VertoFX Review: Is it legit, safe and trustworthy for UAE citizens and residents?
VertoFX is a business-to-business (B2B) money transfer service that was
developed in response to data that indicates almost half of businesses that send
money overseas are generally dissatisfied with the exchange rates and transfer
speed of their current payments provider. This led to the development of
VertoFX. The corporation has made it one of their top priorities to find a
solution to this issue by making international business transactions easier for
companies. Within the context of this study, we will investigate the features,
functionalities, and other nitty-gritty aspects of VertoFX's international money
transfers. Visit VertoFX Website.
VertoFX is the product of a relationship between two business buddies, Anthony Oduwole and Ola Oyetayo, who decided to start their own company. In 2017, Nigerian-born British ex-bankers established the firm, launching it in London's financial sector and establishing it as a fully licensed UK money transfer company. They did this in order to capitalize on the growing demand for money transfers in the UK. It is regarded as a currency exchange marketplace, and its primary purpose is to assist businesses in "easily, safely, fairly, and on time" making and receiving foreign payments.
VertoFX has taken on the existing challenges that are confronting the market for financial services, such as a lack of transparency, poor exchange rates, and limited global reach, and the company has been concentrating on these subject areas for the past few years, paying particular attention to businesses in emerging markets.
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The Financial Conduct Authority awarded the business with an official license to operate as an Electronic Money Institution in the year 2020. (FCA). VertoFX guarantees that there will be no transaction fees for any client, regardless of whether they are a start-up, sole trader, SME, or corporate level business. The company works hard to provide business owners with better global money transfers than high street banks, reportedly being 9 times cheaper in some cases.
The business strategy utilized by VertoFX is an ambitious one, and the purpose of this evaluation is to investigate the degree to which the firm has been successful in resolving the numerous issues that are encountered by companies that make transfers of foreign currency.
In the first place, we will investigate the total cost of utilizing VertoFX's services for currency transfers by analyzing the price structure, exchange rates, and commission fees.
VertoFX's exchange now or exchange later solutions provide customers the freedom to purchase and sell foreign currencies with simplicity. This allows customers to take advantage of both options. This provides clients with the opportunity to lock in their foreign exchange as well as trade directly with other businesses and gives businesses the flexibility to choose rates from a selection of over 39 different currencies from around the world.
On closer scrutiny, there was a discrepancy of 0.3 to 0.6 percent when compared to the rate that is considered to be the mid-market rate. This is a very small margin when compared to the markup on foreign exchange that the vast majority of banks charge, which is typically between 4 and 6 percent. This substantiates VertoFX's assertions that its rates are as competitive as feasible relative to the market's average.
VertoFX promotes its services by stating that "zero transaction costs" are applied; however, what precisely does this entail in practice? Is it possible to send and receive money for free? The currency conversion calculator found on the VertoFX website indicates that there won't be any fees charged for any international money transfer, and there won't be any hidden costs either. Nevertheless, this does not take into account any transfer fees that may be paid by the financial institutions that are receiving and/or mediating the transfer. A disclaimer may be seen on the website, and it indicates that "fees vary from one provider to another, amount sent or receiving amount."
VertoFX seems to keep their word when it comes to there being no hidden fees, and generally speaking, the overall cost of their services proves to be much cheaper than most, especially for businesses that are arranging large transfers or mass payments. VertoFX is a good option for companies that need to make these kinds of arrangements.
Since the company's creation in 2017, VertoFX has been putting the majority of its efforts into developing a presence in emerging countries, a specialized field that distinguishes them from the competition among suppliers.
At MoneyTransfers, we are aware of the need of thoroughly analyzing the numerous advantages and disadvantages associated with each given payment source. The following is an exhaustive summary of the benefits and drawbacks that VertoFX clients enjoy:
Signing up is completely free, and consumers get one free account that can hold multiple currencies.
VertoFX is committed to achieving parity with the mid-market rate. prices of foreign exchange that are competitive for enterprises
Payments made on a massive scale in international commerce backed by lightning-fast speeds
Personalization is achieved through the use of a dedicated account manager.
A very recent entrant to the market with far less industry expertise than the majority of its key rivals
The offer of 39 different currencies that VertoFX has isn't particularly competitive when compared to that of other suppliers.
