When it comes to sending and receiving money, Veem and Wise are two of the most popular options available.
Veem is better for freelancers whereas Wise is better for people transferring money and entrepreneurs.
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Core Features
When it comes to money transfer services, both Veem and Wise offer a range of features to help you send and receive payments. Here’s a breakdown of the core features offered by each platform.
Veem Features
Veem is designed for businesses who need to make international payments. One of its key features is the ability to send payments to over 100 countries in their local currency. This makes it easier for businesses to pay suppliers and contractors without having to worry about currency conversion fees.
Veem also offers real-time payment tracking, which means you can see exactly where your payment is at all times. This is particularly useful for businesses that need to keep track of their finances.
Another feature of Veem is the ability to send batch payments. This allows you to send multiple payments at once, which can save you time and money.
Wise Features
Wise, on the other hand, is designed for individuals and businesses who need to send money abroad. One of its key features is the ability to send money to over 80 countries in their local currency.
Wise also offers instant deposits, which means you can send money and have it arrive in the recipient’s account within seconds. This is particularly useful if you need to send money urgently.
Another feature of Wise is the ability to send payment links. This allows you to send a link to the recipient, who can then enter their payment details and receive the money directly into their account.
In terms of fees, both Veem and Wise offer competitive rates for international payments. However, it’s worth noting that Veem charges a fee for instant transfers, whereas Wise does not.
Cost and Fees
both Veem and Wise offer affordable fees for their services. However, there are some differences between the two platforms.
Veem does not charge a fee when you send payments via bank transfers but charges $1.99 for checks (US only), and 0.5% for the Fast Bank Transfer (next day). The fees to receive are free. There are no hidden fees, and Veem offers low foreign exchange rates.
Wise, on the other hand, charges a percentage-based fee for its services. The fee depends on the currency and the amount of the transfer. However, Wise’s fees are generally lower than traditional banks and other money transfer services.
Both Veem and Wise offer transparent fees, so you can see exactly how much you will be charged before making a transfer. This makes it easier to budget and plan for your payments.
Payment Methods
When it comes to payment methods, both Veem and Wise offer a variety of options for their users. However, there are some differences that may make one platform more appealing to you than the other.
Veem allows you to pay domestically and internationally on your terms as easily as sending an email. You can pay with a bank account, debit card, or credit card. However, take note that there is a 3.5% fee for credit card payments.
Wise, on the other hand, offers a wider range of payment methods. You can pay with a bank account, debit card, credit card, or even Apple Pay. Wise also offers fee transparency, showing their fees clearly upfront. This can be helpful in avoiding any surprises when it comes to the cost of your transactions.
It’s also worth noting that Wise offers a personal account in addition to their business account. This can be useful if you want to separate your finances within one provider.
Security Measures
Both Veem and Wise understand this and have implemented measures to ensure that your money is safe and secure during the transfer process.
Veem uses bank-level security measures to protect your transactions. All data is encrypted and stored securely, and Veem also utilizes multi-factor authentication to prevent unauthorized access to your account. In addition, Veem is regulated by the Financial Crimes Enforcement Network (FinCEN) and is subject to regular audits to ensure compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.
Wise also takes security seriously and uses a variety of measures to protect your money. All data is encrypted using 256-bit SSL encryption, and Wise also uses two-factor authentication to ensure that only authorized users can access your account. In addition, Wise is regulated by the Financial Conduct Authority (FCA) in the UK and is subject to regular audits to ensure compliance with AML and CTF regulations.
Availability and Coverage
When it comes to availability and coverage, both Veem and Wise have a wide reach. However, there are some differences to be aware of.
Veem
Veem is available in over 100 countries, and its platform supports payments in more than 70+ currencies. This makes it a great option for businesses that need to make international payments regularly. Veem’s platform is designed to simplify the payment process, with features like automatic payment tracking and reminders.
Wise
Wise, on the other hand, is available in over 70 countries and supports payments in more than 40 currencies. While this is a slightly smaller reach than Veem, Wise’s platform is known for its low fees and competitive exchange rates. This makes it a great option for businesses that need to make international transfers frequently.
