FAQS

Businesses based in Singapore, Australia, Malaysia, Hong Kong, India, or Indonesia, can collect funds in eight currencies, including SGD, USD, GBP, EUR, AUD, HKD, NZD, and JPY.

Signing up is quick and easy! If your business is based in Singapore, Australia, Malaysia, Hong Kong, India, or Indonesia, simply visit www.instarem.com/business and provide us with your details. Our dedicated team will promptly get in touch with you to guide you through the process. If you're an existing client from any of the above mentioned countries, your account already has the receive functionality enabled. To start receiving payments, simply enter your bank details into our platform. Remember to double-check the accuracy of your information for a smooth payment experience.

At Instarem, we strive to provide a smooth and hassle-free experience. However, if you encounter any issues with receiving your funds, our dedicated customer support team is available to assist you promptly. Simply reach out to us with your concerns at [email protected], and we will work diligently to resolve any issues you may face. 

Yes, we do. Instarem offers tracking and email notification options for incoming transfers. You can stay informed about the status of your transactions through real-time tracking updates.

 While receiving money directly into your bank account isn't an option, you have alternatives. For businesses registered in Australia and Singapore, once funds are received in their Global Collection Account, they can transfer these to their local bank account or use them for future transactions. However, for businesses operating in Malaysia, Hong Kong, India, and Indonesia,  the funds are automatically transferred to their local bank accounts at midnight. 

The time it takes to receive funds via Instarem can vary depending on several factors, including the country you're receiving money from and the method of transfer. In most cases, Instarem delivers funds within one to two business days. However, some transfers may be completed even faster.   

No, Instarem doesn’t need to onboard your customers who are sending payments to your Global Collection Account. However, we may conduct hygiene checks on your customers as part of our regulatory requirements. Simply share your local bank account details with your customers, and they can make payments directly without any additional onboarding requirements.  

For businesses based in Malaysia, Hong Kong, India and Indonesia, any funds received in their Global Collection Account are automatically transferred to their linked local bank account associated with their Instarem business account. They don't need to initiate any manual withdrawal process.  

Business based in Australia and Singapore can easily withdrawing funds from their Global Collection Account. You can utilise the "Exchange" option to exchange your balance from wallet to your home currency, then access your home currency wallet, where you will find a "Withdraw" option. Click on "Withdraw" and enter the desired withdrawal amount. You will also have the option to add or select your bank account for the withdrawal. By following these steps, you can easily withdraw funds from your Global Collection Account and transfer them to your designated bank account. 

For businesses based in Australia, Singapore, once they receive the funds in their Global Collection Account, they have the flexibility to utilise them for future transactions, exchange between wallets to fund a transaction, or decide to hold the funds as desired. 

For businesses based in Malaysia, Hong Kong, India or Indonesia, after funds are received in their Global Collection Account, they remain there until midnight. At midnight, the funds are automatically transferred to their linked local bank account.  

Opening a Global Collection Account is completely free of charge. However, fees are applicable when payments are received into your account. To get detailed information about our pricing and fees, please reach out to us at [email protected], and our team will be more than happy to assist you. 

There is no limit to the amount you can receive in your Global Collection Account. However, please note that for USD collections, there is a limit of USD 250,000 per transaction. This limit is applicable for payers in the US only.  

Our Global Collection Account is available only for businesses registered in  Singapore, Australia, Malaysia, Hong Kong, India and Indonesia. It streamlines cross-border invoicing and payment collection for businesses that:  

• Have overseas customers that make frequent payments to you.   

• Are looking for ways to have an edge over your competitors by enabling their customers to pay in their local currency, avoiding hefty FX costs.  
• Are managing a marketplace that acts as an intermediary for buyers and sellers in multiple countries.  

Our Global Collection Account is a convenient payment solution that enables you to collect payments from your international customers using your local bank details in their respective country. This service is available for business accounts registered in Singapore, Australia, Malaysia, Hong Kong, India and Indonesia only. 

With the Global Collection Account, we provide you with local bank details in countries where you may not have a physical presence. Your customers can then make payments to this account using their local payment methods.  

The Global Collection Account provides helpful features for your convenience. These include:  

1. Tracking payment status for each customer.  

2. Receiving notifications about payment activity.  

3. Generating payment reports to keep you organised.  

With these features, managing your payments becomes easier and more efficient.  

If your business is based in Singapore, Australia, Malaysia, Hong Kong, India, or Indonesia, you can collect international payments with your Instarem business account. Through our Global Collection Account service, you can receive payments from across the globe in eight different currencies. This service not only expands your business reach but also streamlines your financial transactions, making it easier to conduct international business. 
 