Only clients in the United States and the United Kingdom can access some features.
VertoFX claims that they are three times faster than banks on their website, however there is no clear indication of how long it takes for their international money transfers to reach the receiver. We, like other organizations that transfer money, presume the speed of the transfer will be determined by the quantity of the payment, the currency chosen, and the country to which it is being sent.
What are the most compelling arguments in favor of utilizing VertoFX?
Exchange of currencies between businesses at rates that are competitive
Cost-effective money transfers to over 200 countries
A free business account that supports many currencies and may be used both locally and internationally.
VertoFX has been granted permission to issue digital currency by both the Financial Conduct Authority (with license number 901073) and the Electronic Money Regulations 2011, respectively. The business also complies with the Terrorism Act 2006, the Money Laundering Regulations 2017, the Terrorism Act 2000, and the Proceeds of Crime Act.
In addition to this, VertoFX places the funds of its clients in distinct and segregated client accounts. The company is prohibited from using these assets to satisfy any of its own financial commitments. The VertoFX platform utilizes two-factor authentication, such as One-Time Passwords (OTP), the website employs secure data encryption, and all account information is kept in an airtight cloud facility that is secured around the clock.
VertoFX has been given 4.5 out of 5 stars, which translates to a "Excellent" rating, based on the comments left by consumers on the consumer review platform Trustpilot. This means that customers are satisfied with the services provided by VertoFX. Only six percent of the comments made on these internet evaluations are considered to be negative, while the remaining ninety-four percent are rated as either Excellent or Great. The favorable feedback includes customers saying that VertoFX prices are the most competitive on the market for business clients, that it is efficient and helpful when meeting supplier deadlines, and that it provides rapid transfers even for nations that are considered to be "developing markets." The unfavorable comments make reference to the use of antiquated technologies and the sudden suspension of accounts.
VertoFX's account registration is completely free of charge, and getting started is as easy as doing the following 5 steps:
The first step is to select a business account: When you sign up for an account with VertoFX, you will be offered the following choices to choose from:
Create a business account in the name of a firm that only has one director: Your business is run by a single director, is officially registered, and functions as a legitimate entity.
Create a business bank account in the name of a corporation that has two or more directors: Your firm is owned by two or more directors, is registered as a legal entity, and is actively conducting business.
You are a self-employed individual who does business under your own name or the name of another individual; you should create an account as a single trader.
Step 2: Log in to your business account by creating one: You will be required to provide the account with a one-of-a-kind user password, as well as the name of your company, its email address, its phone number, and the country.
Once the account has been created, the first step will require you to validate your identification by entering the verification code (OTP) that was given to the business email address that was supplied during the previous stage. Step 3: Verify Your Identity This one-time login password is time-sensitive and will no longer be valid once five minutes have passed.
Step 4: Answer a series of in-depth questions on the company, including the following: You will be questioned about your responses to the following items:
Name The complete last name of the person in charge of the business account
How exactly do you want to put VertoFX to use: Choose any and all of the relevant explanations from the list of dropdown categories.
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Your function inside the company: choose from the available options in the dropdown.
The geographical location of the company, including both the nation and the jurisdiction
Name of the company, the number of the registered business, and the address
Choose from the available options in the dropdown menu to describe the structure of your company.
Choose the appropriate option for your business sector using the menu that drops down.
Website of the company, explanation of the company's operation, and the reason for utilizing VertoFX
Locations of businesses: This contains the nations in which you will pay and receive money, as well as the data of the owners and directors of your company.
The total number of staff members
The total amount of money and the number of transactions that are expected to be received and sent by your company on a monthly basis respectively.
Step 5: Submit business paperwork You will be required to provide a copy of your business's Certificate of Incorporation and Memorandum as well as a Proof of Business Address at the last stage of the sign-up process. After the successful uploading of these files, you will immediately receive a confirmation email.
Presented to customers as a "web app." VertoFX was developed for usage within a web browser, and as of the time this article was written, the firm had not yet developed a mobile app. The VertoFX team may be reached through phone, live chat, the social media sites Twitter, LinkedIn, and Facebook, or by browsing the online Help Center for information.
