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fresh water rinsing is the key... get it... sweet pun i know...
but yeah to reiterate, ive surfed with my key hundreds of times... sand and dried salt comes out pretty easy with a good hosing.
No problem in salt water. I know of surfers who keep it in a zipped pocket of their suit while out in the water. I don't remember how deep it is rated for though, in case you're into diving.