In the world of digital finance, there are many options to choose from. We’re going to look at two popular offers from wamo and Verto. The question we’re hoping you’ll be able to answer at the end of this article isn’t necessarily which one is better, but which one is the right choice for your business? If your business involves international transfers, this will be the area of focus for this comparison, so hopefully you’ll find it useful!Let's take a closer look at both options to see which one comes out on top.
Established in the UK in 2017, VertoFX has become a popular choice for businesses looking to make international money transfers. Since it was founded, the company has transferred billions to customers with more than 2000 customers worldwide, they offer exchanges in over 50 currencies. The platform allows businesses to accept payments globally and send payouts to their employees. wamo is a financial service provider and payments platform that is becoming known for its excellent customer support, low-cost subscription plan and fee-free services. With an aim to enhance the financial operations of small to medium businesses and to make a business account accessible to everyone, the company is enabling various business owners to open and run international business in the EU and the UK. Both companies provide top-notch financial services and ease when transacting payments internationally and in multiple currencies, unlike traditional banks, they’re faster and more flexible to use across the board.
wamo vs VertoFX: How do they work?
Both wamo and VertoFX offer online money transfer services. They allow businesses to send and receive payments in foreign currencies. Both services use bank-to-bank transfers, so you can be sure that your money is safe and secure. With wamo, you can register an account in 10 minutes and start doing business as soon as your account gets verified. The wamo desktop and app versions work equally well. VertoFX gives you access to make international payments through a single API or web platform.
VertoFX vs wamo: What are the subscription plans?
While VertoFX plan has no monthly fee, transfers may have extra fees that you may have to bear. One of the drawbacks of a free account can be the unpredictability of the fees that you ultimately end up paying every month. Figuring out the costs is a crucial part, and for that, the company sets you up to talk with a salesperson before you sign up with them.
In comparison, wamo offers a transparent fixed fee of only €14.99 for each international money transfer, and lower fees for local money transfers, regardless of the amount you would be sending. wamo also lets you make SEPA transfers for free which means you can make unlimited local transfers without worrying about heavy fees. Also, if your business requires you to carry out everyday local transactions, wamo’s feature can save you a lot of money over time. Since it doesn't have any hidden fees, you will always know exactly how much your recipient will receive and how much you are paying towards international transfers, for example. Based on the subscription plan cost alone, it's a win for VertoFX. However, it’s important to look more carefuly at how much fees could add up depending on your business and whether you will be saving or spending money in the long term.
VertoFX vs wamo: How many currencies are available?
VertoFX offers its users access to up to 39 different currencies. This makes it a good choice for businesses that need to send or receive payments in multiple foreign currencies. On the other hand, wamo also offers access to only the G10 currencies, but this is due to change very soon. So if you're looking for a digital finance solution that can accommodate a large number of currencies right now, VertoFX could be your choice, but if you are looking for only major currencies and do not want to get involved in hefty transfer fees, wamo is the way to go!
VertoFX vs wamo: What are the exchange rates?
While VertoFX does not charge any fees, it's important to note that you will still be paying fees for transfers. Both wamo and VertoFX use mid-market exchange rates which are used by digital banks and other financial institutions to buy and sell foreign currency to customers. The mid-market exchange rate is the "true" value of a currency, based on supply and demand. It's the midpoint between the buy and sell prices offered by different currency traders. To get the best possible rate, it's advisable to use an online currency converter that uses the mid-market rate. This way, you'll know exactly how much money you should expect to receive. With wamo, you will be charged an ECB rate + 0.3% with every transaction. VertoFX has markup rates ranging from 0.30% to 0.60% of the total amount exchanged when customers match each other.
VertoFX vs wamo: Cards
Virtual cards come with a 16-digit number and can be used as corporate cards to set limits, run business transactions, and manage withdrawals and payments in multiple currencies. Currently, VertoFX does not offer physical or virtual debit cards with its business account. In comparison, wamo offers multiple physical and virtual cards for free under its most popular plan. If your company has a large team and are looking for an easy way to manage regular transactions by multiple employees, wamo’s fee-free cards come in very handy.
All in all, when it comes to choosing a digital financial solution for your business, both wamo and VertoFX are good options. They both offer excellent customer support, dedicated account reps, online money transfer services with competitive exchange rates, flat transaction fees, and support for a large number of currencies. While you pay more with wamo, you get a lot more features with it which have the ability to save you money in future. Ultimately, the decision of which digital financial solution to use for your business comes down to personal preference and needs.
Interested in trying wamo? It’s possible to register for an account in 10 minutes and to have a full business account up and running within 24 hours. You can download wamo from the App Store and Google Play and if you have any questions, hop on over to the website and reach out through Chat.