Their phone number in the United Kingdom is +44 20 3318 0261.
Since VertoFX primarily works with commercial clients, the company does not facilitate money transfers between individuals. Make use of our comparative search engine in order to choose the service provider that is most suitable to meeting your remittance requirements.
VertoFX is a business-to-business (B2B) marketplace for multinational companies. Its accounts are tailored to facilitate currency conversion and payments made across international borders. You can make and receive payments using a VertoFX business account, as addition to holding money, exactly like a local would. Anthony Oduwole and Ola Oyetayo, who are both originally from Nigeria, worked in the banking industry before to establishing VertoFX in 2017. London is the location of the company's headquarters.
Free transactions across international borders. VertoFX provides free business-to-business (B2B) international payments, allowing you to transact like a local company.
Signing up is simple. VertoFX asserts that opening a free business account with them may be done online in a matter of minutes.
Affordability. VertoFX's fees and exchange rates will nearly always be more favorable when compared to those offered by a bank.
Worldwide network. You are able to conduct B2B payments in over 200 different countries and exchange more than 35 different currencies with the help of VertoFX.
There are no transaction fees associated with bank wire transactions. You won't be charged any additional fees when you use a bank transfer to deposit money into your VertoFX account.
What should be kept in mind is:
Just wire transfers, please. VertoFX will only acknowledge and accept transfers that have been completed through bank transfers. There is no way to pay using cash, a check, or a debit or credit card, and neither of those choices is an option for depositing funds.
Check the legitimacy of your company and its directors. You will be required to give evidence of your identity and address, in addition to documentation that validate your business, such as statements from your business bank account, utility bills, and other such items.
The difference between buy and sell prices. The mid-market rates are adjusted upward by a thin margin when using VertoFX.
Bank fees. There is a possibility that you may be charged a fee by the receiving bank and the sending bank if the money is kept in a currency other than the local currency.
The mid-market rate is given an additional markup by VertoFX.
The mid-market rate is the rate at which your money is truly valued on the worldwide market in comparison to another currency. This rate is also referred to as the interbank rate on occasion. It is the point of equilibrium between the supply and demand of that currency on a global scale and is the rate that financial institutions and money transfer services use when conducting business with one another.
Even if they are few in number, VertoFX has received positive evaluations that are generally favorable. Eighty percent of reviewers on Trustpilot gave it the Excellent rating, making it superior to a great number of other money transfer firms. In general, the customer service that VertoFX provides has been lauded, and its transfer times have been highlighted as being quick. Nevertheless, there are problems. Customers have griped about VertoFX's limited payment methods for funding their accounts, as well as the fact that they have found better exchange rates elsewhere.
How can I make a deposit into my VertoFX account? There is only one option, a bank transfer, that consumers from the UK can use to fund their VertoFX account. At this time, VertoFX does not support the use of any other payment methods.
VertoFX provides help to its customers through the use of its professional account managers. After you join up, you ought to have access to the relevant information.
VertoFX does not provide its consumers with access to its services through a mobile application and instead only makes its online app available to them.
VertoFX is a business-to-business (B2B) currency exchange platform that also facilitates international financial transactions for companies. Don't let the fact that it comes with a premium above the going pricing discourage you. Due to the fact that most percentage markups are rather low, it is important to examine VertoFX's pricing before looking into the offerings of other brokers. Create a free VertoFX business account to get started if you are prepared to immediately begin using the platform to make payments for your company.
VertoFX was established in 2017 and currently provides its services to thousands of businesses located all over the world. It does this by utilizing the following to safeguard your money: VertoFX is registered and authorized by the Financial Conduct Authority, and it safeguards your funds by employing the following measures:
complies with the stringent guidelines established by the FCA. The Financial Conduct Authority has granted VertoFX permission to operate and regulates its activities.
Dedicated customer relationship manager There will always be a dedicated account manager available to assist with any and all transactions and problems that may crop up.
VertoFX is well-suited for use by sole proprietors, small to medium-sized enterprises, and even bigger organizations.
When opening a business account with VertoFX, you are required to provide identification in order for the company to authenticate your identity.
Only bank transfers are acceptable forms of payment with VertoFX. There are no other forms of payment that are accepted.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.