Transferring large amounts with First Direct
Check out our helpful guide to First Direct transfers for large amounts, including transfer times, limits and how to set up your first payment.
Want to send money from the UK to another country? There are lots of international transfer providers to choose from, including Key Currency.
Key Currency is a British company with a headquarters in Truro, and which also provides services to the British expat community in Spain. It offers quick online transfers, ideal for paying friends and family abroad, and making business transactions too.
But is Key Currency the right option for you? We’ll cover everything you need to know here in this handy guide, including Key Currency exchange rates, fees, security, supported currencies and more.
And if you’re currently comparing providers for overseas transfers, make sure to check out Wise. You can send money worldwide in 50+ currencies for low fees and a fair exchange rate - and it’s safe, quick, and easy to set up payments online.
Learn more about the Wise International money transfer
Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.
Key Currency is an international money transfer specialist, offering fast and convenient online transfers in multiple currencies. Once you’ve registered for an account, you can get a quote for your transfer and set it up through the Key Currency website.
Key Currency is an independent, privately owned currency broker headquartered in the UK. The company is owned and run by its directors, who include James Pinkney, Jon Pinkney and Andrew Gibson.¹
From the UK, you can send GBP to be converted into a choice of currencies, including all the major ones.
The list of supported currencies includes:²
To make your first transfer with Key Currency, you’ll need to follow these steps³:
In most cases, transfers with Key Currency take around 1-2 working days to complete.³
Security is always a concern when making an international transfer, especially when you’re setting it up online. It’s important to do some homework on providers before using them, just to make sure they’re legit.
So, is Key Currency trustworthy and safe to use? The first thing to know is that the company is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. It also uses safeguarded and segregated client accounts for all its money transfers.
And while it isn’t always the best measure of how safe a company is to use, it’s good to know that Key Currency reviews posted online are pretty positive. For example, the company gets a 4.9 ‘Excellent’ rating on Trustpilot.⁵
Now for the important question - how much does it cost to use Key Currency as a UK customer? There are two important things to factor in - the upfront transfer fee (and any other associated costs), and the exchange rate.
Unfortunately, Key Currency doesn’t make any pricing or fee information available upfront. This can make it a little tricky to compare it to other providers.
However, the company does promise that there are no bank fees⁶ and no hidden fees involved with using its money transfer service. It’s also free to create a personal account.
Just like with fees and pricing, Key Currency doesn’t publish the live exchange rates it uses for currency conversions on its website.
You’ll need to create an account and get an individual quote for the exchange rate for your chosen currency pairing. If you’re happy with it, you can then book the transfer to lock in that rate and set up your payment.
Key Currency claims to offer great exchange rates, which means that they could be competitive with other providers out there. However, it’s likely that the company will add a margin or mark-up to what is known as the mid-market exchange rate. This can make the transfer more expensive, as it means that your recipient gets less of the money on the other end.
Providers such as Wise do things a little differently. Wise always uses the mid-market exchange rate, with no markup added on top. There are no hidden charges or monthly subscriptions, only a small transparent fee that you can see upfront.
Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.
After reading this guide, you should have all the info you need to decide if Key Currency is the right option for you.
As you need to request a quote for each transfer, it’s a little more difficult to compare Key Currency to other providers in terms of fees and exchange rates. However, it’s always worth putting in the research to find the most cost-effective solution. This is especially true if you’re sending large amounts or making regular transfers.
Sources used:
Sources last checked on date: 10-Nov-2022
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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