Experience with "Veem" - a payment service for payment from the US to Germany (or Europe)
Thread poster: Sybille Brückner
Sybille Brückner
Sybille Brückner  Identity Verified
Germany
Local time: 12:50
Member (2003)
English to German
+ ...
Dec 10, 2020

Does anyone of you have any experience with "Veem", a payment service for payments from the US to Germany or Europe and can share it here, please?

 
Maria Teresa Borges de Almeida
Maria Teresa Borges de Almeida  Identity Verified
Portugal
Local time: 11:50
Member (2007)
English to Portuguese
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@Sybille Dec 11, 2020

I’ve never heard of them. My non-EU customers pay directly into my bank account via Transferwise or Transfermate. I used recently Transferwise for the first time to send money to my daughter in Mexico, it was less expensive than sending a bank transfer and to my surprise she received it the next day.

 
Samuel Murray
Samuel Murray  Identity Verified
Netherlands
Local time: 12:50
Member (2006)
English to Afrikaans
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@Sybille Dec 11, 2020

Sybille wrote:
Does anyone of you have any experience with "Veem", a payment service for payments from the US to Germany or Europe?


I have no experience with them, but I just signed up and it seems legit. They handle payments from the USA to Germany via SWIFT (and their SWIFT fee is $20), and according to Wikipedia their revenue model is based on currency exchange, which often means that the exchange rate that they offer is less favourable than that of a bank (but see below).

The $20 SWIFT fee charged by Veem isn't excessive. I've just checked Veem's exchange rates for today against that of PayPal and my own bank in the Netherlands, and the rates don't seem bad at all (these rates are still approximations):

Veem: 1 USD = EUR 0.8422
My bank: 1 USD = EUR 0.8391
Xe.com: 1 USD = EUR 0.8253
PayPal: 1 USD = EUR 0.7979

I understand that many US clients are "bank illiterate" and may prefer to use a service like Veem to facilitate the payment. Since Veem quotes the SWIFT fee up front, this should theoretically mean that you are not subject to intermediary bank charges, which are often unexpected and unpredictable. I'm not sure if the sender or the recipient pays the $20 fee, but it *looks like* the sender would pay it. It remains to be seen if your own bank charges an additional SWIFT fee (they shouldn't, but banks are crooks, so you never know).

As far as I can tell, both you and the sender/recipient of the money must have a Veem account.

[Edited at 2020-12-11 11:46 GMT]


Dalia Nour
 
Sybille Brückner
Sybille Brückner  Identity Verified
Germany
Local time: 12:50
Member (2003)
English to German
+ ...
TOPIC STARTER
Experience with "Veem" - a payment service for payment from the US to Germany (or Europe) Dec 11, 2020

@Teresa
Yes, I would also prefer to be paid through TransferWise, told this US agency, but in the end they said, they cannot do it through TransferWise (at the moment).
So I agreed payment via Paypal.
I had good experience with TransferWise with Ppyments from the UK.

@ Samuel
Thank you for indicating the exchange rates (of today).
Regarding the SWIFT fee: they did not mention it, but told me, that there aren't any fees for me and they could make the pay
... See more
@Teresa
Yes, I would also prefer to be paid through TransferWise, told this US agency, but in the end they said, they cannot do it through TransferWise (at the moment).
So I agreed payment via Paypal.
I had good experience with TransferWise with Ppyments from the UK.

@ Samuel
Thank you for indicating the exchange rates (of today).
Regarding the SWIFT fee: they did not mention it, but told me, that there aren't any fees for me and they could make the payment rightaway in EURO, if I want.
So, in future I'll try to negotiate a Euro rate right from the beginning. And it seems that they take over the SWFT fee.


In my German forum post on the same tipic I got an answer from Kay-Viktor. He has already received a payment through Veem and is satisfied with them.
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Experience with "Veem" - a payment service for payment from the US to Germany (or Europe)







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