Review: Veem business transfers

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:

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?

Is Veem safe to use?

• Where is Veem regulated?

  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.

• Step 1: Sign up

  Create an account by entering your email address, country, business name and chosen password.

  

• Step 2: Confirm email

  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.

• Step 3: Log in and create a payment request

  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.

• Step 4: Verify your business details

  Veem will ask about you and your business to verify your identity as well as your business’s identity.

• Step 5: Start using Veem

  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:

1. Log in to your Veem account, enter the email address and the details of the business you are invoicing and upload your invoice.
2. 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.
3. The other party then makes a payment to Veem. At this point, your invoice status will change to Funds received.
4. 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.

How does Veem compare to other business providers?

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{"niche":"CAFMT"}

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Filter Values	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
Wise (TransferWise) Finder Award		24 hours	From 0.33%	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to site View details Compare product selection Compare	loading
RemitBee		Within minutes	From $0	Send money to 100+ countries via Debit Card, EFT, e-Transfer, and more or exchange USD/CAD between bank accounts online.	View details Compare product selection Compare	loading
Xe Money Transfers Finder Award		Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to site View details Compare product selection Compare	loading
Instarem		Within minutes	From $0	Enjoy a special exchange rate and zero fees on your first transfer between 50 CAD and 2,500 CAD. Valid until June 30, 2026.. T&Cs apply.	Instarem offers inexpensive transfers and the opportunity to earn rewards points.	Go to site View details Compare product selection Compare	loading
Africhange		Within minutes	From $0	Send money in CAD to Africa on this blockchain and P2P powered provider.	Go to site View details Compare product selection Compare	loading
Remitly Finder Award		Within minutes	From $0	New customers can access special offers like free transfers and better exchange rates. T&Cs apply.	Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site View details Compare product selection Compare	loading
MoneyGram Finder Award		Within minutes	From $0	For a limited time, get $0 fees on your first money transfer from Canada. T&Cs apply.	MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.	Go to site View details Compare product selection Compare	loading
OFX Finder AwardExclusive		24 hours	From $0	Finder exclusive: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee. T&Cs apply.	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site View details Compare product selection Compare	loading
Xe Money Transfers Finder Award		Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to site View details Compare product selection Compare	loading
Airwallex		Within an hour	$0 - $35	Get up to $500 in FX fees refunded for international money transfers sent within the first 3 months of opening a new account. T&Cs apply.	Airwallex has transparent fees and fast transfers. Make business payments to 150+ countries in 60+ currencies.	Go to site View details Compare product selection Compare	loading

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FAQs

• How do I contact Veem customer service?

  You can call Veem on 1-877-279-2629 or email customer service at clientservices@veem.com.

• What do I do if my payment is taking too long?

  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.

• Does Veem work on weekends?

  Not everything at Veem is available 24/7. Payments are typically only processed on business days.

• How do I track my payment?

  You can track invoice statuses through your account.

• What makes Veem cheaper than banks?

  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.

• How does Veem use blockchain?

  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.

  Learn more about blockchain technology

• Can I cancel invoices and payment requests?

  You may be able to cancel payments by contacting Veem customer service.