It’s the 21st century and money now hops from one continent to another faster than ever, with new international money transfer services emerging every other week.
When it comes to the global chessboard of international money transfers, VertoFX‘s figurine makes some pretty impressive leaps and bounds, becoming a vital player and a true game-changer for businesses of all sorts.
Armed with innovation, convenience, and an impressive global perspective, this company’s shaking up the international money transfer scene, making it seem less like a financial chore and more like a pleasant coffee break.
But don’t just take our word for it. Let’s dive deep into the world of VertoFX and unearth the nitty-gritty details that truly elevate this platform to one of the top spots on 2023’s list of global currency movers.
Who are VertoFX?
VertoFX is a real eccentric in the international finance world – constantly innovative and never afraid to challenge the status quo. In the ever-evolving world of finance, they stand as a testament to originality and progress. A true trailblazer, not just following the trend, but setting it.
Founded in 2017 by Anthony Oduwole and Ola Oyetayo, VertoFX is no stranger to the world of money transfers. These fintech gurus aimed to bridge the gaping chasm that traditional banks often ignored – making international money transfers more efficient, economical, and well, less of a headache for corporate users.
Today, they’re putting their money where their mouth is and successfully helping thousands of clients. Headquartered in London but not confined by geography, VertoFX is a world wanderer. It’s available in over 200 countries, with its user-friendly platform connecting businesses and facilitating money transfers of over $4 billion annually.
And moving the money is only scraping the surface. At VertoFX, there’s a beating heart beneath all those numbers. A culture of inclusivity, innovation, and agility is what really sets them apart. They’re the friendly next-door neighbor in a world where finance often feels like a terrifying monster. They’re slowly but steadily turning what was once a laborious task into a seamless, enjoyable experience.
Their economic and social impact is massive as well! By making international transactions smoother, they’re fueling global businesses, supporting economies, and helping entrepreneurs chase their dreams.
So, if you’re after the same-old, same-old, look elsewhere. But if you’re ready for the future of international money transfers, then VertoFX might just be your ticket to ride.
VertoFX Pros & Cons
|1.||Multiple payment options – VertoFX offers a variety of payment methods including bank account, credit card, debit card, or mobile wallet.||New on the international money transfer scene – VertoFX is relatively new to the game. While they’ve made impressive strides, some may prefer more established players in the industry.|
|2.||Amazing customer service – With a dedicated and responsive team, VertoFX’s customer service is truly top-notch. They’re ready and waiting to solve your issues or answer your questions and provide a dedicated account manager for each client.||Not suitable for personal money transfers – Individuals can’t use VertoFX – its primary focus and suite of features are tailored for businesses. So, you’d need to look for a different provider for your personal money transfers.|
|3.||High Trustpilot rating – VertoFX has a strong 4.5 out of 5 rating on Trustpilot. That’s the result of consistently delivering a great experience for users.||Requires lots of documentation for verification purposes – The amount of documentation VertoFX requires for verification can feel a bit like homework. Since the service is optimized for corporate clients, their primary concerns are the safety and security of all of the funds that pass through them.|
|4.||No transfer fees – VertoFX doesn’t charge any transfer fees, making it even easier for you to send money across borders without worrying about those pesky additional costs.||No mobile app for iOS devices – Currently, VertoFX only offers a mobile app for Android devices. If you’re an Apple user, you’re going to feel a little left out.|
|5.||Favorable exchange rates – VertoFX adds a minimal markup to the mid-market rate (around 0.2%-0.6%), offering users very competitive exchange rates.||No option for instant custom quotes – Unlike some competitors, VertoFX doesn’t provide instant custom quotes for currency exchanges. You’ll have to dig a little to get those juicy details.|
|6.||Extensive knowledge base – VertoFX has a robust knowledge base, providing users with detailed information about their services, FAQs, and how to make the most out of their platform.|
|7.||Currency marketplace – The currency marketplace feature allows users to exchange currency directly with others on VertoFX’s platform. It’s like having a digital currency exchange right in your pocket.|
|8.||Multi-currency wallet – With VertoFX’s multi-currency wallet, you can hold, manage, and exchange multiple currencies in one place. They can be your own personal forex hub.|
|9.||Global service coverage – VertoFX is truly international, operating in over 200 countries. This means you can send or receive money almost anywhere in the world.|
|10.||Solid currency coverage – VertoFX supports 51 global currencies, offering a wide range of options for your international transfers.|
|11.||Fast money transfers – VertoFX is quick on its feet, completing most transfers within 24-48 hours. That’s faster than the industry average.|
