Last Updated on October 25, 2022 by DMEditor
Businesses are spending and accepting more cashless payments than ever before. If this sounds like your business, you’ll need a powerful system that offers flexibility and security. With so many payment networks available, it can be difficult to find the perfect one — especially if you’re a global business.
Fortunately, international companies have a powerful option: Veem. Veem is a payment network that aims to make international money transfers easy for small businesses. Ever since they formed in 2014, they changed the way businesses get paid around the world.
Is Veem worth it? We tried our Veem for ourselves. Here’s our comprehensive review.
What is Veem?
First, let’s cover some of the basics. Veem is a payment network that offers secure payments and international payment transfers. They completely revolutionized wire payment transfers for businesses, making them as simple as buying a cup of coffee.
Veem’s speedy platform streamlines the money wiring process, costing your business less.
What Technology Does Veem Use?
What’s the secret behind Veem’s success? Blockchain. The blockchain is a database that stores transaction data in “blocks.” These blocks are linked using cryptography. This makes the system almost impossible to hack or change, offering businesses serious security.
Blockchain offers more benefits than security. The blockchain takes out the banking middle man, making wire transfers quicker and cheaper.
How Veem Can Benefit Businesses
Veem offers a technology-first approach to send and receive funds via wire transfers. Before, wire transfers required hands-on work that would cost businesses a lot of money. Not only that, but it would take a significant amount of time to receive the funds.
Lower Fees
If you find yourself making regular contractor payments and are sick of paying through the nose for fees, give Veem a try. It might not fully replace a PayPal, but there's no harm in using both and saving significant money on fees where you can.
We earn a commission if you click this link and make a purchase at no additional cost to you.
What Countries Does Veem Support?
We established that Veem caters to businesses needing international wire transfers. But can you use Veem in your country? Veem supports over 60 countries, so you can likely use Veem in your country as well as in different currencies.
Here are some of the countries that Veem supports:
- United States
- United Kingdom
- Canada
- Australia
- Austria
- Belgium
- Bulgaria
- Cyprus
- Croatia
- Denmark
- Czech Republic
- Finland
- Estonia
- Germany
- France
- Hungary
- Greece
- Ireland
- Iceland
- Latvia
- Italy
- Luxembourg
- Lithuania
- Mexico
- Malta
- Netherlands
- Monaco
- Poland
- Norway
- Romania
- Portugal
- Slovenia
- Slovakia
- Sweden
- Spain
- Switzerland
- And more
Check here for the full list of countries that Veem supports. Keep in mind, not all countries on this list can both send and receive business payments.
Veem Benefits
We already covered some of Veem’s benefits, but it’s essential we go over the full range of benefits that you can experience.
Free and Cheap
Is Veem too good to be true? Is it really free? Okay, maybe it’s not totally free, as we will cover later in the article. But Veem only charges a small foreign exchange rate and has one fee that’s easily avoidable. So yes, Veem can be free. And even if it isn’t free, it’s at least cheap.
Competitive Foreign Exchange Rates
Do you want to avoid that $20 fee but are wary about foreign exchange conversion rates? Don’t be. Veem can convert currency rates at some of the fairest prices around.
What do Veem’s foreign exchange rates look like? Here are a few examples:
- $0 – $4,99: 1.9%
- $5,000 – $9,999: 1.8%
- $10,000 – $24,000: 1.7%
- $25,000+: 1.5%
These rates are significantly less than what you would receive from your bank and businesses also save on larger transactions.
No Hardware Necessary
You can send an international money transfer yourself, all without installing hardware yourself. You can use Veem on their website. Surprisingly, Veem doesn’t have an app yet. Hopefully, that will change.
Veem Drawbacks
Unfortunately, Veem isn’t totally perfect. Here are some of the cons we experienced.
No App
We mentioned this in the last section, but it’s important to emphasize this drawback. Veem is only available online, there’s no app right now. While we’re sure that will change soon, this puts Veem at a serious disadvantage.
