Has Nium bought over Instarem
No. The name of the company has changed to Nium. Instarem will continue to provide seamless, secure and cost-efficient cross-border transactions. Our new name, Nium, captures the wider universe of businesses
that will enable individuals and businesses to send, spend and receive their money worldwide.
How does the change in the company name affect me?
You can continue to use Instarem the way you have. The name change doesn't affect your transfers via Instarem.
Does this change Instarem's terms & conditions?
No. The terms and conditions of usage remain the same.
Will my personal information continue to be secure?
Yes, the name change has no security implications on your personal information.
Do I need to make any changes to my profile?
No. Your profile continues to remain active with Instarem.
Will my transfers be delayed?
Why has the company name changed?
Instarem’s mission is to improve the cross-border payments experience for consumers. With Nium, we want to welcome you to a world of ‘Open Money’. This will introduce you to an array of services, along with
Instarem’s existing range of services. With Nium, we’re building a network for people and businesses to send, spend and receive their money globally.
How do I transfer money?
The transfer process remains the same.
Do I lose my InstaPoints?
Your InstaPoints are safe in your account. Continue to use and collect them on future transfers.
What about the first transfer bonus code?
All active coupons are eligible for the first transfer bonus.
Has Instarem contact details changed?
I have a refund pending to get from Instarem. Will I receive this?
Yes. All refunds will be processed and credited as per the existing terms and conditions.
How do I create an account with Instarem?
Account creation is easy. You just need to signup with your email ID or Google / Facebook ID.
Click here to create an account.
Why is it important to complete my KYC process?
As a financial institution, we need to verify the identity of all our clients according to local regulations of the countries where we operate.
How important is the accuracy of details I provide to Instarem?
As a financial institution, we need to know who is transferring money with us and verify their identity.
For this reason, when you create your profile, please use your real, full name (no nicknames or initials), accurate address, phone number and an email where you can be reached.
What information do I need to share to create an account with Instarem?
To create an account with Instarem, you need to share your email ID, mobile number and identity & address proof documents.
Can I change my email ID or mobile number?
Yes. Once you log in, please go to My Account - My Info to change your email ID and mobile number.
How do I add a recipient to my account?
If you are a verified user, you can log in and click on 'recipients' tab, or 'add a recipient' while setting up a transaction. If you are signing up, you can 'add a recipient' while setting up your first transaction.
How do I delete a recipient from my account?
Recipient once added cannot be deleted. However, you may choose to not transfer money to that recipient anymore.
Can I create a multi-user account with Instarem?
Yes, we support multi-user account in case of multiple entities.
Why do I need to reshare my documents?
As a regulation, we need to maintain on file the most recent copies of documents shared by you. In case your documents have expired or are nearing expiry date, we ask you to share the most recent copy of your
How do I unsubscribe or subscribe to emails?
Please visit our
subscription page for subscribing to Rate Watch, Daily FX Alerts, and News and Deals.
What is Rate Watch subscription?
Rate Watch allows you to receive a mail each time your currency pair hits a desired high or low value. Once the trigger value is hit, your Rate Watch for the specific currency pair is removed.
What is Daily FX Alert subscription?
You can select a currency pair and we will email you daily alerts for the same at a specific time in the day.
How many beneficiaries can I add in my Instarem account?
There is no limit on the number of beneficiaries in any country except Malaysia.
In Malaysia, Instarem allows individual clients to add a maximum of six beneficiaries to their account. Also, out of the six beneficiaries, you can have a maximum of 4 active beneficiaries at a time. You can
activate another beneficiary only after deactivating an active beneficiary.
No such limit for corporate clients in Malaysia.
I am unsatisfied with the resolve to my enquiry by Instarem. What can I do?
As an organisation we strive to provide great service to meet and exceed your expectations. However, if you have any concerns or believe your expectations have not been met, or if you want to raise an issue regarding
a particular transaction or encounter with Instarem, please feel free to reach out to us.
Send us an email on [email protected] and be sure to include the below information so we can assist you the best way possible:
- Your Instarem Client ID,
- The details pertaining your concern,
- The Instarem Transaction ID (if any) related to your concern
Once we receive your email, our team will attend to the matter in line with our policies and practices and the local regulatory requirements.
- Acknowledge the receipt of your email,
- Assess the matter and concerns raised and ask for more information (if required),
- Complete the investigation once we have all the information, and,
- Email you with our response, explanation, and actions taken (if and where applicable).
We will look into your case as quickly as possible and will send you a response in line with the required timeframe as imposed by our policies and local requirements for more information. Please read the appropriate
disclosure documents based on your country of residence. For more information, please check: Global Policies For International Money Transfers | Instarem.
