INSTAREM is a foremost cross-border payments digitalized company that enables Small-Medium Enterprises, and financial institutions and consumers to execute global money transfers at a lower cost. It is founded in 2014, Singapore with offices and licenses in Malaysia, Singapore, Hong Kong, Australia, India, Canada, USA, and EU.
InstaReM can be used for Business and enable to pay freelancers, suppliers, overseas staff. It covers a network of more 55 countries and more than 8000 banks. It accepts multi-currency transactions and payments and accounts. There are no deductions and has easy reconciliations and full amount deductions.
Exchanging money overseas through MTOs and banks can be expensive because they add FX rates and unfair margins that have hidden fees. It is not clear about the amount the recipients actually receive.
Transparency is their main focus in the obscure world of exchanging or transferring money. They are boon to offer mid-market prices, Margin FX rates adding no margin line directly from the Reuters.
They charge a basic fee to enhance the processing charge within the transaction. InstaReM team maintains a complete transparency and provide an accurate breakup of the transfer. However, World Bank remittance has consistently named this website as the best and cost-effective money transferring provider from Singapore and Australia to many countries.
Recent Achievements and Funds
For global expansion, InstaReM has raised its Series C fund to an amount of $20 Million. For this round of funding led by ventures of MDI, the telecom operator VC arm and Beacon have taken part. Thai bank Kasikorn, Rocket Internet, GSR ventures, SBI-FMO, and vertex ventures were investors.
InstaReM co-founder and CEO Prajit Nanu explained that the fund was to raise nearly to an amount of $45 Million. But this has been postponed to the month of January particularly bringing the strategic investors to the round. Their aim is to grow business with the emerging markets in Europe and Latin America.
Advantages of InstaReM
1. They are exposed to Zero Fee Myth which is never accepted by other banks to their so-called customers for conducting overseas transactions. In fact, other banks name it as other charges and unknowingly charge customers. On a whole, they are transparent and doesn’t charge any fee apart from the mid-market rates.
2. InstaReM is an authorized license provider in Australia, Hong Kong, EU, Malaysia, Singapore, India, US, and Canada. Their verification process ensures to have safety for the money that is transferred. Any customer can have a guarantee that their amount is transferred to the right person at the right time.
3. Their fee structure is varied with the corridors and countries varying with a difference of 0.25% to 1%. These are subject to the change and are reviewed at any time on the currency converter of InstaReM.
4. It works with other banks in order to reduce the transfer charges and pertaining to offer a Transferwise for an enterprise service. Rather than using global networks for Transferwise transactions, InstaReM uses mid-sized banks for its trade to happen.
5. It is likely focused on South Asia and serviced 50 markets with their transfers. They provide services to those who have ongoing demand and average spend.
Money is the most important and the color of it changes unknowingly while bringing people to the business enabling trust is his goal. He added his company into the branch where potential investors are more.
InstaReM focuses mainly on clients and banks to products within the technology platform thus enhancing to have a growth in the cross-border payments firm. They are led by many experts in payment and received many awards and rewards in workplace.