Fortunately, their interface is responsive and you can still send and receive funds via their mobile website if you’re on the go.
USD Fee While Abroad
We will go over the only Veem fee in detail in another section. But for a briefer, you pay a $20 fee if you send someone money in USD while they’re in another country.
Sure, avoiding the USD fee is pretty easy. However, there may come a time when a contractor or other professional is traveling in another country and you’ll have to pay them in USD. Forking over the $20 isn’t easy, but at least it’s better than the alternative.
No Credit Card
Veem only lets you send and receive payments via your bank account, not a credit or debit card. We’re not totally cool with this; I personally don’t like using my bank account or even my debit card for anything.
However, we’re sure this will change. With more competitors supporting credit and debit card transfers, Veem will likely jump on the bandwagon in the future.
Only Business Transactions
One of my personal issues with Veem is how it’s only made for B2B transactions, not personal ones.
For example, my boyfriend lives in a different country than me, I frequently travel, and I have friends that live around the world. If I need to send my boyfriend or a friend money, I would appreciate the fair foreign exchange conversion rates and the free wire transfers.
Veem Pricing
Do you get all of these great benefits for free? Not exactly. So, how does Veem pricing work?
For starters, signing up for an account is free. Not only that but processing most payments is completely free. You’ll have to pay a foreign exchange fee when sending payments in a different currency, but they’re less than the competition and most banks.
There’s only one charge that’s avoidable for many businesses — you’ll have to pay a $20 fee if the receiver opts for a wire transfer outside of the U.S. in USD.
Let’s take this scenario as an example — let’s say you own an American company and you’re sending money to a stakeholder in Europe. If the receiver opts to receive the payment in euros, you avoid the fee. But if they prefer to be paid in USD, you have to fork over $20 USD.
Who Should Use Veem?
Simply put, any business or sole proprietor will benefit from Veem, especially if you send and receive international payments. For example, if you work with international vendors and attract a global customer base, you’ll get great use out of Veem.
When signing up for Veem, they offer solutions for both businesses and sole proprietors. This scored points with me; I’m only a freelance writer, and most of these B2B platforms offer a system that’s way too advanced for my personal needs.
What Users Are Saying?
Sure, these benefits look great on paper. But what are users, including us, saying? Let’s look at the most common feedback that Veem receives.
User-Friendly
The product is very intuitive and the dashboard is very self-explanatory. You can find the main actions on the left menu bar, including sending and receiving payments. You can turn the menu visibility off and on by clicking the three lines at the top left.
Signing up is easy, though there was a bug when we tried to enter our address. There’s an address search function that wasn’t letting us select the correct address. However, they offer a manual entry option so we chose that.
Free/Cheap
Everything in life that’s free is better, right? This is why this is one of the many perks of Veem. Veem has made businesses very happy since most of their wire transfers are free.
Though Some Delays Are Inevitable
While Veem is faster than going through your bank, you’ll inevitably experience some delays. For example, you may have to wait up to a week to receive your payment — especially for large payments. It’s inconvenient but still better than the alternative.
Honestly, we didn’t receive any wire transfers through Veem so we can’t say 100% how accurate this is. We would just say to keep this possible delay in mind and continue checking your account for the transfer, whether you’re sending or receiving the funds.
Lower Fees
If you find yourself making regular contractor payments and are sick of paying through the nose for fees, give Veem a try. It might not fully replace a PayPal, but there's no harm in using both and saving significant money on fees where you can.
We earn a commission if you click this link and make a purchase at no additional cost to you.
Does Veem Support Integrations?
Veem supports integrations with various big-name brands. For example, you can sync Veem with major bookkeeping software companies such as QuickBooks and Xero. Invoices and payments will be automatically added to your books.
Veem can also integrate with the following third party service provider platforms:
- Zapier Integration capability
- Netsuite
- Shopify
- Quickbooks
- Xero
Is Veem Safe & Legit?