|12.||FX options – VertoFX provides various FX options, allowing businesses to hedge their foreign exchange exposure and reduce risk. It’s like having an FX safety net!|
|13.||No minimum and maximum transfer limits – With VertoFX, you can send your recipient any amount of money without worrying if the provider or other third parties will have any issue with it.|
VertoFX Key Attributes
- Founded: 2017
- Headquarters: London, UK
- Other offices: besides the main office in the UK, VertoFX is physically spread-out in over 20 countries around the world, including India, Kenya, South Africa, etc.;
- Annual trading volume: Over $4 billion flows through VertoFX each year;
- Number of employees: Keeping this financial powerhouse running smoothly are over 100 dedicated employees. From software gurus to customer service wizards, it’s this committed team that keeps the VertoFX engine purring;
- Trustpilot rating: With a Trustpilot rating of 4.5 out of 5 stars, it’s clear VertoFX isn’t just about talk. They’re obviously things right if so many customers are adoring their service;
- Number of clients: Speaking of customers, VertoFX boasts of over 3,000 corporate clients who have chosen this platform for their international money transfer needs;
- Available countries: Customers from over 200 countries can use VertoFX to move their money safely. Whether they’re in Australia, Zimbabwe, or anywhere in between, VertoFX is there for everyone;
- Number of currencies: With VertoFX, you have access to 51 global currencies, many of which are exotic and circulate the African continent;
- Minimum transfer limit: One of the best things about VertoFX is that it allows customers to move as little as $1 (or currency equivalent);
- Maximum transfer limit: Primarily optimized for B2B operations, VertoFX imposes no limit on how high the money transfer can be. That’s super convenient for large-scale businesses;
- Transfer fee: Continuing the streak of phenomenal perks – VertoFX offers zero-fee money transfers;
- Exchange rate markup: Now, the best part about VertoFX is the minimal exchange rate markup of about 0.2%-0.6% on the mid-market rate or the best available rate. That’s definitely better than traditional banks and most similar services, which simply translates to more bang for your buck;
- Sending money: Send money with VertoFX is possible via bank account, credit card, debit card, or mobile wallet;
- Receiving money: Clients can receive money from other businesses that use VertoFX directly in their bank accounts or mobile wallets;
- Payments flexibility: With VertoFX, you can make and manage your transfers online or whip out your mobile and use their app;
- Supported languages: For now, VertoFX speaks only one language – English. But let’s be honest, when it comes to seamless transactions, that’s a language we all understand;
- Regulated by: Don’t worry about safety, VertoFX is regulated by highly-authoritative bodies in all the countries where their services are available. These include:
- In the UK, VertoFX is authorized by the FCA (Financial Conduct Authority) as an Electronic Money Institution;
- In the EU, VertoFX’s payment services are provided by CurrencyCloud B.V, which is authorized by the DNB (De Nederlandsche Bank) for the issuing of electronic money;
- In Kenya, VertoFX is licensed and regulated by the Central Bank of Kenya to provide Payment Services and Cross Border Collection in East Africa;
- In South Africa, VertoFX is regulated as an authorized FSP (Financial Services Provider) by the FSCA (Financial Services Conduct Authority).
- Mobile app: Got an Android device? Good news! The VertoFX app is available for you to manage your transactions on the go. The iOS app is still in the making, though;
- Awards: Recently, in 2022, VertoFX’s innovative methods have earned them the Best Cross-Border Payments Infrastructure by the Payment Awards. Note that they’re a very young player, so they’re yet to see the recognition they deserve from the money transfer industry. But of course, at the end of the day, the biggest reward is the trust and satisfaction of their customers.
Now that we’ve acquainted ourselves with the face of VertoFX, let’s dig a bit deeper and explore the inner details.
With VertoFX, customers are allowed to open a single-type account, tailored for small and medium-sized businesses, start-ups, and large enterprises.
So, If you’re a business navigating the tricky waters of global commerce, VertoFX’s business account is your lifeboat. With features optimized for corporate use, this account offers not just money transfers, but also currency risk management, mass payouts, and more. In short, it’s the financial sidekick every global business needs.
Let’s chat more about the features that are included with each business account.
Types of Money Transfers and Benefits
- One-Off Transfer
Need to make a single, quick transfer? VertoFX has got you covered. No need to commit to multiple transfers, no hidden fees, just simple, straightforward transactions.
- Regular Transfers
If you’ve got recurring payments, like mortgage installments or school fees, the regular transfer feature will be your new best friend. Schedule your payments and let VertoFX handle the rest.
- Market Orders
Want to take advantage of market fluctuations? With market orders, you can set your desired exchange rate, and VertoFX will make the transfer when the rate hits your target. It’s like having your own personal stockbroker.
- Forward Contracts
If you prefer predictability over market volatility, forward contracts are your go-to. You can lock in a rate for future transactions, safeguarding your funds from exchange rate fluctuations.