Yes. Fund by credit card can be used to pay both individual and corporate beneficiaries. 

Funding payments by card is a service currently available for clients in Australia, Singapore, Hong Kong and Malaysia. 

Your beneficiary will receive an email notification containing the payment amount, the payment company. If needed, we can also include extra information, such as the invoice number, upon request. 
 

Funding payments by card is a service currently available for clients in Australia, Singapore, Hong Kong and Malaysia. 

Yes. Instarem supports batch file upload for multiple beneficiary payments. 

Funding payments by card is a service currently available for clients in Australia, Singapore, Hong Kong and Malaysia. 

Before sending money to your recipient, we must first deduct the total amount (including the main sum and fees) from your credit card. This process usually ranges from immediate to a potential maximum of three business days. It involves collecting the funds from your card issuer and sending them to your beneficiary. If you urgently need the funds, get in touch with your account manager, and they will determine if it's possible. 

Funding payments by card is a service currently available for clients in Australia, Singapore, Hong Kong and Malaysia. 

The fees are based on both the transfer amount and the type of card you're using. Card processing fees are calculated individually for each transaction and represent a percentage of the principal amount. These fees, as well as any relevant foreign exchange charges for cross-border transfers, will be added to the principal amount you need to pay. The total amount, inclusive of all fees, will then be debited from your credit card for settlement. 

Funding payments by card is a service currently available for clients in Australia, Singapore, Hong Kong and Malaysia. 

The fees depend on the amount sent and the type of card used. Please contact us at [email protected] for more informtion. We are currently not charging any set up or annual fees for the use of fund by card service. 

Funding payments by card is a service currently available for clients in Australia, Singapore, Hong Kong and Malaysia. 

Currently, we only accept Visa and MasterCard credit cards issued in Australia, Singapore, Hong Kong, and Malaysia.  

Funding payments by card is a service currently available for clients in Australia, Singapore, Hong Kong and Malaysia. 

Yes. To fund your payments by card, you need to sign up, complete KYC, receive confirmation and login with your email. This allows you to transact using your credit card for beneficiary payments. 

Funding payments by card is a service currently available for clients in Australia, Singapore, Hong Kong and Malaysia. 

The amount charged to your designated credit card on Instarem is held in a "Client-held Settlement Account". Instarem is a regulated entity in Australia, Hong Kong, Singapore and Malaysia, and the funds held in this account cannot be used for any other purpose other than transfer to the beneficiary nominated by you, as per your instructions on the platform. After the amount has been paid to your beneficiary, we provide full transaction details on our platform for your review and reconciliation, and we shall also send a remittance advice to your beneficiary for their records as well. 

This service is available for clients in Australia, Singapore, Hong Kong and Malaysia. 

It facilitates use of your card credit limit for making payments to your designated domestic or overseas beneficiaries. The benefits of using Instarem and your credit card include: 

• Extension of payment days for cashflow and working capital efficiencies as use of credit card can offer a payment period of up to 55* days. This is assuming that your bank credit card provider has a 30-day card billing cycle and offers 25 days post card statement cycle for you to settle billed amount. 
• Potential to save on expensive interest charges and fees which would be otherwise payable on bank borrowing for the credit period extension of up to 55* days. This saving could be easily 1.1% assuming your cost of funds is 7.3% p.a and that you are able to utilise the maximum credit period of 55* days. 
• Additional commercial benefits as available from the bank whose card you are using on our platform. These may include cashback or membership reward points on the total spend done on the card which can help reduce costs and deliver enhanced savings. 
• Other benefits like cash rebate or reward points that may be offered by the bank whose card you are using on the platform.  

*55-days interest free period is offered by the card-issuing bank (not Instarem) and may vary as per individual bank policies. 

This service is available for clients in Australia, Singapore, Hong Kong and Malaysia. 

Both domestic and cross-border supplier payments can be done using the fund by card service, including commercial rent, payroll, utilities, insurance, taxes, season parking, subscriptions, licenses, and other supplier payments. 

This service is available for clients in Australia, Singapore, Hong Kong and Malaysia. 

Yes, Instarem’s fund by card service is an innovative online portal solution for corporate clients, allowing them to use their credit card limits for local and international payments, including invoice settlements, even when the beneficiary cannot directly accept credit card payments. This fund by card service offers clients flexibility by utilising their credit card limits instead of traditional bank account debits. After successfully debiting the payment from the client's credit card, the received funds are used to facilitate transfers to both international and local beneficiaries through Instarem's remittance service.  

This service is available for clients in Australia, Singapore, Hong Kong and Malaysia. 

This is enabled even when the beneficiary is not directly card accepting. 

