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 mark-up 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 mark-ups are fairly small. <\/p>
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. <\/p>
VertoFX adds a mid-market mark-up 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 mark-up will vary depending on the sending and receiving countries. <\/p>
To give this more context, here are the mid-market mark-ups (as of 10 June 2022) for popular sending \u00a31,000 to destinations around the world. <\/p>
| Sending to<\/th> | Mid-market rate<\/th> | VertoFX<\/th> | Mark-up<\/th><\/tr><\/thead> |
|---|---|---|---|
| Australia (AUD)<\/th> | 1.75<\/td> | 1.738<\/td> | 0.69%<\/td><\/tr> |
| China (CNY)<\/th> | 8.31<\/td> | 8.290<\/td> | 0.24%<\/td><\/tr> |
| France (EUR)<\/th> | 1.18<\/td> | 1.170<\/td> | 0.85%<\/td><\/tr> |
| India (INR)<\/th> | 96.65<\/td> | 95.932<\/td> | 0.74%<\/td><\/tr> |
| Kenya (KES)<\/th> | 145.17<\/td> | 146.38<\/td> | 0.83%<\/td><\/tr> |
| US (USD)<\/th> | 1.235<\/td> | 1.24<\/td> | 0.40%<\/td><\/tr><\/tbody><\/table>What are the ways I can send money abroad with VertoFX?<\/h3>As VertoFX is only available to businesses, when signing up for an account you will need to provide information about your business.<\/p> How to send money transfer online with VertoFX<\/h4>What are VertoFX’s payment options?<\/h3>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. <\/p> How long does an international transfer with VertoFX take?<\/h3>VertoFX transfers are usually completed within minutes of being initiated or within 24 hours. However for some exotic currencies it may take VertoFX up to two days to receive the funds, which will delay your transfer. <\/p> What currencies does VertoFX support?<\/h3>VertoFX allows you to exchange more than 35 currencies and send to more than 200 countries. Some of the more popular ones include:<\/p>
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