With any relatively new payment solution, there’s naturally some distrust about whether it’s a legitimate platform or not. With good reason!
Thankfully, while Veem may be new it IS a genuine platform.
Veem is fully licensed in 47 US state under a national Money Transmission Licensing program.
Other compliance and certifications include:
- PCI-DSS Complaint (data security standard)
- SOC2 Certified (audited data security controls)
- Regulated by FinCEN (Financial Crimes Enforcement Network of the US Dept of Treasury)
- Regulated by Fintrac (Canada)
- Regulated by AMF (Quebec’s financial markets)
- Regulated by FlexewalletV (an international payments specialist licensed under Australia’s financial services agencies)
Veem also has a responsive customer service team and on-call fraud alert team (if needed).
Veem has also been covered and reviewed by many leading national news publications of record.
Alternatives to Veem
While there aren’t many competitors that offer the perks that Veem offers, you may receive more benefits from their competitors. Here are a few similar alternatives.
Authorize.Net
Authrorize.net is a payment processing system that lets businesses accept e-checks and even credit card payments online. While this service comes with multiple fees, it’s a good solution if you need to accept credit card payments.
PayPal
We should all be familiar with PayPal. They’re the head honchos of online payment systems. Anyone can use PayPal for all transactions and you can send money in different currencies via PayPal. Unfortunately, PayPal does come with heftier fees for international money transfers.
How to Use Veem
Are you ready to get started with Veem? One of the many benefits of this platform is you can easily start using Veem. Here’s a step-by-step guide.
Sign Up
First, you need to sign up. You can do so by clicking this link. Just follow the instructions and enter the necessary information that Veem requests. This information includes your country, your address, your business details, and your bank account information.
Have the Recipient Sign Up
If you’re sending money via Veem, you’ll need to ask the recipient to also sign up and enter their information. From here, you can send and receive money!
FAQs
Question: If Veem only charges a $20 fee for certain transactions, how do they make money?
Answer: While we don’t know the full answer to this question, it’s suspected they make most of their money from foreign transaction fees.
Question: Is Veem Legitimate?
Answer: Veem uses highly secure blockchain technology for quick and effective transactions. Since the blockchain offers optimum security, you have little to worry about. We enjoyed Veem and the platform has generally received great reviews.
Question: How can you accept a Payment?
Answer: Veem will notify you when you receive a payment via email. From here, you can approve the payment in the email.
Question: How do you withdraw money from Veem?
Answer: If you have money in your Veem wallet, you can withdraw it into your bank account.
Question: How long do Veem payments take?
Answer: Some reviews we read complained that larger payments take as long as one week. But you should receive your payment in one to three days.
Our Veem Review: The Final Verdict
If international money transfers are a major factor in your business, you’ll be happy to discover that Veem offers a technology-focused solution to wire money transfers without waiting and spending a lot of money on fees. Veem is extremely affordable, signing up is quick, and you’ll receive your money in a short amount of time.
Veem has some drawbacks where competitors may shine. They don’t support personal transactions and they currently don’t have an app. If you’re willing to work around these drawbacks, then Veem is a great solution for you.
Two of Veem’s competitors are Stripe and PayPal. Will either of these platforms work better for your business? Read our comparison to find out!
Lower Fees
If you find yourself making regular contractor payments and are sick of paying through the nose for fees, give Veem a try. It might not fully replace a PayPal, but there's no harm in using both and saving significant money on fees where you can.
We earn a commission if you click this link and make a purchase at no additional cost to you.
FurtherReadin gon Related Payment Solutions:
- Wise vs Remitly: Is Remitly or TransferWise Best?
- WorldFirst vs Wise: Which Money Transfer Service is Best?
- PayPal vs Melio Payments
- PayPal vs Wise Payments
- About
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Stephanie Jensen
Digital Marketing Enthusiast at The Digital Merchant
Stephanie Jensen has years of experience in digital marketing and SEO. Stephanie has authored multiple books and worked online for years, so understanding sales and online tools has been a necessity for her success. She works hard to break down complicated topics in a way that allows the reader to leave the content feeling like they know what to do next.