No, Instarem is not directly affiliated with QuickBooks®. However, Instarem allows users to integrate their QuickBooks® account with the Instarem platform for easy transaction tracking and bookkeeping. Any usage of QuickBooks® is a separate relationship between the customer and QuickBooks®. 

This feature is available to clients in Australia, Singapore, Hong Kong, the United States and the United Kingdom. 

Instarem will access your QuickBooks® account details and transaction history to facilitate the integration and ensure that your financial records are up to date. 
 
This feature is available to clients in Australia, Singapore, Hong Kong, the United States and the United Kingdom. 

Instarem will post transaction details, including the amount, currency, and beneficiary information, to your QuickBooks® account. 
 
This feature is available to clients in Australia, Singapore, Hong Kong, the United States and the United Kingdom.

All transactions made through Instarem are synced with QuickBooks®. 
 

This feature is available to clients in Australia, Singapore, Hong Kong, the United States and the United Kingdom. 

You can check the integration settings in your Instarem account to see if your QuickBooks® account is connected and active. 
 
This feature is available to clients in Australia, Singapore, Hong Kong, the United States and the United Kingdom.

Yes, you can see older transactions from your Instarem account in QuickBooks® bank accounts if they were synced. 
 
This feature is available to clients in Australia, Singapore, Hong Kong, the United States and the United Kingdom.

Transactions are synced between Instarem and QuickBooks® accounts in real-time, ensuring that your financial records are up to date. 

This feature is available to clients in Australia, Singapore, Hong Kong, the United States and the United Kingdom.

Why can’t I edit the pre-populated amount while making a bill payment?

To disconnect QuickBooks® from your Instarem account, follow these steps:

1. Log into your Instarem account. 

2. Go to “Pay Bills”. 

3. Click on “Disconnect” and confirm. 
    
   This feature is available to clients in Australia, Singapore, Hong Kong, the United States and the United Kingdom. 

To connect your Instarem account to QuickBooks®, follow these steps: 

1. Log into your Instarem account. 

2. Go to “Pay Bills” to sync your accounting tool. 

3. Choose QuickBooks® and authorize access. 

4. Start paying bills with ease.  
    
   This feature is available to clients in Australia, Singapore, Hong Kong, the United States and the United Kingdom. 

The integration offers businesses a seamless and more efficient bill management system. Instarem can import all billing information from QuickBooks®, helping businesses save time by eliminating repetitive tasks and reducing errors. 
 
This feature is available to clients in Australia, Singapore, Hong Kong, the United States and the United Kingdom.

QuickBooks® is a cloud-based accounting software that helps small and medium-sized businesses manage their financial transactions and records.

For account closure, feel free to reach out to us at [email protected] or get in touch with your dedicated local account manager.

1) Is Instarem integrated with any accounting software to facilitate streamlined bill payments?

For businesses seeking an efficient solution for bill payments, Instarem provides a seamless integration with popular accounting software QuickBooks®. This feature is available to clients in Australia, Singapore, Hong Kong, the United States and the United Kingdom. By linking their Instarem account with QuickBooks®, businesses can streamline their payment processes, making it both quick and effortless.

Instarem Is part of Nium Pte. Ltd which is regulated in 11 jurisdictions, including Singapore, Australia, Hong Kong, Malaysia, Europe, the United Kingdom, the United States of America, Japan and Indonesia.  To access our licensing information, please click here.

We adhere to a strict set of rules set by regulatory authorities in every single corridor we operate in. We maintain complete transparency to give you the most accurate information on your transfer, and our thorough verification processes ensure that your funds arrive at the right beneficiary.

No, the money is sent directly to the recipient's bank account. 

Once your transaction status is marked as 'Paid,' your payment will be credited to your beneficiary's bank account. Depending on the operating hours of the beneficiary bank, it may take another 24 hours for the funds to reflect in their account.  

You can track the transaction status by clicking on ‘History’ on the top right tab on your dashboard. 

No, there is no additional cost for using the Bulk Payment feature. It is available to all our SME clients at no extra charge.

Rest assured, the bulk payment feature is designed with robust security measures to protect your data during submission and processing phases. 

Is there a limit to the number of transactions I can upload for bulk payment? 

Yes, you can process transactions in multiple currencies using the Bulk Payment feature. While the source currency must be singular (for instance, SGD), you can send payments to various destination currencies such as MYR, IDR, and USD among others. 

Yes, you have the flexibility to start over or continue with the successfully validated transactions as per your convenience. 

Once you upload the completed Excel file, our system will automatically validate all the entered details to ensure accuracy. If there are any errors, you will receive an error file indicating which rows require changes before processing. For any assistance, reach out to your relationship manager or [email protected]. 

