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Currency Broker

Key Currency Review: Rates, Fees & Safety

Last updated:
February 27, 2023

Facts & Figures

Established 2016
Headquarters Truro, Cornwall
Offices UK, Spain
Regulation FCA, Bank of Spain
No. of customers 50000+
No. of currencies 42
Transfer fees None
Customer reviews 4.9/5, 1000+ reviews
Annual volume £2 billion
Minimum volume £5,000
Online app No
Mobile app No

About Key Currency

Established in 2016, Key Currency is new to the FX industry. 

They provide an old-fashioned, service-orientated brokerage service, conducting all of their business via telephone and email. 

Once registered, you are assigned an account manager who will keep you updated on the markets, assist with any enquiries and conduct transactions on your behalf.

To book a transaction, you agree the rate and amounts on a recorded telephone line.

Key Currency, alongside close neighbours TorFX, is operated out of Cornwall.

But it’s not just for the beaches and pasties…

As you can expect, it’s a lot cheaper to run a business in the South West than in London.

By passing these savings onto their customers, they can give significantly better rates.

They have won awards for every year since incorporation:

  • Best Currency Provider, Online Personal Wealth Awards - 2016, 2017
  • Best Currency Exchange Service, ADVFN Awards - 2018, 2019, 2020, 2021

The chairman of the company, Clive Cooke, was previously the CEO of the well established Forex and CFDs company ‘City Index’.

What Services Do They Offer?

As a new company, their product offering is still basic:

  • Spot contracts
  • Forward contracts
  • Limit orders
  • Stop losses
  • Rate alerts
  • Market analysis

With competitors like Global Reach offering risk management products and options contracts, there’s definitely more they can add to their selection.

Is Key Currency Safe?

Key Currency is authorised and regulated by the Financial Conduct Authority as an Authorised Payment Institution (Financial Services Register No. 753989).

This is the same regulatory body that oversees the big high-street banks.

They give the highest level of protection for your funds.

The FCA doesn’t hand out these badges to just anyone, though.

You have to prove that you are responsible and safe when handling large amounts of money.

You are then assessed to see if you meet the standard criteria for reliability, protection and quality.

Being regulated by the FCA requires you to separate client money from company money. 

These accounts are what's called ‘ring-fenced and safeguarded’.

This basically means that Key Currency can’t touch your funds for any reason other than to convert it for you.

They can’t be used to pay creditors or tie up the business should they ever fold.

If Key Currency ever goes into administration, you will receive the full amount of your funds back.

Key Currency Rates, Fees and Costs

As a traditional broker, Key Currency does not display their rates online.

Below is a table displaying their average FX margin for the volume of funds transferred:

Volume (£) Average Margin (%)
0 - 500 1
500 - 5k 0.75
5k - 20k 0.5
20k - 50k 0.4
50k - 200k 0.3
200k+ 0.2

The ‘margin’ is the difference between the rate the broker buys at and the rate they give to their customers. 

In other words, it’s the profit they make on the transaction.

As you can see, Key Currency’s margins are extremely thin compared to their competitors.

It’s probably the main reason why they’ve grown so fast.

Key Currency does not have any transfer costs, hidden fees or commissions. 

They only charge a £10 fee for transfers under £500 in order to cover costs.

In short, with banks offering margins of 5-6%, you can save huge amounts by using Key Currency.

Don’t forget about the bank's excessive transfer fees, too.

Key Currency Reviews

Key Currency is always encouraging clients to leave feedback.

On Trustpilot, they have just over 1000 reviews, boasting a rating of 4.9/5.

92% of their reviews are 5 stars.

To put that into perspective, most other companies average out at around 85%.

Evidently, they provide exemplary service that’s worth writing about.

Key Currency Trustpilot rating.
Key Currency Trustpilot rating

Positive Reviews

Rates of exchange are praised, and customers love the fact that there’s no holding when you call them.

Clients who aren’t market or tech savvy are kept well informed and are guided through the process from start to finish.

"Alex was insightful, accommodating and instrumental in achieving a much better rate than the high street banks or domestic exchange houses." - James

Negative Reviews

Only 1% of their reviews are one star. 

Delayed payments and compliance issues are mentioned.

Delays with payments usually come down to issues with partner banks and their strict compliance procedures, and are out of control of the FX company. 

Given how complex (and antiquated) the worldwide payments systems are, it’s not crazy to expect some issues every now and again.

How Do Money Transfers Work?

Sending Funds to Key Currency

Key Currency can only take receipt of your funds via a bank transfer. 

This is quite limiting compared to the likes of Currencies Direct and OFX who can accept card payments, too. 

