VertoFX is a B2B money transfer service that is specialized for international businesses. It assists in currency exchange and cross-border payments efficiently when compared to many other competitors.
This is an extensive review of VertoFX. We will discuss all the important as well as the latest news related to VertoFX.
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La información contenida en este artículo es meramente orientativa. No constituye asesoramiento financiero, jurídico o fiscal, ni una recomendación o solicitud de inversión. Algunos hechos pueden haber cambiado desde el momento de su redacción.
What is VertoFX?
Using VertoFX B2B money transfer service, you can easily send or receive money and even hold it just like a local business.
VertoFX is developed to create satisfaction with respect to the exchange rates and transfer speeds because most other payment providers are not effective in doing so.
This B2B money transfer service has simplified cross-border transactions for businesses, which solved a lot of hassles for many businesses.
This company was launched in the year 2017 by two entrepreneurs namely “Anthony Oduwole” and “Ola Oyetayo”. It was launched in London and was established as a fully regulated UK money transfer company.
By the time it was launched, the financial services market (especially money transfer services) was facing a lot of issues such as lack of transparency, inconvenient exchange rates, limited accessibility, and so on.
VertoFX considered those issues and wanted to provide an efficient currency exchange marketplace that helped international businesses to make money transfers easily.
It also has an immense amount of focus on businesses in emerging markets. In the year 2020, VertoFX acquired an Electronic Money Institution license from the Financial Conduct Authority (FCA).
VertoFX caters its services to various types of clients such as start-ups, sole traders, SMEs, and corporate-level businesses.
To make itself better compared to High Street banks, VertoFX does not charge any sort of fees for transactions. this proves to be a very beneficial aspect for business owners as it simplifies the process of global money transfers.
What is a B2B money transfer?
A B2B money transfer is a money transfer that takes place between two businesses, where the buyer pays the seller for acquiring the goods and services.
It is almost the same as a regular money transfer, but it takes place between two businesses.
Most businesses still opt for the traditional methods such as checks, bank wire transfers, and cards for making payments, and it has been estimated that around 52% of the businesses still use such mainstream methods.
However, because of the aspects such as increasing popularity and the ease of usage, many businesses are considering B2B payment methods (B2B Money Transfer Services).
Some factors are needed to be taken into consideration while selecting a B2B money transfer service such as security, time taken for processing, charges, currency exchange rates, etc.
VertoFX Advantages
The first and very important advantage of VertoFX is the free international payments feature. VertoFX Provides free B2B global payments and makes the process of money transfer so simple that you can pay or receive like a local business.
When compared to a mainstream method such as bank transfer, VertoFX is affordable because the exchange rates are much better. One of the main goals of VertoFX is to match the mid-market rate, because of that, they are striving to provide the best FX rates for businesses.
Another major advantage that comes with VertoFX is the worldwide network where you are allowed to exchange more than 35 currencies and make payments in more than 200 countries.
Not only will you be allowed to exchange in more than 35 currencies, but you will also be able to receive payments in up to 25 currencies.
With VertoFX, You can get access to bulk international business payments and super-fast transfer speeds.
VertoFX Disadvantages
Compared to the competitors who’ve been in the field for a considerable number of years, VertoFX is new to the market and has a very minimum experience.
VertoFX Only offers 39 currencies whereas some other service providers usually provide access to more currencies.
Another drawback is the requirement for a lot of documentation such as business owner’s ID proof, business owner’s address, business bank account statements, business utility bills, etc.
Even though VertoFX offers free international payments, it adds a small margin to the mid-market rates. Adding to that, you might also be charged a card processing fee when you try to add funds to your wallet with the help of a card.
There is a possibility for bank fees based on where you are sending money or where you are receiving it from, and whether it is held in a non-local currency (fees charged by intermediary banks).
Finally, some of the exquisite features offered by VertoFX are only available for customers in the US and the UK, and therefore, not every business in the world can get access to these features.
VertoFX exchange rates
Like we said above, VertoFX adds a markup to the mid-market rate on the transfers. The mid-market rate, which is also known as the interbank rate is the worth of the money (you are transferring) in comparison with another currency in the global market.
This can often be described as the rate used by banks as well as payment service providers for money transfers. The mid-market rate will be influenced by the countries in which the money is being received or the countries to which the money is being sent.
For example, if you are sending £1,000 to the USA and the mid-market rate is 1.24, then VertoFX’s rate would be around 1.235 (lower than the mid-market rate), and at the same time, it will charge a markup of 0.40%.
Available currencies
AED, AUD, BGN, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KWD, MXN, MYR, NGN, NOK, NZD, OMR, PHP, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TRY, UGX, and ZAR.
VertoFX transfer speed
In general, the transfers made with the help of VertoFX usually take around a few minutes, and the maximum time taken for the transfer to get completed is 24 hours.
The transfer speed gets delayed in the case of exotic currencies with VertoFX and may take as long as 2 days for receiving the funds.
