This article is an overview of frequently asked questions about the Veem Wallet.
What is the Veem Wallet?
The Veem Wallet is an electronic money transfer account that allows clients worldwide to complete financial transactions easily and quickly in USD. Clients can receive money, pay bills, and hold funds using the Veem Wallet.
Is the Veem wallet accessible in every country?
The Veem Wallet is available to all countries that use Veem except Brazil.
What is the Veem Wallet Functionality?
The Veem Wallet helps clients complete financial transactions easily and quickly. Clients can:
- Receive Payments - Once enabled, any USD payments sent will be added automatically to your Veem Wallet balance.
- Withdraw Funds - You can withdraw a minimum of $20 USD from your Wallet anytime. The funds will automatically convert to your bank's local currency, and live foreign exchange rates are applied when funds are transferred.
- Send Payments - You can now make payments with your Wallet balance, even if you could previously only receive payments through Veem.
- Transfer funds to other Wallet Users- Instantly send payments from your Wallet balance to other Wallet users on the Veem network. No fees or transfer times apply.
- Hold funds - Funds deposited into your Wallet can be held there indefinitely. You can choose to transfer funds to your bank account or to another Wallet on the Veem network or leave them in your personal Wallet. Funds can be withdrawn from your Wallet anytime, allowing you to take advantage of favorable foreign exchange rates.
Is Veem an online wallet?
While Veem has wallet functionality, it is not required to be used as a wallet. Payments can be initiated to the bank, and funds are pulled directly from the bank account.
How much does the Veem Wallet cost?
It doesn't cost anything to activate the Veem Wallet on the account.
How can I activate the Veem wallet?
To learn how to enable the Veem wallet, please click here.
How can I add funds to my Veem wallet?
Currently, clients can add funds to their wallet either by receiving USD from a payer on the Veem network or by funding it using their debit cards or bank accounts*.
*Bank account funding to the wallet is only available in countries where you can send payments from the bank using Veem.
When do funds go into the wallet versus a bank account?
When a client activates the Veem Wallet and sets it as the default receiving method, all US dollar (USD) payments are automatically added to the Wallet.
Can I change my Veem Wallet to another currency?
The Veem Wallet only works with USD; there is no other currency at this time. However, to see the value of your wallet's balance in another currency, see this article.
How can I withdraw the funds to my bank account?
To learn how to withdraw funds from your wallet, please click here.
How can I disable the Veem wallet?
To learn how to disable the Veem wallet, please click here.
Are there any requirements or restrictions with the Veem wallet?
- The minimum amount to be withdrawn from the wallet to the client's bank account is $20 USD.
- Wallets can only be activated by users on the account with access to settings.
- The account needs to be active to use the Veem Wallet. Clients can activate their accounts by simply logging in to their accounts.
Need more help? You can chat or call our Customer Success team here.