Businesses can send money internationally through a few means: online wire transfers, ACH transfer,
In the increasingly globalized, interdependent world of today and tomorrow, international trade is only growing.
For this reason alone, businesses need to use services that can support their international operations, as well as supporting them in their home market.
This is where services such as Veem and Wise come in.
|Alternatives, such as Wise Business can help you take control of your international operations. Manage your multi-currency cash flow with ease, pay invoices in 80 countries and expand your business.|
Founded in 2014 with the intention of simplifying international payments, Veem is a payment processor that created a network for global transactions, designed to give control back to businesses.
They pledge to support businesses of all sizes, empowering them with the help of financial tools and negotiating power.³
Veem allows for the receiving and sending of domestic and international payments, without many of the fees charged by traditional banks.
Here’s a quick summary of Veem’s features, with a side-by-side comparison of Wise’s features.
|Account set up||Free to open a business account||Free to open a business account|
|Payments||Utilizes blockchain technology for speed and security||Utilizes the mid-market exchange rate for international transfers, saving you money|
|Payment time||2-3 business days but can take longer||0-4 business days sending from USD, depending on the payment method|
|Fees|| ||Fee for sending varies depending on the currency being sent, the amount, and the method of payment. You can see the exact amount you’ll pay in fees using the Wise fee calculator|
|Availability||Available in 102 countries||Available in 80 countries|
|Card||No card offered||Wise Business card - coming soon to the US|
|Application||No mobile app offered⁴||Mobile app available|
Let’s dive deep into these features now.
The first step to using Veem is setting up an account. This is a quick process, free of hidden fees and subscription requirements.
You’ll be asked for basic personal information, as well as details about your business, such as its name, address, country of operation, and the type of business it is.
From here, you’ll need to enter your banking information and verify your identity, so that you can receive and send payments. The last step in the chain is to verify your email address.⁵
After completing the necessary steps, your account should be verified instantly, although it can take a maximum of up to 3 days.⁶
With the help of blockchain technology, Veem payments are secure, quick and cost-effective.
Due to the network of participating servers, all transaction information is public and tamper-proof.
To alter any of the information, a hacker would need to alter this information on the majority of participating nodes - a very difficult task.
On top of this, due to the decentralized nature of blockchain technology, intermediary banks and their associated fees are cut out of the payment process, saving you money.
All of this makes Veem a secure, quick and cheap means of sending and receiving money.
- When you make or receive a Veem payment, the money is converted automatically into the local currency.
- This means that the sending party is buying the Veem exchange rate.
- After this conversion, the payment will then be sent to the recipient using blockchain technology.⁶
Most Veem transfers take between 2-3 business days to process, though it can be longer depending on the receiving region.⁶
|Sending payments from USD with Wise Business you can pay your suppliers and employees as quick as the same day! Transfer time will depend on the payment method you chose.|
|💡 Did you know?|
|When using Veem, ACH payments in the US and EFT payments in Canada are free.⁷ |
Also, Veem offers mass payments, recurring payments, invoice capture and 1099 tracking to support your business.⁷
In addition to all this, Veem integrates with Xero, QuickBooks Online and NetSuite.⁸
This integration with accounting software means your transaction information will automatically be loaded onto these programs, saving you time and effort.
|You can also add your Wise Business account to Xero and QuickBooks for bank feeds.|
If you’re wondering how to make a Veem money transfer from your Veem wallet to your bank account, then you’ll need to:
Click “Veem Wallet” on the left side of your dashboard
Click the “Withdraw” option
Enter the amount you wish to withdraw
Confirm the transaction
After doing this, your funds should appear on your account within 2-5 business days.⁹
For local transactions (within the US and Canada), the majority of payments are free of Veem fees. The only instances where Veem applies its fees are with:
credit card payments, in which a fee of 2.9% is applied
instant deposits, where you’ll be charged a fee of **1%**¹⁰
international transactions, where Veem charges a receiver's fee of $29 USD when receiving payments in USD outside of the US¹¹
Veem is an authorized financial services provider across all 50 states.¹²
On top of this, it is registered with the:
- Financial Crimes Enforcement Network (FinCEN),
- Financial Transactions and Reports Analysis Centre of Canada (FINTRAC),
- and the Québec Autorité des marchés financiers (AMF).
It is also an Authorized Representative of Flexewallet Pty Ltd in Australia.¹³
In addition to its licenses and registrations, Veem boasts built-in risk management software.
Two-factor authentication, multi-level approval, encryption and intelligent risk automation technology are just a few of the features Veem offers its users.¹⁴
Live updates concerning your transactions are also always available, as transparency is a key value of Veem.
Veem classifies its payments as either ‘local’ or ‘cross border’.
Local payments are those occurring within the US and Canada.
Cross border payments refer to the rest of the world, in which Veem is available in 102 different countries.¹⁵
Cross-border payments between the US and Canada may be free with Veem, but what if your business relies on sending to or receiving payments from other countries?
This is where Wise comes in handy. The table below shows the difference in costs between sending $100 USD to Mexico using ACH with Wise versus sending with Veem.
|ACH fee||$0.16 USD||No fee|
|Company fee||$1.64 USD||No fee|
|Exchange rate||$1 USD = 20.5683 MXN||$1 USD = $19.557543MXN|
|Amount received (MXN) when sending $100 USD||$2,019.81 MXN||$1,955.75 MXN|
On Trustpilot, Veem reviews are overall positive - it has an average review score of 4.5 out of 5.
Users praise the ease of setting up and operating their account, as well as the responsiveness of Veem customer service to user issues concerning payments.¹⁶
In addition, Wise has an average review score of 4.6 out of 5 on Trustpilot.
Users praise the speed of transactions, price transparency and the money that it's helped them save.
Reviews also focus on Wise’s responsive and helpful customer support team, in addition to the ease of setting up and operating an account.¹⁷
With the help of Wise’smulti-currency business account, you can gain better control of your multi-currency cash flow as well as manage your payments in 54 currencies.
Get local account details - such as routing number, Sort codes and IBANs - so your customers can pay you in their own currency.
Additionally, take advantage of Wise’sexchange rate tracker to get the best rates for your payments.
- Bureau of Economic Analysis - U.S. International Trade in Goods and Services, January 2021
- Bureau of Economic Analysis - U.S. International Trade in Goods and Services, October 2021
- Veem - About us
- Veem - Does Veem have a mobile app?
- Veem - How do I create a business account with Veem?
- Veem - FAQ
- Veem - Domestic payments
- Veem - Accounting integrations
- Veem - How do I withdraw funds from my Veem Wallet to my bank account?
- Veem - Local pricing
- Veem - Cross-border pricing
- Veem - Home page
- Veem - Licenses
- Veem - Trust and security
- Veem - Countries served
- Trustpilot - Veem reviews
- Trustpilot - Wise (formerly known as Wise) reviews
All sources checked 29 December 2021
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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