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Forbes > Goldman Sachs & Veem partner. Learn more

Receiving Payments through Veem

Benefits of Local Currency Payout

Veem has become the leader in sending and receiving payments between global businesses. Our 40K customers have sent millions of dollars around the world, allowing businesses to eliminate costly middle-men and help streamline how payments are made internationally.

 

As a receiver, there are numerous benefits to accepting payments through Veem.

  Veem provides local currency payout at competitive exchange rates, often better than what you can receive through your bank.

  Veem’s global payment platform helps tie your payment with information that makes it easy to reconcile – relaying sender information, invoice, and payment timing/amounts together in one bundle.

  Should you incur any bank fees for receiving a payment in your local currency, Veem will reimburse the amount.

For new receivers, we do offer settlement in USD abroad with the addition of a $20 fee incurred by the receiver. The receiver will also be responsible for receiving fees charged by a bank (pricing effective 12/14/17). Anyone who was receiving USD prior to that date will keep their previous cost structure.

Why change from USD payout?

Managing payments in a USD bank account abroad requires a lot more time and costs to manage. These costs will generally work their way back to the costs you charge your customers, possibly impacting your competitiveness. In some countries, like China, USD accounts were set up for regulatory reasons that have since expired and become a needless, costly step in repatriating funds.

How good are Veem’s exchange rates?

Veem offers exchange rates that are often half of what banks typically offer their customers due to the efficiency in our network. When you receive your payment, we’ll display the exchange rate so you can see for yourself.

Questions?

If you have any questions, please feel free to reach out to your account manager, they will be happy to assist.