VFX Financial Review

📝 VFX Financial isn’t in top-rated money transfer companies for September 2021 list, based on our editorial rankings. VFX, previously known as Voltrex, is a somewhat known brand that has been in business for a long time, but we encourage you to have a peek at Voltrex recommended alternatives here.
Logo
🏛️ Established2001
🌎 International ClientsNot mentioned on website
💱 Currencies Offered60+
💷 Minimum Transfer£500
📲 Trading viaOnline Platform or Telephone
🏢 Offices InUK
⚖️ RegulationFCA (UK)
🤯 FeesListed as £15 per transfer
Promotional CodeNone
👨‍👩‍👧‍👦 Client Reviews
None we could find online
⭐ Client RatingN/A – Not enough data collected
Websitevfxfinancial.com
🏆 Awards
Deloitte 2014 Award for Innovation
Deloitte Technology UK Fast 50 2016
Deloitte Technology UK Fast 50 2017
Deloitte Technology UK Fast 50 2018
European FinTech of the Year at the European ICT Spring Awards 2015
👍 Advantages

Operating for 20+ Years Already

Veteran Staff

Has an Online System for Payments

Great and Professional Website

Specialising in corporate foreign exchange

Multi-Currency Corporate Card

👎 Disadvantages

Little to No Coverage by Media

We Were Not Able to Find Reviews Online

£15 In Fixed Fees


Our Rating: Pending

Status: Not In MTC’s Most Recommended List

“Excellent offering for business customers, from the looks of it, but there are no online testimonials to verify customers are happy. Too botique for our taste”

 View Why This Review is Pending


View Recommended Alternatives:

VoltrexFX Competitors presented in the following table are rated higher by Money Transfer Comparison:

moneycorp
  • Supported Currencies: 120.
  • Clients From: Globally with offices in UK, USA, France, Spain, Ireland, Australia, HK, UAE, Brazil, Gibraltar and Romania.
  • Authorised? Yes, by the FCA.
  • Guidance / Dedicated Dealer: Yes.
  • Online System: Yes, including an app.
  • Strong Point: Credibility, Reputation, Liquidity, Level of Service, Best Credit Rating among Peers.
  • Operating Since 1979 and Maintaining Excellent Reputation Since. An Industry Leader.
  • Rating:
    4.6 /5 on Feefo
    Editorial (Corporate): 99.4%
Currencies Direct Logo
  • Supported Currencies: 59.
  • Clients From: Globally , with the exception of certain U.S states. Offices in UK, EU, USA, Canada, China, South Africa and India.
  • Authorised? Yes, by the FCA.
  • Guidance / Dedicated Dealer: Yes.
  • Online System: Yes, including an app.
  • Strong Point: Superb Service, Experienced Dealers, Batch payments, Forward contracts, Multi-Currency Wallets and Rate Alerts.
  • One of the leading currency brokerages turning over £7.5bn annually.
  • Rating:
    4.8 / 5 on TrustPilot
    Editorial: 97.8%
  • Supported Currencies: 121.
  • Clients From: Only accepts corporate clients & does not accept U.S businesses.
  • Authorised? Yes, by the FCA.
  • Guidance / Dedicated Dealer: Yes.
  • Online System: Yes, including an app.
  • Strong Point: Exchange Rate Margins of 0.25%-0.15% for Large Turnovers.
  • Trading more than $7bn each year.
  • Rating:
    9.8 /10 on Feefo
    Editorial: 91.4%

Read More:

Company Information and Credibility


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.

Client Feedback


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.


Positive:
(None Found)

Negative:
(None Found)


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).

 

 

Exchange Rate & 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.

 

 

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.

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Mal N
6 years ago

HOW COME I NEVER HEARD OF THEM?

Barry jarvis
5 years ago

I have used voltrex fx on numerous transactions and money transfers over the past 10 years and always found them to be punctual with transfers and at a respectable exchange rate

Paul
5 years ago

I have also used Voltrex FX ona number of occasions. I find their rates very competitive and they have always been helpful when providing market information. The dealing platform leaves a bit to be desired but if the rate is good, does it matter if there are few bells and whistles?

P

Amy
4 years ago

Not overly impressed as all the staff seem as bit take it or leave it. Fees seem to be as and when they feel like it and rates are not that competitive. Seem to be uninterested in smaller clients not realising that small clients can grow!

Tailor At The Tannery
2 years ago

Been using voltrex for 14years never had a serious issue with them and my account manger has always provided
Me with a good service being a niche
Retailer they provide me with speedy transfers in all key markets that I service and way cheaper than my high st Bank