Towards the end of the year, InstaRem announced a new feature that enables Small & Medium Business (SMB) users to make quick and efficient payments in multiple currencies.
The challenge that InstaRem’s business users in Southeast Asia currently face usually comes when they have to make multiple payments to different recipients that often take longer time. With the new feature, InstaRem offers fast, transparent and at Zero-Margin FX Rates without additional setup fees or monthly charges, hence cheaper transactions.
To use this multi-currency feature, a business user needs to set up transfers to multiple recipients in their local currency. InstaReM effects transfer 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 can be done within 24 hours.
According to Prajit Nanu, co-founder and CEO of InstaRem, the new feature was built based on a focus group study with several SMB operators. He found out they need to make multiple payments to different vendors, staff, freelancers, or even stakeholders that live in different parts of the world.
Thus, setting up one transaction for each payment can be very time consuming and even expensive. Nanu ensures that making multi-currency payments with InstaRem’s new feature would be a much simpler task for them.
“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,” he says in a statement.
The new feature shows InstaRem’s consistency in providing services to simplify international fund transfer. Next year, the company plans to launch a forex card that would allow travellers to convert their native currencies on the fly and pay for products and services while travelling internationally.
InstaReM is currently licensed to offer remittance services in Singapore, Australia, United States, European Union/ United Kingdom, Malaysia, Hong Kong, Canada, and India. The platform offers cost-effective money transfers for both enterprises as well as individuals to over 55 countries across the globe.
Editor: Ben Jiang