Opening an account with VertoFX
While signing up with VertoFX, you will be provided with four different options which are provided for the following types of business or individuals:
- Company with a single director.
- Company with two or more directors.
- Sole traders.
- Account for individuals who don’t own a business. In this case, individuals do not have a business that is registered yet but still want to open a personal account.
The fourth option, which is the Account for Individuals, is still in progress and is expected to be operational in the future. However, you can enter your details to get notified when this option is available.
When you select any of the first three options, you will be asked to enter your details, i.e., business name, business email, phone number, country, and a password you want to use for the account.
After successfully entering all the details, you will be asked to verify your identity. First, you will be asked to confirm your identity by entering the verification code that has been sent to the business email address entered by you.
It should be duly noted that the OTP sent during this step would only be available for 5 minutes and will expire after that.
In the next step, you will be required to answer a few detailed questions regarding your business, which are as follows:
- The first name and the last name of the individual who is the owner/in charge of the business.
- How you will be using VertoFX? Here, you will be asked to select all the applicable reasons from a dropdown menu.
- Your role in the business. Here, you will be asked to select the relevant category from a dropdown menu.
- The location of the business, i.e., country and jurisdiction.
- Company name, registered business number, and business address.
- Your business structure. Here, you will be asked to select the relevant category from a dropdown menu.
- Your industry. Here, you will be asked to select the relevant category from a dropdown menu.
- Company website, details of the business, and the reason for the utilization of VertoFX.
- Business locations. Here, you have to include all the countries to which you send money and the countries from which you receive money.
- Details about the business shareholders and directors.
- The number of employees.
- The anticipated amount of money concerning the transactions that you assume your businesses going to experience every month.
After entering all these details, the final step of the process is to submit all the relevant business documents. You will be asked to upload a copy of your business Certificate of Incorporation and Memorandum along with the proof of your business address.
After successfully uploading these documents, you are going to receive a confirmation email.
Is VertoFX safe?
In order to protect the money of the clients all over the world who are using the services offered by VertoFX, the following regulations and measures are in effect.
VertoFX is authorised and regulated by the Financial Conduct Authority (FCA) while following the strict set of rules set forth by it.
It also abides by The Money Laundering Regulations 2017, The Terrorism Act 2006, The Terrorism Act 2000, and the Proceeds of Crime Act.
Another aspect that needs to be taken into consideration is that the funds of customers are held by VertoFX in separate segregated accounts, and in any circumstance, this money will not be used for VertoFX’s purposes.
Preguntas frecuentes
Q: How can payments be made?
A: Bank transfer
Q: How can payments be received?
A: Bank account and Mobile wallet
Q: How to contact customer support?
A: Phone, Live Chat, and Email
Q: Is there a mobile application?
A: Yes, it has an android application namely “Verto Pay”, which provides access to multicurrency accounts and allows individuals to collect payments from their customers through the currency of their choice.
Q: Is it suitable for freelancers?
A: Yes, it is ideal for freelancers, small businesses, medium businesses, and large businesses.
Q: Can I make a transfer on VertoFX without the necessity of an ID?
A: It is mandatory to submit identity proof to sign up for an account with VertoFX and transfer money.
Q: Can I fund my account with a card or cash?
A: Usually, you can fund your VertoFX account via bank transfer. As an alternative to that, you can top up your VertoFX wallet with the help of a credit card or a debit card. There is no availability for funding your VertoFX account using cash.
Q: Can a VertoFX account be used for Peer-to-Peer transfers?
A: No, VertoFX only offers its money transfer services to freelancers, sole traders, and businesses.