Additional VertoFX Features
- VertoFX Marketplace
Think of this as your one-stop shop for all your currency needs. The VertoFX marketplace is a dynamic platform where businesses can trade currencies at real-time rates, reducing costs and improving efficiency. It’s like having a virtual forex market at your fingertips, without the usual hassle and headaches.
- Global Payroll
Running a global business and worrying about payroll? Fear not, because VertoFX has your back. Their global payroll feature enables you to pay employees anywhere in the world with ease, no matter the currency. It’s what we call a win-win for both employers and employees.
- Local and Global Accounts
VertoFX gives you the choice of holding a local or global account, depending on your needs. A local account is great for individual users sending money to their home country or managing personal expenses.
The global account, on the other hand, is a boon for businesses dealing with international transactions. It allows them to manage, send, and receive funds in multiple currencies all from one place. It’s like having a mini United Nations of currencies right at their disposal.
- Multi-Currency Wallet
This feature is a true game-changer. The multi-currency wallet allows clients to hold and manage multiple currencies in one place, with the freedom to switch between them as needed.
- Corporate Cards
Last but not least, there are VertoFX’s corporate cards. These are a lifesaver for businesses, offering a convenient and secure way to manage corporate expenses. With real-time transaction tracking, zero commission while traveling, and the ability to set limits and controls, these cards offer a whole new level of financial management and oversight.
VertoFX International Money Transfer Costs
VertoFX isn’t just about making your international transactions a breeze – it’s also about making sure you get the most bang for your buck. Let’s take a look at the financial side of things.
Here’s some good news to kick things off: VertoFX charges zero in terms of transfer fees. Whether you’re sending a small sum to your contractor in the Philippines or moving big bucks for your business in South Africa, the cost of transferring money itself is absolutely free. Sounds too good to be true, right? Well, sometimes the best things in life really are free!
We know the world of forex can be a murky one, with hidden costs lurking beneath those glittering exchange rates. But with VertoFX, what you see is what you get. They offer competitive exchange rates, with a minimal markup of about 0.2%-0.6% on the mid-market exchange rate or the best available rate. So, you’ll always know exactly how much your money is worth in the currency you’re sending. No nasty surprises with VertoFX.
Now, you might be thinking, “Alright, no transfer fees, fair exchange rates, but where’s the catch?”. Well, there really isn’t one. While some banks and transfer services may sneak in additional costs here and there, VertoFX plays it straight. The only thing you might need to consider is the potential receiving fees charged by the receiving bank or provider. This isn’t within VertoFX’s control, so it’s always a good idea to check with the receiving party beforehand.
How Safe is VertoFX?
Let’s talk about something we all take seriously – safety. After all, we’re talking about your hard-earned money here. So, how does VertoFX fare when it comes to ensuring your cash is safely taken care of?
First off, let’s discuss the nitty-gritty – the regulatory stuff. VertoFX is authorized and regulated by some of the most stringent financial authorities globally. They’ve got the approval from:
- The FCA (Financial Conduct Authority), which authorizes VertoFX as an Electronic Money Institution in the UK;
- The DNB (De Nederlandsche Bank), which authorizes CurrencyCloud B.V (VertoFX’s payment services provider) for the issuing of electronic money in the EU;
- The Central Bank of Kenya, which provides VertoFX with a license that allows them to provide Payment Services and Cross Border Collection in East Africa;
- The FSCA (Financial Services Conduct Authority), which regulates VertoFX as an authorized FSP (Financial Services Provider) in South Africa.
Additionally, VertoFX’s operations in other countries are regulated by local authorities, meaning they’re compliant with top-notch financial regulations wherever they operate. So, you can rest easy knowing they’re playing by the rules.
But that’s not all. VertoFX also implements state-of-the-art security measures to protect your transactions. They employ advanced encryption technology to keep your data safe from prying eyes. That’s like having a digital vault protecting your money and personal information.
Plus, they have a robust compliance framework in place to ensure everything’s above board. So, whether you’re sending $1 or $1 million, you can trust that every transaction is being handled with utmost care and responsibility.
And let’s not forget their comprehensive fraud detection and prevention mechanisms. They’re continually monitoring transactions to detect any suspicious activities, keeping the bad guys at bay.
How Fast is VertoFX?
We’ve talked safety, we’ve talked costs, now let’s put the pedal to the metal and talk speed. Because, let’s face it, in our fast-paced world, time really is money. So how does VertoFX fare on the speedometer?
VertoFX isn’t just quick, they’re The Flash of the international money transfer world. Moving money with VertoFX typically takes between 1 to 2 business days, but in many cases, transfers are completed within a few hours. So, no need to twiddle your thumbs while waiting for that transfer to come through. With VertoFX, your money sprints to its destination at record speed.
