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Review: Veem business transfers

Veem uses blockchain technology to cut costs on international business transfers.

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Quick verdict

Good for
  • Business transfers
  • Low-cost international payments
  • Transfers in a wide range of currencies
  • Both large and very small transfers
Not so good for
  • Same-day transfers
  • USD transfers
  • Non-bank transfers
  • Personal transfers

Veem exchange rates and fees

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 takeClock icon for transfer speed

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.

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.

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.

Veem send money form

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.

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?

Looking for other options? See how Veem stacks up to other business payment providers.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 Same day CAD 0.00 0.805 USD
4,023
XE has fast transfers with low fees and a range of foreign currency tools. Go to site Show details
CAD 10 Within an hour CAD 1.99 0.8 USD
3,997
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
CAD 1 1 - 2 days CAD 45.00 0.809 USD
4,006
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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