Veem vs Wise Business: Who comes out on top?

Veem and Wise Business both offer a way to send international business transfers. They provide an alternative to expensive wire transfers and aim to simplify transactions.

Both transfer services have positive points to offer, but when it comes to Wise vs Veem, which comes out on top? This article will delve into the key features and fees worth comparing.

Veem vs Wise: Quick comparison

For a side-by-side comparison of the two services at a glance, you can use the following table:

Key features	Veem	Wise Business
Account opening/ monthly fee	Basic: No monthly fee Premium: $19.99/month Platinum: $199.99/month	No monthly fee $31 one-time fee to get local account details for major currencies.
Speed	Transfers generally take 2-3 business days With Instant Deposit (incurs extra fee), money can arrive in less than one hour	Maximum arrival time of 2 days, but usually faster 50% of Wise's international transfers are instant (delivered in less than 20 seconds) Speed depends on payment methods, countries involved, and security checks.
Available countries you can send to	You can send money to 100+ countries.²	You can send money to 160+ countries.
QuickBooks Online integration	Only with Premium and Platinum tiers.³	Yes

Veem vs Wise similarities and differences

Similarities:

Money transfer services - Both Veem and Wise let users send and receive international transfers.

Fast transfer time - The services allow for quick transfers - although instant transfers come for an extra fee with Veem.

Fair exchange rates - You can avoid costly exchange rate fees with both services. Wise Business uses the mid-market rate that you’ll see on Google.

Bank-level security - Wise and Veem payments are secure.

Integration with accounting tools - Tools such as QuickBooks are compatible with both Veem and Wise Business. However, you'll only be able to connect accounting tools with Veem Premium and Platinum tiers. All Wise Business users can use accounting integrations at no extra cost.

Differences:

Fee transparency - Wise fees are shown clearly upfront, Veem fees are only shown once registered.

Monthly fees - Veem has monthly fees, Wise Business doesn’t.

Account types - Veem is for business only, Wise also has a personal account. This can be useful if you want to separate your finances, but within one provider.

Veem vs Wise: Core features

Speed

Veem:

Transfers usually take 2-3 business days to arrive in the recipient’s account.

You can use Instant Transfer to speed up the process to an hour or less for a fee. The service is only available for USD payments made to a debit card in the U.S.

There’s a 1% fee on these expedited transactions, with a minimum fee of $1.50.⁴

Wise:

With Wise, 50% of international transfers are instant (delivered in less than 20 seconds). There’s no extra fee for sending the transfers at this speed. The maximum time it can take is 2 days.

Cost

	Veem⁵	Wise
Monthly fees	Basic: No monthly fee Premium: $19.99/month Platinum: $199.99/month	None
Account opening	Various paid plans available.	Opening an account is free. Optional $31 one-time fee for a local account details in 9 major currencies.
Exchange rate used	Theoretical internet rate or interbank rate⁷	Mid market rate
Sending $1,000 to EUR via debit card	1% of total sum plus $29 transaction fee = $39	$20.81

Availability

Veem:

With Veem, you can make transfers to around 100 countries and over 80 currencies.

Wise:

Wise lets you send money to 160+ countries, and have an account with over 40 different currencies.

Invoicing

Wise:

Wise offers a free invoice generator as well as an invoice template you can export as a Word, Excel, or PDF document and send to customers.

The QuickBooks integration allows you to sync your transactions for simple reconcilliation. You can see your unpaid bills in real time and pay them seamlessly from your ‘Bills’ page on Wise. Your bill payments and any other Wise transactions will be synced, matched and categorized in QuickBooks.

See for yourself how much time and hassle you can save.

Connect QuickBooks and Wise:
Save time on reconciliation

Veem:

With Veem you can create customized invoices. You can also use the QuickBooks integration to send an invoice through your accounting app.³

Bulk payments

Veem:

You can send between 10 and 1,000+ vendor and contractor payments at one time for no extra cost.⁶

Wise:

Wise lets you send out 1,000 payments at once with a single click using batch payments.

Security

Wise:

Wise is a safe and regulated global technology company. Wise business adheres to rules set out by regulatory agencies in each country it operates in. Your money is held in dedicated bank accounts or high quality liquid assets, and there’s an in-house security team that works to keep your money secure.

13 million people and businesses use Wise, which processes over $8 billion in cross-border transactions every month.

Veem:

Veem uses licenses that are overseen by regulators and uses licensed payment partners and banks to deliver transfers securely. All data is encrypted at rest and during transit, and there is constant fraud monitoring.

Customer service

Wise:	Veem:
Help center Live chat Email FAQ	Phone lines Email FAQ Help center

Veem vs Wise: Who wins?

In the battle of Veem vs Wise, the best option ultimately depends on your business needs.

On the one hand, Wise Business has transparent fees which makes it clear what you have to pay up front. You’ll also get the mid-market rate, and 50% of transfers arrive in under 20 seconds. Furthermore, there are no monthly fees to pay.

On the other hand, Veem offers Instant Deposits, which can come in handy if you need to make quick payments in under an hour - albeit at an extra price.

Trustpilot (an independent review site) gives Wise 4.5 out 5 points. Positive reviews highlight speed, ease of use, and low fees. Some negative comments mention transfer delays due to security checks.

Veem scores 4.4 out of 5. Positive reviews highlight helpful customer service members. Some negative reviews are based around delayed transfers and slow customer service response times.

About the author:
	Panna is an expert in business finance topics for the US, covering topics from invoicing to international expansion. She creates high-quality reviews on business finance tools and products with the aim to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.

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Sources:

1. Platform Pricing - Veem
2. Countries Served by Veem’s International Money Transfers
3. Connect Quickbooks to Manage Your Small Business Payments Instantly
4. What does Instant Deposit cost? – Veem
5. Platform Pricing - Veem
6. Vendor Payments System | Mass Payment to Suppliers | Veem
7. Frequently asked questions on how to send and receive wire transfers

All sources checked March 2024.