InstaReM launches multi-currency payments for Australian businesses

Today, InstaReM has introduced its multi-currency payment feature to Australia, building on its money transfer service here.

Australian businesses regularly making payments overseas to vendors, suppliers and service providers, can now do so more quickly, transparently and at a more competitive rate with InstaReM.

Founded in 2014, the Singapore-based fintech first launched its services in Australia in 2015, more than a year before it launched in Singapore and Hong Kong.

InstaReM’s new feature enables small and medium-sized enterprises (SMEs) in Australia to make multiple payments at a time in local currencies to recipients in 55+ countries.

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.

Notably, there are no setup fees or monthly charges and it costs nothing to send or receive payments.

To avail InstaReM’s multi-currency feature, an SME user in Australia will need to set up multi-currency transfers to different recipients in Australian dollars. InstaReM then effects transfers at Zero-Margin FX rates and low transfer fees, and the recipients in different counties 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.

Prajit Nanu, co-founder and CEO of InstaReM said that the company has introduced the new feature based upon the outcome of a focus group study with business clients as well as non-clients.

“We realized that there are many small and medium businesses who need to make not one, not two but 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, Hong Kong, Malaysia, the U.S., Europe and the U.K.

The move comes ahead of the company’s plans to launch a forex card next year which would allow Australians to pay for products and services while travelling internationally instead of using inefficient credit cards.

To find out more about this new feature, visit: https://www.instarem.com/business