InstaReM is a digital payments solutions provider headquartered in Singapore. It serves a variety of markets including the Americas, Europe, Asia Pacific, and South-East Asia. On the platform, businesses and individuals enjoy low-cost money transfers and zero margin foreign exchange rates.
Before sending money on InstaReM, it is important that you know the fee structure and exchange rate pricing the company uses.
Currently, InstaReM serves 150+ remittance corridors with the top sending countries being Singapore, Malaysia, India, Lithuania, Hong Kong, United Kingdom, the United States, Canada, and Australia.
These corridors are served by a total of 100+ knowledgeable employees including a responsive customer support team.
InstaReMhas been rated as a cost-effective remittance provider in Australia by the World Bank. This endorsement has been credited to the numerous features the company has developed into its product offering.
InstaReM only allows for electronic funds transfers or wire transfers to the recipient’s bank account. They do not have a cash pickup option even if you are sending relatively smaller amounts. This approach was inspired by the calibre of clients the provider targets both corporate and private.
There is no limit to the amount you can transfer through InstaReM. However, you need to check with the receiving bank if they have a limit on how much can be transferred per single transaction or per day.
True to its name, InstaReM (Instant Remittance) is known for instant transfers. However, depending on the currency pair, the country you are sending to, and how you pay for your transfer, it can take up to 5 business days to transfer funds.
For faster transfers, pay using a debit card. The funds become available almost instantly to InstaReM so that the transfer process can begin.
On InstaReM’s digital platform, you can transfer funds at any time 24/7 or use the app. For peace of mind, the provider allows you to track your transactions, update your payee list in case of any changes and view your transaction history.
When paying for your InstaReM transfer, there are a number of options you can use depending on the country you are sending from. You can use wire transfers, bank transfers, or electronic funds transfer. If you are sending from Australia, you can pay using POLi or a debit card if you are sending from the EU.
Clients in the United States can use bank transfers or ACH Pull and those in Malaysia can use FPX to transfer money to InstaReM. Cash deposits are not allowed and you cannot transfer money to InstaReM using another person’s bank account. When using a joint account to pay for your transfer, ensure that your name reflects on the account details as one of the account holders.
Irrespective of the reason, both businesses and individuals can enjoy a seamless sending experience and competitive mid-market rates when sending through InstaReM. The following are some of the best use cases for InstaReM.
InstaReM was incorporated in August 2014 as a private company by Prajit Nanu and Michael Bermingham. In Singapore, the Monetary Authority of Singapore (MAS) licensed InstaReM Pte Ltd as a remittance provider.
In India, the Reserve Bank of India gave the company a regulatory approval to operate as an overseas remittance provider from the country in September 2017. The other regulatory approvals the company has received include:
As part of the regulations, InstaReM is required to segregate client funds from business funds. It is also required to observe information privacy policies with respect to client data as part of the larger General Data Protection Regulation (GDPR).
The company is ISO certified, ISO/IEC 27001. This means that InstaReM has satisfied the Joint Technica Committee of the International Electrotechnical Commission and the International Organization for Standardization conditions as far as information security risks are concerned.
In the 55+ countries that InstaReM serves, it has facilitated transfers for more than 35,000 business and individual clients. In total, they have transferred about $5 billion since starting operations.
In January 2015, Global Founders Capital, a venture capital entity invested $500,000 in InstaReM. In March 2016, the company raised a further $5 million from Global Founders Capital, Fullerton Financial Holdings, and Vertex Venture Holdings. Other investors such as SBI-FMO Ventures and GSR Ventures have also funded InstaReM. This shows the level of confidence these companies have on InstaReM.
Each year, the company processes more than 0.5 million transactions, thanks to their team of employees working tirelessly in the 6 global offices InstaReM runs.
In customer reviews, InstaReM has been receiving positive comments and excellent ratings on social media and Trustpilot. For instance, on Trustpilot, InstaReM has 3541 reviews, 58% of which are rated as ‘Excellent’ and 28% as ‘Great’. Customers gave the following comments in praise of InstaReM.
The few who rated the company as bad or poor cited occasional delays as the reason for their dissatisfaction. Some clients had difficulties applying the coupon code. In most cases, these issues were resolved as shown in the responses to the reviews.
In 2017, InstaReM won the Singapore Open Award. In the same year in Mumbai, the company bagged the Fintech Rising Star Award. In 2018, the company continued in its winning streak with the Network Accelerator Award and Outstanding Digital Cross-border Money Transfer Service Award.
You can sign up either as a business or individual client on the InstaReM platform. The following are the steps involved.
How to Send Money Using InstaReM?
How to Receive Money Using InstaReM?
InstaReM will deposit the funds directly into the recipient's bank account. Therefore there is no procedure required to access the money.
InstaReM mobile app is available as a free download on both Android and iOS platforms. The App comes with lots of features enabling you to:
On Google Play, the app has been installed by more than 100,000 customers and reviewed by 1711 users, who gave it an average score of 4.5. On the App Store, the app has 122 ratings with an average score of 3.5. There are regional restrictions with regard to app downloads and usage.
In case you want to cancel a transfer, contact InstaReM’s Client Service Team via phone call, online chat or through email. It is important to note that once funds have been transferred, there is no cancellation that can be done.
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