HomeMoney TransfersVertoFX Money Transfer Review

VertoFX Money Transfer Review

Last updated 25th Nov 2022
Disclosure

For smaller organizations, making international payments involving less familiar currencies is not sustainable without the help of capable products like VertfoFX offers. The platform brings creative solutions to mitigate the unique challenges of SMBs in frontier markets. But how do they do it? What are their strengths, and are there any rooms for improvement? Read all about them in this VertoFX review.

About VertoFX

VertoFX is one of the limited numbers of firms that tapped into the B2B foreign exchange market. Born as a response to SMB owners in emerging markets like Africa seeking to access global trade, the firm has been creating solutions that will make cross-border payments less costly and complicated. Their products, such as FX marketplace or multi-currency wallets, are geared toward helping clients minimize foreign exchange volatility and streamline international payments.

The company is currently riding momentum and enjoying tremendous growth: its user base has expanded 11 times in size since 2020 and has been adding more partnerships and investments every day. But it is still a relatively new company — despite its focus on the frontier markets, it supports very few currencies for industry standards and its digital products are still a work in progress. That being said, the company’s innovative approach and desire for development signal a promising future.

VertoFX Review at a Glance

💳 Pay-in OptionsBank Transfer🏧 Pay-out OptionsBank Deposit, Mobile Wallet💶 Min. Transfer AmountUSD 1💷 Max. Transfer AmountNo Transfer Cap💱 Currencies Supported39👥 Number of Customers2000+🔐 Trustpilot Score4.1/5📝 Number of Reviews281🌍 Available in190+💬 Languages SupportedEnglish📍 HeadquartersLondon, UK📃 Established2017🌏 OfficesLondon, UK👥 Number of Employees67📈 Private/PublicPrivate🏆 Award(s)Shortlisted — Best Cross-Border Payments Infrastructure by Payments Awards (2022)👮 RegulatorsFCA

How VertoFX Works

What VertoFX offers is essentially a marketplace solution which brings together businesses, liquidity providers, FX brokers, payment institutions, and banks — by powering the connection between providers, brokers, and businesses, they allow clients to get a suitable rate and make their transfers at a time of their choosing.

Top VertoFX Features

As a B2B specialized service, VertoFX offers a variety of solutions to streamline the international money transfer processes of small-to-medium-sized businesses.

Multi-Currency Wallet

VertoFX’s versatile mobile wallets allow users to deposit and convert to all available currencies and give opportunities to minimize currency volatility. Users can easily transfer funds to their wallets via bank transfer or credit/debit card (charges may apply) and buy currency at the desired rate to make payments in the future.

Wallet payments make fiscal and operational sense as they are usually the fastest option. However, if you would like to compare the quickest options, we created the following guide on how to send money instantly.

Global Accounts

VertoFX issues global bank accounts for businesses registered in the UK, Canada, and Australia; through which they can receive international and domestic payments. The account is held in the name of the business registered with Verto, which is also given IBAN information along with a bank address they can use to submit for transfers.

Users can send links to customers through which they can pay directly. Verto streamlines the payment processes by eliminating the reference/PIN code practice.

The Marketplace

Verto offers an integrated marketplace where users can buy, sell, and bid on currencies at desired quantities and rates. For instance, you can put up a listing to sell BRL 50,000 for USD 10,000 at a rate of 5, if there’s an interested party wishing to buy your currency, you will be notified via email. Likewise, you can browse available currency listings and make offers on those which you feel are almost suitable.

Payment Scheduler

Businesses can easily set up regular payments to be sent out automatically, which is a handy feature for paying invoices, suppliers, and bills and managing cross-border payrolls.

What We Like and Dislike About VertoFX

Why Should You Use VertoFX?Why Shouldn't You Use VertoFX?Quick — Despite the occasional delays, Verto’s vast banking network allows the service to process the majority of transfers within the same day.New to the market — Founded in 2017, VertoFX has not been around for long.B2B specialization — As a specialized operator, Verto offers services beyond industry standards.Long business verification — Business registration can be a tedious and lengthy process.Competitive exchange rates — Although it doesn’t charge any transfer fees, Verto keeps the exchange markups as small as possible.Limited currency coverage — While it handles exotic currencies of the emerging markets, having 39 currencies is quite low for industry standards.Live chat option — Verto maintains a capable live chat bot that directs customers to the appropriate help pages. If you have more complex questions, representatives drop in on the dot.Personalized customer service — Businesses receive help from account managers who get to know their unique needs.

Along with TorFX, VertoFX is one of the leading choices for businesses; they offer solutions that may transform their approach to cross-border pay-ins and payouts, all the while getting competitive exchange rates and personalized service.

While it offers solutions for mass or regular payments, VertoFX doesn’t have a specific solution for transferring large sums. Users don’t get a better exchange rate as the amount goes up, nor is there an option for automatic payment at a pre-set exchange rate that would allow users to be on time to secure the best rate.

What Do Users Have to Say About VertoFX?

VertoFX has a Trustpilot rating of 4.1/5 with only 281 reviews, which isn’t too odd for a relatively new firm. The company is largely praised for the personalized customer service they provide — customers are generally content with their dedicated account managers as well as robust systems.

By far, the most common complaint is delayed transfers. Some customers report waiting for weeks for their beneficiaries to receive their funds, which isn’t an ideal scenario for a business payments provider.

What Are VertoFX Exchange Rates, Fees & Costs

VertoFX has a straightforward fee structure for all of its clients.

