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VertoFX Review

VertoFX is a B2B money transfer service that was developed in response to data that indicates almost 50% of businesses who send money overseas are generally unsatisfied with the exchange rates and transfer speed of their current payments provider. The company has made it their mission to fix this problem by simplifying cross-border transactions for businesses. In this review we will explore the functions, features and other finer details of VertoFX international transfers.

Send Money with VertoFX

About VertoFX

VertoFX was born out of a friendship between two entrepreneurial friends, Anthony Oduwole and Ola Oyetayo. The Nigerian-born, British ex-bankers set up the company in 2017, launching it in London’s financial district and establishing it as a fully regulated UK money transfer company. It is known as a currency exchange marketplace designed to help businesses make and receive international payments “simply, safely, fairly and on time”. 

VertoFX undertook existing challenges facing the financial services market – lack of transparency, poor exchange rates, limited global reach – and has been focusing on these subject areas for the last few years, paying special attention to businesses in emerging markets. 

In 2020, the company was officially granted an Electronic Money Institution license by the Financial Conduct Authority (FCA). Whether you are a start-up, sole trader, SME or corporate level business, VertoFX promises zero transaction fees for all clients, striving to offer business owners better global money transfers than high street banks, reportedly 9x cheaper in some cases. 
The VertoFX business model is an ambitious one and this review will take a closer look at how effective the company has been at solving the various problems that face businesses making foreign currency transfers.

VertoFX Exchange Rates, Fees & Costs

First and foremost, we will review the overall cost of VertoFX transfer services, looking at the fee structure, exchange rates and commission costs. 

Exchange rates

Customers can buy and sell foreign currencies with ease, thanks to the flexibility of VertoFX’s exchange now or exchange later solutions. This allows businesses to choose rates from a choice of over 39 global currencies, giving clients the ability to lock in their foreign exchange as well as directly trade with other businesses. 

On closer inspection, when compared to the mid-market rate, there was a difference of 0.3 – 0.6%. This is a tiny margin when compared to the 4 – 6% markup on foreign exchange charged by the majority of banks. This verifies VertoFX’s claims of offering as close to the mid-market rate as possible. 

Transfer fees

VertoFX advertise their services as applying “zero transaction fees”; but what exactly does this really mean? Do free money transfers really exist? According to the currency conversion calculator on the VertoFX website, there would be no fees for any international money transfer and no hidden fees. However, this does not account for any transfer fees charged by the receiving and intermediary financial institutions. There is a disclaimer on the website which states: “fees vary from one provider to another, amount sent or receiving amount.” 

Other additional costs

VertoFX appear to stay true to their word when it comes to no hidden fees and generally speaking, the overall cost of their services prove to be far cheaper than most, especially for businesses arranging large transfers or mass payments.

Top countries to send money to with VertoFX

Since its inception in 2017, VertoFX have been focusing their efforts on establishing a presence in emerging markets, a unique niche that sets them apart from other providers.

When it comes to the most common money transfer corridors, the following countries attract the highest number of VertoFX remittances:

Pros & Cons of using VertoFX

Here at MoneyTransfers we understand the importance of evaluating the various benefits and drawbacks of any payment provider. Below is a complete list of pros and cons for VertoFX customers:

Pros
It is free to sign up, plus customers receive 1 x free multi-currency account
VertoFX strive to match the mid-market rate: competitive FX rates for businesses
Super fast speed and mass international business payments supported
Dedicated account manager creates a personalised experience
Cons
Relatively new to the market with less experience than other leading competitors
Compared to rival providers VertoFX offer of 39 currencies isn’t massively competitive
Some features are available to US and UK customers only

How long does it take to receive money using VertoFX?

VertoFX state on their website that they are 3x faster than banks, but there is no clear indicator of how long it takes for their international money transfers to reach a recipient. Like other money transfer companies, we assume the transfer speed will depend on the size of the payment, chosen currency and destination country. 

What are the best reasons to use VertoFX?

  • B2B currency exchange at competitive prices
  • Low-cost payments to more than 200 countries 
  • A free, multi-currency, business account for domestic and international use

Can I trust VertoFX?

VertoFX is authorised by the FCA (license number 901073) as well as under the Electronic Money Regulations 2011, for the issuing of electronic money. 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, VertoFX stores customers’ funds in separate segregated client accounts, and this money cannot be used to settle any of their own obligations. Two-factor authentication such as One-Time Passwords (OTP) are used across the VertoFX  platform, the website uses secure data encryption and all account information is stored in an air-tight cloud facility that is safeguarded 24/7. 

The lengths VertoFX have gone to in order to protect customers’ funds verify their claims that “security and compliance is at our core.” readers can learn more about the company’s privacy policy and terms of use here.

What do users have to say about VertoFX?

Customer feedback posted on consumer review platform Trustpilot indicates VertoFX is keeping customers happy, having been awarded 4.5 out of 5 stars, resulting in an “Excellent” rating. Of these online reviews, 94% of the feedback is Excellent and Great, and just 6% of the comments are categorised as Bad. The positive feedback includes users reporting VertoFX rates as the most competitive on the market for business clients, efficiency and helpfulness when meeting supplier deadlines and speedy transfers even for countries in “emerging markets.” Negative feedback alludes to outdated technology and unexpected account suspension.

How to get started with VertoFX

It is free to register for an account with VertoFX, get started by following these 5 simple steps: 

Step 1: Choose a business account: When signing up for a VertoFX account  you will be given the following options… 

  • Open an account on behalf of a company with a single director: your company is owned by one director, registered and operating as a legal entity
  • Open an account on behalf 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 sole-trader: you are a self-employed  and operate using your own or someone else’s name

Step 2: Create a business account login: You will be asked to enter the business name, email address, phone number, country and a unique user password for the account.

Step 3: Verify your identity: Once the account has been created the first step will ask you to confirm your identity by entering the verification code (OTP) sent to the business email address submitted during the previous step. This one time login password is time sensitive and will expire after 5 minutes.

Step 4: Complete a series of detailed questions about the business: You will be asked to answer the following questions:

  • First and last name of the individual in charge of the business account
  • How are you planning to use VertoFX: select all applicable reasons from the dropdown categories
  •  Your role in the business: select from the dropdown categories
  • The location of the business: country and jurisdiction
  • Company name, registered business number and address
  • Your business structure: select from the dropdown categories
  • Your industry: select from the dropdown categories
  • Company website, description of the business and purpose of using VertoFX
  • Business locations: this includes countries you will send/receive money to/from
  • Business shareholders and directors details
  • Total number of employees
  • The amount of money and number of transactions your business anticipates they will receive and send on a monthly basis

Step 5: Submit business documents – The final step of the sign-up process will ask you to upload a copy of your business Certificate of Incorporation and Memorandum and a Proof of business address. Once these documents have been uploaded you will receive a confirmation email.

Frequently Asked Questions

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Would you recommend VertoFX for peer-to-peer money transfers?
Hanna
Written by
Hanna

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