfer amount and the desired currency pair. Key Currency’s team will provide you with a competitive exchange rate based on current market conditions;
- Step 5 – Make your payment:
After confirming that you’re happy with the quote provided, go ahead and fund your transfer. Key Currency accepts payments via bank transfer to ensure a secure and efficient process;
- Step 6 – Transfer sent:
With your payment complete, Key Currency will take care of the rest. The company will promptly execute your money transfer, keeping you informed along the way. Your funds will typically reach their destination within one to two working days for major currencies.
In a nutshell, Key Currency’s intuitive platform and seamless process make it easy for clients to initiate international money transfers. Just follow these six straightforward steps, and you’ll be well on your way to a hassle-free experience with Key Currency.
Key Currency’s Cancellation Policy
Unforeseen circumstances may sometimes necessitate the cancellation of an international money transfer. Key Currency has prepared for situations like these and has established policies to handle cancellations and refunds.
If you need to cancel a transfer, it’s essential to contact Key Currency as soon as possible. Contact your dedicated account manager or Key Currency’s customer support team to inform them of your decision. Keep in mind that the sooner you notify the company, the higher the likelihood of having the transaction successfully canceled.
The ease of canceling an international money transfer depends on the stage of the transfer process. If the transaction is still in the early stages, cancellation may be relatively straightforward. However, if the funds have already been sent or the transfer is nearing completion, canceling the transaction might be more challenging.
It’s important to note that some transfer types, such as forward contracts or limit orders, may come with specific terms and conditions related to cancellations. It’s essential to review these conditions and discuss any concerns with your account manager.
In the event of a successful cancellation, Key Currency will work with you to process a refund. The refund amount may vary depending on the specific circumstances, such as the current exchange rate and any potential costs the company incurred during the cancellation process. Rest assured that Key Currency will do its best to minimize any financial impact on clients in such situations.
Key Currency Customer Service
Customer service plays a significant role in ensuring a positive experience for clients using international money transfer services. Key Currency has gained a strong reputation for its customer support and is dedicated to providing various support options to address clients’ needs.
They’ve received widespread acclaim for their customer service, with numerous positive reviews on platforms like Trustpilot. Many clients appreciate the company’s personalized approach, knowledgeable staff, and prompt responses to inquiries. The overall sentiment is that Key Currency goes the extra mile to ensure a smooth and satisfying experience for its clients.
Key Currency offers several support options to cater to clients’ diverse needs, including:
- Dedicated account managers:
Every client is assigned a dedicated account manager who provides personalized support and guidance throughout the money transfer process. These account managers have extensive industry experience and are available to address any concerns, questions, or issues that may arise;
- Phone support:
Clients can reach Key Currency’s customer service team via phone during regular business hours. This allows for direct and immediate communication with the company’s support staff;
- Email support:
For non-urgent inquiries or concerns, clients can reach out to Key Currency via email. The company’s support team is known for providing detailed and helpful responses in a timely manner;
Whenever in need of assistance, you can contact Key Currency through the following channels:
- Phone: +44 (0)1872 487 500
- Email: firstname.lastname@example.org
- Company’s business hours:
- Monday through Friday from 8:30 am to 5:30 pm
- Saturday from 9:00 am to 12:00 pm
How Does Key Currency Compare With Its Competitors?
In the competitive landscape of international money transfers, it’s essential to understand how Key Currency stacks up against other prominent players in the industry. In this review, we’ve compared Key Currency to some of its top competitors to identify its strengths and weaknesses.
Key Currency Strengths
- Personalized service:
Key Currency excels in providing personalized support to its clients, with dedicated account managers assigned to each customer. This hands-on approach allows for a more tailored experience and sets Key Currency apart from many competitors who rely on less personal customer support;
- Competitive exchange rates:
While the company doesn’t advertise its exchange rates on the website, our research indicates that Key Currency offers competitive rates, particularly for larger transfers. This makes it an attractive option for clients looking to save on currency conversion costs;
- No transfer fees:
Key Currency doesn’t charge any transfer fees, which is a significant advantage over some competitors who may charge flat fees or fees based on the transfer amount;
- Speedy transfers:
Key Currency’s transfer processing times are generally faster than the industry average, with most major currency transfers completed within one to two working days.
