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In Support of Small Businesses Affected by Hurricanes Harvey and Irma, Veem Suspends Wire Transfer Fees and FX Spreads for Transfers up to $500,000 for Florida and Texas

Rethink Wire Transfers

We’re here to support that resilience by helping SMBs in Texas and Florida to get back on their feet by shouldering the costs of transfers they need to buy and sell the supplies that keep them in business and will help these regions rebuild

Payments industry pioneer Veem today announced that it will suspend wire transfer fees and provide market wholesale federal exchange (FX) rates for business wire transfers up to $500,000 to and from Florida and Texas to the largest trade corridors such as the EU and China. The offer extends to both new and existing users. The Veem global payments platform offers simple, cost effective means of transferring money around the globe every day. The offer is intended to help the thousands of small businesses in those two states get back on their feet by helping them make payments on goods that will be key to the recovery in this area. The promotion will be in effect through October 31st, 2017.

The Scale of those Affected

In a region with a gross domestic product of $315 billion, 99% of Houston’s companies are considered small businesses (source: Business Insider), and nearly 1 out of 10 Floridians are small business owners (source: Miami Herald). While big box retailers and large enterprises may have resources from outside the state to rebuild, many in-state SMB’s will be on their own as they try to rebuild and get business going again. Many may struggle to remain open while huge numbers of hurricane victims are unable to travel to get to work. These SMBs are the backbone of the global economy and will find themselves struggling to engage in trade, move goods, and receive the payments that keep them in business.

The Veem Commitment to Small Business…

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