International Clients:✓ Internationally
Minimum Transfer: No set minimum
Trading via:Online system using blockchain technology
Offices In: USA, Canada, China
Regulation:✓ Financial Crimes Enforcement Network (USA)
Fees: $20 when receiver requests non-local currency, free when receiver requests local currency
Promotional Code: None
Client Reviews: More than 500, mostly on Trustpilot.com
– Forbes Fintech 50
– Emerging App Partner of the Year, Xero Awards 2017
– 100k App Showdown Finalist (hosted by Intuit)
Client Rating: 72%
Pros and Cons
No fees for sending payment in destination currency
Highly competitive FX rates
Payments tracked as it moves through the blockchain
A relative newcomer to the fintech industry
3/4 of served countries can only receive money
Doesn’t accept credit cards
Our Rating: N/A
“New and interesting to watch. Not yet proven”
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Company Information and Credibility
Founded in 2014, Veem is a fintech startup that does B2B money transfers through the blockchain. They employ approximately 150 employees across three offices in the USA (San Francisco), Canada (Ottawa), and China (Shanghai).
They have backing from some of the biggest names in finance. Goldman Sachs, Fenbushi Capital, and the SBI Group are just a few firms who have invested venture capital in Veem.
While there are still in the early stages of growth (Owler.com projected their annual revenues at only $3 million USD), they have generated a great deal of media buzz. Techcrunch lauded them for “providing a platform to ease the international transfer of funds between businesses”, while CNBC placed Veem on their list of 100 startups to watch in 2018.
Financial Crimes Enforcement Network (USA)
Veem has been backed by some of the biggest names in venture capital. However, they have only been around for five years. Given mixed client reviews, we cannot promote them as a top tier company. However, when you consider they have the backing of top-shelf VC firms and the fact that most client reviews are positive, they aren’t a lousy firm either.
Veem has been reviewed over 500 times on Trustpilot, amassing a rating of 4/5 (Great) and a trust score of 7.2/10. Their reviews are a mixed bag – 4 out of 5 Veem customers rated this service as excellent or great, but a significant minority (18%) had a bad experience.
Those satisfied with Veem had the following to say:
– It was cheaper than bank wires
– The service was easy to use
– They had friendly customer service reps
– Veem was faster than competing services
Those dissatisfied with Veem had the following to say:
– Transfers took too long to process
– Customer service was poor when things went wrong
– Customer service reps were not available when needed
– The sign up procedure was highly invasive (e.g. asking for Social Security Number and other deeply personal information).
Client feedback is mixed. Some report quick transfers and excellent customer service, while others have experienced slow transfers and poor customer service. In many cases, issues were caused by Veem, not the client.
One reviewer has noted a deterioration of performance over the past year or two. While anecdotal, it is worth noting for potential first-time users.
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Exchange Rate & Fees
$20 when a client receives a non-local currency, free when they receive their local currency. If the receiver of funds is okay with receiving their home currency, Veem is superior to the banks.
Veem does not publicly disclose their exchange rates. Instead, they prefer to negotiate ‘volume pricing discounts’ over e-mail or the phone. According to past customers, spreads range from 1.5%-1.9% off the interbank rate. The larger the transfer, the lower rate you’ll get.
Veem has no set minimum or maximum transfer amount. Documentation may be requested for more significant amounts – however, the exact number was not specified.
The lack of a fee on transfers (when the receiver gets their home currency) and lower exchange rate spreads makes Veem a better option than the banks. However, some money transfer companies offer tighter exchange rate spreads, which could make them a better option.
Global Reach & Service
- Dedicated Dealer: No
- Offices: USA, Canada, China
- Ways to approach: E-mail, telephone (separate lines available for English and Mandarin speakers)
- Translations: Mandarin
- Accepts clients: In 96 countries; 25 countries can send/receive money, 71 countries can only receive money
- Currencies Handled: 68
- Client reviews: 80% positive, 7.2/10 TrustScore per TrustPilot.com
Despite only being in business for five years, Veem has offices in three countries, offers 68 different currencies, and sends/receives funds in 96 nations.
Despite progress made to date, their customer service capabilities are not where they need to be. Given they the solution is built around blockchain, speed should really be a significant improvement but with transfers taking longer and client/company relationships deteriorating over the past year, this company may have grown too fast.
Veem offers more than just B2B cash transfers. They also offer the following functions:
– Cloud-based invoicing
– Pay Links (streamline payments from clients)
– A cashback program (Veem rewards)
– Integration with accounting software like Intuit Quickbooks, Xero, etc.
With online tools that make completing accounting tasks easy, Veem is positioning themselves to become an integral part of how small businesses operate.
Their cashback program, a promotion commonly associated with credit cards, is also intriguing. Awarding 5 points per $100 sent, it allows business owners to redeem at a ratio of 100:1 (100 points per dollar). For businesses that move huge quantities of cash, this can add up to a neat sum quickly.
Many money transfer companies offer a narrow range of services. Veem has broken this mold, offering accounting tools designed to encourage the adoption of this service as a central part of a company’s infrastructure. Being a technology focused company it understands the value of a deeper integration with its clients.
This veem money transfer review will be updated as time passes by and a rating will be assigned once we gather more data.