When a bank sends money overseas, they're unable to send it directly to the receiving bank. Instead, it's passed through intermediary banks, which each take a small fee for themselves. Instead, Veem uses blockchain technology to negate these fees. On the other hand, Transferwise works by redirecting money to a recipient of an equivalent transfer going in the opposite direction. For the end-user, the outcome is the same. Veem and Transferwise avoid bank networks and can, therefore, offer cheaper-fees.