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Veem Global Business Payments review
The first to use the blockchain for transactions, Veem offers fast, inexpensive business transfers.
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If you’re in one of the 60 countries it services, Veem can offer your business international payments and mass invoicing with ease. Unlike other transfer specialists, Veem uses bitcoin’s blockchain for B2B transfers that don’t require intermediaries like banks. By cutting out the middleman, Veem’s transfers are typically faster and cheaper than its competitors.
What is Veem Global Business Payments?
A remittance service, Veem uses innovative “multirail” technology that combines blockchain technology typically used for cryptocurrency with the more traditional systems of fiat currency. This technology ensures an inexpensive service that quickly chooses the “rail” providing the best exchange rate and fastest transmission at the time of your transfer.
Unlike other money transfer services, Veem offers business payments only. The low cost and ease of international payments makes Veem particularly appealing for small to midsize businesses that bump into difficulties using other services.
If you’re looking to send money to loved ones around the world, you’ll need to compare your other options.
| Product name | Veem Global Business Payments |
| Minimum transfer | None |
| Maximum transfer | No maximum, but documentation required for large transfers |
| Transfer method | Bank to bank |
| Transfer options | Integration with QuickBooks |
| Delivery speed | 1–3 business days |
| Transfer fees | $0 for USD to other currencies; $15 for USD to USD |
| Exchange rates | Competitive rates that top out at about 2%, depending on the country or currency |
| Available currencies | All currencies |
| Customer service | Phone, email, call request |
How are Veem’s exchange rates?
Veem claims that its multirail technology can get you exchange rate spreads that are half those of what you’ll get from your local bank. Add to this Veem’s discounts for larger payments, and you’re likely to save even more:
| Transaction amount | Veem rate |
|---|---|
| $0–$4,999 | 1.9% |
| $5,000–$9,999 | 1.8% |
| $10,000–$24,000 | 1.7% |
| $25,000 or more | 1.5% |
How much will it cost to send money with Veem?
Veem charges transfer or wire fees. You pay only through the spread on the exchange rate for your currency.
Compare Veem to other business payments specialists
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Minimum transfer amounts and available countries
Veem Global Business Payments has no minimum or maximum amounts for transfers, but you can save more on rates for larger transfers.
Veem sends and receive payments in:
Veem can send to but not from:
How do I send money through Veem Global Business Payments?
1. To use Veem, you’ll need to first sign up for an account. Simply click Signup at upper right.
2. Select your country and create your log in information.
3. Veem will confirm your email in a matter of minutes. After, log in and create your payment request. If this is your first request, you’ll need to provide further details about your business for final ID verification. Verification can take up to three business days.
4. Your recipient will need to sign up with Veem to receive your funds. After, sending money is as simple as providing their name, business name and email address along with the amount you’re sending.
5. You can log in to your account to track your payment every step of the way.
How does invoicing work with Veem?
Veem offers an invoicing feature that streamlines the process for any business owner in four easy steps:
- Log in to your Veem account and upload your invoice. Status changes to “Invoice Sent.”
- Veem will email the business or person you’re invoicing with detailed payment instructions. Status changes to “Waiting for Funds.”
- When Veem receives your payment, it updates your invoice status to “Funds Received.”
- Veem transfers and deposits your funds into your designated bank account. Status changes to “Funds Sent.”
What to watch out for
Veem can help you make business payments quickly with competitive exchange rates, but with a few potential drawbacks.
- Business payments only. Veem does not support transfers to and from individuals.
- Limited availability. Veem transfers to and from 24 countries and sends only to another 37 countries — but those countries don’t include many in Africa.
Benefits
- Speedy transfers. Business funds are delivered in one to three business days.
- Competitive rates. You’ll likely never pay more than 2% on the mid-market rate.
- QuickBooks integration. Share your Veem transfers with QuickBooks for easy payments to international suppliers in more than 60 countries.
- No limits. Send as much — or as little — as necessary for your business.
Drawbacks
- Limited send & receive countries. Many African countries are excluded from Veem’s services.
- Business payments only. As of now, Veem does not support personal transactions.
How safe is Veem Global Business Payments?
Veem is Comodo certified and keeps your data and personal information safe with up-to-date encryption and advanced protocols. Veem is also insured against theft, hacking and operational losses.
Next steps
- Track your transfer. To view the progress of your transfer, log in to your account.
- Customer service. For support, call 1-877-279-2629, email clientservices@veem.com or request that a team member call you back online.
Bottom line
Veem Global Business Payments is a solid choice for businesses looking to send and receive payments quickly and inexpensively internationally. So many happy customers could mean that you’ll soon ask others to “Just Veem it!”
Frequently asked questions about Veem
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