Stats behind international payments
July 10, 2019
The Trouble With Bank Wires
You’re already working to get paid. Why should you work harder, only to 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 small business owner, or a consumer, here’s everything you need to know about the recipient’s account before you can send money online. First, 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.
Are wire transfers safe? Download our white paper to find out.
Here’s a typical bank wire transfer 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?
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 wire transfers, Paypal charges.
Veem helps 100,000 businesses in over 100+ countries send and receive wire transfers.
Payments shouldn’t be hard
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 easily avoidable.
International Payment API: leveraging blockchain technology with low Foreign exchange rates 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 100+ 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 $10,000 to businesses affected by tariffs. Let us help you, here.