VertoFX review

VertoFX offers businesses cross border payments with its multicurrency accounts.

  • Free international payments. VertoFX offers free B2B international payments so you can pay like a local business.
  • Bank transfers only. VertoFX will only accept transfers completed through bank transfers only.

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£0

Fees (Pay by Bank Transfer)

Details

Product NameVertoFX Business
Pay ByBank transfer
Receiving OptionsBank account, Mobile wallet
Customer ServicePhone, Live chat, Email
Available CurrenciesAED, AUD, BGN, BHD, 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, USD, ZAR
Bank Account Required?Yes
Personal Account Manager?No

What is VertoFX?

VertoFX is a B2B marketplace for international businesses with its accounts specifically designed for currency exchange and cross border payments. With a VertoFX business account, you send and receive as well as hold payments just like a local. VertoFX was founded in 2017 by former bankers Anthony Oduwole and Ola Oyetayo, both originating from Nigeria. Its headquarters are based in London.

Why should I consider VertoFX?

  • Free international payments. VertoFX offers free B2B international payments so you can pay like a local business.
  • Easy signup. VertoFX claims you can sign up for a free business account online in minutes.
  • Affordability. When compared to a bank, VertoFX’s fees and exchange rates will almost always be better.
  • Worldwide network. VertoFX allows you to exchange more than 35 currencies and make B2B payments in over 200 countries around the world.
  • Zero fees for payments in bank transfers. Pay money into your VertoFX account via a bank transfer without paying any additional fees.

What to be aware of

  • Bank transfers only. VertoFX will only accept transfers completed through bank transfers only. There are no options for depositing or paying with cash, cheques, or debit and credit cards.
  • Verify your business and its directors. You’ll have to provide proof of your ID and address as well as documents to verify your business such as business bank account statements, business utility bills etc.
  • Margin on exchange rates. VertoFX adds a small margin to the mid-market rates.
  • Bank fees. Bank fees may apply depending on where you send money to and from and if it’s held in a non-local currency.

VertoFX’s exchange rates

VertoFX adds a mid-market markup to the total amount of a transfer. This percentage markup will vary depending on the sending and receiving countries.

To give this more context, here are the mid-market markups (as of 12 August 2021) for popular sending £1,000 to destinations around the world.

Sending toCurrencyVertoFX rateMid-market rateVertoFX’s markup
AustraliaAUD1.8761.880.21%
ChinaCNY8.9338.970.4%
FranceEUR1.1741.180.50%
IndiaINR102.386102.820.42%
KenyaKES148.852151.201.55%
USAUSD1.3781.380.14%

VertoFX exchange rates explained

VertoFX adds a markup to the mid-market rate.

Sometimes called the interbank rate, the mid-market rate is what your money’s actually worth on the global market compared to another currency. It’s the midpoint between worldwide supply and demand for that currency – and the rate banks and transfer services use when they trade among themselves.

How long does a VertoFX money transfer take?

VertoFX transfers are usually completed within minutes of being initiated or within 24 hours.

Transfers typically takeClock icon for transfer speed

24 hours

What currencies does VertoFX support?

VertoFX allows you to exchange more than 35 currencies and send to more than 200 countries. Some of the more popular ones include:

  • AUD Australian dollar
  • CNY Chinese yuan
  • EUR Euro
  • INR Indian rupee
  • KES Kenyan shilling
  • UGX Ugandan shilling
  • NZD New Zealand dollar
  • USD United States dollar

What VertoFX’s reviews say

Reviews accurate as of 12 August 2021.

Trustpilot4.5 out of 5 – based on 83 customer reviews

Although limited, VertoFX’s reviews are moderately positive overall, with 80% of reviews on Trustpilot ranking it as Excellent, which is better than many competing money transfer companies. Overall, VertoFX’s customer service has been praised and its transfer times noted as fast. However, there are issues. Customers complain about limited payment methods to fund the VertoFX account and about finding better exchange rates elsewhere.

How can I fund my VertoFX account?

UK customers can fund their VertoFX account by using only one method – bank transfer. No other payment methods are currently accepted by VertoFX.

    How do I reach VertoFX’s customer service?

    VertoFX offers support via its dedicated account managers. Details should be made available to you after signup.

    Does VertoFX have a mobile app?

    At the time of writing, VertoFX does not have a mobile app and only offers users access to its services via its web app.

    Compare VertoFX to other transfer services

    Table: sorted by promoted deals first
    Our table below lets you compare the services you can use to send money abroad. Choose if you want to send under or over £10,000, and you’ll be shown a list of services that can help you.
    Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
    Wise (TransferWise) for large transfers
    Within an hour
    From £3.75

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    Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
    TorFX
    24 hours
    £0

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    TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
    Central FX
    24 hours
    £0

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    Central FX's dedicated team will guide you or your business from first call to final payment.
    Currencies Direct
    Within an hour
    £0

    View details
    CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
    CurrencyTransfer
    24 hours
    £0

    View details
    CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
    XE Money Transfer
    Within minutes
    £2
    SPECIAL OFFER ✓ £25 Amazon voucher when you refer a friend

    View details
    XE has fast transfers with low fees and a range of foreign currency tools.
    Wise (TransferWise)
    Within an hour
    From £3.75

    View details
    Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
    CurrencyFair
    24 hours
    €3
    SPECIAL OFFER ✓ Zero fees on your first 10 transfers

    View details
    CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
    Azimo
    Within minutes
    From £0.99
    SPECIAL OFFER ✓ First two transfers free for new customers.

    View details
    New customers use code AZIMO50 to get GBP 5 off when you transfer GBP 50+. Valid till 31 October 2021. T&Cs apply.
    Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
    Remitly
    Within minutes
    From £1.49
    SPECIAL OFFER ✓ Free transfers and better exchange rates for new customers

    View details
    Remitly has quick, affordable transfers around the world, with both express and economy options.
    WorldRemit
    Within an hour
    From £1.99
    SPECIAL OFFER ✓ Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.

    View details
    Send money to Cameroon with zero fees. Valid till 20 October 2021. T&Cs apply.
    WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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    Compare up to 4 providers

    Bottom line

    VertoFX is a no frills B2B currency exchange marketplace offering cross border payments for businesses. It does add a markup to the mid-market rate but don’t be put off. It’s worth checking VertoFX’s prices first before exploring the competition as most percentage markups are fairly small. If you are ready to make your business payments with VertoFX now, get started by creating your free business account.

    Frequently asked questions

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