However, bank transfers are much quicker and usually a lot cheaper. 

In some special cases such as with Spanish house sales, they can accept Spanish bankers' drafts. 

Only a select few providers offer this option, which can save you thousands on your repatriation.

Receiving Funds from Key Currency

They can send your currency anywhere around the world if you have the correct details. 

This might include an ‘IBAN’ or ‘BIC’ code.

Exceptions for receiving funds are the ‘extremely high-risk’ countries, which most providers are unable to send to.

This includes, but isn’t limited to: Syria, Iran, North Korea and Somalia.

Key Currency sends funds via the relative standard payment networks for that currency and country. 

Euros within Europe are sent via ‘SEPA’, Pounds within the UK are sent via ‘Faster Payments’, with all other payments remitting as a ‘Single ACH’.

How Long Do Their Payments Take to Arrive?

  • SEPA - 0 - 2 hours
  • Faster Payments - instant
  • Single ACH - 24 - 48 working hours, depending on currency and country

Most of the time, you can expect same-day transfers with Key Currency.

A diagram of how Faster Payments works.
How Faster Payments works

Does Key Currency Accept International Clients?

Key Currency can onboard clients from most countries.

You just need to prove that you are who you say you are and that you live at your address.

This is standard practice industry-wide to comply with anti money laundering regulations, so don’t worry.

If you only have a residential address in a ‘high-risk’ country and not anywhere else, you will struggle to open an account with Key Currency.

Their banking partners will simply reject the funds.

If you are unsure, you can always ask to find out if you’re eligible for an account.

Key Currency Online Platform & Mobile App

As an old-fashioned brokerage, Key Currency conducts all of their business over the telephone and email.

As of 2021, they do not have an online platform or mobile app available to clients.

These apps and platforms actually cost a lot of money.

Because they don’t have these costs, Key Currency passes these savings onto their customers via superior rates of exchange.

There’s no reason to say they won’t develop new products in the future, though.


Although one of the newer companies, Key Currency has quickly risen to the heights of their counterparts.

In my opinion, service is the most important thing when transferring large amounts of money abroad.

Key Currency tops the pile with their level of service.

Their helpful dealing team is there every step of the way to make sure you get a smooth transfer.

I'll tell you something for free: I hate being on hold.

With Key Currency, you won’t be on hold.

Seriously, try it. Call them and see how fast they answer (provided they are open).

Combined with their extremely competitive rates, it’s no wonder Key Currency has grown so quickly.

They truly provide an excellent service.

If you're transferring less than £5k, check out our recommended Money Transfer Apps instead.

'Excellent' on Trustpilot
Very small FX margins
Impeccable service
Market-watcher program
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Key Currency Pros & Cons


Positively reviewed online - 4.9/5 stars on Trustpilot
Very small FX margins, meaning a better rate for you
Impeccable service - they pick up the phone almost instantly, no holding
Will keep you updated on the markets every step of the way to time your exchange
7 years of experience handling large money transfers and house sales


No online platform or mobile app
No exotic currencies available
No way of viewing rates

Get a quote from Key Currency

If you like the look of Key Currency and think they’ll do a great job with your transfer, click the button below and get a quick quote.

Frequently Asked Questions

My bank offers currency transfers. Should I just use them instead of Key Currency?
No. Most high-street banks offer the worst currency rates on the market, paired with poor service and large transfer fees. On top of that, you won't have an advisor there to help with timing your exchange. In short, using your bank isn't a good idea.
Can I trust all of the companies on TopMoneyCompare, including Key Currency?
Yes. We want to make sure that you and your funds are as safe as possible. That's why we only write about and compare regulated companies. You can rest assured that any company listed on TopMoneyCompare is very safe.
Can I use TopMoneyCompare to send money?
No. We are simply here to compare the different options available for you, and give you the necessary advice to help you with your transfer and maximise your exchange. We are not a currency broker or payment provider.
What is an international money transfer?
An international money transfer is the movement of money from one country to another via a bank transfer. Usually, this requires a currency conversion. Our purpose is to help you find the cheapest way to transfer money internationally.

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Why Trust TopMoneyCompare?

Even in 2022, most banks are still majorly overcharging on international transfers.

They provide some of the worst exchange rates on the market, combined with hefty transfer fees.

Fortunately, there are lots of other options available for you to get a better deal.

You’ll need to know which option is going to save you the most money and provide the service you need.

Using TopMoneyCompare’s real-time comparison engine, you can do exactly that.

We launched in 2021 with the idea of helping people get the price and service they deserve when moving money abroad.

Fast-forward nearly 2 years, thousands of people now trust our guides and reviews.
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