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Author, Mike Smith

Last Updated on June 1st, 2024

There are many different currency transfer services out there, whether through banks, online services, or specific companies.

You may not know which of these companies is the best one, however, we have the answer below for you.

Key Currency provides one of the very best currency transfer services to personal and business customers. Key Currency is a UK-based currency transfer service with competitive currency exchange rates and no hidden fees. Key Currency also has excellent customer service; helpful employees can guide customers through the process of a currency transfer.

There are many reasons why Key Currency is one of the best currency transfer services out there, from the exchange rates and fees to the customer service to the fast and efficient transfers.

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What services does Key Currency offer?

Currency transfer services are companies that transfer your money overseas.

It can be complicated to change your money into the right currency and deal with foreign banks. Currency transfer services exchange and send your money overseas, all while keeping it safe and secure.

Key Currency does all of this for you, requiring you to complete only four simple steps.

First, you need to register with Key Currency online or over the phone. This only takes a few minutes and is quick and easy. This is simply a safeguard against money laundering and is required by law.

Once you are registered, you will meet with an account manager. They just need to know the amount of money and the currency they wish to exchange it to.

The account manager will answer any question you have and give you an exchange rate that, rather than being fixed, is up to date with current rates and inflation.

Once you’ve gotten your exchange rate, you just transfer your money and provide the information about the bank to which you want to transfer it. Key Currency will do the rest.

Your money will be kept in a safeguarded account until the transfer is complete. Key Currency will convert your funds into the proper currency and transfer them, which only takes 1 to 2 business days for most major currencies.

Key Currency does money transfers for personal or business transactions.

Key Currency also offers on-the-spot transfers, regular payments for recurring transfers, rate alerts for when the market is in your favour, forward contracts to lock in a rate early, limit orders for when the currency rate hits a target level, and market analysis done by experts so you don’t need to worry about it.

Key Currency has a five-star rating on Trustpilot.

With over 1,900 reviews on the site, a five-star rating is considered ‘excellent’ by Trustpilot. 94% of these reviews are five stars that are accompanied by glowing recommendations of the company and its services.

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How does Key Currency compare to other currency transfer services?

There are a few types of currency transfer services: some are part of a bank’s services and some are companies that are specifically meant to transfer currency overseas.

Each of these types has pros and cons, and Key Currency is comparable to both types.

Banks

The big banks will normally provide currency transfer services for their clients.

Some might say using a bank is like cutting out the middleman instead of going through an independent currency transfer service. There are good things about using a bank’s transfer service, such as efficiency. And you don’t need to register or present paperwork to use this service.

However, there are drawbacks to using a bank’s service instead of an independent service.

If you use a bank, the transfer fees are usually higher and the exchange rates are often worse. It also usually takes longer for a bank to transfer your money.

Banks offer a lot of services, handle a lot of money, and do a lot of different things with this money.

Independent transfer services just provide one service, so they are more able to focus on this service.

It may be a bit of a hassle to register for the service, but it will end up being quicker, easier, and cheaper to use an independent currency transfer service.

In general, independent currency transfer services are comparatively better to use than bank services, so using the best independent currency transfer service is the best option.

Independent Currency Transfer Services

Independent currency transfer services are dedicated to getting your money to the right place and protecting it along the way. They also can keep an eye on the currency market and give you information about it that a bank can’t necessarily provide.

Key Currency is considered one of the very best of these transfer services having won 7 industry awards and alongside a 5-star rating.

Key Currency has exchange rates that are competitive with the other services. Many other services and banks will have a fixed exchange rate that you can either take or leave. Key Currency offers you an exchange rate when you talk to them which can be negotiated. Experts that work for Key Currency keep an eye on the markets and provide good rates based on the state of the markets.

Key Currency doesn’t have any hidden fees. The amount you’ll be paying and what it will be exchanged into is very upfront. Key Currency also works more quickly than other transfer services. Your payment will be transferred within 1 to 2 business days unless there are problems or extenuating circumstances. Most other services take much longer.

Key Currency also has amazing customer service. Other transfer services are often entirely online. You’re on your own with figuring out what to do. Key Currency, on the other hand, has someone there to help you out. They also handle the more complicated parts of the transfer.

With other services, though they facilitate the transfer, you are forced to do most of the paperwork and figure things out on your own. This can confuse, infuriate, or stress out many customers.

Key Currency handles most of the work for you, only leaving you with a few simple things to handle.

The exchange rates and fees, efficiency, and customer service are all good reasons to use Key Currency.

If you need to transfer money overseas, Key Currency can make sure that your money is exchanged and transferred safely, efficiently, and inexpensively.

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Author, Mike Smith

Last Updated on August 5th, 2024

In this article, I will explain what a foreign exchange transfer is, how they work, and most importantly, how you can make them as cheap and easy as possible.

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What is a foreign exchange transfer?

A foreign exchange transfer is when a person or business sends money to a bank account in another country.

Foreign exchange transfers involve converting money from one currency to another.

When sending a large amount of money to another country, you need to pay close attention to the exchange rate.

The exchange rate makes a big difference to the final amount received.

For example, a Pound to Euro rate of 1.18 is better than 1.17. This is because you’re getting 1.18 Euros for every Pound.

The difference on a £100,000 transfer means an extra €1,000.

You can see even the smallest differences matter.

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How to make a foreign exchange transfer (in 4 simple steps)

Step 1 – ID Check

To set up an account for foreign exchange transfers, you must do an ID check.

This is to comply with anti-money laundering regulations.

It’s often a straightforward check but may require a copy of your ID and proof of address.

An ID check is required at all banks and money transfer companies.

