Interest Rates - Each currency has a central bank, and this central bank issues an overnight lending rate. This is a prime gauge of a currency's value. Base interest rates, are normally changed by central banks on a monthly basis (if changed).
Unemployment Rate - The unemployment rate is a strong indicator of a country's economic strength. When unemployment is low, this usually reflects a strong economy and currency.
Geopolitical Events - Like all markets, the currency market is affected by what is going on in the world. Key political events around the world can have a big impact on an economy and the value of its respective currency.
Payments and Settlements
DEBIT CARD - This method is available on personal accounts only.
FASTER PAYMENTS - Using your unique VFX Financial account number and sort code, you can send up to the value of GBP1,000,000 to your account. Payments received are credited 24/7 and normally within 30 minutes.
CHAPS - This is a same-day transfer. Your bank may charge you to transfer money using this method.
BACS - This includes online payments and can take 3-4 days.
Important: VFX Financial do not accept cash payments under any circumstances.
Please note: methods above are not applicable to all value/settlement dates.
- Spot transactions - Standard is 2 workings days. VFX Financial provides flexibility of up to 5 working days if required and arranged when you book your transaction.
- Forward and Forward Time options - 10% deposit is required within 2 working days. 90% required 24 hours before completion/maturity date.
Payments are always made as per agreed value or settlement date agreed with your broker or online. Please note late payment may incur extra costs.
1. United Kingdom
Log-in to your VFX account and select Cards, Currency cards then click the “Activate” button.
On the VFX mobile app, select Cards, Currency cards, Click the “>” and then click “Activate” card.
Enter the 16-digit number that appears on the front of your VFX card, accept the terms and conditions and click “Confirm”.
Your PIN number will be displayed in a pop-up when you activate your VFX card.
Your VFX card can be used for making payments using the following methods:
Point of Sale - Insert the card into the card reader device, then enter your 4 digit PIN number when prompted;
Online - Purchases made through merchants on the internet;
Magnetic Stripe – The card is swiped through the card reader or the 16 digit card number is entered manually;
Contactless - If your card has the symbol on it, you can pay for items by simply holding your card up to any device with this symbol displayed.
Your card does not support signature verification.
Note: Your first card transaction must be performed using a chip and PIN terminal.
You have complete control over how you use your card, thanks to the security settings. You will find these with your card details under "Cards", "Currency Cards" on both the mobile and web applications.
Point of Sale transactions using the cards chip and PIN technology is always available, but other payment channels are configurable by you:
Contactless - This setting is enabled by default and can be disabled from the card security settings at any time. You will be prompted by the Point of Sale machine to use chip and PIN with contactless enabled under the following circumstances:
- After 5 contactless transactions or after spending EUR150* (or equivalent in other currencies)
- For any transaction of greater than EUR50* (or equivalent in other currencies)
*Value is subject to change
This action will reset the contactless counter so you may continue to make contactless transactions.
Magnetic Stripe - This channel is disabled by default. To use magnetic stripe, click “Enable” and choose the country you wish to transact in. Enter the end date (up to a maximum of two weeks). When the end date is reached, the channel will automatically disable but can be reenabled by following the same steps as previous. To minimise risk, only one country can be enabled at a time;
Online - This mode is on by default. Online payments are protected by 3D Secure authentication.
We recommend only enabling these payment channels when required, to minimise risk of your card becoming compromised.
Also known as a payer authentication, 3D Secure is a security process that helps to prevent fraud in online credit and debit card transactions. This additional security was created by Visa and MasterCard to make online shopping safer.
When making an online payment with your VFX Financial card, you may be prompted to enter a code sent via SMS to the mobile number associated with your card. On entering the code successfully where directed your payment will be processed.
To top up via debit card:
- First, you need to register a personal GBP debit card*. Login via the web or mobile app, go to “Cards”, “Debit Cards”. Click on the “Add debit card” option and follow the instructions;
- To top-up, click on the Top Up icon on the top- right of the screen;
- Select a pre-set top-up amount, or enter your own value;
- Select the card to use if you have more than one registered;
- Enter the CVV number (the last three digits on the back of your card) and click "OK".
*Your debit card must be registered to an address within the UK. We are unable to accept prepaid, corporate, Maestro or credit cards.
There is a maximum monthly limit of GBP10,000 to top-up with this method. Should you need to add more, please use bank transfer.
To top up with bank transfer:
Your dedicated GBP bank account is able to receive up to GBP1,000,000 sent using a Faster Payment. Payments received are credited 24/7 and normally within 30 minutes of sending.
To find your GBP account details: on the top right of the desktop application click on "User ID”, “Account details". From the App this information can be found under: "Account", "Details".
To top-up in another currency: login to your VFX Financial desktop application. Click on "Account", "Settlement". Select the currency from the drop down list - add your EFX# in the payment reference to avoid delays in crediting to your account.
You can use your VFX card anywhere Mastercard is accepted, at over 35 million locations worldwide, over 2 million ATMs and most online merchants.
Card fees information: https://www.vfxfinancial.com/card-fees
We recommend having the mobile app installed and your mobile device set-up to receive notifications.
An authenticator app provides you with a code to validate your login, just as a SMS or a push notification received to your mobile does.
To use the authenticator app, you will first need to install one on your mobile or tablet.
We recommend the Microsoft Authenticator app which can be downloaded here:
Log into your account as usual via SMS or push notification and then navigate to the (top right) User menu and select the option "Authentication".
Click the option "Get QR code". A QR code will be displayed. On your mobile device, open the authenticator app and scan the QR code. The authenticator app will store this as "vfxfinancial" and will continuously generate codes valid for a certain amount of time. Once a new code is generated, the previous one becomes invalid.
Enter the code showing in the authenticator app and press "Validate" to enable QR codes in your VFX Financial account. If you select the authenticator app option the next time you login, you will be asked to enter the code retrieved from the authenticator app.
Note: you do not need an active Internet connection for the codes to be generated in the authenticator.
In order to use push notification you must have the VFX Financial mobile app installed and the mobile device validated:
Codes received via push notification are valid for five minutes and the timer starts from when the code is generated, not from when it reaches your phone. If the code times out you will need to repeat the process.