Transfer money digitally by using instaReM

By Neena Badhwar

InstaReM is a digital cross-border payments company with presence across Asia-Pacific, north America and Europe. Having started in 2015 at a bachelor’s party when the idea of instant money transfer in tech age was discussed, with the service now spread over 55 countries reaching 3.21 billion people around the world. The name suggests its exact purpose that at the click of a button one can transfer money instantly which is being leveraged by financial institutions which provide the equity. One can make the transfer on their laptop or mobile phone in three simple steps.

Vinoth Manoharan, country manager of instaReM, Australia, briefed Indian and Filipino media in Sydney about InstaReM on Friday 22 at Stone and Chalk, York Street Sydney, a meeting organised by Sheba Nandkeolyar of Multiconnexions.

In an audio visual presentation how to set up the account, he explained, “If people can operate and work on their mobile phones using various apps, instaReM can also be installed as an app to transfer money from anywhere.”

Vinoth talked about his 70-year old dad who was able to do it on his computer in the comfort of his home finding the service quite convenient, “Earlier he used to be quite hesitant about transferring money online.”

He explained that the company understands the unique needs of the South Asian/Indian diaspora in Australia keeping in mind five core benefits: Zero-margins on foreign exchange rates, low transaction fees, absolute transparency in costs, speed of settlement and convenience. As a member of the RippleNet with a global network of over 200+ banks, once the account is set up, one can transfer the money with instaReM through their bank account and the person in India will receive payment in his or her account with the company using its local banking partner in India to release the money.

Vinoth said, “Many of the South Asian diaspora living, working and studying in Australia need to conveniently send and receive money and we know how important it is to make the process as smooth as possible.”

India is the second largest global remittance market for Australia with AUD$2.74 billion transferred from Australia to India in 2017. World Bank statistics show migrants in Australia sent close to 23 billion Australian dollars overseas in 2017.

Vinoth answered questions about fees, internet security concerns, time taken for the transfer by instaReM from the media assuring the reliability of the service, customer experience and convenience that has helped instaReM’s growth in just four years when in the first few months it hardly did $7000 worth of transfers but has now grown to transfers worth 250 million just out of Australia in 2018 with much more overall worldwide.

For more information about instaReM, visit:

Pics Courtesy: Harmohan Walia

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