VertoFX is a B2B money transfer service that was developed in response to some data indicating that nearly 50% of businesses sending money overseas are generally dissatisfied with their current provider's exchange rates and transfer speeds. payments. The company aims to solve this problem by simplifying international transactions for businesses. In this review we will explore the functions, features and other particular details of VertoFX international transfers.
VertoFX what is it?
VertoFX was born from a friendship between two entrepreneur friends, Anthony Oduwole and Ola Oyetayo. Former British bankers of Nigerian origin founded the company in 2017, launching it in London's financial district as a fully regulated money transfer company in the UK. It is known as a currency exchange marketplace designed to help businesses make and receive international payments "easily, securely, fairly and on time".
VertoFX has accepted existing challenges in the financial services market such as lack of transparency, low exchange rates, limited global reach, and has focused on these thematic areas in recent years, paying particular attention to businesses in emerging markets.
In 2020, the company officially obtained an electronic money institution license from the Financial Conduct Authority (FCA). Whether you are a start-up, sole proprietorship, SME or corporation, VertoFX guarantees zero transaction fees for all clients, pledging to offer entrepreneurs worldwide money transfers better than top tier banks, in some cases 9 times cheaper.
VertoFX's business model is ambitious and in this review we will take a closer look at the company's effectiveness in solving the various problems facing businesses that make foreign currency transfers.
VertoFX exchange rates, fees and costs
First of all, we will look at the overall cost of VertoFX transfer services, looking at the fee structure, exchange rates and various fees.
VertoFx exchange rates
Clients can buy and sell foreign currencies with ease, thanks to the flexibility of VertoFX's "trade now" or "trade later" solutions. This allows companies to choose rates from over 39 global currencies, giving customers the ability to block their foreign exchange and trade directly with other companies.
On closer inspection, compared to the average market rate, a difference of 0.3 - 0.6% was noted. This is a tiny margin when compared to the 4 - 6% foreign exchange rate charged by most banks. This confirms the fact that VertoFX offers an exchange rate that is as close to the mid-market rate as possible.
VertoFX transfer fees
VertoFX advertises its services guaranteeing "zero transaction fees"; But what exactly does that mean? Are there really free money transfers? According to the currency conversion calculator on the VertoFX website, there are no fees for any international money transfers, nor any hidden ones. However, this does not take into account any transfer fees charged by the receiving financial institutions and intermediaries. There is a disclaimer on the website which states that "commissions vary from one provider to another, from the amount sent or the amount received".
VertoFx additional costs
VertoFX appears to be keeping its word when it claims to have no hidden costs. In general, the overall cost of their services turns out to be much cheaper than most operators, especially for companies that organize large transfers or mass payments.
Top countries to send money to with VertoFX
Since its inception in 2017, VertoFX has focused its efforts on establishing itself in emerging markets as a unique niche capable of distinguishing itself from other providers.
Speaking of the most common money transfer corridors, here is the list of the main countries where VertoFX has been used to send money:
- UK
- United States of America
- Canada
- Australia
- Japan
- Kenya
- Bulgaria
- Bahrain
VertoFX pros and cons
By analyzing the various features of the platform we were able to make a distinction between pros and cons of VertoFX which can be useful for future customers:
pro
- Membership is free. Additionally, customers get a free multi-currency account
- VertoFX aims to match the mid-market rate: competitive FX rates for businesses
- It supports ultra-fast speeds and large-scale international business payments
- Dedicated account manager capable of creating a personalized experience
cons
- Relatively new to the market with less experience than other major competitors
- Compared to competing providers, VertoFX's offering of 39 currencies is not very competitive
- Some features are only available to US and UK customers
How long does it take for me to receive money using VertoFX?
VertoFX states on its website that payments are made 3 times faster than banks. However, using this platform, it is unclear how long it takes for international money transfers to reach a recipient. Like other companies of money transfer, let's assume that the transfer speed depends on the amount of the payment, the chosen currency and the destination country.
Why should i use VertoFX?
Using VertoFX is the best choice you can make. The reason is extremely simple:
- B2B currency exchange at competitive prices
- Low cost payments in more than 200 countries
- A free, multi-currency business account for national and international use
Can i trust VertoFX?
VertoFX is authorized to issue electronic money by the FCA (license number 901073) and under the Electronic Money Regulations 2011. The company also adheres to the Money Laundering Regulations 2017, the Terrorism Act 2006 and the Terrorism Act 2000 and Proceeds of Crime Act.
In addition to this, the company keeps client funds in separate and secret client accounts, and this money cannot be used to settle its interests. Two-factor authentication such as One-Time Passwords (OTP) are used throughout the VertoFX platform. The website uses secure data encryption and all account information is stored in an armored cloud facility which is monitored 24/7.
The efforts VertoFX has made to protect client funds demonstrate that "security and compliance are at the core of our business." For more information on the company's privacy policy and terms of use, take a look at their official website.
What do users say about VertoFX?
Customer feedback posted on Trustpilot's consumer review platform indicates that VertoFX fully satisfies customers, having been awarded 4.5 out of 5 stars, achieving an "Excellent" rating. Of these online reviews, 94% of the opinions are excellent and excellent, and only 6% of the reviews are rated as negative. Positive feedback includes users reporting VertoFX rates as the most competitive in the market for business customers, efficiency and willingness to meet supplier deadlines, and fast transfers even for emerging market countries. Negative feedback is about outdated technology and unexpected account suspension.
Getting started with VertoFX
Register and open an account with VertoFX for free. Get started by following these 5 simple steps
Step 1
Choose a business account: When registering for a VertoFX account you will be given the following options:
- Open an account in the name of a company with only one director: your company has one director, registered and acting as a legal entity
- Open an account in the name of a company with two or more directors: your company is owned by two or more directors, registered and operating as a legal entity
- Open an account as a private operator: you are self-employed and operate using your name or that of someone else
Step 2
Create a login for the business account: You will be asked to enter your company name, email address, phone number, country and a unique user password for the account.
Step 3
Verify your identity: Once you have created your account, the first step will be to ask you to confirm your identity by entering the verification code (OTP) sent to the company email address presented during the previous step. This one-time login password is time-limited and will expire after 5 minutes.
Step 4
Complete a series of detailed company questions - you will be asked to answer the following questions:
- Name and surname of the person responsible for the corporate account
- How do you plan to use VertoFX: Select all applicable reasons from the drop-down categories
- Your role in the company: select from the drop-down categories
- The company headquarters: country and jurisdiction
- Company name, registration number and address
- Your company structure: select from the drop-down categories
- Your sector: select from the drop-down categories
- Company website, business description and purpose of using VertoFX
- Company location: this includes the countries where you send / receive money to / from ...
- Details of the shareholders and directors of the company
- Total number of employees
- The amount of money and the number of transactions your business expects to receive and send on a monthly basis
Step 5
Submit business documents. In the final step of the registration process you will be asked to upload a copy of your company charter and proof of the company address. Once these documents have been uploaded you will receive a confirmation email.
FAQ
Does VertoFX have a mobile app?
Marketed as a "web app," VertoFX is designed for browser-based use only and, at the time of this writing, the company has not yet developed a mobile application.
How can I contact VertoFX customer support?
You can contact the VertoFX team via phone, live chat, social media platforms Twitter, LinkedIn and Facebook, or by searching the online Help Center.
Can I use VertoFX for my P2P money transfers?
VertoFX only serves business customers and therefore does not offer P2P money transfers.