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Key Currency Review: Is it legit, safe and trustworthy for UAE citizens and residents?

Key Currency, which has its headquarters in Truro, is pleased to offer a personalized service for the transfer of money from person to person. When a consumer has completed the registration process with the provider, they are given a representative who will assist them in navigating the various transfer services, exchange rates, and payment processes that are accessible to them. Visit Key Currency Website.

Since its inception in 2015, Key Currency has developed robust ties with four of the most significant banks in the UK. These relationships allow Key Currency to guarantee incredibly competitive and fee-free international money transfers. Because Key Currency's operational overheads are lower than those of the major banks and currency brokers, the firm is able to pass on the savings it generates to its clientele. This allows Key Currency to compete more effectively.

In an effort to bring its customers a greater sense of calm, Key Currency places a strong emphasis on offering attentive customer care as well as up to date data on foreign exchange rates. The Chairman of the firm, Clive Cooke, is aware of how important it is to provide excellent customer service. He has stated that "our business simply comes down to this: provide customers better exchange rates, serve them well, and get the job done effectively."

Key Currency is committed to fostering the highest possible level of openness throughout all aspects of the corporate and personal money transfer processes in order to win the confidence and loyalty of all of its customers. Customers who are making investments overseas, such as purchasing property in another country, frequently put their faith in the medium-sized company to handle the transfer of large sums of money across international borders because it has expanded its international services to accommodate all types of customers, including individuals and corporations.

In this part of the article, we will discuss the numerous expenses that are connected to the brand, such as the spread on foreign exchange rates and the transfer fees.


Key Currency is in a position to provide extremely inexpensive exchange rates as a result of the partnerships it maintains with four of the most prominent financial institutions in the UK. Customers, however, should keep in mind that the spread on the exchange rate will vary depending not only on the amount of money being transferred but also on how unusual the currencies being traded are. The majority of its business is focused on transactions involving bigger sums of money, which it breaks down as follows:

Amounts Less Than £5,000 Amounts Between £5,000 and 20,000
£20,000 to 50,000
£50,000 to 200,000
More than 200,000 British pounds

It is disappointing to note that Key Currency does not publicize its exchange rates and, as a result, does not provide a high level of openness in this regard. Customers who are interested in receiving a quote for an international money transfer may visit the Key Currency website in order to do so. Customer evaluations show that the company's rates are, for the most part, competitive.

Key Currency is a currency brokerage that does not charge any fees for its services, and it does not cost anything to set up for either a personal or a business account with the company.

Despite the fact that the business offers a service with "no hidden costs," the client is still responsible for paying any fees or charges that Key Currency may accrue as a direct result of currency conversion.

Top financial arteries to which one may send money using Key Currency
The European Union is the primary corridor in which Key Currency conducts its business; however, the company also does business in a variety of other locations, including as Australia, Canada, and New Zealand.

Key Currency: The Pros and Cons of Using It
We have created a summary of the most significant advantages and disadvantages associated with utilizing Key Currency to send money to other countries, including the following:

No minimum amount required for transfers.
A customised service that is free of charge.
Clients may take advantage of Key Currency representatives' offer to keep an eye on currency exchange rates on their behalf and receive alerts whenever the market makes a favorable move.
Experience managing major transfers and commercial transactions internationally, including wages, pensions, mortgages, and rents
Customers are unable to view exchange rates and costs in advance, unlike customers of competitors such as Wise, WorldRemit, and PaySend. Instead, customers are required to sign up for an account in order to receive a quote. This lack of transparency in regard to the structure of exchange rates is problematic.
Please drive me to the Key Currency.
What kinds of transactions are possible to carry out with Key Currency?
Customers of Key Currency are encouraged to have a conversation with a company representative in order to learn about the many transfer alternatives that are available to meet their requirements for sending money internationally.

How much time will pass before you get your money when you use Key Currency?
One to two full business days may be required for SEPA transfers.
Transfers that are made outside of the SEPA zone might take anything from two to five working days.
A SWIFT transfer might take anywhere from one to four business days to complete.
What kinds of transactions are possible to carry out with Key Currency?
Customers of Key Currency are encouraged to have a conversation with a company representative in order to learn about the many transfer alternatives that are available to meet their requirements for sending money internationally.

How much time will pass before you get your money when you use Key Currency?

One to two full business days may be required for SEPA transfers.
Transfers that are made outside of the SEPA zone might take anything from two to five working days.
A SWIFT transfer might take between 1 4 business days

Customers of Key Currency will be required to make a bank transfer of monies to a separate client account before Key Currency may facilitate an overseas payment on their behalf.

Transfers of significant sums of money are handled with caution: Customers who are either sending money home, reimbursing school fees, or transferring money offshore for emigration find Key Currency to be a convenient and popular option.
Business services available: Key Currency provides services that are intended to increase profit margins, bulk payments overseas for businesses, and payments to foreign suppliers. Additionally, the company provides currency exchange instruments such as forward contracts and market monitoring.
Help with matters pertaining to property: When purchasing a property in another country, Key Currency is used to communicate directly with the customers' attorneys in order to guarantee that the transactions go as smoothly as possible.

It is a great technique to evaluate the entire performance of any firm to find out the thoughts and views of current and previous clients by learning about their opinions and experiences. It would appear that Key Currency does an excellent job as a provider of money transfer services, at least based on the user evaluations that have been given on TrustPilot, which is the most popular website in the UK for gathering feedback from customers. Over 900 users have weighed in on Key Currency's TrustPilot website, granting the firm a rating of 4.9 out of a possible 5, with an impressive 99 percent of all evaluations classifying the brand as either Great or Excellent.



