VertoFX review

Discover more about VertoFX’s cross border payments and multicurrency accounts.

  • Free international payments. VertoFX offers free B2B international payments so you can pay like a local business.
  • You will need to verify your business and its directors before making a transfer.

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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

VertoFX is a B2B marketplace for international businesses. Its accounts are specifically designed for currency exchange and cross border payments. With a VertoFX business account you can send and receive, as well as hold payments just like a local. 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.

Why should I consider VertoFX?

  • Free international payments. VertoFX offers free B2B international payments so you can pay like a local business.
  • Affordability. When compared to a bank, VertoFX’s 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.
  • Multi-currency accounts. Collect payments in up to 25 currencies with one account.

What to be aware of

  • 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 and business utility bills.
  • 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 on a non-local currency.

How much are VertoFX’s transfer fees?

VertoFX does not charge any transaction fee. However, you may incur other charges such as a card processing fee if you use a card to add funds to your wallet or fees charged by intermediary banks.

How are VertoFX’s exchange rates?

VertoFX adds a mid-market markup to the total amount of a transfer. 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. With VertoFX, 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 10 June 2022) for popular sending £1,000 to destinations around the world.

Sending toCurrencyVertoFX rateMid-market rateVertoFX’s markup
AustraliaAUD1.7381.750.69%
ChinaCNY8.2908.310.24%
FranceEUR1.1701.180.85%
IndiaINR95.93296.650.74%
KenyaKES146.38145.170.83%
USAUSD1.2351.240.40%

What are the ways I can send money abroad with VertoFX?

As VertoFX is only available to businesses, when signing up for an account you will need to provide information about your business.

How to send money transfer online with VertoFX

What are VertoFX’s payment options?

You can fund your transfer either using a bank account outside of VertoFX, your VertoFX Wallet or your VertoFX account. You can transfer money to your wallet either by using a bank transfer or topping it up using a debit/credit card. Just keep in mind you may be charged a card processing fee if you choose to use this option.

How long does an international transfer with VertoFX take?

VertoFX transfers are usually completed within minutes of being initiated or within 24 hours. For some exotic currencies it may take VertoFX up to two days to receive the funds, which will delay your transfer.

Transfers typically takeClock icon for transfer speed

1 day

Is VertoFX safe to use?

VertoFX was founded in 2017 and serves thousands of businesses all around the globe. It does the following to protect your money:

  • Follows strict rules set by the FCA. VertoFX is authorised and regulated by the Financial Conduct Authority.
  • Adheres to regulations. VertoFX adheres to The Money Laundering Regulations 2017, as well as The Terrorism Act 2006 and the Terrorism Act 2000 and Proceeds of Crime Act.
  • Dedicated account manager. An assigned account manager will be on hand to help with any transactions or issues that may arise.

Does VertoFX have a mobile app?

VertoFX’s mobile app is Verto Pay – which is only available on Android. It allows you to access your multicurrency account and collect payments from customers in their preferred currency.

How does VertoFX compare to other money transfer services?

Table: sorted by promoted deals first
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 18 of 18
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
TorFX
24 hours
£0

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TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Wise (TransferWise)
4 hours
From £3.75

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

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

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

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Xe has fast transfers with low fees and a range of foreign currency tools.
PassTo
Within minutes
From £0.99

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Get the first 2 transfers for free and also £5 when you refer a friend. T&Cs apply.
PassTo specialises in remittances to bank accounts and cash pickup locations in 45+ countries.
Remitly
Within minutes
From £1.49
SPECIAL OFFER ✓ Get £10 off with code FINDER

View details
Get £10 off with code “FINDER” when you send £100 or more. New customers only. Offer expires 14/07/22.
Remitly has quick, affordable transfers around the world, with both express and economy options.
CurrencyFair
24 hours
£2.50

View details
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Revolut
Within minutes
From £0
SPECIAL OFFER ✓ Sign up and get a free £10 top-up plus 1 month of Revolut Premium

View details
New customers get a £10 top-up when they sign up with Finder plus a premium month for free. T&Cs apply.
Revolut is a digital bank that sends money fast to 30+ currencies, often with no fee added to the exchange rate.
WorldRemit
Within minutes
From £1.99
SPECIAL OFFER ✓ Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
VertoFX Business
24 hours
£0

View details
Special offer: New customers get $100 trade credit after their first transaction. T&Cs apply.
VertoFX sends money via bank transfer at competitive rates and fees in 35+ currencies.
TorFX Business
24 hours
£0

View details
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Currencies Direct Business
24 hours
£0
SPECIAL OFFER ✓ https://www.currenciesdirect.com/en/info/refer-a-friend

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
Airwallex
Within minutes
£0

View details
Make business transfers to 130+ countries in 30+ currencies without international fees.
CurrencyFair Business
24 hours
£2.50

View details
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
WorldFirst Business
24 hours
£0

View details
WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.
Wise (TransferWise) Business
2 days
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
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