The bulk payment feature supports all types of international payments. 

Yes, we provide a user-friendly excel template with the required fields for your transaction details. Simply download the template from our platform and fill in the necessary information following the provided instructions. 

To access the bulk payment feature, simply log into your Instarem account and proceed to the 'Send Money' section. From there, choose the option for bulk payment.  
 
This feature is not available in India.

The bulk payment feature allows businesses to submit payment and recipient details via an excel file, making it possible to process up to 1,000 transactions in one go. This feature is available in Singapore, Australia, Hong Kong, Malaysia, Indonesia, the US, the UK and Europe. 

For any assistance, please get in touch with your relationship manager. Alternatively, you can reach out via email at [email protected] for prompt assistance. 

No, you don't need to do anything to activate the new limit. It's automatically applicable to your business account registered in Malaysia, and you can start using it right away. 

You can use the send limit to make larger payments to your business partners and suppliers, complete more transactions per day, and save time and streamline your payment processes. 

Instarem raised the B2B transaction limit to enhance client service, offering increased flexibility and convenience for B2B transactions. This limit increase received approval from Bank Negara Malaysia, which was granted based on Instarem's rigorous adherence to the regulations outlined in the Money Services Business Act 2011 (APPWL) and the Money Services Remittance Business Regulations (Amendment) 2015. Our robust processes, systems, and internal controls are designed to ensure the safety and security of B2B transactions, including client due diligence and know-your-business (KYB) procedures. 

The maximum daily outgoing transaction limit for Business-to-Business (B2B) payments per SME client is 10* million MYR. *This is subject to transaction limits at the beneficiary’s bank and country.

Yes, you may create multiple users for your account.   

Instarem offers a range of payment methods tailored to the specific country you are registered in. Here are the payment methods you can use based on the country your account is registered in: 

Once you set up a transaction, you can find our payment details on the confirmation page on our platform. To proceed, add Instarem as a payee in your online banking platform and transfer the required amount to Instarem's client money account. As soon as we receive the funds, we will promptly process your international transfer.  

Yes. You can cancel a transaction if it has not been completed. However, it's essential to keep in mind that once the funds have been successfully transferred to the recipient, the transaction cannot be cancelled. So, we advise you to review your transfer details carefully before proceeding to ensure accuracy.  

Different countries have regulatory limits on outward and inward flow of remittances originating from or to the country. You can refer to our page on international money transfers limits for information pertaining to inward and outward remittance limits on your country of interest.  

Once your account is approved, you can initiate transactions on our platform. 

The processing time of a transaction depends on factors like the specific countries involved. For countries with real-time payment infrastructure, the transfers are instantaneous, ensuring swift and immediate processing. For others, the average processing time may take approximately 1 business day, ensuring your transactions are completed promptly and efficiently.  

When setting up a transaction with Instarem, all our fees are presented to you upfront. You get full transparency of the amount you will be paying and the amount your recipient will be receiving. Our transaction fees vary depending on multiple factors like; the country you’re sending from, the country you’re sending to, the amount you’re sending and the payment method you are using. 

Please note that in case of credit card payments, your card provider may charge a cash advance fee in addition to Instarem’s transaction fee.  

At Instarem, we offer highly competitive FX rates which are visible to you before you proceed with your transaction. When you set up your transaction, the FX rate gets locked until you complete the transaction process, or the transaction is cancelled for any reason.  

Instarem enables you to send money to recipients across the globe including countries in Asia, Europe, North America, South America, Latin America, Africa, Oceania, and the Middle East.  

There are no set-up or subscription fees associated with our service. We only charge a fee for transactions. So, you only pay when you use us. 

No, your Instarem business account is exclusively designed for making outbound payments from the specific country where it is registered. Due to the unique regulatory frameworks and onboarding requirements of each country, setting up multiple business accounts is necessary if you intend to operate from different countries. 

On average, it takes 2-3 working days to activate your business account. In some instances, it may take longer, for example – if we need more information or documents from you in order to complete the process. 

For any modifications or updates to your account, please get in touch with us at [email protected].  

To create an Instarem business account, you'll need to register using a valid email address and an active contact number. As part of the process, you will be required to submit certain documents, including your company's Business registration number and information about the Directors and Shareholders. This requirement follows the 'Know Your Customer' (KYC) regulation.  

Personal accounts can be used only for individual or personal purposes; therefore, you need to create a separate business account to use for business purposes. Click here and select ‘Business’ to sign up now.  

Instarem business services are available to companies that are registered and maintain a physical presence in the following locations: Australia, Singapore, Hong-Kong, Malaysia, Indonesia, UK, EU, USA, and India.