‘InstaRem’ aka Instant Remittance.
The company was founded and incorporated in Singapore in the year 2014 as online instant remittances.
Founded by Nanu Prajit and Michael Bermingham.
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From 1000 reviews, there are positive reviews told by the users and some negative reviews as well. One on the positive side is that InstaRem has transparent fees. Another they say is InstaRem’s focus on specialized services meant for small businesses.
Some negative reviews are from first-time users who were asked additional documents after they already funded the transaction. Some have negative comments about the customer support of InstaRem.
What can you do with InstaRem?
InstaRem currently supports Bank Transfers at this time, this is to say that your recipient should have a bank account to receive the money. Transactions can also be paid only via bank transfer and you cannot use cash or card.
InstaRem is a money transfer company that was founded and incorporated in Singapore in the year 2014. It was founded by Prajit Nanu, who was formerly the global sales director of TMF Group and also Vice President for Sales/Account Management at WNS. He found it too cumbersome to transfer money overseas and thought of ways on how to make international money transfer easy and cost-effective. He then collaborated with his close aide, Michael Bermingham who is a compliance expert in Asia, Europe, and the EU. In the year 2018, InstaRem joined Ripplenet to add to their approved lists of transfers to Latin America and Southeast Asia.
InstaRem Money Transfer
Currently, InstaRem only supports registration in the US, UK, Australia, India, Singapore, Hongkong and Malaysia.
You can send it to countries from Europe, Asia, North America, Oceania, and South America.
How does it work?
First, you have to sign up and choose whether you are an individual or under a Business, where Individual will simply require you to provide your email and location while in Business you will be required to provide your registered business name, country of registration, email and phone number.
Second- There is a mobile verification to be sent to the phone number you provided; it is the same with Business sign up. Make sure to give the correct information asked because you need to provide documents that will show the same details provided. This is the same for Individual or Business. After that, your account should be validated within 24 hours.
Third – You can now enter the bank details of the recipient, please make sure to check first that the recipient’s country you will be sending to is included in the list of the country-approved list. You have to choose how you will pay for the transfer and what is the currency exchange. InstaRem allows funding via bank transfers and wire transfer in some of the regulated countries.
Fourth- click send
Fifth- track your transfer, wherein every transaction there is a unique Transaction ID Number that is important in payment confirmation. Once you fund the transfer (should be within 72 hours or it will be canceled). It will take a couple of days to be credited to the recipient’s bank account.
How much does InstaRem charge for every transaction?
What are the advantages of using InstaRem?
- The rates of InstaRem are updated regularly so you will get the live rates at the time you want to send money.
- You can easily fund your money transfer and have it sent the soonest time.
- Lower service rate compared to banks.
- Great customer service.
- They have a loyalty points program for their loyal customers.
- Fast transfer process as the transfer mostly happens within one business day.
- InstaRem transfers are competitive in its rates and have the edge over other companies that handle the same service.
Are there any disadvantages to using InstaRem?
Some say they were inconvenienced when asked to provide additional documents when they already funded their transaction. Some were not happy with customer service (InstaRem, of course, cannot please everyone).
InstaRem doesn’t accept cash/card which is a bit inconvenienced to some. The first transfer is limited to only $2,500 because as the transfer gets higher fees will also add up.
Is InstaRem safe to use?
Since InstaRem is a company that is continuously improving on their service they are also serious with security and safety. They are keen on protecting sensitive information that is in their systems. They see to it that they protect their customer’s data. InstaRem handles a lot of sensitive and privileged information day after day hence, they have invested in a robust encryption safety on their app and website. They have also used great talents to check and maintain the security of their systems.
To conclude this topic, we can say that InstaRem is a good candidate for money transfer in the medium size money transfer range. InstaRem has maintained a cost-effective service as well to compete with the other company in the same industry.
They also have promotional gimmicks to add clients to their list. They have one promo where loyal clients will be able to earn loyalty points each time, they send with InstaRem. The points you have racked up can be redeemed against your transfer transactions.
Maybe InstaRem can soon add to their means of receiving money, not just via bank transfer.