Sending money abroad is a daily matter for residents and immigrants residing in the United States. It is a way to support family members in a poor economic position financially. In any case, it is a service equally required by companies that send their workers to fulfill contracts in other countries.
Finding online solutions to this issue is a challenge, as many fear that the money they send for reasons of remittances or payments will be lost, so they require a reliable provider. InstaReM is an online company dedicated to international bank transfers that operate since 2015. We will tell you a little about them.
How does it work
You must register a user, although this part of the process is free, and the requirements to register with them are:
- Your name.
- Current address.
- The contact information like your email and an available phone number.
- Bank data.
- Digitized identification test.
After your data has been verified and authenticated, you have to wait about 24 hours to use their services. When making your first transfer, you are limited to an amount of $ 2500, to transfer enter the recipient’s data correctly, make the payment to InstaReM and then wait between one and two days for the person to receive the money, since they are responsible for receiving the money in their own currency.
This provider of online transfer services is one of the few that offers the average market rate, which means that there will be no margin above the quoted exchange rate. This results in that, although their rates may seem higher compared to other transfer services, the fairer exchange rate compensates the rate.
They send money to more than 20 currencies all over the world, and although to know the complete list of currencies that you can send with them, you must enter the website, some of the most popular include:
- EUR Euro.
- GBP sterling.
- INR Indian Rupiah.
- LKR rupee of Sri Lanka.
- NPR Nepali rupee.
- PHP Filipino weight.
- THB Thai Baht.
- VND Vietnamese Dong
This online company is systematically classified as a fairly competitive remittance platform in several Asian countries, including transfers from Australia to India, Malaysia, the Philippines, Vietnam, and Singapore to Bangladesh, India, Indonesia, Malaysia, the Philippines, and Sri Lanka.
Valuable business Opportunity
A desirable feature is a service they provide to companies, mainly by providing a platform with configurable options and various functions called “MassPay.” This helps corporate users and SMEs manage and control their high volume payments.
Thanks to this, small and medium organizations can manage multiple remittances to many beneficiaries in different currencies through just one process, and easily. Among the benefits for companies are:
- Reference rates without hidden costs.
- Usually, transfers within Asia are executed on the same day.
- Companies can collect funds without needing a local presence to organize such a procedure.
- The rates applied to the transfers you have executed are detailed.
Despite having relatively little time in the market, most of its users are satisfied with the service received. In fact, they are a leading option, both for confidence and for rates and fees to transfer money to or from the Asian continent from other regions of the world.
Regarding rates and fees, they are based on collecting a small premium at the exchange rate of the mid-market baseline. This model allows companies and individuals to understand exactly how much they will pay for money transfers. Usually, their rates place between 0.25% and 0.5% of the amount transferred.
A negative aspect that you should know is that they only operate with transfers made to your platform, which means that you cannot make cash payments or use credit cards, so you need liquidity to make your remittance or international payment.
To Sum Up
InstaReM is a legitimately established company, creditor of an ISO27001 certificate, and, therefore, a safe option to send money abroad.
This platform is preferably eligible for transfers for amounts that are not very high; otherwise, the rate may be high. They offer a wide acceptance of currencies and are growing, indicating a possible expansion of the accepted types of currencies.
Create yourself an account, and start having an easier time sending money abroad with InstaReM services.
For more money transfer services: 5 Instant Money Transfer Sites Like ShareMoneyVisit InstaReM