James Pinkney, CEO of Key Currency tells us about what makes them different, the biggest mistakes he has seen people make over the years, and what they can do about them. Plus what they should look for when choosing a currency broker.
What’s makes Key Currency different from other currency brokers?
Key Currency is owner-operated. The directors are sat within the business every day. I literally sit next to the trading floor. I think that translates into a strong team culture. To make a currency broker effective and efficient, you need everyone to work together. I think we do that really well.
Why do you think that transparency is still such an issue for currency brokers?
Maybe there’s a lack of accountability. Some of the brokers have got so big that they lose the personal touch. The customers and staff end up becoming numbers on a screen.
We offer a person-to-person service. A customer knows exactly who is responsible at our end.
To add to the transparency, all of our people are shown on our website – names, faces and roles. I don’t know of another currency broker that does that. We have nothing to hide.
What’s the best thing about running Key Currency?
I love reading customer reviews. I never miss one. Good or bad, it’s a great reminder of what really matters. I am a big believer in focusing on your customers, not your competitors.
What do you think are the biggest mistakes people make when transferring money abroad, and what can they do about it?
I’ve spoken to a lot of people that have had bad experiences elsewhere – the main issues are money going astray or getting charged fees they weren’t aware of until after their money had been sent. Both problems stem from miscommunication.
One of the things we do well is to help people throughout the process and keep them fully informed.
There are a lot of tech applications that try to eliminate any human contact. You only find out how good something is when something goes wrong. It’s also when you find out whether the company is there to help.
What’s the single most important factor people should look for when choosing a currency broker for a large currency transfer?
I would say trust. We do a lot of property-related transactions – it’s a core part of our business. We appreciate buying or selling a property is not an everyday event – it also involves a good chunk of someone’s life savings.
I think human contact is important for large currency transfers. You want that peace of mind of being able to speak to someone.
I think we also earn trust because we are transparent about our ownership, we are transparent about our people, we have hundreds of verified customers reviews, we are fully Authorised and Regulated by the FCA, and we have won industry awards for 6 years running for the service that we provide.
James Pinkney is CEO of Key Currency
Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.