InstaReM enables SMBs to make multi-currency payments in one go
By Digital News Asia December 20, 2018
- InstaReM effects transfers at Zero-Margin FX rates and low transfer fees
- The process of transfer is very quick – within 24 hours
INSTAREM, a Southeast Asian money transfer service, has introduced a new feature to its money transfer platform that enables Small & Medium Business (SMB) users to make payments in multiple currencies in one go.
Business users in Southeast Asia making regular overseas payments to vendors, suppliers and service providers, can now do so more quickly, transparently and at Zero-Margin FX Rates with InstaReM.
Until recently, business customers making multiple payments had to set up individual transactions for each payment and execute them one by one, requiring additional time and effort.
With the ability to set up multiple transactions in one go, a business user can now make transfers to multiple beneficiaries in multiple currencies at the click of a button.
There are no setup fees or monthly charges and it costs nothing extra to send or receive payments.
To utilise InstaReM’s multi-currency feature, a business user needs to set up transfers to multiple recipients in his/her local currency. InstaReM effects transfers at Zero-Margin FX rates and low transfer fees, and the recipients in different countries receive payments in their local bank accounts in native currencies. Since there is no physical movement of money, the process of transfer is very quick – within 24 hours.
InstaReM co-founder and chief executive officer Prajit Nanu (pic), said that the company has introduced the new feature, based upon the outcome of a focus group study with business clients of InstaReM and non-clients.
“In our interviews, we realised that there are many Small and Medium Businesses who need to make not one, not two, but many multiple payments to their suppliers, staff, freelancers and other stakeholders located in different parts of the world. Setting up only one transaction at a time was not efficient.
“At InstaReM, we understand that business banking is notoriously expensive and difficult to set up and manage, especially for small businesses. Therefore, we’ve added this new feature to take out the pain of this process, while saving a lot of time and effort for businesses.”
The feature that makes the process of multi-currency payments easier, faster, more transparent, and less expensive for businesses is also being rolled out for the SME users in Singapore, Australia, Hong Kong, Malaysia in Asia-Pacific, the UK, France, Germany, Italy, Netherlands and other regions of Europe, and the US.
The move comes ahead of the company's plans to launch a forex card next year which would allow overseas travellers to efficiently convert their native currencies on the fly and pay for products and services while travelling internationally, instead of using credit cards.
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