Now, let’s talk about how they pull off this financial feat. VertoFX uses advanced technology and a vast network of banking partners to ensure transfers happen as smoothly and as quickly as possible. They’ve streamlined the transfer process, reducing unnecessary delays and bottlenecks.
And let’s not forget their dedicated team, working tirelessly behind the scenes to make sure your money doesn’t dawdle on its journey. From the moment you hit “send” to the moment the money lands in the recipient’s account, the VertoFX team is on it, making sure everything goes according to plan.
How does this compare to the industry average? Most international money transfers can take anywhere from 3 to 5 business days, sometimes even longer depending on the countries and currencies involved. So, with VertoFX, you’re not just saving money, you’re also saving precious time.
How to Use VertoFX
Now that we’ve covered all the bells and whistles of VertoFX, it’s time to hop into the driver’s seat and take this service for a spin. Buckle up, because we’re about to go through the simple, easy-peasy process of using VertoFX.
- Step 1 – Sign Up
Let’s start at the beginning. Head over to the VertoFX website or download their app on your Android device. Click on “Sign Up” and fill in the basic details. It’s just like setting up a social media account but for your money.
- Step 2 – Verification
For safety’s sake, VertoFX will need to verify your identity. You’ll need to upload some documents for this, like your company’s ID, proof of address, email, and phone number. Don’t worry, it’s a straightforward process, and remember, it’s all to ensure your transactions are safe and secure.
- Step 3 – Set Up Your Transaction
Now we’re getting to the good part. Decide how much you want to send and in what currency. VertoFX will show you the exchange rate upfront, so you know exactly how much your recipient will get. No guesswork, no surprises.
- Step 4 – Add Recipient Details
Next, you’ll need to add your recipient’s details. This includes the company’s name, address, and bank account details. Don’t worry, VertoFX keeps all this info super secure.
- Step 5 – Confirm and Pay
Take a moment to check all the details, and then hit confirm. You can pay via bank transfer, credit card, debit card, or use the funds in your VertoFX multi-currency wallet.
- Step 6 – Sit Back and Relax
Now, your job is done! VertoFX takes over from here. You’ll receive updates about your transfer, and you can track it in real time.
That’s it! Six simple steps to sending money across the globe.
VertoFX’s Cancellation Policy
While cancellations can be a bit of a sticky wicket in the world of international money transfers, VertoFX does its best to make the process as smooth and painless as possible. No one likes to cancel a transaction, but sometimes it’s unavoidable. So how does VertoFX handle such situations? Let’s dive in.
VertoFX understands that things don’t always go according to plan. Therefore, they have a straightforward cancellation policy in place. If your transfer hasn’t been completed (that is, if VertoFX hasn’t yet sent the funds to your recipient), you can request a cancellation and refund. Just get in touch with their customer support team, and they’ll guide you through the process.
However, it’s important to note that once a transfer has been finalized and the money has been sent to the recipient, it’s generally not possible to cancel the transaction. That’s because, in the world of international money transfers, once the money leaves the building, it’s hard to pull it back.
As for refunds, if a cancellation is successful, the funds will be returned to your account. That’s usually done within 3-5 business days. Do note that any exchange rate losses or fees incurred during the process might be deducted from the refund amount.
So, the takeaway? If you think you might need to cancel, it’s best to act fast. The quicker you reach out to VertoFX, the higher the chance of a successful cancellation. And remember, the helpful VertoFX customer support team is just a call or email away to help you navigate through these situations.
VertoFX Customer Service
Let’s steer our conversation towards something that really matters when you’re dealing with money – customer service. We’ve all been there, stuck on hold, waiting for someone to answer our pressing questions. But with VertoFX, that’s a story of the past. So, how do they fare on the customer service front?
VertoFX prides itself on top-notch customer service. Their Trustpilot rating of 4.5/5, which is an enviable score, speaks volumes about their commitment to ensuring their customers are well taken care of. And in this digital age, where customer opinions are just a click away, that’s like winning the People’s Choice award!
As for the support options they provide. VertoFX offers several avenues to get your questions answered. They have an online chat option for quick and easy queries for those times when you want answers fast.
Prefer talking to a human? They’ve got you covered there too. They have a dedicated phone line where you can chat with their friendly and professional customer service reps. Perfect for those more complex queries, or when you just want to hear a friendly voice.
They also offer email support, for when you have a detailed issue to discuss, or if you’re just more of a words-on-screen kind of person.
And last but not least, they have an extensive Support Hub on their website. So, you might just find that your question has already been answered.
Here are some phone details you can use to immediately contact VertoFX:
- Phone: +44 02033180261
- Hours: 8:00 am – 5:00 pm BST
- Phone: +254 20389509890
- Hours: 8:00 am – 5:00 pm GMT+3
- South Africa:
- Phone: +27 211376008
- Hours: 8:00 am – 5:00 pm UTC+2
How Does VertoFX Compare With Its Competitors?
