Stats behind international payments
July 10, 2019
You’re already working to get paid. Why should you work harder and pay for your own money? You’re not employed by your bank. You’ve already earned your cash.
Some banks have at least a five-step process for international money transfers. As a sender, you need to know everything about the recipient’s account before you can start. This means you have to communicate with your recipient before starting the process. This means waiting.
The basics you need before sending a bank wire include recipient bank name, address and country, account number (IBAN), SWIFT/BIC or National ID, currency of recipient’s account (foreign currency or U.S. dollars), and the purpose of wire.
That’s without any complications that may arise.
What’s more, both the sender and receiver pay a fee on each transfer, both domestic and international.
Are wire transfers safe? Download our white paper to find out.
Here’s a typical bank wire fees breakdown:
Incoming domestic wire: $15
Incoming international wire: $16
Outbound domestic wire: $30
Outbound international wire sent in foreign currency: $35
Outbound international wire sent in U.S. dollars: $45
So what do these fees cover?
Mostly just the assurance that a bank is handling the transfer. Most people feel more comfortable with a bank wire for security purposes. It’s like brand name clothes. You pay more for the name.
Did you know that Veem’s a name that over 125,000 businesses trust?
Other payments processors are also trusted. But many of them lack the speed and affordability that Veem offers.
Transferwise is a popular alternative to Paypal. It’s used similarly to Veem for international and domestic payments. However, Transferwise is also known for its lengthy processing times
Authorize.Net is a payment gateway and alternative to Paypal. With Veem, you dodge Authorize.Net’s $25 monthly fee, $0.10 fee per transaction, and $0.10 daily batch fee. And for international payments, Paypal charges.
Veem helps 100,000 businesses in over 90 countries send and receive wire transfers.
Payments shouldn’t be hard
Veem allows you to send money to over 90 countries in local currencies, free of charge, with global exchange rates that beat banks and Paypal every-time.
With Veem, domestic payments are free. Additionally, you can receive payments outside of the US in local currency without any fees, or keep them in USD for only $20, less than half of what the above bank demands, and even lower yet compared to other banks. This fee is also very easily avoidable.
International Payment API: leveraging blockchain technology with low FX rate and no transaction fees
What if your bank paid you?
How to get rewarded by using Veem:
Veem loves making new friends. For that reason, Veem rewards your business $20 each time you pay a new business using the platform. Plus, it’s better for your partnerships! Keeping everyone on the same page just makes things easier and (literally) pays off.
This works both ways! You also gain $20 each time a new business pays you through Veem. That’s business, baby.
Did you know that Veem is able to send borderless payments to 98 countries from 25 countries?
International payments are notoriously brutal, especially with painful with exchange rates. But with Veem, we make it easy. You earn $1 for every $2000 exchanged to a foreign currency.
We're giving $1,000 to businesses affected by tariffs. Let us help you, here.