Key Currency Weaknesses
- Limited availability:
Key Currency primarily focuses on clients in the UK, EU, and Australia, which may be a drawback for potential customers in other regions, such as the United States;
- No mobile app:
Unlike many of its competitors who offer mobile apps for convenient transfers on the go, Key Currency doesn’t currently have a mobile app. This may be seen as a disadvantage in today’s increasingly mobile-driven world;
- Fewer supported currencies:
Key Currency supports 37 currencies, which is fewer than some of its competitors who offer a more extensive range of currencies for international money transfers;
- Lack of transparency on exchange rates:
Key Currency doesn’t publicly display its exchange rates on the website, making it more challenging for potential clients to compare rates easily.
Key Currency vs. Global Reach
|Feature||Key Currency||Global Reach|
|Trading Volume||£2 billion per year||£7 billion per year|
|Trustpilot Rating||4.9 / 5||4.8 / 5|
|Suitable for||Large money transfers||Large money transfers|
|Transfer Fee||No fee||£20 for transfers under £3,000;£0 for transfers above £3,000.|
|Average Exchange Rate Markup||Margin added to the mid-market exchange rate, ranging from 0.2% for transfers above £200,000 to 1% for the smaller transfer below £5,000.||Margin added to the mid-market exchange rate, ranging from 0.4% for transfers above £200,000 to 1.9% for the smaller transfer of about £1,000-£3,000.|
|Minimum Transfer Amount||No limit||£1,000 (or currency equivalent)|
|Maximum Transfer Amount||No limit||No limit|
|Transfer Speed||1-2 business days on average||1-2 business days on average|
|Countries Covered||Sending from the UK, EU, and Australia;|
Sending to 180+ countries.
|Sending from the UK, EU, Canada, and South Africa;|
Sending to 180+ countries.
|Currencies Covered||37 global currencies||140 global currencies|
|Payment Methods||Bank account||Bank account, credit, and debit card.|
|Receiving Methods||Bank account||Bank account|
|Cash Pick-Up Option||No||No|
|Instant Custom Quote||No. Quotes are available through email for registered users.||No. Quotes are available through email for registered users.|
|Business Features||Spot contracts, regular payments, forward contracts, limit orders, rate alerts, and market analysis.||Spot contracts, forward contracts, limit orders, market orders, treasury and risk management.|
|Flagship Debit Card||No||No|
|Cancellation Policy||Customers must get in touch with the company to cancel transfers once they’ve been confirmed. Refunds are subject to Key Currency’s approval and granted on a case-by-case basis.||If you choose to cancel your money transfer, the funds would be returned to the market. Keep in mind that canceling the transaction may result in additional charges, which you would be liable for.|
Read our full Global Reach review.
Key Currency vs. Send Payments
|Feature||Key Currency||Send Payments|
|Trading Volume||£2 billion per year||AU$1 billion|
|Trustpilot Rating||4.9 / 5||4.9 / 5|
|Suitable for||Large money transfers||Both small and large money transfers.|
|Transfer Fee||No fee||None|
|Average Exchange Rate Markup||Margin added to the mid-market exchange rate, ranging from 0.2% for transfers above £200,000 to 1% for the smaller transfer below £5,000.||About 1% is added to the mid-market exchange rate.|
|Minimum Transfer Amount||No limit||AU$250 (or currency equivalent).|
|Maximum Transfer Amount||No limit||No limit (AU$25,000 for recurring, daily transfers).|
|Transfer Speed||1-2 business days on average||0-2 business days on average|
|Countries Covered||Sending from the UK, EU, and Australia;|
Sending to 180+ countries.
