Volopa review
Discover more about the business payments platform that specialises FX and multicurrency prepaid cards.
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Volopa is designed to help businesses efficiently make global payments and manage their employee expenses. Read on to learn more about this free-to-set-up business payments platform.
Volopa is a business payments platform that brings together global payments, multicurrency prepaid company cards and employee expense management.
It specialises in FX payments for small businesses, allowing customers to make same-day payments in more than 10 currencies. In addition to this, customers can use its business prepaid cards for multicurrency transactions.
Like many other business payment platforms, Volopa looks to bring its 3 solutions under one banner. Its Standard Business Account has no set-up or account-maintenance fees. Instead, you will be charged a fee when making payments.
Volopa also has a Bespoke Business Account option that offers additional features such as a shared company wallet balance and a dedicated account manager.
However, for its Standard Business Account its main solutions are the following:
If yours is a small business that frequently needs to make international payments, then Volopa is offering a simple solution with no hidden monthly or card fees. It is free to set up and will give you access to wholesale exchange rates.
When making an international payment, your total fee will not exceed 1% of the value of the transaction plus the payment fee. You will be able to see all of these before you confirm the transaction.
If you have employees that need to make card payments abroad, you will also be able to provide them with multicurrency prepaid cards that have global Mastercard acceptance. Everything can be managed via the Volopa Business app.
Volopa was founded in 2011 and is authorised by the Financial Conduct Authority (FCA) as a payment institution. This means that it is required to keep client funds in segregated accounts to keep your money safe
If you ever have any concerns about your prepaid card, you can temporarily freeze and unfreeze it using the app or online. Volopa also monitors accounts for any suspicious activity and offers multi-factor authentication to protect your account further.
If you are a small business that regularly makes international payments, Volopa is free to set up and has no ongoing maintenance fees. While there are fees attached to payments, you are not tied into a long contract and can get access to unlimited multicurrency business cards for your employees.
However, the number of currencies available is limited compared to some of the larger, more established business payment solutions. Its fees are also charged as a percentage, so the larger the payments you make, the more you will have to pay.
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