VertoFX may not have the household name recognition of some of its competitors, they’re playing in the big leagues and holding their own. They’re the quiet achievers of the fintech world, offering personalized service, competitive rates, and fast transfers. Let’s discuss how our underdog stacks up against the heavyweights.
VertoFX holds its own and then some in the bustling world of international money transfers. They’re the David in a world full of Goliaths, and they’ve got a pretty good aim.
What makes them stand out from the crowd? For starters, it’s their customer-centric approach. While other players offer a one-size-fits-all solution, VertoFX focuses on personalized service. They understand that every customer, every business, is unique, and they tailor their offerings to match these specific needs. They’re not your run-of-the-mill service but a bespoke banking service.
And let’s not forget their competitive costs. With VertoFX, you get some of the best rates in the business, and there are no hidden fees lurking in the shadows. That’s transparency we can all get behind.
Now, onto their speed. VertoFX has made a name for itself as one of the fastest options out there, with most transfers completed in just 1-2 business days. When it comes to speed, VertoFX is setting the pace, not just keeping up.
Of course, no one’s perfect, and VertoFX has a few areas where it could improve. For instance, their mobile app is currently only available for Android devices. So, Apple users might feel a bit left out. But, knowing VertoFX, it won’t be long before they’re bridging that gap.
VertoFX vs. Instarem
|Trading Volume||Over $4 billion annually||$3 billion annually|
|Trustpilot Rating||4.5 / 5||4.4 / 5|
|Suitable for||All kinds of business transactions||Small and medium money transfers and remittances|
|Transfer Fee||No fee||Depends on the selected countries, the transfer amount, and the selected payment method.|
|Average Exchange Rate Markup||An average of 0.2%-0.6% is added to the mid-market rate or the best available rate.||An average of 0.3% – 0.6% is added to the mid-market exchange rate.|
|Minimum Transfer Amount||$1 (or currency equivalent)||$1 (or currency equivalent);|
$50 in India.
|Maximum Transfer Amount||No limit||Depends on the origin country and the selected payment method.|
|Transfer Speed||1-2 business days on average||1-2 business days on average|
|Countries Covered||Over 200 countries||9 countries to send from;|
60+ countries to send to.
|Currencies Covered||51 global currencies||Over 30 global currencies|
|Payment Methods||Bank account, credit card, debit card, and mobile wallet.||Bank account, debit card, credit card, and other local payment methods.|
|Receiving Methods||Bank account and mobile wallet.||Bank account, Alipay wallet, and cash pickup for the Philippines.|
|Cash Pick-Up Option||No||Only for the Philippines|
|Instant Custom Quote||No||Yes|
|Business Features||FX solutions, currency marketplace, local and global accounts, market options, multi-currency wallet, corporate cards, treasury management, and API integration.||Bulk Payments|
|Flagship Debit Card||Verto Corporate Card||Yes (amaze card)|
|Mobile App||Only for Android devices||Yes|
|Cancellation Policy||If your transfer hasn’t been completed, you can request a cancellation and refund. Once a transfer has been finalized and the money has been sent to the recipient, it’s generally not possible to cancel the transaction.||Without a cancellation fee if the transfer hasn’t been processed. Contact customer services to discuss cancellation if the transfer has been processed.|
Read our full Instarem review.
VertoFX vs. TorFx
|Trading Volume||Over $4 billion annually||Over £10 billion per year|
|Trustpilot Rating||4.5 / 5||4.9 / 5|
|Suitable for||All kinds of business transactions||Both small and large money transfers.|
|Transfer Fee||No fee||No fee|
|Average Exchange Rate Markup||An average of 0.2%-0.6% is added to the mid-market rate or the best available rate.||Added to the mid-market exchange rate and varies between 1.9% for large transfers and 2.7% for small transfers.|
|Minimum Transfer Amount||$1 (or currency equivalent)||£100 (or currency equivalent);|
(£500 for recurring money transfers).
|Maximum Transfer Amount||No limit||No limit (£10,000 for recurring money transfers).|
|Transfer Speed||1-2 business days on average||0-2 business days on average|
|Countries Covered||Over 200 countries||Over 120 countries worldwide|
|Currencies Covered||51 global currencies||More than 40 global currencies|
|Payment Methods||Bank account, credit card, debit card, and mobile wallet.||Bank account for all users;Bank account, debit/credit card, and check for UK bank holders.|
|Receiving Methods||Bank account and mobile wallet.||Bank account|
|Cash Pick-Up Option||No||No|
|Instant Custom Quote||No||No. Quotes are available through email for registered users.|
|Business Features||FX solutions, currency marketplace, local and global accounts, market options, multi-currency wallet, corporate cards, treasury management, and API integration.||Spot contracts, forward contracts, market orders, limit orders, stop-loss orders, rate alerts, and automatic payments.|
|Flagship Debit Card||Verto Corporate Card||No|
|Mobile App||Only for Android devices||Yes|
|Cancellation Policy||If your transfer hasn’t been completed, you can request a cancellation and refund. Once a transfer has been finalized and the money has been sent to the recipient, it’s generally not possible to cancel the transaction.||Transfer cancellations are possible depending on the status of the transfer and the contract type. Cancellation and refund costs may incur.|
Read our full TorFX review.
