Veem vs Wise Business: Who comes out on top?

Panna Kemenes

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

Both transfer services have positive points to offer, but when it comes to Wise vs Veem, which comes out on top?

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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 featuresVeemWise Business
Account opening/ monthly feeSmall business account
  • US-based customers. pay $14.99 per month
  • Canada-based customers pay $18.99 per month
  • Accountant solutions
  • Free for customers outside the US and Canada
  • Contractors & freelancers
  • US-based customers pay $14.99 per month.
  • Canada-based customers pay $18.99 per month.¹
    • $31 one-time fee to get local account details for 10 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 toYou can send money to 100+ countries.²You can send money to 70+ countries.
    QuickBooks Online integrationYes³Yes

    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 real 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.

    Differences:

    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.

    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.

    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 and a maximum fee of $20.⁴

    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

    Veem⁵Wise
    Monthly fees$14.99/month for US-based customers and $18.99/month for Canada-based customers for the small business account and contractors & freelancers account.None
    Account openingVarious paid plans available.Opening an account is free.

    Optional $31 one-time fee for a local account details in 10 major currencies.

    Exchange rate usedTheoretical internet rate or interbank rate⁷Mid market rate
    Sending $1,000 to EUR via debit card1% of total sum plus $29 transaction fee = $39$18.75

    Availability

    Veem:

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

    Wise:

    Wise lets you send money to 70+ countries, and over 50 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 real 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 or cancellations 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.


    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 September 16, 2022.


    Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

    This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

    We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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