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FAQs
How trustworthy is Veem? ›
Veem is a secure payment network that streamlines the wiring process not only to speed it up but also to cost you less. Using multi-rail technology, Veem can process payments safely and securely through a digital ledger of transactions.
How long does it take to get paid through Veem? ›Most payments sent with Veem take an average of 2-3 business days to land, with exceptions based on the country in which the payment is being received. To learn more about payment times, please reach out to our Customer Service team at clientservices@veem.com or you can chat with our Customer Success team here.
Does Veem charge a fee? ›Veem provides you with an opportunity to try our platform for free. If you have been invited to pay someone or receive payments, your account will not be charged. A monthly fee of $14.99 USD will only be charged once you've sent/requested two payments since creating your account. Learn more about the monthly fee.
How do you get paid on Veem? ›- Create your account in two minutes or less.
- Complete your one-time sign up by adding your banking information.
- Accept payments and receive funds directly to your bank account or debit card, in local currency.
Trusted by more than 500,000 businesses in over 100 countries, Veem uncomplicates the end-to-end AP/AR process with seamless integrations to leading accounting software, real-time tracking on payments and cost-effective, flexible payment options.
Are Veem payments reversible? ›The payment can no longer be cancelled once the transfer to the receiver is initiated. Please reach out to client services for additional information. The payment can no longer be cancelled.
How do I withdraw money from Veem? ›Step 1: Log into your Veem account. Step 2: Please click on "Veem Wallet" above the dollar amount, located in the lefthand sidebar of your dashboard. Step 3: Once on the Veem Wallet page loads, select Withdraw funds. Step 4: Enter the amount you would like to withdraw from your Veem Wallet.
Is Veem transaction will go directly to you bank account? ›Once a payment is sent through the Veem network, the payee will receive the funds in their bank account within minutes.
Is there a limit to transfer on Veem? ›Veem has no cap on the maximum amount you can send using Veem. However, larger payments may require additional insight or documentation based on your account and company size.
How do you avoid transaction fees? ›One way to avoid ATM or transaction fees is to pay for a trip in cash. Travelers can exchange U.S. dollars for most major currencies at a bank, credit union or currency exchange store before a big trip. This may be a good idea if it's easy to budget how much will be spent on dining or souvenir purchases.
How much is transaction fee for? ›
What Are Per-Transaction Fees? A per-transaction fee is an expense a business must pay each time it processes an electronic payment for a customer transaction. Per-transaction fees vary across service providers, typically costing merchants from 0.5% to 5% of the transaction amount plus certain fixed fees.
Can I transfer from Veem to PayPal? ›Step 1: Authenticate PayPal and Veem. Step 2: Pick one of the apps as a trigger, which will kick off your automation. Step 3: Choose a resulting action from the other app. Step 4: Select the data you want to send from one app to the other.
Is Veem for personal use? ›Personal accounts are designed for our existing clients who already sends payments for business purposes. Getting signed up for an account with Veem takes minutes. All you need is a valid email, we'll collect basic information about you and you're done.
How can I get pay fast? ›- Invest in Lockbox Options.
- Ask for a Payment Deposit.
- Switch to Digital Invoices.
- Accept Multiple Forms of Payments.
- Send Invoices Right Away.
- Incentivize Early Payments.
- Discount Monthly Subscriptions.
- Send Clear Reminders.
You earn a set amount for every hour that you work. The more hours you work the more pay you'll receive. There are some jobs where you're paid a set amount for every unit you produce. The more units you produce the more you'll be paid.
Who is Veem owned by? ›| Logo used from 2017 to present | |
|---|---|
| Formerly | Align Commerce |
| Founded | San Francisco (2014) |
| Founder | Marwan Forzley Aldo Carrascoso |
| Headquarters | San Francisco, United States |
Marwan Forzley is the CEO and Founder at Veem .