VertoFX vs. CurrencyFair
|Trading Volume||Over $4 billion annually||$300 million each year on average|
|Trustpilot Rating||4.5 / 5||4.4 / 5|
|Suitable for||All kinds of business transactions||Both small and large money transfers|
|Transfer Fee||No fee||£2.50 (UK);|
Currency equivalent for other currencies.
|Average Exchange Rate Markup||An average of 0.2%-0.6% is added to the mid-market rate or the best available rate.||An average of 0.45% is added to the mid-market rate|
|Minimum Transfer Amount||$1 (or currency equivalent)||€8.00 (or currency equivalent)|
|Maximum Transfer Amount||No limit||10,000,000 (same in every available currency)|
|Transfer Speed||1-2 business days on average||0-5 working days;|
(0-1 working day on average)
|Dedicated Dealer||Yes||Only for business clients|
|Countries Covered||Over 200 countries||Over 150 countries|
|Currencies Covered||51 global currencies||Over 20 currencies|
|Payment Methods||Bank account, credit card, debit card, and mobile wallet.||Only by using a bank account|
|Receiving Methods||Bank account and mobile wallet.||Bank account|
|Cash Pick-Up Option||No||No|
|Instant Custom Quote||No||Yes|
|Business Features||FX solutions, currency marketplace, local and global accounts, market options, multi-currency wallet, corporate cards, treasury management, and API integration.||Spot contracts, forward contracts, market orders, digital multi-currency wallet, rate alerts, and API portal.|
|Flagship Debit Card||Verto Corporate Card||No|
|Mobile App||Only for Android devices||Yes|
|Cancellation Policy||If your transfer hasn’t been completed, you can request a cancellation and refund. Once a transfer has been finalized and the money has been sent to the recipient, it’s generally not possible to cancel the transaction.||Only possible as long as the money transfer hasn’t been matched already.|
Read our full CurrencyFair review.
VertoFX Customer Reviews
We’ve talked about facts and features, but what’s the word on the street about VertoFX? After all, in today’s digital age, online reviews can make or break a business. So, what are customers saying about their experience with VertoFX?
According to online reviewing sites, VertoFX has carved out quite a reputation for itself. With a sterling Trustpilot rating of 4.5 out of 5, it’s clear that VertoFX is hitting all the right notes with its customers.
The number one compliment is their excellent customer service. Reviews are filled with tales of helpful and responsive support, solving issues and answering queries.
Speed is another hot topic in the reviews. Customers rave about how quickly their transfers are completed, with many pleasantly surprised at how VertoFX outpaces the competition.
Then there’s the talk about their user-friendly platform. Newbies and tech gurus alike praise the intuitive design, ease of navigation, and straightforward process. Whether you’re tech-savvy or a bit tech-shy, VertoFX’s platform seems to make everyone feel right at home.
Of course, it’s not all that bright. Some customers have raised issues about the lack of an iOS app. There are also a few mentions of transfer delays, but these seem to be the exception rather than the rule. Additionally, some businesses complain about the long verification process and the sizable amount of documentation required to fully enjoy the provider’s services.
Positive VertoFX Customer Reviews
VertoFX is simply the best! Being a customer for over a year now, The customer service is always quick and round the clock it seems. The exchange rates compared to banks are far better. Provides us global accounts in other jurisdictions for a borderless banking solution. Only thing missing is the credit card function which will make it the best borderless bank account to have. Very happy customer.– T.K.
The experience was great. VertoFX is really good at following up with the client so as to ensure that they are never left in the dark. Keep it up fantastic organization! Great customer support from beginning to end of the process. As a new member they got my account set up really fast and my first transaction from NAIRA TO DOLLAR went real smooth.– Kola N.