Alternative payment service providers for businesses
OFX International Money Transfers (Business)
| Transfer speed | 24 hrs |
| Fees | £0 |
| Minimum Transfer Amount | £1,000 |
| Payment options | Bank Transfer |
| Receiving options | Bank Account |
| Customer Support | Phone, In Person, and Email |
| Available Currencies | AED, AUD, AZN, BGN, BHD, BND, CAD, CHF, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VND, VUV, WST, XOF, XPF, and ZAR |
Dunbridge Financial
| Transfer speed | 24 hrs |
| Fees | £0 |
| Minimum Transfer Amount | £250 |
| Payment options | Bank Transfer |
| Receiving options | Bank Account |
| Customer Support | Phone and Email |
| Available Currencies | BGN, BYN, CNY, CZK, EGP, EUR, GBP, GHS, GTQ, HKD, HUF, IDR, ILS, INR, JPY, KRW, LBP, LKR, MAD, MDL, MWK, MXN, MYR, NPR, PHP, PKR, RON, RSD, SGD, THB, TJS, TRY, TZS, UAH, UGX, USD, UZS, VND, XOF, and ZAR |
Currency Transfer for Business
| Transfer speed | 24 hrs |
| Fees | £0 |
| Minimum Transfer Amount | £5,000 |
| Payment options | Bank Transfer |
| Receiving options | Bank Account |
| Customer Support | Phone and Email |
| Available Currencies | AED, AUD, BGN, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MUR, MXN, NOK, NZD, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, and ZAR |
Central FX
| Transfer speed | 24 hrs |
| Fees | £0 |
| Minimum Transfer Amount | £2,500 |
| Payment options | Bank Transfer |
| Receiving options | Bank Account |
| Customer Support | Phone, Live Chat, In Person, and Email |
| Available Currencies | AUD, BBD, BGN, BHD, BRL, BWP, CAD, CHF, CNY, CZK, DKK, EUR, GBP, GHS, GMD, HKD, HRK, HUF, IDR, ILS, JOD, JPY, KES, KWD, KYD, LSL, MAD, MUR, MXN, NOK, NZD, OMR, QAR, RON, RSD, RUB, SAR, SEK, SGD, SZL, THB, TND, TRY, UGX, USD, ZAR, and ZMW |
XE Business
| Transfer speed | 24 hrs |
| Fees | £0 |
| Minimum Transfer Amount | £1 |
| Payment options | Bank Transfer |
| Receiving options | Bank Account |
| Customer Support | Phone and Email |
| Available Currencies | AED, AMD, AUD, BAM, BBD, BDT, BGN, BHD, BND, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EUR, FJD, GBP, GEL, GTQ, HKD, HNL, HUF, HRK, IDR, ILS, JMD, JOD, JPY, KES, KRW, KZT, KWD, LKR, LSL, MAD, MKD, MUR, MWK, MXN, MYR, NAD, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SZL, THB, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, VUV, WST, XCD, XPF, and ZAR |
TorFX Business
| Transfer speed | 24 hrs |
| Fees | £0 |
| Minimum Transfer Amount | £100 |
| Payment options | Bank Transfer |
| Receiving options | Bank Account |
| Customer Support | Phone, Email, and In-Person |
| Available Currencies | AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, and ZAR |
Currencies Direct
| Transfer speed | 24 hrs |
| Fees | £0 |
| Minimum Transfer Amount | £2,000 |
| Payment options | Bank Transfer |
| Receiving options | Bank Account and Mobile Wallet |
| Customer Support | Phone, Email, and In-Person |
| Available Currencies | AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, and ZAR |
Airwallex
| Transfer speed | Within minutes |
| Fees | £0 |
| Minimum Transfer Amount | £5.27 |
| Payment options | Bank Transfer |
| Receiving options | Bank Account |
| Customer Support | Phone, Email, and Live Chat |
| Available Currencies | AUD, BDT, CAD, CHF, CNY, CZK, DKK, EUR, HKD, HRK, HUF, IDR, INR, JPY, KRW, LKR, MYR, NOK, NPR, NZD, PHP, PKR, PLN, RON, SEK, SGD, THB, TRY, USD, and VND |
Currency Fair
| Transfer speed | 24 hrs |
| Fees | £2.50 |
| Minimum Transfer Amount | £7 |
| Payment options | Bank Transfer |
| Receiving options | Bank Account |
| Customer Support | Phone, Email, and Live Chat |
| Available Currencies | AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, and ZAR |
World First
| Transfer speed | 24 hrs |
| Fees | £0 |
| Minimum Transfer Amount | £1,000 |
| Payment options | Bank Transfer and Debit Card |
| Receiving options | Bank Account and Mobile Wallet |
| Customer Support | Phone, Email, and Live Chat |
| Available Currencies | AUD, CAD, CNY, EUR, GBP, HKD, JPY, NZD, SGD, and USD |
Wise
| Transfer speed | 2 days |
| Fees | Starting from £3.75 |
| Minimum Transfer Amount | £1 |
| Payment options | Bank Transfer, Credit Card and Debit Card |
| Receiving options | Bank Account |
| Customer Support | Phone and Email |
| Available Currencies | AUD, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, JPY, NOK, NZD, PLN, RON, SEK, SGD, TRY, and USD |
Do you need a money transfer service?
The necessity for a money transfer service may generally depend on varied reasons while some of the most common reasons include the following:
- Paying a seller, supplier, or vendor.
- Making payments for international employees or contractors.
- Making payments related to commercial bills.
People who don’t wish to acquire the services from a money transfer service provider may opt for alternative methods such as bank wire transfers, international payroll services, and mailing a check.
How to find the best money transfer service?
By concentrating on a few key aspects while searching for a money transfer service provider, you can find the appropriate provider that can cater to your needs.
First, you have to pay attention to the exchange rates and make sure that the currency exchange rate you receive is the rate you saw. In overseas bulk payments, even the smallest differences can result in huge variations.
You should also pay attention to the fees that are charged by the provider and try to find a provider that doesn’t charge fees on transactions.
If you can’t find a transfer service that doesn’t charge fees on transfers, try to find one that offers discounts on the transfer fees when the money is transferred in bulk amounts. This could be advantageous.
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Adam es un autor reconocido internacionalmente en temas financieros, con más de 830 millones de respuestas en Quora, un libro muy vendido en Amazon y colaborador de Forbes.
