When you send funds to another country, did you know that your money passes through several banking partners (or correspondent banks) before reaching its destination? Furthermore, each of the correspondent banks takes a cut in fees which usually run between 2-4%. This is one of the reasons why wire transfers are expensive and take longer. Unfortunately for customers, this is highly profitable and a major source of revenue for banks – making it unlikely to change anytime soon. Veem, on the other hand, makes it simple for you. Our group of payment experts has redesigned global money transfers to cut out needless stops with the banks, correspondent bank delays and fees, and time spent filling out forms so that your payments get through on time, and at a better rate than what you’re paying today.
Does this form look familiar to you? For a typical business, banks usually ask for 26 different types of information before sending funds along such as swift codes, business names, addresses and the list goes on. Depending on the type of business you are, banks even require its customers to submit the form in-person. So what’s the downside to all of this? Quite a few actually. There are cut-off times of course, but what if you make a mistake in the SWIFT code and write 0 instead of O – only to have your transfer rejected 3 days later? That’s time and money wasted that your business can’t afford.
Bank transfers are also riddled with hidden fees and something that customers are often faced with. $20-$40 per transfer for you and your recipient can add up if you send several transfers per month. Include the non-transparent FX/exchange rate that banks add on and you’re down a few thousand dollars without you even realizing it. In addition to hidden fees, not knowing where your money is or when it will arrive and getting less than expected because of all the fees that were taken in between transfers gives customers a less than ideal way of doing business. This has created a feeling of inconsistency among small and medium sized businesses who have started looking for more viable alternatives when sending bank transfers internationally. So why is it this inefficient? A lot of it is because wire transfers were built in a different era without anticipating the rapid demand for global business payments.
Along with going through correspondent banks, the current system of sending international wire transfers is obsolete. Traditional bank wire payment networks were engineered at a time before technology enabled SMBs to become so integrated within the global economy. Electronic Fund Transfers (EFT), which is the foundation of payments today, came about from the first type of wire transfers. And though it has brought about new efficiencies on how global transfers are made in the last 50 years, it still hasn’t quite caught up to the current needs of small and medium sized businesses. This has led to the myriad of problems we keep encountering today – lost transactions, exorbitant bank fees or payments that were coming up short, convoluted forms that you have to fill out, no visible FX rate, no payment tracking and having to go directly to the bank just to send money, just to name a few. Traditional wire services are becoming less than ideal for a typical small and medium sized business where time and resources are very limited.
We here at Veem recognize these issues and built our platform to cater to a more connected world. We’ve addressed these problems for the thousands of customers who now use us by offering a more simple, efficient and fee-free solution using our very own Multi-rail technology. Users can easily send or receive funds to over 60 countries that Veem caters to for free.
Furthermore, compared to the 26 fields that are required with traditional bank transfers, we only ask for a recipient’s name, business name, email, currency and amount, it’s that simple! Our FX rates are competitive and transparent, and everything is done online with no cut-off times. In addition, all Veem users are able to track where their funds are in real-time, eliminating the uncertainty of when the money will get to its recipient.
With just your name, business and email, you’re on your way! Just link your bank account and move on to sending money around the world.
Indicate how much and which one of the 60 countries we serve you need to send to. All cross-border currency exchanges and domestic wire transfers are FREE!
The first time you initiate a transfer to another party they’ll need to ``accept`` it by confirming their bank details & business info. Additional details may be required for large amounts