VertoFX is a foreign currency exchange marketplace for international businesses covering over 39 different currencies, serving thousands of companies in over 200 different countries. They provide a free web app to buy and sell any currency when you want at the rate you choose, to pay and receive international payments—all with competitive exchange rates in real-time and no fees. Apart from foreign exchange currency, Verto also offers local U.S. and U.K. business bank accounts to manage domestic and international payments and wallets where you can hold and exchange over 39 currencies.
Businesses with international payments needs can use VertoFX’s end-to-end platform to grow by avoiding extra costs in foreign currency exchanges and accessing better exchange rates. Their simplified account structure and user-friendly application make it easy for anyone to exchange currency easily and pay or receive payments internationally.
VertoFX: The Story Behind the Platform
Back in 2017, founder Ola wanted to set up an online remittance company to help people in the U.K. to send money back to their families, specifically Nigeria. Around the same time, co-founder Anthony was starting his MBA and a prop-tech company.
Ola said to Anthony the problems he had been experiencing with international payments over a poker game, which led to start VertoFX in September 2017: a marketplace solution aimed to solve businesses’ issues with lack of foreign exchange liquidity, poor access to competitive rates, long settlement periods, and high transaction fees.
VertoFX wants to give businesses power to choose their rates when they want the trades to complete without the associated counterparty risks, payments, and banking issues.
Business to Business Foreign Exchange Payments
Using the VertoFX platform, you can access a foreign exchange marketplace of over 30 currencies: decide to trade now at the rate offered or later choosing the rate of choice. You can open a free local U.K. or U.S. business bank account to send and receive international payments. All with access to very competitive foreign exchange rates paying zero transaction fees.
- Foreign Currency Exchange: Verto allows you to access interbank exchange rates, or you can choose your own rate by trading later. With their Exchange Now solution, you select the recipient and send the funds at the rate Verto offers. If you choose the Exchange Later solution, you enter the amount you want to exchange and your desired rate, and Verto will match you with other businesses to negotiate rates with them in the marketplace. You can use your business account for both solutions to send the converted money to Verto’s escrow account via API or bank transfer.
- Global Free Business Account: Verto offers a free local U.S. or U.K. business account you can use to receive payments in USD or GBP and hold over 39 currencies to pay international suppliers or convert whenever you like. You can also set up digital wallets to keep money in the VertoFX app.
- International B2B Payments: Using the easy VertoFX web app, you can easily pay international suppliers in over 200 countries, the same as paying local ones. VertoFX offers competitive rates when you convert your money and charges zero transaction fees.
How Much Does VertoFX Cost?
VertoFX offers a free business U.S. or U.K. account, and in their platform, you can hold over 39 different currencies to pay suppliers abroad or exchange them.
The platform is free to use, and VertoFX does not charge any transaction fees for receiving or sending payments or converting money into different currencies. They offer the best lowest live exchange rates on your transactions, which means you can save money on your payments compared to other platforms or traditional banks.
VertoFX will only charge you what costs them to send your money, plus a small margin of around 0.3% on average to the mid-market rates. These fees are used to pay their bank partners, cover the costs of moving your money, improve the platform you use, and provide you with customer service and smooth operations.
How To Get Started
To start sending and receiving cross-border payments at a cheaper rate than traditional banks, you can sign quickly sign up online to access all the features.
- 1 free multiple currency account
- Send and receive payments securely on over 200 countries
- Hold and exchange over 39 currencies
- Pay 0 transaction fees
- Get free onboarding trade credit to save on your first transaction
- Choose to open a U.K. or U.S. free business account
- Choose to open digital wallets to hold different currencies