Veem vs. Transferwise: The Battle of Payment Processing Giants
When it comes to payment processing, there are a lot of alternatives out there. Two of the most prominent are Veem and Transferwise. Both giants aim to make it simpler and cheaper for companies to move money around the globe. But which one is better? In this blog, we'll look at the differences between Veem and Transferwise to determine which one is the most appropriate alternative for your company.
Pricing
One of the most critical aspects of payment processing is the cost. Both Veem and Transferwise take distinctive approaches to how they charge their clients.
Veem provides straightforward pricing. There are no subscription costs or hidden fees; instead, you are charged a flat fee of $20 for every international transfer you make using Veem. There is no charge for domestic transfers. Veem is a more affordable choice if you only need to make a few international transfers per month.
On the other hand, Transferwise is more complicated pricing structure; they charge a percentage of the transaction value as a fee. The rate varies depending on the currency and area. For example, transferring money from the United States to Mexico would cost you 0.65 percent of the transaction amount in fees.
Currency Options
Another item to examine when evaluating payment processors is the number and type of currencies they support.
Veem, unlike Transferwise, has no currency limits. Veem enables you to send money to over 100 countries in a variety of currencies, including exotic currencies that other payment processors cannot handle.
TransferWise supports 40+ currencies for international transfers and 20+ currencies for borderless account transactions. Even though Transferwise has a smaller selection, it's still quite extensive, and it includes most of the major currencies.
Payment Speed
The last area to examine is the speed of the payment process.
Veem transactions typically take one to three business days to complete, depending on the receiving bank and location. Veem does not currently provide same-day transfers, which could be a disadvantage for some companies.
Transferwise estimates that 90% of its transfers arrive within one business day, with some currencies and payment methods taking longer than others. On occasion, a payment may take a few more days to get there, depending on the currency and payment method used.
Conclusion
Veem and Transferwise are both fantastic payment processing alternatives that provide unique features and advantages to a variety of companies, Depending on the specifics of your business, one or the other may be the preferable choice.
Nonetheless, based on the fees, currency choices, and payment speed, Veem would be the most cost-effective option if you need to make one or two international payments each month. For companies that do a large amount of international transfers, however, Transferwise may be a more cost-effective option.
References
- Veem: https://www.veem.com/pricing/
- Transferwise: https://www.transferwise.com/us/pricing/