|Sending from almost 60 countries to more than 180 countries.|
|Currencies Covered||37 global currencies||37 different currencies at the moment.|
|Payment Methods||Bank account||Bank account, POLi, and PayID.|
|Receiving Methods||Bank account||Bank account|
|Cash Pick-Up Option||No||No|
|Instant Custom Quote||No. Quotes are available through email for registered users.||No|
|Business Features||Spot contracts, regular payments, forwards contract, limit orders, rate alerts, and market analysis.||Spot contracts, limit orders, stop orders, delayed contracts, and regular payments.|
|Flagship Debit Card||No||No|
|Cancellation Policy||Customers must get in touch with the company to cancel transfers once they’ve been confirmed. Refunds are subject to Key Currency’s approval and granted on a case-by-case basis.||Most money transfers can be canceled upon contacting Send Payments. Note that transfers that have been completed are seldom refunded.|
Read our full Send Payments review.
Key Currency vs. WorldRemit
|Trading Volume||£2 billion per year||~$10 billion|
|Trustpilot Rating||4.9 / 5||3.9 /5|
|Suitable for||Large money transfers||Remittances and small money transfers|
|Transfer Fee||No fee||$0.99 – $3.99 depending on the transfer amount and the selected countries and payment methods|
|Average Exchange Rate Markup||Margin added to the mid-market exchange rate, ranging from 0.2% for transfers above £200,000 to 1% for the smaller transfer below £5,000.||0.5% – 2.5% added to the mid-market exchange rate (1% – 1.6% on average)|
|Minimum Transfer Amount||No limit||$1 (or currency equivalent)|
|Maximum Transfer Amount||No limit||Depends on the selected countries and method of payments (ranges between $1,400 and $60,000)|
|Transfer Speed||1-2 business days on average||0-2 business days on average (within minutes in 95% of cases)|
|Countries Covered||Sending from the UK, EU, and Australia;|
Sending to 180+ countries.
|Sending from over 50 countries;|
Receiving to over 145 countries
|Currencies Covered||37 global currencies||Over 70 currencies|
|Payment Methods||Bank account||Bank account, credit/debit/prepaid card, Apple Pay, POLi, Interac, iDEAL, Trustly, and Klarna/SOFORT|
|Receiving Methods||Bank account||Bank account, mobile wallet, cash pickup, and home delivery|
|Cash Pick-Up Option||No||Yes|
|Instant Custom Quote||No. Quotes are available through email for registered users.||Yes|
|Business Features||Spot contracts, regular payments, forwards contract, limit orders, rate alerts, and market analysis.||No|
|Flagship Debit Card||No||No|
|Cancellation Policy||Customers must get in touch with the company to cancel transfers once they’ve been confirmed. Refunds are subject to Key Currency’s approval and granted on a case-by-case basis.||Only when the transfer hasn’t been paid out. Bank and mobile wallet transfers may be refunded even after the transfer is completed if the recipient agrees to the refund.|
Read our full WorldRemit review.
Key Currency Customer Reviews
Online customer reviews provide valuable insight into the overall experience of using a service like Key Currency. By examining these reviews, we can get a better understanding of the company’s performance and reputation.
Key Currency has a Trustpilot rating of 4.9 / 5, which is an impressive score reflecting high customer satisfaction. The company has received tons of positive reviews on the platform, with clients praising various aspects of the service.
A common theme in the reviews is the company’s excellent customer service. Many customers appreciate the personalized approach, with dedicated account managers providing guidance and support throughout the money transfer process. Clients also commend the company’s prompt response to inquiries and the knowledgeable staff who are always willing to help.
Customers also appreciate Key Currency’s competitive exchange rates, especially for larger transfers, and the absence of transfer fees. This combination makes the service a cost-effective option for many clients seeking an affordable money transfer solution.
Another aspect that clients frequently mention is the speed and efficiency of Key Currency’s transfers. The quick turnaround times and the ease of use of their online services makes the entire experience smooth and hassle-free.
