Veem aims to offer cost-effective international money transfers with zero fee transfers, barring a few exceptions such as the following:
USD to USD international transfers cost US$20
Domestic transfers in USD cost US$1
Veem also offers competitive exchange rates, normally adding 1.5% to 1.9% as a margin to cover its own fees.
Available currencies
Veem claims to offer every single currency, including the following:
USD: United States dollar
PHP: Philippine Peso
AUD: Australian dollar
JPY: Japanese yen
NZD: New Zealand dollar
GBP: British pound
ZAR: South African rand
EUR: Euro
However, the countries available are different depending on whether you’re sending or receiving funds.
You can send money to over 90 countries, but can only send money from 25 countries.
What types of transfers can you make with Veem?
Veem only supports transfers from bank account to bank account, but as a business-focused payment provider, it offers a range of additional features, including the following:
Accounting tools. You can connect QuickBooks, Xero and NetSuite to Veem, so you can switch payment providers with minimal disruption to your existing systems.
Financing. You can finance invoices on a case-by-case basis to improve cash flow.
Rewards programs. Veem offers rewards programs, such as $1 cashback for every $2,000 converted to a foreign currency and more.
Mass upload. Save time by creating multiple payments at once.
Multiple users. You can create a single account for multiple users, with different permission levels for each.
You cannot use Veem for personal transfers yet. It only accepts business transfers, such as payments to overseas freelancers or remote workers.
How long does a transfer with Veem take?
Veem takes 1-3 days to process payments from the time a transfer is initiated.
Transfers typically take
1-3 days
Is Veem safe to use?
Security and regulation: Government-regulated and licensed, 2-factor authentication (2FA), certified by Comodo cybersecurity service
Established: 2014
Reviews: Trustpilot gives Veem a 6.8 out of 10, based on over 540 reviews*
Investors: Goldman Sachs, National Australia Bank (NAB)
*According to Trustpilot on 19 July 2019.
Country
Regulated by
United States
FinCEN (Financial Crimes Enforcement Network) – US Department of Treasury, state-level money transmitter licenses
How does Veem make money?
Although Veem claims not to have any fees for many of its transfers, it does add a margin to mid-market exchange rates. Mid-market rates are the “official” exchange rates at any given time, so you can think of the margin difference as being a fee paid through exchange rates.
Veem may also have additional revenue sources, such as referral programs for business credit cards and loans as well as interest charged on invoice financing.
How to register an account
Veem says users can create an account in under 20 minutes.
Create an account by entering your email address, country, business name and chosen password.
Confirm your email details. This takes about 5 minutes and is typically faster when your email address includes the name of your business you specified in the first step.
Log in to your account and create a payment request. Do this by specifying your location, your sender/receiver’s location and the amount requested.
Veem will ask about you and your business to verify your identity as well as your business’s identity.
You can now create new payments and payment requests.
How do I make an international money transfer with Veem?
There are two ways to send or receive payments through Veem. The first is to simply send or receive a one-off payment.
You do this by submitting a payment request to another Veem member, who can then check and confirm your request.
The second way is to submit an invoice:
Log in to your Veem account, enter the email address and the details of the business you are invoicing and upload your invoice.
The party you are invoicing will receive an email from Veem with payment instructions, including the amount of payment requested in their local currency. Once this email is sent, your invoice status will change to Invoice sent.
The other party then makes a payment to Veem. At this point, your invoice status will change to Funds received.
Veem will then send the funds to your bank account, at which point the invoice status will change to Funds sent.
What is Veem?
Veem is a San Francisco-based fintech company. It was built to start using blockchain architecture as a next-generation payment infrastructure.
Veem aims to replace the old wire payment methods used by banks, similar to how voice over Internet protocol (VoIP) has largely replaced telephone lines.
In a nutshell
Pros
Cost-effective transfers. Competitive exchange rates and minimal fees make Veem a more cost-effective option than using a bank.
No limits. Once your account is all set up, there is no limit on how much you can transfer. It’s suitable for both high- and low-volume transfers.
Feature-filled. Rewards programs, batched payment functions, multiple users and accounting software integration cement Veem’s value as a business payments provider.
Cons
No high-speed transfers. It will take several days for payments to go through. The first payments can take even longer as Veem needs to verify identities.
Bank transfers only. Both the sender and receiver must have a bank account since there is no credit card or other payment option.
Business only. You cannot use Veem for personal transfers. It’s for business use only.
How does Veem compare to other business providers?
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
You can call Veem on 1-877-279-2629 or email customer service at clientservices@veem.com.
The first payment to or from a new business or individual will typically take longer as identity verification of both parties is required.
If you think your payment is taking too long, check the payment tracker for an update. If the tracker is incorrect, or if it’s still showing it as taking too long, contact customer support.
Not everything at Veem is available 24/7. Payments are typically only processed on business days.
You can track invoice statuses through your account.
Typical bank transfers require a range of intermediary banks, each of which incurs a cost. Veem cuts out the banks by using a blockchain to transfer money as digital currency (such as Bitcoin) to help minimize bank fees.
A blockchain is a unique way of holding and transferring digital information. One of its key features is that it lets you tell one piece of data apart from another. This feature makes it possible to convert money into a purely digital form without the use of bank intermediaries.
And because the money is just data, it can be sent over the Internet as easily as an email. Bitcoin, for example, is one type of blockchain data.
Veem sends money around the world as needed in the form of blockchain data and then converts it into local currencies.
For the end user, it just looks like another payment service, where money comes out of one bank account and goes into another.
Andrew Munro was the global cryptocurrency editor at Finder, covering all aspects of cryptocurrency and the blockchain. Andrew has a Bachelor of Arts from the University of New South Wales.
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