How to Make International Payments with No More Bank Visits

Sending International Wire Transfers with Veem

Transparency and efficiency in payments were major pain points for Veem customer Cronus Business Services (CBS). A company that operates in oil, gas, and petrochemical equipment supply, CBS makes monthly, sometimes weekly, payments to Europe, Singapore and Canada for the equipment they need to build their products. In order for CBS to collect that equipment, they had to first prove to their suppliers that they had indeed started a payment, and that was a complicated process.

For a company of only sixty people, CBS found traditional banking services inconvenient to use and expensive. To initiate an international wire transfer, CBS had to visit a bank location in person. The bank gave them a 4-5 day window during which the supplier could receive the payment, but there was no certainty or notification when the payment actually went through. Sometimes, the payment for the wire transfer would be deducted twice from their account, which meant another visit to the branch. Suppliers would hold then the product, creating unnecessary production hold ups for CBS.

Why Veem?

The switch to Veem, was a personal choice for Yan Manevich, owner of CBS. Having heard of Veem from his wife, Yan chose our global payment method because its cost effective, transparent, and convenient. He was also pleased that he could make recommendations on the platform’s user interface and that the team at Veem took action on his input. For onboarding his suppliers, Yan admits he had his hesitations, but after receiving confirmation that a Russian client received a payment through the Veem platform, he knew the process was both efficient and effective.

CBS previously used both US Forex and Wells Fargo for their international wire transfers, and they ran into issues. The standard payment process for both companies required them to travel to the branch and enter a transaction into the system in person. Instead of being told at the time of the transaction what the exchange rate and wire transfer fees were, a note would be sent to CBS with that information. Not only was this a time consuming process, but Yan felt they were being charged too much to use a simple service that required he do all the work. On top of this, there was also the added level of uncertainty as CBS had no knowledge when the receiver would actually get the payment.

CBS uses multiple currencies to pay several suppliers each month. Besides US dollars, CBS also makes payments in pounds and kronz. For CBS, it was much more preferable to be able to make all these payments in one place – the Veem payment platform – without having to travel to a bank branch. Veem not only allowed CBS to make the payments from their office without wasting time on commuting, but also allowed them to have records of all of their transfers in one place. They can now track all their payments in real time at any time, which alleviates pressure from suppliers for proof of payment.

Moving Forward

CBS admits switching to Veem wasn’t without some uncertainty at first, but overall they love that Veem saves them money by not charging unneeded wire transfer fees, providing the most transparency and convenience. For an internationally operating small business, that means everything.

Veem helps 100,000 businesses in over 100+ countries send and receive wire transfers.

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* This blog provides general information and discussion about global business payments and related subjects. The content provided in this blog ("Content”), should not be construed as and is not intended to constitute financial, legal or tax advice. You should seek the advice of professionals prior to acting upon any information contained in the Content. All Content is provided strictly “as is” and we make no warranty or representation of any kind regarding the Content.