It would appear that Key Currency is an amazing and very trustworthy organization, based on the quality of the internet reviews that consumers have written, many of which comment on how dependable and useful the services are that they provide. Key Currency Limited is a corporation that is located out of St. Piran House, Truro Technology Park, Truro, TR1 2XN, in the United Kingdom. However, the firm also has offices in Spain, Portugal, and the Netherlands. Key Currency Limited was registered in England and Wales under company number 9603083.

Key Currency is completely regulated by the Financial Conduct Authority and is registered with the UK government as an Authorized Payment Institution. This demonstrates that the company complies with all applicable laws and regulations (Financial Services Register No. 753989). Additionally, the firm has been recognized by its peers in the industry and has been presented with six awards for various aspects of the foreign exchange services it provides.

How can I get started sending and receiving money using the Key Currency app?
Customers may sign up for an account with Key Currency at no cost; simply follow the steps outlined in this guide to finish the registration process in fewer than five minutes.

Establishing an account in a Key Currency

Step 1: At the top of the webpage, you'll see a box labeled "Open an Account." After clicking it, you'll be able to choose between a Private or a Corporate account. Depending on the type of account that you have selected, you may be asked a few more questions, including the following: Once you have finished with this area, hit the Continue button.

Step 2: Before moving on to the next step, you will be required to input your personal or company data, as well as your contact information.

Step 3: At this stage, you will be asked to reveal the Purpose of your Key Currency account. Specifically, what currency will you be purchasing and selling with this account? How frequently do you anticipate making payments to customers in other countries? What prompted you to seek out services related to currency exchange in the first place? After you have provided responses to these questions, you will be required to agree to the following terms and conditions imposed by Key Currency: When you are finished, click the Submit button.

Step 4: You will receive an email that confirms your new Key Currency account. This account may be used to obtain quotes, make payments, and send money to other countries.

At the time of this writing, Key Currency does not have a mobile app, and users may only access their services via browsing the website on their mobile device or desktop computer.

Even though KeyCurrency has been there for the last six years, it might be considered a newer competitor in the foreign exchange market because of its age. 2015 marked the beginning of operations for the company, which is privately held by its directors, Clive Cooke, James Pinkney, Jon Pinkney, and Andrew Gibson. All of these individuals have substantial experience working in the areas of finance and foreign currency. Clive Cooke, the current chairman of the company, formerly served as the chief executive officer of City Index, which is recognized as one of the most successful FX trading companies in the world.

The firm currently has 30 workers, and it boasts "respectable" trade volumes of about £300 million per year. This is quite an accomplishment taking into account that the company was just recently created in 2015. Despite this, there is nothing that can be compared to the industry's major companies such as Currencies Direct, Moneycorp (£36 billion), HiFX, XE, or Wise (£4 billion every month). If Key Currency keeps developing in the direction they are currently headed, we may start to see them moving billions of pounds every year; nevertheless, it is probable that they will still fall short of the top suppliers in their respective industries.

Since the company's headquarters are located in Truro, Cornwall, the company is conveniently located near TorFX, which is ranked as one of our top three most highly recommended money transfer firms. Due to the fact that the company is located in Cornwall, it should have fewer overhead costs than rival currency brokers situated in London.

The fact that Key Currency has a plain "no minimum" policy, which implies that no trade is too little for them to handle, and that each and every trade query gets directly to the dealer, rather than the on-boarding staff, is what sets them apart from their rivals (like larger firms do for smaller-value transfers). In a manner comparable to that of TorFX, one of the primary benefits that appears to be offered by KeyCurrency is the availability of its people. Specifically, the company provides clients with a personal account manager who can be reached through telephone. Instead than aiming to get customers to transact online, they recognize the value that a human being can add to the process of making overseas payments by elaborating on how foreign exchange markets and international transfers function.

The company is subject to the strict regulations of the FCA, and it places a high emphasis on the safety and confidentiality of its customers' financial assets. All monetary transactions are executed through client accounts that are protected, which means that the money is kept in a distinct bank account and is not combined with the general operating funds of the business. The online payments system is not only built on secure technology, but it also combines with a network of worldwide financial partners to provide prompt, dependable, and affordable international money transfers.

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A recent announcement confirmed that Key Currency is the recipient of the ADVFN International Financial Award for Best Currency Exchange Service for the fourth year in a row (2018 2021). When we first heard that this was the only award ceremony that the company appeared to enter, we were a little bit skeptical. However, now that we see that they have won an ADVFN award, we have to admit that they are in good company. Other companies that have won an ADVFN award include BlackRock, Forbes, Coinbase, and Interactive Investor.

In general, KeyCurrency is a developing firm with a short trading history and small trading volumes, particularly when compared to the industry's major currency brokers., However, despite this, they appear to be doing everything right, and they have a lot of room for development.

The fact that they are completely transparent about their ownership and operations toward both clients and toward MoneyTransferComparison.com's reviewers leads us to believe, with all of our hearts, that they are representing something "else" that this industry may have been lacking or seemed to forget a new, hungry and motivated, service oriented company with a sincere approach to business, led by people who are familiar with the ins and outs of foreign exchange trading. As a result, we consider Key Currency to be risk-free.

 

 

Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.