Step 2 – Secure an exchange rate

The largest cost of your foreign exchange transfer is the exchange rate.

Once you’ve found a good exchange rate that you’re happy with, lock it in with your provider.

This guarantees you’ll get the quoted exchange rate, regardless of any future movement in the market.

If you use a bank, they generally require the funds in your account before they will lock in an exchange rate.

By using a money transfer specialist, on the other hand, it’s sometimes possible to secure an exchange rate with just a small deposit.

Step 3 – Send the funds

Your money transfer specialist or bank will provide you with instructions on where to send the funds to the appropriate account.

Once you send the funds in, your provider should give you confirmation that they’ve been received.

After this, your part is done. You can relax and wait for the currency to be exchanged and land in the recipient’s account.

Nice and simple!

Step 4 – Receive the converted funds

Once your funds have been received, the currency exchange happens.

It’s a quick process, but there’s likely to be a short wait for the funds to clear through the banking system.

It shouldn’t be long though, before the funds land in the recipient’s account in your chosen currency.

How do exchange rates work?

All banks and money transfer companies charge a margin in their exchange rates.

The exchange rate margin is the difference between the interbank exchange rate and the exchange rate you’re quoted for the transfer.

The interbank exchange rate is what the banks use to trade between themselves.

Quoted exchange rates for a foreign exchange transfer will always be higher than that.

This is how banks and money transfer companies make their money.

If you’re not familiar with margins, it can be unclear exactly how much you’re charged because it’s part of the exchange rate.

However, you may not need to calculate the exact margin down to the last penny.

It is often enough to understand how exchange rate charges margins work so that you’re informed when getting exchange rate quotes.

What is the cheapest way to make a foreign exchange transfer?

While people are familiar with their bank, they’re usually not the cheapest option for foreign exchange transfers.

Banks typically charge an exchange rate margin of around 3%-4% of your transfer amount.

If you were transferring £100,000 for example, the banks are taking £3,000-£4,000 in their exchange rate costs.

That is massive!

Costs like this aren’t unique to one bank either.

Most high street banks charge large exchange rate margins.

And on top of this, some banks have the cheek to charge additional transfer fees every single time you wish to do a transfer.

You’re likely to get a much better exchange rate using a money transfer specialist and can also avoid any nasty fees.

You could potentially save thousands on sending money overseas.

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Making foreign exchange transfers easy

If you’ve ever tried using a bank for large foreign exchange before, you may have had a frustrating experience.

It’s a problem I hear all the time.

With banks, you often get staff who aren’t particularly knowledgeable on the details of foreign exchange, or you find annoying red tape slows things down.

The truth is banks are more focused on loans and mortgages.

But if you move a large amount of money abroad, you need it to be done right.

To put it bluntly, there can’t be any slip-ups.

When you use a money transfer specialist, you typically get a more efficient and helpful experience when making a foreign exchange transfer.

This is because international money transfers are the only thing they do!

They know where the potential snags may occur and make sure they don’t become a problem.

A money transfer specialist makes the entire process much easier for you.

How long does a foreign exchange transfer take?

Most foreign exchange transfers are completed within a few days, but it depends on the currency you’re transferring to and from.

Foreign exchange transfers within Europe usually take one or two days. Outside of Europe, they normally take between three to five days.

Most of the time taken for transfers to be completed comes from the clearing time through the international banking system.

International transfers either use the SWIFT or SEPA payment networks.

SEPA is just for payments within Europe and can operate slightly quicker than payments across the rest of the world.

Ask your money transfer provider if you have any questions about how long your specific transfer will take.

Making your foreign exchange transfer at the right time

The currency market moves every few seconds and can affect the exchange rate you’ll receive.

On large transfers, even the smallest of changes can have a big impact on the final amount.

If you need to change £100,000 for example, every 1% change in the exchange rate makes a £1,000 difference to the final amount.

Bear in mind, changes of 1% happen regularly. Often multiple times over a week.

Movements as big as 5% can happen over several weeks.

It’s why it’s important to find the best time to make your foreign exchange transfer.

But how are you meant to know when the best time is?!

We’ve all got busy lives, and continuously tracking and predicting the currency markets in detail isn’t realistic.

It pays to have someone you can turn to who can keep you informed on market movements and discuss the transfer.

How safe are money transfer specialists?

If you haven’t used a money transfer specialist before, you’ll want to know if they are safe.

The key to safety is down to regulation by the Financial Conduct Authority (FCA).

You should check that your money transfer specialist is FCA regulated.

All FCA Authorised companies must transfer all client money through separate safeguarded bank accounts.

Be aware though, that not all money transfer specialists are Authorised by the FCA.

To check if a company is FCA Authorised, search for them on the Financial Services Register.

If they’re not on the register, they’re not Authorised and don’t operate under the same strict safety regulations.

Using an FCA Authorised company is by far your best and safest option.

Why risk making a large money transfer with a company that isn’t regulated?

About Key Currency

We aim to make foreign exchange transfers as easy as possible.

We’re an alternative to big high-street banks and impersonal, faceless apps.

You get your account manager who will look after your transfer from start to finish.

You can speak to them at any time over the phone to discuss any queries you may have about exchange rates or how the transfer works.

This makes your transfer as easy as possible.

Having someone to talk you through the transfer takes the stress out of the process and makes it easier for you to get a better exchange rate.

We are an Authorised Payment Institution (Financial Services Register No. 753989), so all transfers are conducted through safeguarded client accounts for your security and protection.

We are committed to providing our customers with value for money and outstanding service.

Our company has attained a 5-star customer rating on Trustpilot, based on over 2,000 reviews.

To compare our rates to your bank or another provider, you can get a free quote below.

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