Veem is a US-based B2B payment platform designed for small and medium businesses to send international payments. Indian businesses appear in the Veem context primarily as recipients — US clients use Veem to pay Indian vendors, freelancers, and service providers. This guide explains how Veem works from the Indian recipient's perspective and what the real cost looks like.
How Veem Works for Indian Recipients
Veem is sender-side software. Your US (or other international) client signs up for Veem, connects their US bank, and uses Veem to initiate a payment to you.
What happens on your end: Veem routes the payment as an international wire to your Indian bank account. You receive it as a standard SWIFT wire, not through a Veem app or account.
You don't need a Veem account to receive. Your client uses Veem; you provide your Indian bank details (SWIFT + account number).
Cost for Indian Recipients via Veem
Your cost: Minimal, since Veem primarily charges the sender (your US client).
Veem sender fees: Veem charges the US sender approximately $0-$15 per transfer depending on payment method (bank transfer is typically lower, card is higher). This is your client's cost, not yours.
Your Indian bank's incoming wire fee: Your Indian bank may charge ₹500-₹2,000 for receiving an incoming SWIFT wire. Verify with your bank.
FIRA: Received as a standard bank SWIFT wire. Your Indian bank generates FIRA on request (not automatic like Playto Pay). Typical FIRA request: ₹500-₹1,000 per certificate from most Indian banks, or free from some.
FX conversion: Your Indian bank converts at their exchange rate (typically 0.5-2% above mid-market, worse than dedicated cross-border platforms).
The Real Problem with Veem for Indian Businesses
You depend entirely on your client using Veem. If your client switches payment methods or leaves Veem, your payment receipt infrastructure changes. You have no control.
Indian bank SWIFT FX rate is worse than Playto Pay (zero markup), Wise (~0.7%), or Skydo (zero markup). Your Indian bank quietly takes 1-2% on the conversion.
No card payment option. If your client prefers paying by credit card rather than bank transfer, Veem doesn't help.
Manual FIRA. Not auto-generated per transaction.
Better Alternative: Give Clients Your Playto Pay VBA Instead
Rather than having clients sign up for Veem, provide your Playto Pay USD VBA bank details:
- Client sends a domestic ACH/Fedwire to your USD VBA (same as any US bank wire — no Veem account needed for them)
- You receive at 1% flat, zero forex markup
- FIRA auto-generated per transfer
- Daily INR direct to your Indian bank
- Client experience: identical to sending any US wire, no third-party app required Your client doesn't need to change anything — they send a wire to your VBA routing/account number exactly as they would to any other vendor.
FAQ
How do I receive payments from clients using Veem? You receive as a standard SWIFT wire to your Indian bank. Provide your Indian bank SWIFT + account details to your Veem-using client. Your bank converts at their rate; request FIRA manually.
Is Veem cheaper than Playto Pay for Indian businesses? Veem's cost to you is low (mainly your bank's incoming wire fee + bank FX rate). However, you lose control over FX rate (bank rate vs Playto Pay's zero markup) and FIRA is manual. For consistent cross-border payment infrastructure you control: Playto Pay VBA (1% flat, zero markup, FIRA auto, daily INR).
Can I ask my Veem-using client to pay via my Playto Pay VBA instead? Yes. Provide your Playto Pay USD VBA routing and account number. Client sends a US wire from their US bank (same experience as Veem on their side). You benefit from better FX rate and auto-FIRA.