Registration process was excellent if we have all the necessary documents in hand ready for the onboarding in the VertoFX platform. Easy to use dashboard experience. More than that we will get international accounts and IBAN’s in your name. More than this, what do we need? Everything is fulfilled with ease. The customer support team was doing an awesome service. Hats to VertoFX to continue a successful journey.– Sridhar Rajasegaran
I sent some GBP that I had converted to USD to China. Verto was my option because the pricing was the best I could find, but it also had a great payout speed of about two hours. The customer support team swiftly assisted me in resetting my password on the live chat when I had a tiny issue with forgetting it.– Fahima Khatun
Exceptional service, my clients were happy. VertoFX’s international account service is exceptional, you can create a UK sort code and account # although you are in another country. One useful feature which has been great for my business is the European IBAN which lets you receive Euro instantly. It’s also affordable to convert back to other currencies. My suppliers got their payments promptly within 48 hours. Informed and friendly staff.– Gerald Tsunge
Best solution for African currencies. I have used VertoFX recently to exchange Naira with American Dollars – it has cheap rates and is very quick. Using this great tool, I was able to convert 100m Naira to USD and send it in just 2 hours. Compared to others, VertoFX normally has the best rate, it also processes transactions fast. I would easily recommend using it.– Zineb El Hamdani
Negative VertoFX Customer Reviews
Unfortunately customer service appears to have gone missing in action, this last week. Not sure if the company is even open or operating to be honest. No response to Whatsapp messages and or emails as well as the instant messaging on the Site. Very worrying to say the least, especially after the shut down of their system a few weeks ago. Hope they get back to work soon.– Keith
Could do much better. I opened an account with them and transferred ~$6,500 USD which went fine but upon attempting to transfer the money out, the amount disappeared. They claim the transfer has been processed; I have NOT received the transfer (after 4 weeks). It is IMPOSSIBLE to get in touch with their payment support team over the phone. After a few responses their support email address has become completely non-responsive.
Update: Finally managed to get a callback from their team and the issue was sorted within hours.– Bello Abubakar
I’ve only just started using the service and so far it has been very frustrating and customer service is very poor. Two of my transfers into my e-wallet simply vanished into thin air and the customer service seems to be covered by a single individual who doesn’t read emails properly. Calling is pointless. I am now trying to recover my money and close this account.– WordlyWise Interpreting
Some EU countries are blocked. I wanted to create a business account. As usual, they ask for certain documents. They knew from the get-go where my company was incorporated. Yet they asked for proof upon proof upon proof. Just to tell me in the end, that they can’t open an account. We are not talking about non-EU businesses. We are talking about an EU business from an EU citizen. That’s what they don’t accept. They never gave a reason. Very unprofessional. Don’t ask for proof if you blocked certain EU countries. You are wasting everyone’s time here.– Io
I feel like 3 stars is a bit high but I’m only giving the extra star because when you do speak to a support person they are friendly. VertoFX were so quick and efficient in signing us up and supporting us with our first transaction however this is now the third time that we have had issues withdrawing funds. The process and complexity of managing accounts, wallets, currencies, etc. is unnecessarily complex. I just added our local South African company as a beneficiary to withdraw funds and then when I went to search for beneficiaries, it was just not there. Support takes 48-72 hours to get back to you so a 3 dialogue chat takes up to 2 weeks which is unacceptable.– Nic Muhl
Currencies Direct are a veteran player in the international money transfer game, having started all the way back in 1996. They have some nifty features that may give them a slight edge over VertoFX in certain aspects.
- High Maximum Transfer Limit
While VertoFX has a no-limit policy for its business customers, Currencies Direct extends this perk to all its users, regardless of whether they’re individuals or businesses. This can be a significant advantage for people looking to transfer large sums of money.
- IOS App
Remember how we mentioned that VertoFX’s mobile app is currently only available for Android users? Well, Currencies Direct has both Android and iOS users covered with their well-rated mobile app. This could be a deciding factor for the Apple aficionados out there.
- Multilingual Customer Support
While VertoFX provides customer support in English, Currencies Direct takes it a step further by offering support in several languages, which could be a bonus for non-English speakers.
- Wider Currency Support
Currencies Direct supports transfers in over 70 global currencies, a tad more than VertoFX’s offering of 51. If you frequently deal with less common currencies, this could tilt the balance in Currencies Direct’s favor.
- Rate Alerts
With Currencies Direct, you can set up rate alerts to be notified when a currency hits a certain exchange rate. This feature can be useful for those who want to time their transfers for when rates are most favorable.
While both VertoFX and Currencies Direct have their unique selling points, your choice between the two may come down to your specific needs and preferences. It’s all about finding the right fit for your international money transfer needs. So whether you’re team VertoFX or team Currencies Direct, you’re in good hands either way!
XE is another serious contender in the international money transfer arena. XE has been around since 1993 and is widely known for its currency exchange data services. But they’re not just about providing data, they also offer some impressive features in the money transfer department. Here are some areas where XE might have a leg up on VertoFX:
- High Maximum Transfer Limit for All
Much like Currencies Direct, XE imposes a high maximum limit on transfers for all of its users, both individuals and businesses. This feature makes it a strong choice for users planning substantial transfers.
