Currency Broker

jscol

I can't think of a more appropriate forum to put this on.

We're about to transfer a reasonable sum of money abroad to buy a house. We're going to use a currency broker (Key Currency).

Any ideas what checks we need to do to make the broker is legitimate and that we have contacted the company correctly and not been intercepted in any way. Just having a few nerves before we transfer a big sum as I realise the cleverest scams can happen.

Bostonerimus1

Wise is a reputable company, but I'm not sure how they deal with large amounts. Also look at XE

Do a small transfer first to make sure everything works.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/6679415/currency-broker

https://register.fca.org.uk/s/firm?id=001b000003TE2JDAA1

They are an FCA registered company since 2016

LHW99

This is the Companies House page for key Currency Ltd

https://find-and-update.company-information.service.gov.uk/company/09603083

You will be able to find detains of people and annual reports there.

The FCA register is here:

https://www.fca.org.uk/firms/financial-services-register

where you can search to confirm they are registered, and what they are permitted to do.

friolento

Never heard of Key Currency. I would use Wise, with zero concerns about their legitimacy. Transfer max £20m

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/82099102#Comment_82099102

Wise tends to be very good for modest amounts, certainly the last time I checked, for 6 figure sums their rates arent as good as brokers can achieve, and naturally with those sorts of sums even a small difference in FX rate will be hundreds of difference in costs.

Never heard of them either but then probably have never heard of 95% of the companies the FCA has authorised so that isnt an immediate killer fact for me. The fact the firm is authorised, and has been for some time, and is UK based would give me sufficient confidence if

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82098865#Comment_82098865

Wise helpfully sets out their due diligence for large currency transactions below -

https://wise.com/public-resources/assets/send-flow/documents/high-amount/wise_guide_to_sending_large_amounts_jan_2023_v3.pdf

friolento

https://forums.moneysavingexpert.com/discussion/comment/82099127#Comment_82099127

Wise always use the mid-market rate, regardless of the amount transferred. I doubt any currency broker could beat this exchange rate.

So the difference would be in the fees charged. Wise would charge 0.2% for transferring £800k to Euros, giving approx 934,100 € today.

Do you know what Key Currency would charge, and what exchange rate they would use?

MyRealNameToo

Personally, find the fees -v- FX type thing all a little tedoius, what ultimate matters if if I need to send £800k how many Euros will I get, I'm going to go with whoever offers me the most and not decide to go with the better FX but higher fees out of principle of not liking hidden fees.

I've no idea what Key would charge, as said, havent heard of them previously, but this site recommends others than Wise for the large transactions and in previous cases on £0.5m transfer Wise were notably more expensive.

friolento

I refuse to hand over my email address, and potentially other information, to get a quick quote for a transfer. My email address changes nothing on the amount of money I would get from the transfer. It's just data harvesting, for the benefit of the broker, who can then pester you for business.

Key Currency are one of the companies who won't provide you with a quote without having your email address.

masca

I've used a disposable email address and fake tel no, and subsequently been presented with the following message upon requesting a 'quick' quote:

"Thank you.

Exchange rates are always fluctuating, so one of our currency experts will contact you shortly with a live quote tailored to your needs."

I too, personally, would be unlikely to deal with a company who handles quotes in this manner. Transparent it is not! I wonder why the OP decided upon this broker...?

An update: Received an email within seconds stating that they have been unable to contract me by phone! Still no quote... But the following is stated amongst other things:

• We are able to guarantee exchange rates for up to a year in advance.
• Savings of up to 5%

Make of that what you will!