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 to complete financial transactions easily and quickly in USD from around the world. 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 serviced by Veem except Brazil, Russia, and Belarus.
What is the Veem Wallet Functionality?
The Veem Wallet helps clients complete financial transactions easily and quickly. Clients can:
- Receive Payments - Once enabled, any payments sent in USD will be added automatically to your Veem Wallet balance.
- Withdraw Funds - At any time, you can withdraw a minimum of $20 USD from your Wallet. The funds will automatically convert to your bank's local currency. Live foreign exchange rates are applied at the time funds are transferred.
- Send Payments - Payments can be made with your Wallet balance, even if previously you could 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 in your Wallet to your bank account or to another Wallet on the Veem network or leave the funds in your personal Wallet. Funds can be withdrawn from your Wallet at any time, allowing you to take advantage of favorable foreign exchange rates.
Is Veem an online wallet?
While Veem has a wallet functionality, there is no requirement to use Veem like 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 have the Veem Wallet activated 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 funds in USD from a payer on the Veem network, or by funding it using their debit cards.
When do funds go into the wallet versus a bank account?
When a client activates the Veem Wallet and set it as the default receiving method, all US dollar (USD) payments will be automatically added to the Wallet.
Can I change my Veem Wallet to another currency?
The Veem Wallet only works with USD, 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 the funds from the 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 that can 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.