While the vast majority of reviews are positive, some customers have pointed out areas where Key Currency could improve. These include the lack of a mobile app for convenient transfers on the go and the limited availability of the service to customers outside the UK, EU, and Australia.
Positive Key Currency Customer Reviews
I’ve used Key Currency for buying property in Europe and I was overall very satisfied. If you’re looking to make a big transfer and have good customer service. Albert was my point of contact and he was great throughout and very helpful.
Mind, you pay money on the exchange and the only improvement there could be was if Key Currency had a way of showing their exchange rates live somewhere to be able to tell what it is exactly at any point. I could have saved money going with wise.com instead, but I preferred to have good customer service and having cleared up Key Currency stuff beforehand given that I was using the money to buy a property and didn’t want anything to go wrong.
I would recommend getting all the Key Currency stuff out of the way beforehand and can recommend key currency if you’re looking for a safe way to move money into another currency. There are no hidden extra costs apart from what you lose on the exchange rates, so just make sure you understand the exchange rate offered.– Felix
I had to transfer a large portion of my savings from my UK account to my French one. Being a novice in such matters, I was worried about the right timing to make this transfer due to the volatility of the markets for the exchange rate. This is when I found Key Currency. Upon reviewing their customer feedback, I felt it was the right choice to use their services. I’m so glad I went ahead.
Any doubts or concerns I had were addressed and cleared up. Communication with Robert, the person assigned to my account, was easy, clear, and enjoyable from start to finish. He was thoroughly professional and any questions I had were answered promptly and straightforwardly. I highly recommend Key Currency for a 5-star customer experience from start to finish.– Anne Vergès
Negative Key Currency Customer Reviews
Very disappointed in the way this company handled my currency exchange. They did not act in my best interests and I would never use them again. Initial conversations they told me what they could do compared to the bigger companies and they were a small company based in Truro. I like to support smaller businesses so I agreed to use them to transfer my money.
I did this in 2 halves, the first went through fairly smoothly, though it took nearly 2 days to get into my account not the 3-4 hours I was told, apparently due to cut off times. The second was not good. On the day of the exchange I tried to contact the agent assigned to me as the pound was falling, eventually he called me at 4pm and by that time it was at its lowest rate. The call was very stressful, panicky and rushed, not a good experience.
I was angry and upset and made a complaint but that was a waste of time. They aren’t financial advisors as I was told when I complained. I was under the impression they were there to advise me on best exchange rates, this wasn’t the case. Very disappointed and would never use it again, poor service.– K. Jones
The advisor I dealt with was initially very informative and appeared knowledgeable about the market and my needs – we recognized that it was a difficult market due to Brexit etc. and discussed what I needed. At the point the market rose to a point where I considered doing the transfer, my own research had indicated there may be further rises which would be to my benefit.
The advisor called me when it got to that price point, as agreed, but he was adamant that the market had peaked and would not go higher. I then did the deal only to watch the market rise quite significantly (and stay higher for weeks) meaning I could have received a substantial amount more for my money. This was obviously disappointing but obviously it was my final decision so no comeback. Just disappointment that the advisor did not properly read the market and help me more, as a novice in this area.
The buying process itself was smooth and easy and the transfer went through as promised with no hassle or hold up. All in all I would probably not use them again, solely down to what I feel was poor advice at the time– Mr. Esseen
Key Currency Alternatives
XE is a prominent player in the international money transfer industry and can serve as an alternative to Key Currency. Some unique features that make XE a potentially better option for certain customers include:
- Global reach: XE has a more extensive global presence compared to Key Currency, providing services in over 200 countries and territories. This wider availability makes XE a more convenient option for customers from regions not covered by Key Currency;
- Mobile app: Unlike Key Currency, XE offers a mobile app for both iOS and Android devices, allowing customers to easily initiate and track transfers on the go. This added convenience can be a significant advantage for those who prefer managing their transfers through a mobile app;
- Supported currencies: XE supports transfers in over 130 currencies, providing a more comprehensive range of options compared to Key Currency’s offering of 37 currencies. This wider selection can be beneficial for customers looking to transfer less common currencies;
- No minimum transfer limit: While Key Currency has no minimum transfer limit as well, XE is worth mentioning for its flexibility in allowing customers to send small amounts without any restrictions;
- Informative website: XE’s website provides a wealth of information on exchange rates, market analysis, and currency tools, which can be helpful for customers looking for additional resources and insights into the foreign exchange market.
