Key Currency money transfer in the UK: fees reviewed and how it works?

Gert Svaiko

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.

What is Key Currency money transfer?

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.

Who owns Key Currency?

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

What currencies Key Currency supports?

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

  • Euros (EUR)
  • US dollars (USD)
  • Canadian dollars (CAD)
  • Australian dollars (AUD)
  • New Zealand dollars (NZD)
  • Japanese Yen (JPY)
  • South African rand (ZAR)
  • Swiss franc (CHF)
  • Singapore dollar (SGD)
  • Swedish krona (SEK)
  • Thai baht (THB)
  • Polish Zloty (PLN).

How to transfer money with Key Currency from the UK?

To make your first transfer with Key Currency, you’ll need to follow these steps³:

  1. Go to the Key Currency website and register for a personal account. You can also call 01872 487 500 if you’d prefer to set your account up over the phone. According to Key Currency, it only takes a couple of minutes to sign up.⁴
  2. Once your account is open, you’ll be assigned an account manager. If you need to, this is who you’ll contact if you have questions or need quotes for currency transfers.
  3. Fill in the short online form to get a quote for your chosen currency pairing.
  4. Provide Key Currency with the details for your transfer - including the amount you’d like to send and the account details for the recipient.
  5. Send the funds by bank transfer to Key Currency - you’ll be given the details of its segregated client account.
  6. Once the money arrives, it will be converted to your chosen currency and deposited in the recipient’s account.

In most cases, transfers with Key Currency take around 1-2 working days to complete.³

Is Key Currency safe and trustworthy to use?

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

Review of Key Currency fees in the UK

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.

Key Currency transfer fees

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.

Key Currency exchange rates

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:

  1. Key Currency - Find Out More About Us
  2. Key Currency - Currency Exchange Rates
  3. Key Currency - How It Works - Find Out More
  4. Key Currency Home
  5. Trustpilot - Key Currency
  6. Key Currency - Great Rates

Sources last checked on date: 10-Nov-2022

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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