March 31, 2020

Business Payments without Wire Transfer Fees

Using of apps
By: Ronald B. Allen

When you do business you need a means of sending and receiving payments for products and services. You may need to pay for products purchased within the USA or reimburse for services provided by an individual or company outside of the United States. If this is the case with you, you are probably familiar with bank wire transfer fees as an extra cost of doing business. How much are bank wire transfer fees within the USA and internationally? And can you make local and international payment without wire transfer fees? It turns out that you can with a money transfer system named VEEM.

Bank Wire Transfer Advantages and Costs

The main advantages wire transfers by a bank or other means are that the money gets from sender to receiver faster than by mailing a check and there is no problem with a wire transfer “bouncing” because the arrives promptly. This means of sending money is especially useful if you need to pay someone offshore for products or services. The typical cost of sending a domestic bank wire transfer is around $40 and fees of $15 to receive a transfer are common. International sending rates are virtually always a lot higher. Sending via a credit card is more expensive so senders typically wire directly from their bank account. Bank wire transfers pass through intermediaries like SWIFT or Fedwire. Part of the cost a bank wire transfer goes to paying these folks for their services.

So, is there a way to get the advantages of fast and secure payment without paying excessive fees? How can you make local and international payments without wire transfer fees? Well, you can us VEEM.

What Is VEEM?

VEEM is a money transfer service based on blockchain technology. (Yes, that is the same technology used for Bitcoin.)  In the case of VEEM, the blockchain is a peer-to-peer network of computers. These are called nodes and they both participate and monitor the transfer of assets. Each and every transfer is recorded on every user’s computer (a node). This creates a trustworthy means of sending and receiving money. Identical copies of the “ledger” are sent to and updated on several computers.

By using the blockchain method, there is no need for a third party (like SWIFT or Fedwire) and no need to pay them! The end result is as or more secure, as or more reliable, and definitely more efficient.

Where Can You Send and Receive Money with VEEM?

These are nations that can send and receive payments on to another with VEEM.

These are nations that can send and receive payments on to another with VEEM.

What Does It Cost to Send and Receive Via VEEM?

When you send and receive money within any given nation, there is no fee! When you send money from the USA to another country and it is received in the local currency, VEEM does not charge a fee. When the money is delivered in US dollars, VEEM charges a $20 fee.

Make Local and International Payments without Wire Transfer Fees Using VEEM

If you have been making and paying for wire transfer within the USA or offshore, consider switching to VEEM. This payment system integrates nicely with QuickBooks Online allowing you to pay bills issued there.

This is a handy service that is not only low-cost but offers customer support in various languages. Payments are transparent with progress updates available via SMS or email. Basically, all that you do is enter the email address of the payee, enter the amount, and click the “send” button.

The steps are these:

Payment Initiated

Payment Claimed

Transferring Funds

Payment Completed

Check out VEEM for money transfers today.

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