XE vs Key Currency: Fees & Reviews Compared

Both XE and Key Currency are popular international money transfer services. But which one is better?

Below we compare them on their fees and reviews.

Fees

	XE	Key Currency
Homepage
Transfer Fee	£2.00 under £250 (UK) €2.00 under €250 (EU) No fee for other sums	No fee
Average Exchange Rate Markup	0.2% to 1.4%	0.2% – 1%
Minimum Transfer Amount	$1	$1
Maximum Transfer Amount	£350,000 (UK and EU) $535,000 (US) CAD $535,000 (Canada) NZD $750,000 (New Zealand)	No limit

Reviews

	XE	Key Currency
Trustpilot Rating	4.3	4.9
Number of Trustpilot Reviews	61,500	1,600
iOS App Rating	4.3	N/A
Number of iOS App Reviews	5,300	N/A
Android App Rating	3.5	N/A
Number of Android App Reviews	113,000	N/A

Features

	XE	Key Currency
App Transfers	Yes	No
Online Transfers	Yes	Yes
Phone Transfers	No	Yes
In-person Transfers	Yes	No
Available Countries	170	N/A
Number of Currencies	50	37
Payment Methods	Bank account Debit card Credit card Check Direct debit BillPay BPAY PayID Interac	Bank account
Receiving Methods	Online wallet Bank account Cash pickup	Bank account
Cash Pickup Option	Yes	No
Payments Flexibility	Web platform Mobile app	Web platform Phone
Supported Languages	English, German, Spanish, French, Portuguese, Italian, Swedish, Arabic, Japanese, and Chinese	English
Transfer Speed	1-4 days	1-2 days
Dedicated Dealer	Only for customers transferring above $70,000	Yes
Instant Custom Quote	Yes	No
Business Features	Spot contracts Forwards contracts Market orders Digital multi-currency wallet Rate alerts API portal	Spot contracts Forwards contracts Limit orders Market analysis Recurring transfers Rate alerts
Debit Card	None	None
Cancellation Policy	Only for cash pick-up transfers when the cash hasn’t been collected by the recipient	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.
Suitability	Small and large money transfers	Large money transfers

Company Comparison

	XE	Key Currency
Year Founded	1993	2016
Headquarters	Newmarket, ‎Ontario‎, ‎Canada	Truro, Cornwall, the UK
Other Office Locations	Canada, Australia, the US, the UK, and New Zealand	The Netherlands, Portugal, and Spain
Annual Trading Volume	£15 billion	£2 billion
Number of Employees	350	42
Number of Clients	150000	50000
Regulatory Institutions	FinCEN in the USA FINTRAC and OSFI in Canada FCA in the UK ASIC in Australia	FinCEN in the USA FCA in the UK Bank of Spain in Spain
Awards	International Money Transfers Outstanding Value Award (Canstar, 2021)	Best Currency Exchange Service (ADVFN – each year from 2016 to 2023) Best Currency Provider (Online Personal Wealth Awards – 2016 and 2017)

XE Pros & Cons

XE Pros

• Attractive exchange rates
• Broad currency selection
• Local presence in many locations worldwide
• A variety of payment methods
• Stellar customer service
• Extensive global reach
• Loads of experience under their belt
• Top-notch website and mobile app
• Offers instant custom quotes
• Fast money transfers with 50% transfers processed within minutes
• Cash pickup service
• Handy exchange rate alerts feature

XE Cons

• No dedicated account managers for all users
• Small transfer fees are imposed on certain small money transfers
• Sparse coverage of less-common currencies
• No solid cancellation policy in place
• Average Trustpilot rating

Key Currency Pros & Cons

Key Currency Pros

• Great customer service
• Impressive Trustpilot score
• Zero transfer fees
• Attractive exchange rates
• Personalized support from dedicated account managers
• No limits on transfer amounts
• Flexible currency hedging options
• Wide-reaching service coverage
• Extensive industry experience
• Quick money transfers

Key Currency Cons

• Not optimal for smaller transfers
• Limited funding methods
• Lack of support for less-common currencies
• No option for instant personalized quotes
• Services not accessible for residents in the US
• Absence of a mobile app

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