COVID-19 has had a severe impact on global mobility. However, despite international travel restrictions, most students still aspire to study abroad and only a small percentage have cancelled plans to do so . At the same time, some students have had to change their destination of choice or defer their admissions amid uncertainties related to job opportunities post-graduation .
With this, there is now a rising need for education consultants who can guide students in their academic journey. In fact, the education consulting market is projected to grow by UDS $287 million between 2020-2024 . To meet this demand, education consulting companies must expand internationally and recruit and retain top quality talent; and to do this, they will need to adopt a payments system that is quick, convenient, and cost-effective.
Instarem is working with an Australian education consultancy, AECC Global, to do just that: enable fast and secure intra-company transfers, with better currency flexibility. Founded in 2008, AECC Global is a leading education consultancy offering international education guidance and counselling to students studying abroad. AECC Global helps students with visa applications, banking, insurance and accommodation, to offer a hassle-free academic experience. AECC Global has footprints in 12 countries and 33 cities, helping students choose courses from renowned international universities.
“Easy, fast, reliable and good exchange rates, Instarem provides a great service to send money globally. The rates are better than other competitor services, and Instarem provides timely services without any delay.” – Farnoosh Tajbakhsh Accounts Manager at AECC Global
Managing high FX rates
High FX fees is another concern for organisations handling international transactions. In addition to international exchange fees and correspondent bank fees, banks also charge certain hidden fees that add to the overall FX spread. Reduced transparency regarding all costs force businesses to spend more than they should. High FX rates can become a deterrent for businesses sending funds internationally. On the other hand, Instarem offers AECC Global real-time FX rates that do not include any markup or profit margin. In this way, AECC Global will be saving over $10,000 in FX charges over 12 months – compared to rates offered by the major banks.
Ensuring data security
Security and transparency are of paramount importance in the case of cross-border transactions. When funds move across borders, multiple markets, jurisdictions and vendors, it becomes crucial to ensure the security of these transactions. After integrating Instarem’s solution, AECC Global can keep track of their transactions, ensure timely payouts to their employees and vendors, and reduce payment failure.
Tackling stringent regulations and outdated payment systems
Traditional cross-border payment methods are expensive. Banks generally use SWIFT to send money across different countries, which typically takes 1-5 business days . At the same time, organisations managing cross-border transactions through traditional options end up paying hefty administrative fees and transaction fees .
This pain point is exacerbated due to the absence of a globalised system or uniform set of rules for international transactions. Funds go through a series of intermediaries before reaching their final destination. This only adds to the complexity, in addition to the need to comply with stringent regulatory requirements that differ across countries. For organisations like AECC Global that are looking to disburse funds internationally, this process not only becomes expensive but also time-consuming.
Why did AECC Global choose Instarem?
Instarem’s revolutionary platform allows businesses to create a robust payment infrastructure supporting smooth and secure fund transfers. After integrating Instarem’s solution, AECC Global has been able to make quick and convenient intra-company transfers between their other offices around the world. Furthermore, Instarem has been able to provide local, on-the-ground account management support for the team in Australia.
AECC Global can now:
- Design custom payment flows;
- Ensure timely payments with 24/7 processing;
- Save on small payouts and cross-border payments;
- Transfer multi-currency funds to vendors and suppliers with multi-pocket/wallet spend management features; and
- Control FX conversion rates on cross-border transactions.
How can other businesses benefit from Instarem?
Instarem has transformed countless businesses across different sectors – including education, finance and investments. Here’s how your business can also benefit from Instarem’s services:
Instarem’s secure payment rails ensure payouts are safe, and that transactions are quick, unlike bank transfers. With Instarem’s Bizpay solution, it is possible to make card payments to even non-card accepting vendors and suppliers, at no extra charge and without having to onboard them. For businesses working with freelancers, this is priceless.
Enhanced user experience
With Instarem’s multi-currency fund transfer offering, businesses can also pay vendors and employees in their local currency. This flexibility to pay through multiple currencies is a huge advantage for businesses looking to attract and retain overseas talent – making international transactions as easy as local ones.
Advanced FX capabilities
Instarem offers businesses real-time FX rates devoid of markups or profit margins. Businesses can convert funds 24/7, which means better currency flexibility – even outside of business hours. This is beneficial for businesses working with vendors and suppliers across different time zones.
More about Instarem
Instarem is a leading digital cross border payments platform that enables consumers and SMEs to send and receive international money transfers conveniently and securely. With our network in over 100 markets, 65 markets in real-time, Instarem is setting a precedent in bridging currency borders by making global money transfers quick, easy, and cost-effective. We are a trusted licensed service provider with licenses in Australia, Singapore, Indonesia, Japan, Hong Kong, Malaysia, India, UK, US, EU, and Canada.