Should I use VFX Financial for money transfers?
Pros:
Cons:
Services Offered by VFX Financial
Official Website:
VFX Financial Review: Executive Summary
VFX Financial is a medium size and up money transfer provider with a complete offering for businesses. VFX Financial is a safe and legit firm, providing a complete service when it comes to business FX, including multi-currency accounts. With that being said, whereas competitors have thousands of reviews to attest for the quality of their services, VFX has very few of those.
137
0Not Top 10 Ranked
Where is VFX Financial Available?
Our Top Rated VFX Financial Alternatives
These are the best VFX Financial alternatives as per our best business foreign exchange top-list:
Currencies Direct: Best Overall for International Money Transfers
Why Choose Currencies Direct?
- 96% Positive Feedback from Customers, Since 1996
- Service Oriented - Specialising in Large Transfers - Friendly Dealers
- Very Competitive Rates, No Wire Fees
- Global Leader in International Money Transfers - £10bn in Annual Turnover
- 20+ Global Offices
TorFX: Strong Guidance and Staff - Property Specialists
Why Choose TorFX?
- Headquarters Outside of London - Lower Staff Costs Rolled Over to the Client
- Quick Onboarding Process and Highly Professional
- Trading Desk with 100+ Years of Experience
- Excellent Online System
- Competitive Exchange Rates
Key Currency: Up and Coming Currency Broker with Local Presence UK/Spain
Why Choose Key Currency?
- Fastest Growing UK Currency Transfer Provider
- Strong Onboard Team, Get an Immediate Callback
- Recipient of Multiple Industry Awards
- Close and Personal Touch, Excellent Support
- Specialists in the UK-Spain Corridor with Local Offices
Xe: Biggest Name in Currency Exchange Since 1993
Why Choose Xe?
- Easy to Register With - Less Than a 2 Minute Process
- Global Company, Conglomerate Owned, Running Since 1993
- A Very Familiar Name (xe.com used to the biggest foreign exchange hub)
- A Combination of a Work-Of-Art Online System with Brokerage for Large Transfers
- Superb Customer Reviews
moneycorp: Oldest and Most Reputable Foreign Exchange Service
Why Choose moneycorp?
- Providing FX Services since 1979
- Very Recognisable Brand with Excellent Reputation - £36.9bn Transfers Annually with Offices in Every Continent
- Business Specialists
- Long-Term Forward Contracts Available, With Many Other Hedging Tools
- Sophisticated Payment Solutions
OFX: Known Provider - Specialising in eCommerce Customers
Why Choose OFX?
- Traded Publicly
- £20bn Turnover per Year
- Multi-Currency Collection Account for eCommerce Customers
- Global Presence
Is VFX Financial Safe?
Company size:
Founded in 2001, Voltrex (now VFX Financial PLC) is a currency broker operating out of a single office in the UK, accepting private and business clients – but seem more geared towards corporations and small businesses with a comprehensive online payment solution and hedging options. Dun & Bradstreet estimates the firm has 30 employees and is generating approximately $5m in sales annually. Based on VFX Financial’s website, they are the world’s first company to offer a multi-currency prepaid card, long before Wise‘s or Revolut‘s.
In 2011, the company was rebranded from Voltrex into VFX Financial headed by Nick England, Clive Shelton and Stephen Brawn. Since then, the company has earned a multitude of industry awards and Fintech awards over the year, and has constant improvement to its online trading system and website. When we first reviewed the firm in 2017, VFX’ website wasn’t even mobile friendly
Regulated By:
FCA(UK)
Conclusion:
VFX Financial is not another run of the mill currency brokerage. If the estimations made by Dun & Bradstreet are correct, it means VFX Financial is quite a small brokerage in terms of staff and trading volumes and profit, but fewer companies in this space offer more functions within their payment and hedging systems than VFX.
The problem with VFX Financial, which may be caused by the fact that it’s geared mostly towards corporate clients, is that you cannot find any customer reviews online describing their experience with the company or the rates they were provided with.
VFX Financial Customer Reviews
Research:
Uncommon but we have not been able to collect any client reviews about VoltrexFX. We actually did at a Forex Trading site (2 reviews), but they’re from 5 and 9 years ago, respectively. We also found 9 reviews of their app, but then again that’s not sufficient for us to analyse and make any conclusions about the quality of service offered by VFX Financial.
We would expect VFX to push its clients to share their positive experiences online, because reviews play a crucial role in prospective clients’ decision making process.
Conclusion:
Client reviews mean a lot to us. It’s our way to verify that services are as described. With the vast majority of companies in this industry, you can find hundreds, or thousands of reviews readily available online (some larger companies even boast hundreds of thousands of positive reviews, but for a b2b business like VFX we’d be happy with a few hundreds).
VFX Financial Exchange Rates & Fees
Fees: £15 per transfer, this is the amount mentioned on Voltrex’ website.
Exchange Rates: These are not advertised, and there are no client reviews about the firm online, so we aren’t able to tell whether the exchange rates offered by them are better or worse than competitors’ rates.
Limits: No advertised limits.
Conclusion:
In all honesty, we don’t know enough about Voltrex FX fees and rates to formulate an opinion. Being corporate-driven we could assume the exchange rates are highly competitive, but that is not really substantiated.
The fixed fees per transfer at £15 are definitely not a good thing in our book. All major competitors, such as Currencies Direct, in this space are offering fee-free transfers for many years now.
VFX Financial Global Reach & Service
Research:
- Dedicated Dealer: Yes.
- Offices: UK.
- Ways to approach: Email, Callback form, Telephone, and Online System.
- Translations: The website is only in English.
- Accepts clients: We assume the firm accept UK clients as well as clients from the EU and Australia. We can assume American clients are not accepted. Our assumptions are made based on industry knowledge, because VFX did not divulge this particular information on its website.
- Currencies Handled: 60+ advertised.
- Client reviews: Sporadic and outdated online.
Conclusion:
Voltrex is on one hand a smaller firm with single offices in the UK and smaller trading volumes than competitors, but on the other hand it offers multi-currency accounts and corporate currency cards in as many as 60+ currencies.
Additional Functionalities
This section is where VFX Financial seems to really excel, especially for a smaller brokerage of its size.
The firm offers the following
- Spot FX Transactions
- FX Risk Management
- FX Treasury Management
- Dedicated Dealers
- Online International Payment System
- Multi-Currency Account with Barclay’s (unspecified what the service is, but mentioned on VFX’s website)
- Multi-Currency Corporate Card (with an impressive selection of currencies)
- Variety of Hedging Tools (VFX’s old website mentioned Currency Forward Contracts, Time-option Forward Contracts, Limit Orders, Swaps, and Rate Alerts)
Overall a very complete offering and specifically the multi-currency account for corporate is a pretty unique thing.
Review Summary
Bottom Line
The information about Voltrex FX online is so scarce that it is impossible to say in a definite manner whether it’s a good choice for international money transfers. The functions detailed on VFX PLC’s website are impressive, the website looks clean and sharp and the online payment system and app are too. It’s all professional, fresh, corporate-customer oriented, and diverse… but all of that is quite not enough when there are no online testimonials from customers who verify they were happy with the quality of service.