Vorto Trading answer all of the most commonly asked questions about foreign exchange for the individual.
When people are considering exchanging one currency for another, there are always many questions to ask and be answered. We understand that it is important for you to know what is going to work best for you, how to get a great deal for your money and the details of the exchange process itself.
Here are a few of the most popular and most frequently asked questions:
How long does it take for the currency I am sending to arrive with my beneficiary?
It all depends on the currency you are exchanging. For instance for US Dollar and Euro payments, the funds can be credited to your beneficiaries account on the same day we receive your Sterling if that is what you would like. If the currencies are more exotic, it generally takes between 1-2 working days depending on which country the money is being sent to. If you have a specific enquiry regarding a specific currency please give us a call and we can provide full details to you.
Am I likely to find additional charges once I start the transfer process?
There are no additional fees or hidden costs when using Vorto’s service. All fees are incorporated in to the exchange rate you are given so there is no need to worry about hidden fees. You will know exactly what you are paying up front and before the transaction is undertaken.
How secure are my funds?
Your funds are the most important part of the transaction for both you and the team at Vorto. We work with NatWest, and your funds are held in a ring-fenced client segregated account with the bank. The Financial Conduct Authority (FCA) do also have a Client Compensation Scheme, which covers each client transaction. This means your money is identifiable and recoverable at all times. You have the protection of transferring your money through a banking system while still using a more cost effective solution that the traditional banking process.
What does Vorto offer that my bank doesn’t?
Foreign exchange specialists like Vorto can maximise the value of your overseas money transfers as our core focus is specialising in currency exchange. The technology provided to you using Vorto’s trading solution is second to none for both ease of use, speed and transparency. Vorto’s technology platform and access to our mobile app means you have all the tools at your fingertips to understand, manage and track your transactions anytime. Your designated trader will also be on hand to guide you through the process and work with you every step of the way.
Banks often generate healthy profits on foreign exchange by charging customers high fees to make international payments as international transfer isn’t necessarily part of their core business model.
I’m going away for a few days and won’t be contactable but I’m worried the rates will move in my absence. Is there anything I can do to secure a particular rate in my absence?
Yes. Our traders can set up what is known as a ‘forward contract’, that gives you the option to fix the exchange rate at a certain time so even if the rate changes later your rate is fixed. This is especially useful to protect yourself against volatile exchange rates and should you want to give yourself additional peace of mind.