What happens if money is transferred but not received? ›If the bank initiated the transfer, notify the bank immediately so that it can investigate your claim. If you first contact the bank by phone, it is a good practice to follow up in writing. If you wired the funds through a third party (e.g., Western Union), contact that party to find out what their procedures are.
Do banks refund scammed money? ›If you paid by bank transfer or Direct Debit
Contact your bank immediately to let them know what's happened and ask if you can get a refund. Most banks should reimburse you if you've transferred money to someone because of a scam.
Will Venmo Refund Money If You've Been Scammed? In most cases, the answer is no. There is no way to cancel a Venmo payment once it's been sent. Venmo also typically doesn't get involved in financial disputes between users (instead, you're better off contacting your bank).
How do I add a bank account to Veem? ›
To add your bank details, please follow the steps here: Step 1: Please Log in to your Veem account. Step 2: Once logged in, please navigate to Settings, then the Send Payment/Get Paid tab. Step 5: Manually enter your bank information and click "Continue" to save your bank details.
What's the best app to transfer money? ›- PayPal.
- Venmo.
- Cash App.
- Google Pay.
- Apple Pay.
- Zelle.
- Western Union.
- Remitly.
How long does it take for an EFT (electronic funds transfer) transaction to process if I pay online? EFT transactions typically take 48 – 72 hours to settle.
What is the maximum amount I can transfer in a day? ›As per the National Payments Corporation of India (NPCI), an individual can transfer up to Rs 1 lakh via UPI in a single day. Some of the highly used applications to transfer or receive money using UPI are Paytm, Google Pay, Amazon Pay, PhonePe among others.
Is Veem a wire transfer? ›Veem helps 100,000 businesses in over 100+ countries send and receive wire transfers.
Why are merchant fees so high? ›With so many credit card options out there, banks compete to attract consumers by offering all sorts of incentives and rewards. This in turn, means higher interchange rates to make up for those rewards (as mentioned before). The card networks also attract banks to issue their cards by offering higher interchange rates.
How do you avoid merchant service fees? ›- Avoid Long-Term Contracts. ...
- Choose the Pricing Model that's Best for You. ...
- Flat-Rate Pricing. ...
- Tiered Pricing. ...
- Interchange Plus Pricing. ...
- Settle Transactions Within 24 Hours. ...
- Negotiate Your Non-Processing Fees. ...
- Optimize Transactions Types.
Using a credit card with no foreign transaction fees and choosing to make purchases in local currency will nearly always save you money.
Who pays the merchant fee? ›Credit card processing fees are paid by the vendor, not by the consumer. Businesses can pay credit card processing fees to the buyer's credit card issuer, to their credit card network and to the payment processor company. On average, credit card processing fees can range between 1.5% and 3.5%.
How much does a merchant charge for a transaction? ›Merchants usually pay 1% to 3% fee for the processing of payments for every transaction. Rates can differ as it depends on factors like level of business, types of cards used by the consumer, and the value of the average transaction.
Is a 3% transaction fee a lot? ›
Foreign transaction fees generally range from 1 percent to 3 percent and tend to average around 3 percent of each transaction. Paying around $3 per $100 you spend may not sound that expensive, but these fees can add up if you're making a lot of purchases with your credit card.
Does Veem have an app? ›The Veem platform is mobile-friendly, customizable, and can be accessed through your browser of choice on your mobile device. At this time, Veem does not offer a full mobile app.
How do I change currency on Veem? ›Currently, the wallet can only hold funds in USD. However, users have the option of viewing and withdrawing their balance with other currencies. To view the amount in a different currency please Log in and on the dashboard, please click "Currency Converter" under the balance in the Veem Wallet icon.
What is the best way to transfer money from PayPal? ›...
Here's how to make a Standard transfer to your bank account:
- Go to Wallet.