Speed of Transfers
When it comes to international money transfers, speed is often a critical factor. Veem and Wise both offer fast transfer speeds, but there are some differences to consider.
Veem’s transfer speed stands at between one and three business days, which is comparable to most bank transfers. However, Veem also offers instant payments, which allow you to get paid immediately with instant deposits. This feature can cut the standard bank processing delay from three days to under an hour, making it a great option for urgent payments.
On the other hand, Wise is known for its lightning-fast transfer speeds. The service boasts that most transfers are completed within 24 hours, and some can even be completed within a few seconds. This is thanks to Wise’s extensive network of local bank accounts, which allows it to process transfers quickly and efficiently.
It’s worth noting that transfer speeds can vary depending on a variety of factors, such as the destination country, the payment method used, and the time of day the transfer is initiated. Both Veem and Wise may also charge additional fees for expedited transfers.
Invoice and Payment Tracking
When it comes to managing invoices and tracking payments, both Veem and Wise offer robust solutions that can simplify the process for small businesses.
Veem provides a simple invoice builder that allows you to create professional-looking invoices in minutes. You can customize your invoices with your logo, payment terms, and other details. Once you’ve sent the invoice, Veem keeps track of its status, so you know when it has been viewed, paid, or overdue. You can also set up automatic reminders to nudge your clients to pay on time.
Wise also offers an intuitive invoicing feature that lets you create and send invoices in seconds. You can add your branding, itemize your products or services, and set payment terms. Wise also allows you to track the status of your invoices and sends you notifications when they are viewed or paid.
Both Veem and Wise provide payment tracking tools that allow you to monitor your incoming and outgoing payments. With Veem, you can view all your payment history in one place, including pending, completed, and failed transactions. You can also export your payment data to your accounting software. Wise, on the other hand, provides a dashboard that shows you an overview of your payment activity, including pending, completed, and upcoming payments.
Support and Customer Service
Having reliable and accessible customer support is crucial When it comes to online payment platforms. Both Veem and Wise offer customer support through various channels, including email, phone, and live chat.
Veem provides 24/7 support via chat, email, and phone, with multilingual support available for no additional cost. This is a significant advantage for businesses that operate globally and need assistance outside of regular business hours. Veem offers customer support for both payers and vendors, even if they are not on the Veem network.
Wise, on the other hand, also offers phone, chat, and email support and detailed online help documentation. However, their other contact numbers are more region-specific, which may not be as helpful for businesses that operate globally. Wise has an edge for European users, as they offer support in several European languages.
Both platforms have extensive online knowledge bases and FAQ sections that cover a wide range of topics related to their services. However, Veem’s knowledge base may be more user-friendly and organized, making it easier for businesses to find the information they need quickly.
Final Thoughts
Veem and Wise are two popular international money transfer services that cater to businesses and individuals alike. While both platforms offer similar services, there are some key differences between them that businesses should consider when choosing between the two.
While Veem is aimed exclusively at businesses, Wise markets itself to everyone, including individuals and sole traders. Both platforms enable you to send money quickly, sometimes even within a day.
One key difference is fee transparency. Wise fees are shown clearly upfront, while Veem fees are only shown once registered. This means that businesses using Veem may not have a clear idea of how much they will be charged until they start using the platform.
One of the main differences is that Veem charges monthly fees, while Wise does not. Wise offers a personal account, while Veem is designed exclusively for businesses. This can be useful if you want to separate your finances from one provider.
When choosing between Veem and Wise, businesses should consider the exclusive business focus of Veem and the monthly fees charged, while individuals should consider the personal account option of Wise and the lack of monthly fees. Both platforms offer quick and secure international money transfers, but fee transparency is a key difference to consider.
Ultimately, the choice between Veem and Wise will depend on your specific needs and preferences. If you are a small business owner looking for a reliable and cost-effective way to manage your international payments, Veem may be the better choice. If you need a more versatile option that can be used for both personal and business transactions, Wise may be the way to go.