How Ace Marks saved $120,000 in foreign exchange fees alone
By switching to Veem, Ace Marks got a more competitive foreign exchange rate, saving the company an estimated $120,000 since joining.
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Open a USD bank account from Canada
Take your business across borders with Veem’s Virtual Bank Accounts–no local entity required or monthly fees.
As seen in
Better than a receiving account
Virtual accounts are just like traditional bank accounts, with more advantages.
Quick & easy setup
Apply in just minutes. No in-person branch visits or paperwork required. Fully digital setup. No account opening fees.
Branded to your business
Accounts are issued in your business name, making it easy to receive payments from marketplaces like Amazon, Etsy, Upwork, etc.
Localized bank details
Get dedicated account information like wire and routing numbers–everything you need to receive domestic or international transfers.
Accept payments in USD from Canada
Veem’s Virtual Bank Account lets you collect in USD, even if your business is based outside of the United States.
What you can do with your account
Your Virtual Bank Account gives you the functionality of a traditional checking account without requiring a local entity to set one up.
Hold and spend
Use your account to send funds or hold them until you’re ready to convert.
Spend funds
Send or hold funds until you’re ready to convert. You can add funds to your account whenever you want.
Convert currencies
Open multiple virtual accounts in different currencies and exchange currencies at industry leading FX rates.
Withdraw at anytime
Send funds from your Virtual Account to your debit card, Wallet and Virtual Card with no minimum balance required.
Expand globally across key markets
Veem goes beyond North America. Access local bank accounts in Europe, and the United Kingdom without setting up operations abroad.
Accounts can be issued in Canada, Europe, the U.S, and UK.
Perfect for marketplace sellers
Sell anywhere, get paid locally. Your Virtual Account provides local receiving details for platforms like Amazon, Etsy, and more.
Transact with confidence
Veem combines enterprise-grade security, strict compliance standards, and trusted banking partners to protect your funds and data.
Enjoy peace of mind with:
- Bank-level encryption
- Multi-factor authentication
- PCI-DSS compliant processing
- FDIC protection
See what others are saying about Veem
How Soul of Nomad saved $10,000+ in International Payments
By avoiding wire transfer costs, Soul of Nomad saved upwards of $10,000 in supplier payment fees. Over the long run and with the continued use of Veem, the total number of savings has only increased.
How Virtual Latinos streamlined payroll for hundreds of virtual assistants
Using Veem’s Mass Pay feature, Virtual Latinos automated payroll for 250 virtual assistants effortlessly, driving efficiency and ensuring seamless payments for international staff.
Frequently Asked Questions
Check out our Veem Bank Account resources for answers to frequently asked questions, troubleshooting tips and more.
How can I get a Virtual Bank Account?
To apply for a Virtual Account, you’ll need to create a Veem account first. Once created, follow these steps, or navigate to the Virtual Bank Account tab from your dashboard to complete the application form.
How long does it take to get approved?
Applications are typically reviewed within 1–2 business days. Once approved, you’ll receive a confirmation from Veem, and your account will be available in the Veem dashboard the next time you log in.
How much does a Virtual Bank Account cost?
Open your Virtual Bank Account at no cost. Standard Veem transaction fees only apply when funds are transferred or converted.
Are my funds held in a real bank?
Yes. Veem partners with regulated financial institutions to issue and safeguard Virtual Bank Accounts. Funds are held in reputable, licensed partner banks, ensuring security and compliance with financial regulations.
How long does it take for funds to appear in my Virtual Bank Account?
Incoming wire and ACH transfers typically arrive within 1–3 business days, depending on the sender’s bank and location. You can track the status of each transfer directly in your Veem dashboard, and you’ll be notified as soon as funds are deposited into your Virtual Bank Account.
Can I withdraw funds from my Virtual Bank Account?
Yes. You can transfer funds from your Virtual Bank Account to your local bank or Veem Wallet anytime. Transfers are processed securely, with standard Veem transaction timelines and fees.
Disclosures
Payment and e-money services are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: 1 Sheldon Square, London, W2 6TT, United Kingdom. The Currency Cloud Limited is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).
For clients based in the European Economic Area, the issuance of e-money and the provision of related payment services for [UFXB NAME] are provided by CurrencyCloud B.V. CurrencyCloud B.V. is registered with the Dutch Chamber of Commerce in the Netherlands under number 72186178. Registered office Mr. Treublaan 7, 1097 DP, Amsterdam, Netherlands. CurrencyCloud B.V. is licensed and regulated by De Nederlandsche Bank as an Electronic Money Institution (Relation Number: R142701).
Payment services in the United States are provided by Visa Global Services Inc. (VGSI), a licensed money transmitter (NMLS ID 181032) in the states listed here. VGSI is licensed as a money transmitter by the New York Department of Financial Services. Mailing address: 900 Metro Center Blvd, Mailstop 1Z, Foster City, CA 94404. VGSI is also a registered Money Services Business (“MSB”) with FinCEN and a registered Foreign MSB with FINTRAC. For live customer support contact VGSI at (888) 733-0041.
For more information, please visit Currencycloud’s terms and conditions.
All testimonials, reviews, opinions or case studies presented on our website may not be indicative of all customers. Results may vary and customers agree to proceed at their own risk.
Safeguarding your funds
When funds are credited to your account, electronic money (e-money) is issued in exchange by an authorised Electronic Money Institution with whom we partner, namely Currencycloud. In accordance with applicable regulatory requirements, Currencycloud safeguards your funds. This means that the monetary value behind your account balance is held at a reputable financial institution and is protected in the event of insolvency of either Currencycloud or ourselves. Currencycloud ceases safeguarding your funds once the money has been successfully transferred from your account to the intended beneficiary’s account.