CurrencyTransfer is another notable option that can be considered as an alternative to Key Currency. Here are some unique features that might make CurrencyTransfer a more suitable option for some customers:
- Online marketplace: CurrencyTransfer offers an online marketplace where users can compare live exchange rates from multiple providers, allowing customers to choose the best available rate for their transfers. This feature can help customers save on currency conversion costs;
- Mobile app: Just like XE, CurrencyTransfer provides a mobile app for both iOS and Android devices – a significant advantage over Key Currency for those who prefer using mobile apps for financial transactions;
- Business solutions: In addition to personal money transfers, CurrencyTransfer also caters to businesses by providing solutions like mass payments, risk management, and tailored currency strategies. This makes the platform suitable for both individuals and businesses with varied currency transfer needs.
Caxton is our third alternative to Key Currency since this provider has some dedicated services which many customers may find convenient.
- Currency card: Caxton provides a multi-currency prepaid card, allowing customers to load multiple currencies onto a single card for use while traveling or shopping abroad. This feature can be advantageous for those who want a convenient and secure way to spend in foreign currencies without incurring additional fees;
- Regular payments: Caxton supports regular payments for customers who need to make recurring transfers, such as mortgage payments or tuition fees. This feature can help users automate their transfers and save time;
- More funding options: With Caxton, besides using bank transfers as the regular payment option, customers can also use their debit cards to fund their international money transfers. This makes it easier and more convenient than wiring a bank account for each transfer.
To wrap up, cruising through the dynamic world of international money transfers can be a breeze with the right partner by your side. Key Currency, with its personalized customer service, competitive rates, and fast transfers, has proven to be a strong contender in the fintech game.
Since the company lacks some modern features, like a mobile app, they compensate with a customer-centric approach that’s hard to find in today’s fast-paced digital landscape.
As we’ve explored some alternative options like XE, CurrencyTransfer, and Caxton, it’s clear that the right choice for your money transfer needs ultimately boils down to your unique requirements and preferences.
So, whether you’re a new startup looking to become the next big thing or a forward-thinking entrepreneur seeking to hedge against exchange rate fluctuations, there’s a tailor-made solution waiting for you in the ever-evolving fintech space.
Can I use Key Currency to buy an expensive exotic pet from East Asia?
Absolutely! As long as the pet store is in a country where Key Currency operates and accepts bank transfers, you can pay for your furry friend using your Key Currency account.
I’m an avid collector of rare coins. Can Key Currency help me purchase a valuable coin from abroad?
Yes, Key Currency can facilitate international money transfers for such purchases. However, do make sure to check any import regulations or restrictions on rare coins in your country before completing the transaction.
Is Key Currency the secret weapon for forex traders?
While Key Currency offers competitive exchange rates for money transfers, it’s not specifically designed for forex trading. Forex traders typically use dedicated platforms that provide real-time market data and advanced trading tools.
Can I use Key Currency’s services for a last-minute birthday gift transfer to my friend in another country?
Yes, you can! Just keep in mind that transfer times may vary depending on the currencies and countries involved. While Key Currency is known for its speedy transfers, it’s always a good idea to allow some buffer time for the funds to reach your friend’s bank account.
I’m planning a destination wedding. Can Key Currency help me pay vendors abroad?
Key Currency can assist you in transferring funds to your overseas wedding vendors, ensuring that your big day goes off without a hitch.
As a freelancer with international clients, can Key Currency help me receive payments from them?
Key Currency can handle international money transfers from your clients, making it easy for you to receive payments for your freelance work, regardless of where your clients are based.
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