- Comprehensive Currency Coverage
XE truly lives up to its name as a global player by offering transfers in over 60 currencies. This vast selection could be a major draw for those dealing with less common currencies.
- Free Rate Alerts
Like Currencies Direct, XE offers rate alerts. Users can set a target exchange rate, and XE will notify them when that rate is met. This tool can be a game-changer for those who wish to optimize their transfers based on market trends.
- Market Analysis
In addition to rate alerts, XE provides customers with market analysis, giving them insights into currency trends and forecasts. This feature could be invaluable for users who want to understand the market better and make informed transfer decisions.
- Wide Accessibility
XE offers a mobile app available on both Android and iOS, similar to Currencies Direct. This allows customers to manage their transfers on the go, no matter the device they use.
While VertoFX shines in its business-friendly features and customer-centric approach, XE appeals with its wide currency coverage, market analysis, and accessibility. So whether you choose VertoFX or XE, you’re choosing a platform with a solid reputation and a strong commitment to serving its customers.
OFX, another heavyweight in the world of international money transfers, definitely packs a punch with some unique features that set it apart. However, it also has a few areas where it doesn’t quite measure up to VertoFX. Let’s dive in:
OFX’s Unique Strengths
- Global Presence
With offices around the world, from Sydney to San Francisco, OFX’s global reach is impressive. This could make them more appealing to users who like the idea of local support.
- 24/7 Customer Service
OFX is always awake, offering round-the-clock customer service. So, no matter what time of day inspiration (or a financial crisis) strikes, OFX is there to help.
- Forward Contracts
OFX offers forward contracts, which allow you to lock in an exchange rate for future transfers. This can be a boon if you’re looking to protect yourself against currency fluctuations.
- Limit Orders
This feature allows you to set a target exchange rate, and OFX will execute your transfer when that rate is met. Like VertoFX’s rate alerts, this can help you maximize your transfer value.
- Minimum Transfer Amount
Unlike VertoFX’s minimum limit of just $1, OFX imposes a high minimum transfer limit. This could be a deterrent for those looking to make smaller transfers.
- No Mobile Wallet Transfers
While VertoFX allows for sending money to a mobile wallet, OFX currently only supports bank-to-bank transfers. This could limit the flexibility of your transfer options.
While VertoFX prides itself on its no-fee transfers, OFX charges a fee for transfers below $10,000. This could add to the overall cost of your transfer.
We’ve navigated the wild seas of international money transfers, sailed through their features and options, and explored the islands of customer service and user reviews. And in this vast ocean, VertoFX stands tall like a strong lighthouse, guiding businesses to safer (and cheaper) shores.
We discovered that VertoFX is more than just a platform for shifting funds from A to B. It’s a tech-powered, customer-focused financial companion. A real fintech marvel. They’ve got their finger on the pulse of what businesses need, and they’re all about delivering the goods without any hidden surprises.
In any case, it’s good to remember that no two businesses are the same, and what works for one might not work for another. It’s all about finding that sweet spot where your specific needs meet the right solutions. Maybe it’s VertoFX or maybe it’s one of the other robust players we’ve talked about. The key is to keep your eyes open, do your homework, and find the platform that feels like it’s been tailored just for you.
Can I cancel a transfer with VertoFX after it’s been made?
It’s not easy, but it’s possible. The best course of action? Contact their customer service ASAP and they’ll walk you through the steps.
Is VertoFX only for businesses?
Yes, VertoFX has a soft spot for businesses, so, if you need a service that caters to individual users, check out some of the many services we cover.
Are there any transfer fees with VertoFX?
Nope, VertoFX has ditched the fees! They keep it simple with a small markup on the exchange rate.
Is VertoFX safe to use?
Quite so! VertoFX is regulated by high-authority bodies in all available countries and has top-notch security measures to boot.
How does VertoFX’s marketplace work?
It’s a smart feature where you can exchange currency directly with other VertoFX users. Think of it as a digital town square where businesses can trade currencies.
Does VertoFX allow scheduling future transfers?
Currently, VertoFX doesn’t offer this feature. Transfers are executed as one-off transactions.
What’s VertoFX’s policy on third-party transfers?
VertoFX requires the name on your account to match the name on the bank account you’re sending money from, so third-party transfers are a no-go.
Does VertoFX have a referral program?
Yes, VertoFX offers the “Refer a new Business” program, which you can use to generate $100 in your VertoFX wallet for each new business you get on board.
What is the VertoFX Corporate Card?
It’s a special card for businesses that allows them to make direct payments from their VertoFX account and spend money while traveling. Perfect for those quick, business-related expenses!
Can I use VertoFX for remittances?
VertoFX is primarily designed for businesses and forex trading, so you can’t use it for personal remittances.