Our customers’ happiness is our topmost priority. Rest assured that we will do our best to make things right.
If you are unhappy with our email response and resolution to the matter you have raised, depending on where you reside and the applicable regulatory requirements, you may forward your complaint to the respective
dispute body in the country that you registered in with Instarem.
How much fees does Instarem charge?
Our fees differ from countries and corridors of transfers with typical fees varying from 0.25% to 1%. The fees are subject to change and can be reviewed at any given time on the Instarem currency converter.
At what rate will Instarem transfer my money?
Instarem transfers money at Low Cost and Our competitive rates are sourced from Reuters. A nominal fee is added to cover the cost of the transaction according to the payment corridor.
Why are the rates at Instarem so different than banks and other operators?
At Instarem, we transfer money at Low Cost - rates sourced from Reuters. Unlike banks and other operators, We add only minimal markup to the rates and do not have any hidden charges.
Why do the rates not change on weekends or at certain other times?
The Forex market is operational during market hours on business days in the particular country. Therefore, the rates may not update when the forex markets are closed on weekends and holidays.
Can I lock in an exchange rate with Instarem?
Typically, the exchange rate is locked in for a specific amount of time once you submit your transaction on Instarem portal. However, if the funds are not provided within the specified time, the transaction
gets auto-cancelled. For more information on auto-cancellation timeframes, please click here.
Does Instarem offer forward contracts?
No, we currently do not offer forward contracts.
For how long are the rates locked once I set up a transaction?
Our rate lock-in period depends on the payment method and varies from country to country. If the funds are not provided within the specified time, the transaction gets auto-cancelled. For more information on
auto-cancellation timeframes, please click here.
I want to fund my transaction through a credit card. Is this possible?
Sorry. Currently we do not accept credit cards.
How do I transfer money to Instarem?
You can transfer money to Instarem through Electronic Funds Transfer (EFT) / Bank Transfers / Wire Transfers in all countries. You can also send money through PayID or POLi (in Australia), PayNow (in Singapore), Debit Card (in Hong Kong, UK, and Europe), FPX (in Malaysia) and ACH pull/direct debit (in USA).
Is my money held in a segregated account with Instarem?
Yes, the money in your account with Instarem is held in a segregated account with an Authorised Deposit-Taking Institution (ADI) / Authorised Institution / Originating Depository Financial Institution / Credit
Can I deposit cash into Instarem's bank account?
No, we do not accept cash deposits.
Can I send money through somebody else's bank account?
Sorry. Third party payments are not accepted.
Can a third party pay for my transfer?
We do not accept third party payments.
However, if a third party bank account was used to transfer the funds to Instarem on your behalf, the third party account holder may register with Instarem, set up a new transaction, generate a new reference
number, and then use the paid amount to fund the new transaction.
We can hold the funds and use them towards the transfer made from this person’s Instarem account. In such a case, the latest prevailing FX rate will apply to the new transfer.
Can I send money through somebody I have a joint bank account with?
Yes. As long as your name reflects as one of the account holders, you can send money through a joint account.
I have entered wrong deposit details. Can I change it?
You can contact our Client Services Team via email, chat for any issues you face before we begin to process your transaction.
I have entered wrong recipient details. Can I change it?
You can contact our Client Services Team via email, chat for any issues you face before we begin to process your transaction.
I have been asked for additional documents even after my KYC, why?
As a policy, we require you to share your latest copies of your documents. In case, the documents you have shared are outdated and have expired, we will need you to share them again before we can process a transaction
How do I set up a transfer with Instarem?
Login to your Instarem account and submit a transfer. The platform will walk you through the process. If you have any queries, please contact our Client Services Team.
What happens if my payment to recipient is rejected?
We will notify you via an email about your rejected transfer.
I have sent incorrect amount. Can I change it?
You can contact our Client Services Team via email, chat for any issues you face.
When will my recipient receive the payment?
Recipients In China
Once the transaction has been processed by Instarem, Money Express-enabled recipients will receive the payments in real-time.
Recipients whose cards are bank channel-enabled will have to register with Geoswift & accept the transaction in order to receive the payment. After we process the payment, recipients will receive an SMS from
Geoswift with a registration link. Once the recipient registers using the registration link, they will receive a notification to accept the payment. Once the recipient accepts the payment, the money will
be credited to his/her account within 2-3 minutes.
*Please Note: The recipient needs to register and accept the transaction within 48 hours of receiving the SMS, or else the transaction will get canceled.
For Recipients In Other Countries
Once the transaction has been processed by Instarem, it depends on the processing time of the receiving bank.
How long will it take to transfer my money through Instarem?
