Veem

Category Accounting
Reviewed by Cristian
Updated Apr 28th, ’22

Tekpon Score

9.3

Users Score

7.5

Veem Review

Share on

Veem is a software that helps small businesses and freelancers accept, send, and receive payments easily. Also, Veem is a provider of international payments services for small and midsize businesses that connect buyers and suppliers in more than 60 countries. The platform uses blockchain technology to make international payments easier, faster, and cheaper.

UI/UX

9.0

Ease of use

9.5

Value for Money

9.3

Features

9.5

Customer Support

9.0
Pricing Details

No free trial

No free version

PROs
  • Easily set up your account
  • They do not charge monthly fees
  • They have a user-friendly interface
  • Veem has multiple payment options
  • You can track payments in real-time
  • You are assured of fast transfer payments.
  • Veem supports payments in more than 60 currencies
  • The rate is guaranteed at the time you initiate a transfer
  • You can even integrate Veem with accounting software
  • Veem offers 24/7 customer support, including live chat
  • Veem uses bank-level encryption and multi-party authentication
  • Veem offers add-on services like the ability to issue paper checks
CONs
  • Some banks may charge fees for sending money via ACH
  • Veem only has network coverage in over 60 countries worldwide
Best for
  • Small business
  • Medium business
  • Freelancers
Deployment
  • Cloud, SaaS, Web-Based

Veem supports all major currencies worldwide. It also allows you to send payments to over 60 countries worldwide. The platform is available in English, German, Spanish, French, Japanese, and Chinese. In this Veem review, we’ll walk through Veem and see how it stacks up to other popular options for business owners. We’ll also help you decide whether it’s likely to be a good choice for your business.

What is Veem?

Veem is a modern way to send and receive payments. It saves you time, money, and the hassle of dealing with traditional bank transfers. The platform has a slick and simple interface that allows you to send money online, make a money transfer, or make any global payment to anyone, even if they don’t have a Veem account. All you need is their email address, and you can start sending money instantly.

Based on our Veem review, among the various payment options, you can find online, Veem has some of the best exchange rates, meaning more money for your business. Veem will also track all payments sent or received in real-time, giving you visibility into every online money transfer made by your business.

Small businesses, midsize businesses, and freelancers can use this Veem payment option. Getting started on Veem only takes a few minutes. Signing up for a free account is easy and requires basic business information like your name, email address, and company name.

If you sign up for an account with Veem and enter your name and phone number, you will get $3,000 worth of international wire transfers. This can be a great way to test out the provider if you’re unsure whether it’s right for your business.

How to use Veem?

Veem helps small businesses manage their international payments and invoices. You can set up your Veem account by clicking on the get started button on their homepage.

After clicking the Get Started button, you’ll be asked to fill out some basic information, including your name, email, contact number, company name, and company address. After this step, you’ll be prompted to verify your email.

Next steps:

  • Check your inbox for an email from us and click Verify Email in the message body. Check your spam folder or request a new verification email if you can’t find it.
  • Once verified, you’ll be prompted to enter your Bank info (e.g., routing/account number). This is how they can send payments to you and your suppliers worldwide.
  • Complete your profile by uploading a company logo, adding a company description, and adding additional team members (if applicable).

How can you use Veem? Here is how:

  • Send payments with Veem

To send money using Veem, you need the recipient’s email address and bank account information. Then, you can send payments from your bank account or charge a credit card.

  • Receive payments with Veem

When you receive a payment through Veem, the funds are automatically deposited into your bank account in two to five business days. After that, the cash is yours to use as you wish — there are no withdrawal limits or restrictions.

  • Track receipts

Suppose you are running a business; one of the most important things you need is to keep track of all your records, such as payment receipts and invoices. Veem lets you do this to have an easier time filing them for taxes and other purposes.

  • Exchange currencies

You can use Veem to exchange currencies for sending money to other countries without worrying about exchange rates or paying additional conversion fees.

How to transfer money from Veem to a bank account?

If you want to make a money transfer from your Veem account to your bank account, follow these steps:

  • Log into your Veem account.
  • Then, go to the left side of your dashboard and click “Veem Wallet.”
  • After that, click the “Withdraw” option.
  • Type the amount of money you want to withdraw.
  • Then confirm the transaction you made.