- Click Transfer Money.
- Click Transfer to your bank.
- Select in 1-3 days (No fee).
- Follow the instructions.
Digital Wallets contain digital versions of your credit and debit cards that are stored in wallet apps on your mobile device. Examples of these apps include Apple Pay®, Samsung Pay and Google Pay. (To help protect your security, your card number and personal information are not stored.)
How can I get $100 per day? ›- Provide Proofreading Services. ...
- Combine a Few Small Side Hustles. ...
- Become a Virtual Assistant. ...
- Get Paid to Play Games With Blackout Bingo. ...
- Write and Publish an eBook. ...
- 6. Make $100 a Day By Renting Out Your Car. ...
- Share Your Home with Airbnb Guests. ...
- Become a Freelance Writer.
To get $20 fast on Cash App, you just need to refer friends to join with your referral code. Right now you can get a $5 bonus just for signing up by using the referral code DKSTLZJ. For any friends that sign up you can get an additional $5 each.
Is it better to be paid hourly or salary? ›Salaried employees enjoy the security of steady paychecks, and they tend to pull in higher overall income than hourly workers. They typically have greater access to benefits packages, bonuses, and paid vacation time. Some companies keep costs down by disallowing hourly employees from working overtime.
Will I get paid my first week of work? ›Payroll checks may be issued at the end of each pay period worked, or there may be a lag and your paycheck may be issued a week or two (or longer) after you begin work. At the latest, you should be paid by the company's regular pay date for the first pay period that you worked.
Why is my first paycheck so high? ›It's also possible that your first paycheck will be higher than future paychecks. Sometimes companies process employee payroll several days prior to payday. If you started before payday but after your employer processed payroll, then your first paycheck should include the additional days you spent working.
Is Wise or Veem better? ›
Veem's exchange rates are declared only once you're signed up and aren't transparent whereas Wise calculates its cost based on the mid-market-rate and displays their rates live. Overall, Veem features more functions than Wise, like invoicing tools.
Are money transfer sites safe? ›P2P apps are easy to use and are secure but, unfortunately, scams are possible. Criminals can impersonate a bank and make you believe your account is in jeopardy, or pose as a business asking for payment for a product you never received.
Where is Veem based? ›Veem, formerly Align Commerce, is a San Francisco-based online global payments platform founded in 2014 by Marwan Forzley and Aldo Carrascoso.
What is the limit for Veem? ›Veem has no cap on the maximum amount you can send using Veem. However, larger payments may require additional insight or documentation based on your account and company size. Ready to get started?
Who is Veem competitors? ›Veem's top competitors include Melio, BILL, and Corpay One. Melio offers a digital platform that allows users to pay vendors by bank transfer or credit/debit card. It provides a free online platform that aims to help small busin… BILL (NYSE: BILL) provides web-based business automation services.
Is Wise the best way to transfer money internationally? ›Wise is a great choice for international money transfers. Advantages of Wise include ease-of-use, transparency, low fees, and great customer service. From an easy sign-up process to efficient transfers, Wise provides an excellent user experience.
What is the safest online money transfer? ›- Our Top Picks.
- PayPal.
- WorldRemit.
- Cash App.
- Venmo.
- Facebook Pay.
- Zelle.
- See More (3)
By and large, credit cards are easily the most secure and safe payment method to use when you shop online. Credit cards use online security features like encryption and fraud monitoring to keep your accounts and personal information safe.
What is the best safest way to transfer money? ›- Venmo: Best for mobile.
- Cash app: Best for referral bonus.
- Zelle: Fastest for domestic transfers (tie with Google Pay).
- Google Pay: Fastest for domestic transfers (tie with Zelle).
- PayPal: Most popular online.
- Walmart2Walmart: Best for nonbank transfers.
The IRS doesn't place limits on the amounts of money being sent, but there are reporting requirements for payments valued at 10,000 USD or more — or individual payments made within a short period which in total add up to over 10,000 USD.