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Nomad’s Key Currency Partnership FAQ

July 14th, 2016 by

FAQ About Nomad’s Partnership with Key Currency

Q: How do I take up the offer to use Key Currency to buy or sell foreign currency at the lowest rate?
A: Either click on this link to visit the Nomad page on the Key Currency website and contact them directly, or just ask any one of the Nomad team about it when you speak to us next, and we’ll ask Andy our broker at Key Currency to give you a call.  Email or call us on the numbers above.

Q: Why does Nomad recommend Key Currency?
A: We’ve used a lot of brokers, banks and other FOREX services in the past, and we’ve found two main problems. Firstly, it’s hard to know if you’re getting the best rate. We ended up using two brokers at once, to enable us to compare rates before making the transaction each time, but this is a bit laborious. We just want a broker who we can trust will give us the best rate every time. Secondly, with some of the large brokerage firms, you speak to a different person every time you call, which makes it hard to know if they are going to give you as good a rate as their colleague would have. It’s better to have one person who you trust, who understands your needs (and in our case our business requirements), and can take care of everything for you. We’ve found that Key Currency solves both of these problems for us.  Andy Dyer is the Head of Trading, but as our broker he personally handles each trade for us. He is a genuine guy and doesn’t give anyone a “hard sell”, which is why we are comfortable recommending him to speak to our friends and clients. Most importantly, he gets the best rates for us, and he will do the same for our clients and friends.

Q: How do currency brokers make their money?
A: They take a small margin on the difference between the price they buy the currency at, and the price they sell the currency at.  For example, if you go to Thomas Cook you can see the rates at which they buy currency and sell currency are different – they have a very wide margin.  Banks have slightly less margin but it is still very wide, i.e. they take a large chunk every time you make a foreign currency transaction.  Giving the “best rates on the market” means literally taking a smaller margin than other banks or brokers.  Key Currency do this because their preference is to win the trust of customers who continue to use them time and time again in future, instead of trying to maximise their profit on one single trade.  On a large transaction like a house purchase, Key Currency’s margin will be thousands of pounds less than the bank’s margin, saving you literally thousands of pounds.

Q: Does Nomad make any money from this?
A: Yes, if someone comes to Key Currency from Nomad, a percentage of the small percentage margin that Key Currency makes, comes back to us.  We would not do this if we did not believe that Key Currency provide literally the cheapest rates on the market to their customers, and therefore if our customers use Key Currency, they will save money compared to other banks or brokers.  Also we know Andy personally through our dealings with him and we trust that he will provide excellent service.

Q: Why hasn’t Nomad recommended brokers with a referral relationship like this in the past?
A: We have always been concerned about a potential conflict of interest. We never want our clients and friends to think that we would recommend someone purely because we are receiving some income from them. But in Andy’s case, we know that (1) he will actually provide the best rates on the market and (2) he is a genuine person and won’t be pushy or overly salesmanlike – he just provides very good service and excellent rates. So we’re comfortable recommending him to our clients and friends.

Q: We haven’t used Nomad for our move yet, does this matter?
A: No it doesn’t. You don’t have to be a Nomad customer to start working with Key Currency – just mention to them that you found out about them through Nomad and that is fine.

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