Long distance effects are studied in the rare exclusive semileptonic B (d,s) → V + − decays, where V denotes a K * or φ meson. The form factors, which describe the meson transition amplitudes in the effective Hamiltonian approach, are calculated by means of Ward identities, experimental constraints and extrapolated within a general vector meson dominance framework. These form factors are then compared to the ones obtained in Lattice QCD simulations, with Light Cone Sum Rules and a Dyson-Schwinger equation approach. Additionally, the B d → K * + − and Bs → φ + − branching ratios are computed and the differential branching fractions are given as a function of the squared-momentum transfer.