Exchange MarkupBetween 0.2%-0.6%Transfer Fees0%

Exchange Rate Markup

Exchange rate markup, or FX markup, refers to the difference between the mid-market rate (the real exchange rate) and the rate brokers provide. By adding a small margin, providers like VertoFX charge for their services. Almost all money transfer providers practice FX markups; what’s important is how they stack up against the competition.

VertoFX’s markup varies between 0.2% and 0.6% on the mid-market rate for any currency conversion. While the currencies involved affect the rate, the transfer amount doesn’t.

Transfer Fees

VertoFX operates on a no-fee basis — they don’t put additional charges on opening an account or balance, nor for making or receiving any international payments. This does not mean, however, that their services are completely free. Besides the exchange markup, transfers made via VertoFX are subject to third-party fees.

Additional Costs

VertoFX only supports bank depositing, which can potentially come with an additional, unannounced fee that can be charged by either party. Other than intermediary charges, VertoFX doesn’t hold any hidden fees.

VertoFX Fee Transparency

VertoFX’s fee structure and disclaimers honestly display all of the fees involved in the transfers they support. They disclose the exchange markup upon request, and clients can check their rates through the calculator and easily compare their rates with the mid-market rate.

Top Currencies and Destinations for Sending Money with VertoFX

Over the years VertoFX has geared its services towards establishing a presence in the emerging markets while providing coverage for popular currency corridors. Today, clients can make payments to traders and businesses in over 190 countries. Here are the top ten destinations to send money to;

What Types of Transfers Can You Make with VertoFX?

Despite being limited in its offerings, VertoFX supports innovative ways to make the most out of your transfers.

  • Bank Transfers: Users can directly deposit the funds from their bank account to the recipient’s bank account. VertoFX usually gets bank transfers done within the same day, thanks to its vast banking network.

  • Mobile Wallet: Businesses can make payments directly through their mobile wallet, which is the most convenient and fastest way to send money via VertoFX. You can transfer funds to your wallet, convert them, and make payments whenever you want. Payments will be deposited to the recipient’s bank account.

What Are VertoFX’s Payment and Withdrawal Options?

VertoFX doesn’t provide much flexibility in terms of depositing and withdrawal, but it compensates for its lack of variety with well-built native payment processors.

VertoFX Deposit OptionsVertoFX Withdrawal OptionsBank TransferBank TransferVertoFX WalletVertoFX Bank Account

How Long Will it Take to Receive Money Using VertoFX?

According to the customer representatives, VertoFX processes transfers within 24 hours of completion, but the majority are delivered within minutes, with promised times that are significantly quicker than banks. Unfortunately, there isn’t a reference chart specifying the factors affecting transfer times or how long potential delays typically take. The user feedback suggests that delays can be as long as two weeks.

Is VertoFX Safe to Use?

Verto is an authorized e-money institution (EMI) and is regulated by the UK’s Financial Conduct Authority. As per the regulations, the company is obliged to safeguard clients’ monies by keeping a segregated account with a banking system protected by the Financial Services Compensation Scheme (FSCS).

In order to keep your data and money safe, VertoFX employs two-factor authentication and 256-bit encryption via SSL from AWS / GoDaddy for their website. All of the account details are securely stored in a cloud facility hosted and managed by AWS.

VertoFX Support Options

Despite running a convenient live chat option where representatives drop in for complex inquiries promptly, VertoFX receives mixed feedback regarding its customer service.

Contact Number+44 20 3318 0261Support Emailsupport@vertofx.comLive Chat SupportYesSupport LanguagesEnglishSupport OptionsPhone, Email, FAQ, Live Chat

How to Get Started with VertoFX to Send and Receive Money

VertoFX is fairly easy to use once everything is set up and running — it’s the process of setting up that is challenging.

How to Send Money with VertoFX?

VertoFX is notorious for having a drawn-out registration process due to the sheer amount of documents required.

Step1: Sign up for a free account
Step 2: Create login information and enter business details
Step 3: Submit required documents

How to Receive Money Using VertoFX?

There are two ways of receiving money via VertoFX,

Bank Transfer

If the funds are transferred via a bank they will be deposited to the recipient’s bank account from which they can withdraw their payment.

VertoFX Global Account

VertoFX users can set up a global bank account through the platform and accept payments. The recipients need to share their IBAN and need to make sure they have added the currency in which they will receive the payment.

Does VertoFX Have a Mobile App?

VertoFX’s mobile app Verto Pay is only available for Android users: it has over 50,000 downloads but no user feedback. Through the app, users can access their multi-currency account, receive funds, hold funds in over 30 currencies, send payments, and track their transfers.

VertoFX Alternatives

  • OFX: VertoFX offers a wallet system where businesses minimize currency risk to a certain extent — tools like forward contract or limit orders with a help of currency experts OFX offer may help you secure even better deals.

  • TorFX: Unlike VertoFX, TorFX offers services geared toward individuals along with businesses — if you wish to use a single provider for all of your transfers TorFX is the better option.

  • Xe Money Transfers: VertoFX only supports bank transfers, which can come with additional fees and long waiting times. If you are looking for a variety of pay-in options for your business, Xe may be more suitable for you.

FAQs

Is VertoFX the cheapest way to send money abroad?
How much can you send using VertoFX?
Can you cancel the transfer with VertoFX and get your money back?
How do I track my VertoFX transfer?
Idil Woodall

Idil Woodall

Idil is a writer with interests ranging from arts and politics to history and finance. She spent several years in publishing before becoming a full-time writer, and learning the inner workings of an industry she loved ignited her interest in economics. As an English graduate, she cultivated valuable research and storytelling abilities that she now applies to make complex matters accessible and understandable to many. When she’s not writing, she can be found climbing or watching a movie.