VertoFX – Trusted way to Pay and Get Paid Internationally: VertoFX is a B2B money transfer service created to address the concerns of businesses sending money overseas. Research shows that nearly 50% of these businesses are dissatisfied with their payment provider’s exchange rates and transfer speed. The company is dedicated to addressing this issue by streamlining cross-border business transactions. In this review, let’s take a closer look at the functions, features, and finer details of VertoFX international transfers.
About VertoFX
VertoFX was founded by Anthony Oduwole and Ola Oyetayo, who are close friends and entrepreneurs. The company was established in 2017 by Nigerian-born British ex-bankers. It was launched in London’s financial district and quickly became a fully regulated UK money transfer company. It is a currency exchange marketplace that aims to assist businesses in making and receiving international payments in a straightforward, secure, and timely manner.
VertoFX has been addressing the challenges in the financial services market, such as lack of transparency, poor exchange rates, and limited global reach. They have been mainly focused on helping businesses in emerging markets.
In 2020, the company received an Electronic Money Institution license from the Financial Conduct Authority (FCA). VertoFX offers zero transaction fees for all clients, regardless of their business size. They aim to provide business owners with more cost-effective global money transfers than high street banks, claiming to be up to 9 times cheaper in certain situations. The VertoFX business model is quite ambitious, and this review will examine how effectively the company has addressed the challenges businesses encounter when making foreign currency transfers.
VertoFX Exchange Rates, Fees & Costs
Let’s start by examining the total cost of VertoFX transfer services, including the fees, exchange rates, and commissions.
Exchange Rates
VertoFX offers convenient solutions for customers to buy and sell foreign currencies, providing flexibility and ease of use. Businesses can select from a wide range of over 39 global currencies. It allows clients to secure their foreign exchange rates and engage in direct trading with other businesses.
Upon further examination, there was a slight difference of 0.3 – 0.6% compared to the mid-market rate. This margin is significantly smaller compared to most banks’ 4 – 6% markup on foreign exchange. It confirms that VertoFX indeed provides rates very close to the mid-market rate.
Transfer Fees
VertoFX promotes its services as having no transaction fees. However, it is essential to understand the true implications of this claim. Are free money transfers a real thing? Based on the currency conversion calculator on the VertoFX website, there are no fees associated with international money transfers, including hidden fees. Nevertheless, it’s important to note that additional charges may apply from the receiving and intermediary financial institutions for transfers. The website has a disclaimer that mentions how fees can differ depending on the provider and the amount being sent or received.
Other Additional Costs
VertoFX is committed to transparency by offering no hidden fees. Their services are generally more cost-effective than others, especially for businesses handling large transfers or mass payments.
Top Countries to Send Money to With VertoFX
VertoFX has been dedicated to building a strong presence in emerging markets since 2017, which makes them stand out from other providers.
The following countries receive the highest number of VertoFX remittances, making them popular money transfer corridors:
- United Kingdom
- United States
- Kenya
- Bahrain
- Australia
- Japan
- Bulgaria
Pros & Cons of Using VertoFX
At MoneyTransfers, we recognize the significance of assessing the pros and cons of different payment providers. Here is a complete list of advantages and disadvantages for VertoFX customers:
PROS
- Signing up is free, and customers get a complimentary multi-currency account.
- VertoFX aims to match the mid-market rate. Great FX rates for businesses.
- Quickly process and facilitate global business transactions.
- Their dedicated account manager ensures a personalized experience for you.
CONS
- Relatively new in the industry with less experience compared to other top competitors.
- Compared to other providers, VertoFX’s selection of 39 currencies could be more competitive.
- Only US and UK customers have access to certain features.
How Long Does It Take to Receive Money Using VertoFX?
According to their website, VertoFX claims to be significantly faster than banks regarding international money transfers. However, they do not provide a specific timeframe for how long it takes for the transfers to reach the recipient. Similar to other money transfer companies, the transfer speed may vary based on factors such as the payment amount, currency, and destination country.
What Are the Best Reasons to Use VertoFX?