Typically, transfers via Instarem are instant. However, for certain countries, corridors, and payment methods it could be more than 2 business days to process a transaction.
Do I need to contact Instarem when I make a payment?
No. All you need to do is set up a transfer on our online portal and we will take care of things for you. However, in case of any queries or problems, you can contact our client services team via email, chat,
How do I cancel my transfer with Instarem?
You can cancel your transfer depending on what step your transfer is at. If you have not funded the transaction, you can cancel your transaction by clicking on the ‘cancel’ button on the transaction history
page. If you have sent funds against a transaction and then want to cancel it, please contact our Client Services Team via email, chat.
*Please note, once the funds have been transferred to the recipient, the transaction cannot be canceled.
What is the minimum I can transfer with Instarem?
Minimum sending amounts could differ based on certain currency pairs which would be highlighted when you set up your transaction. Please refer to our page on
international money transfer limits for more information.
What is the maximum I can transfer with Instarem?
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 in various countries for information pertaining to inward and outward remittance limits on your country of interest.
Do I need to deposit funds before I make a transfer with Instarem?
In case of a Bank Transfer as your payment method, a manual bank deposit to Instarem's account will be required within 24 hours after submitting the transaction. Our bank details will be sent to your registered
email address. When you make the deposit through your online banking, the status of your transaction may take up to 24-36 hours to update. Once we receive and acknowledge the payment, you will get an email
confirming the receipt of funds.
When is the best time to set up a transfer with Instarem?
At Instarem, we transfer money at rates which are directly sourced from Reuters. To get a rate of your choice, we would advise you to subscribe to our Rate Watch feature which will alert you whenever the currency
pair hits your desired rate.
Which sending currencies does Instarem support?
||Native currency (can be sent always)
||Can we send USD?
||Can we send EUR?
Can I set up multiple transactions and chose to fund only one of them?
Individual : You should only set up a transaction if you intend to transfer funds towards it. If you have set up multiple transfers for the exact same amount and send only one deposit, the funds would be linked
to the first transaction that you have submitted.
Corporate : A Corporate can add up to 20 beneficiaries in one batch and can set up a max of 20 transactions at one go. Collated funds can be sent matching the exact total amount of transactions set up.
Does Instarem offer a cash pick-up facility?
Yes, We offer cash pick-up facility only for the Philippines. For More Details Click here
Does Instarem support Debit Card transfers/payments from Hong Kong?
Yes, Instarem supports debit card transfers/payments from Hong Kong to all destination countries supported by Instarem. The facility is available only for individual remitters. For more details, Click here
From which countries can you send money using Instarem?
With Instarem, you can send money from Australia, Singapore, Hong Kong, Malaysia, Euro Zone Countries, UK, India, Canada and the US.
To which countries can you send money using Instarem?
You can send money to the following countries using Instarem:
To Africa: Ghana, Nigeria, Tanzania and Uganda*
*Transfers to Africa not available from India
Asia: Bangladesh, China, Hong Kong, India, Indonesia, Malaysia, Nepal, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Vietnam
Europe: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco,
Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, United Kingdom
North America: USA, Canada, Mexico
Which countries levy taxes on outward flow of money?
While most countries do not levy taxes on outward flow of money, India imposes GST both on currency conversion and the service charge. Malaysia imposes GST on service changes for outward remittance transaction.
Which countries levy taxes on inward flow of money?
Few Latin American countries levy taxes on inward remittances. While Instarem deposits the exact amount to the recipient that you see on the screen while setting up the transfer, the recipient's bank may deduct
taxes from the receiving amount at their end.
What is IFSC Code? What if I do not have my recipient's IFSC Code?
IFSC code is an alphanumeric code that identifies a particular bank-branch participating in the two main Electronic Funds Settlement Systems in India. You can contact the recipient
and get the IFSC code of the bank where they have an account.
What are Swift Codes, ACH, IBAN numbers, BSB Codes and Sort Codes?
SWIFT Code is a unique identification code for financial and non-financial institutions.
ACH Code is a routing code used in the United States to identify the financial institution in which it is drawn.
IBAN Number is an international system of identifying bank accounts across national borders to facilitate the communication and processing of cross-border transactions.
Sort Codes are codes the British and Irish banking industry uses to identify banks when routing money transfers.
BSB Code is a Bank State Branch (BSB) code used in Australia to identify a bank's branch.
How do I transfer money to Instarem from USA?
You can transfer money to Instarem via ACH Pull or Bank Transfer method.
Maximum limits for transfers via ACH Pull –
1500 USD per transaction
3000 USD per 30-days
For higher amounts, kindly use Bank Transfer Method.