You will see the money in your bank account within two to five business days.

Veem Features

Veem has several features. Here are some of them:

  • Payments

This is the main feature that Veem has. With Veem, users can send and receive money globally through Veem’s network of partner banks, exchange rates, etc. Furthermore, Veem’s multi-rail technology allows cross-border payments to arrive faster and cheaper than traditional methods. In addition, you can make an international transfer to any business account in the world if they have an email address or phone number.

  • Payment tracking

This feature allows users to track where their payments are always.

  • Multi-user accounts

With this feature, users can add multiple users to their accounts if they need to let various people in their organizations handle payments or see information on transactions.

add a user

  • Invoice management

Veem also has an invoice management feature that allows users to manage their invoices. With this tool, you can create professional-looking invoices with the Veem brand and send those invoices to customers via email or text message. They can get paid directly by their customers through these invoices too.

Also, this feature allows you to create an invoice and set reminders until it’s paid. If you have a customer that doesn’t pay on time, they can even send them a friendly reminder for you.

  • Mass payments

You can create a list of users you want to send money to and make mass payments. You can even save that list for future use.

mass payments

  • Recurring payments

This feature allows you to set up recurring payments for vendors that require regular payments, like rent or utilities.

Veem Pricing

Usually, the transfer payments that are done via Veem are free. The only cases where they applies its fees are with:

  • For international transactions, Veem charges a receiver’s fee of $29 when receiving payments in USD outside of the US.
  • Credit card payments where a 2.9% fee applies.
  • Instant deposits that you will pay a 1% fee for.

That’s all. You are not required to pay usage fees, subscription fees, or extra transaction fees.

No matter which Veem pricing plan you choose, all Veem accounts come with:

  • Real-time tracking and insights with their award-winning dashboard.
  • End-to-end encryption for your security.
  • No hidden fees or foreign markups.
  • Free transfers between Veem accounts in more than 60 countries.

Among all the various accounting tools, Veem offers some of the lowest exchange rates in the market and has no minimums or maximums on payments.

Alternative to Veem

Many companies offer similar services to Veem, and it is always a great idea to do your research before you sign up for any service. Of course, this platform is unique in many ways, and we are proud of the innovation they have brought to payments. However, if you are looking for an alternative to Veem, here are some companies that provide similar services:

  • Currency Cloud

Currency Cloud is a global payments platform built on smart technology that takes the complexity out of moving money.

Their payment API is secure, reliable, and customizable so that you can make international payments at any time and from any place around the world.

Currency Cloud is one of the best alternatives to Veem because everyone pays the same low transaction fee, whether you’re sending or receiving funds. They also have a transparent pricing system that lets you see exactly what goes on behind the scenes when you transfer money internationally.

Their API lets you build a custom payments experience into your existing software or website. In contrast, their white-label payment solution allows your business customers to pay you through their brand portal.

They also offer 24/7 customer support and are fully compliant with all anti-money laundering (AML) and know your customer (KYC) regulations worldwide so that your payments are always secure.

  • PayPal

PayPal is the world’s largest online payment processor that enables individuals to securely send money to each other, pay for goods and services, and donate.

PayPal is the safer, easier way to pay and get paid online. The service allows anyone to pay in any way they prefer, including through credit cards, bank accounts, buyer credit, or account balances, without sharing financial information.

Through its payment solutions, PayPal offers businesses of all sizes the ability to accept all major credit cards and debit cards, bank account transfers, and online checks with no upfront costs or long-term commitments.

  • Payoneer

Payoneer is a versatile tool that is used for making payments. It has an easy-to-use interface. Payoneer is an app that will help you to pay your bills.

With Payoneer, you can send and receive money to other Payoneer users worldwide, no matter where they are. In addition, you are allowed to send and receive money directly to the bank accounts of suppliers, employees, and partners around the world.

Payoneer lets you instantly access your earnings in USD, EUR, or GBP with a 0% commission on bank transfers.

Veem Review Conclusions

Veem is a great solution for companies large and small. It’s easy to use, inexpensive, and reliable. We hope that our review has given you a better idea of how this payment solution can help your business. If you want to try it, sign up today and discover how much faster and easier international payments can be!