- Efficient B2B currency exchange with competitive prices
- Payments to over 200 countries at affordable rates
- This is a free account that can be used for both domestic and international transactions in multiple currencies.
Can I Trust VertoFX?
The FCA authorizes VertoFX with license number 901073 and regulates it under the Electronic Money Regulations 2011 for issuing electronic money. The company also complies with various regulations, including The Money Laundering Regulations 2017, The Terrorism Act 2006, The Terrorism Act 2000, and the Proceeds of Crime Act.
Furthermore, VertoFX ensures that customers’ funds are kept in separate segregated client accounts, which are not utilized to settle any of their own obligations. VertoFX platform utilizes two-factor authentication, including One-Time Passwords (OTP). The website ensures secure data encryption and stores all account information in a highly secure, constantly monitored cloud facility.
What Do Users Have to Say About VertoFX?
Customer feedback shows that VertoFX is doing a great job of keeping customers satisfied. They have received an impressive rating of 4.5 out of 5 stars, earning them an “Excellent” rating. The majority of online reviews, 94% to be exact, are positive, with feedback ranging from Excellent to Great. Only a small portion, 6% of the comments, fall into the Bad category. The positive feedback includes users reporting VertoFX rates as the most competitive for business clients, efficiency and helpfulness when meeting supplier deadlines, and speedy transfers even for countries in “emerging markets.” Customers have expressed concerns about the use of older technology and the sudden suspension of their accounts.
How to Get Started With VertoFX
Registering for an account with VertoFX is entirely free. You can quickly get started by following these 5 simple steps:
Step 1. Choose a Business Account
Upon registration for a VertoFX account, you will be presented with the following choices.
- Please create an account for a company with only one director. The company is owned by a single director who is registered and operating as a legal entity.
- Set up an account for a company with two or more directors: Your company is owned by multiple directors and operates as a registered legal entity.
- Create an account as a sole trader. You work for yourself and use either your own name or someone else’s.
Step 2. Create a Business Account Login
When creating your account, you must provide basic information such as your business name, email address, phone number, country, and a unique user password.
Step 3. Verify your Identity
After creating your account, you must confirm your identity by entering the verification code (OTP) sent to the business email address you provided earlier. Please note that the login password provided is time-sensitive and will expire after 5 minutes.
Step 4. Answer a set of specific questions about your business.
Here are the questions you need to answer:
- Full name of the person responsible for the business account
- What is your plan for utilizing VertoFX? Please choose the appropriate reasons from the dropdown categories.
- What is your role in the business? Choose from the available categories in the dropdown menu.
- Where the business is located: country and jurisdiction
- Information needed: company name, registered business number, and address.
- Here’s a breakdown of your business structure: Choose from the available categories in the dropdown menu.
- The industry you work in: Choose from the categories in the dropdown menu.
- The company’s website concisely overviews the business and explains the reasons for utilizing VertoFX.
- Locations for your business: this covers the countries where you will send or receive money.
- Information on business shareholders and directors
- Number of employees in total
- How much money and transactions does your business expect to handle each month?
Step 5. Submit Business documents
During the sign-up process, you will be prompted to upload your business certificate of incorporation and memorandum, as well as proof of business address. After you upload the documents, you will receive an email confirming their receipt.
Final Words
VertoFX is a marketplace for foreign currency exchange that caters to international businesses. We offer a wide range of currencies, serving thousands of companies across more than 200 countries. They provide a convenient web app for buying and selling currencies at your preferred rate, making international payments, and receiving funds without fees. Enjoy competitive exchange rates that are updated in real time. In addition to foreign exchange currency, Verto provides local U.S. and U.K. business bank accounts for managing domestic and international payments. They also offer wallets where you can hold and exchange over 39 currencies.
VertoFX offers an extensive platform for businesses with international payment requirements. By utilizing their services, businesses can save on unnecessary expenses related to foreign currency exchanges and take advantage of more favorable exchange rates. Their streamlined account structure and intuitive application make it a breeze for anyone to exchange currency, make international payments, or receive payments.