Effective January 8, 2025, users on Veem's Basic plan can send regular domestic bank transfers for $1 USD ($1.49 CAD).
Users on the Basic plan can now send domestic bank transfers for a flat fee of just $1 USD ($1.49 CAD)* per transfer—helping streamline costs and simplify payment management.
Avoid fees and get unlimited free domestic transfers when you upgrade to Premium today. You can change your plan or cancel at any time.
*This fee only applies to domestic bank transfers in the United States or Canada
Ways to send domestic payments with Veem Basic:
|
Domestic Payment Options |
Processing Time |
Associated Fees |
|
NEW |
3-5 business days |
$1 USD ($1.49 CAD)* |
|
Fast Transfer (ACH/EFT) |
24 hours |
0.5% |
|
Debit Card |
2-3 business days |
3.5% |
|
Credit Card |
2-3 business days |
3.5% |
*This fee only applies to domestic bank transfers in the United States or Canada
Frequently Asked Question
When is this feature released?
This feature is being launched on January 8, 2025.
Who has access to this feature?
Veem customers in the USA and Canada who are on the Basic plan. Customers on the Premium plan will continue to have a free bank transfer option. Compare the plans
Who pays the Regular Bank Transfer fee?
The $1 USD ($1.49 CAD) fee only applies to domestic bank transfers in the United States or Canada. The initiator of the transaction is responsible for the fee.
Who is considered the initiator of a payment?
The initiator is the person or business that starts a payment transaction, either by sending or requesting a payment. For example, if a business requests a payment and you fulfill it, the $1 fee will apply to the business that requested the payment.
Does the Regular Bank Transfer fee change based on the payment amount?
No. For users on Veem’s Basic Plan, there is a $1 USD ($1.49 CAD) that applies to each regular bank transfer, regardless of the amount. Compare the plans
What is a domestic bank transfer?
A domestic bank transfer is a transaction made between banks within the same country. For example, if you're paying a supplier in the United States from your U.S. bank account, this would be considered a domestic transfer.
What is an ACH/EFT transfer?
ACH transfers are primarily used in the United States as part of the domestic Automated Clearing House network regulated by NACHA for bank-to-bank transfers. Electronic Fund Transfer (EFT), is Canada's equivalent to ACH.
What is the difference between Domestic Bank Transfer and Fast Transfer?
Both are options for domestic payments, but they differ in cost, speed, and availability. Fast Transfers, available with Veem's Basic and Premium Plan at a 0.5% fee, are typically processed within 24 hours. In contrast, ACH/EFT, launching on January 1, 2025, will cost $1 per transfer and take 3–5 business days to process as a standard domestic bank transfer