one of my clients only prefers using Veem for payments, which honestly has been frustrating because the conversion rates already feel lower compared to other platforms like Wise 😵💫
But recently I noticed something na nakakabwisit
For a $100 withdrawal, Veem displayed (iattache ko yung screenshot for reference):
- Exchange rate: ₱61.658997/USD
- “Your fee”: ----
So naturally, I expected the payout to be around:
100 usd x PHP 61.658997per USD = approx ₱ 6165.90
But the actual payout amount shown was only around ₱5,857.64, t*****s nasa 308 pesos ang difference
Which means the effective rate becomes roughly:
5857.64 ÷ 100 = approx ₱ 58.58 per USD
That’s a pretty huge difference from the displayed exchange rate.
NaKAKAP@#£4-_-'yd lang kase natuwa pa ako na wow first time mataas ang rates pla if mababa lang ang widraw ko, pero ta@#2!£+£ tlaga pag narealise mo na niloloko ka harapharapan.
So now I honestly don’t know if this is a UI bug, hidden intermediary deductions,bpayout partner fees, or just non-transparent FX spread handling.
I’m not accusing them of anything yet, I already plan to contact support first, pero as a freelancer, it feels frustrating seeing low conversion rates, unclear calculations, and displayed exchange rates that don’t seem to match the actual payout amount.
Has anyone else here experienced this with Veem or other payout platforms?
Would appreciate insights before I escalate this further.