Instarem Business – Product Disclosure Statement

Last updated: 23 November 2023


Important information

This Product Disclosure Statement (“PDS“) has been prepared and issued by NIUM Pty Limited (ACN 601 384 025 AFSL 464627) (“Instarem”, “us”, “we” or “our”). Instarem is a subsidiary of Nium Pte. Ltd., which (together with its subsidiaries globally) operates the “Instarem” and “Nium” brands.


Please note that the information contained in this PDS does not constitute a recommendation, advice or opinion, and does not take into account your individual objectives, financial situation, needs or circumstances.


This is an important document and should be read in its entirety (along with the Business Terms and Conditions – available at, or an electronic copy can be provided by us free of charge upon request). Before acquiring any product offered under this PDS, you should ensure this is appropriate for your particular financial objectives, needs and circumstances.


If you acquire any of the products described in this PDS, you will be bound by the contents of this PDS and the Business Terms and Conditions.


The information in this PDS is current as at the date set forth on the cover page, and may be updated from time to time where that information is not materially adverse to clients. Updated information shall be provided on our website – accessible at Instarem may issue a supplementary or replacement PDS as a result of certain changes, which shall be available on our website or shall be distributed in electronic form as required.


This PDS does not constitute an offer or invitation in any place outside Australia where or to any person to whom it would be unlawful to make such an offer or invitation. The distribution of this PDS (electronically or otherwise) in any jurisdiction outside Australia may be restricted by law and persons who come into possession of this PDS should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable law.


If you received this PDS electronically, we can provide a paper copy free of charge upon request.
  1. Purpose and contents of this PDS

    This PDS is an important legal document and is designed to provide you with important information regarding our products and services, including the following information:

    1. who we are;
    2. how you can contact us;
    3. which products we are authorised to offer or utilise;
    4. key features/risk/benefits of these products;
    5. applicable fees and charges for these products;
    6. any (potential) conflicts of interest we may have; and
    7. our internal and external dispute resolution process.

    The information in this PDS should assist you to:

    1. decide if the product meets your needs; and
    2. compare the product with similar products.


    If you intend to apply to use any of the products and services described in this PDS, please read and make sure you understand this PDS, our Business Terms and Conditions, Privacy Notice, and Financial Services Guide (“FSG”), which are accessible via our website. These documents contain important information regarding the features, benefits, risks and fees applicable, and are designed to assist you in making an informed decision about whether to use our products and services. If you have any questions or need more information, please contact us.


    All financial amounts mentioned in this PDS are expressed in Australian dollars unless otherwise stated. Unless defined herein, capitalised words used in this PDS have defined meanings which appear in the Glossary at the back of this PDS.


  2. About Instarem

    Instarem Pty Limited ACN 601 384 025 holds an Australian Financial Services Licence Number 464627 and is authorised to provide financial product advice and deal in non-cash payment products in relation to retail and wholesale clients. Instarem is also a reporting entity to the Australian Transaction Reports and Analysis Centre (“AUSTRAC”).


    You can contact us at:

    Address: Level 4, 152 Elizabeth Street, MELBOURNE VIC 3000

    Email: [email protected]


  3. General product description

    The financial products provided by Instarem include facilities for businesses to send and receive money (collectively, the “Services”).


    Service Key features

    Send lets you send money in any Supported Currency to beneficiaries in Australia or any other jurisdiction approved by Instarem. The transaction can be funded from your Available Balance or any other supported payment methods from time to time.


    To send money to a beneficiary, you will need to provide an instruction in accordance with the process described in the Business Terms and Conditions.

    Receive Receive lets you:
    • Top up the Available Balance in a Supported Currency through a bank transfer from your own bank account to the Nium Account, or any other supported payment methods from time to time. The money received will be added to your Available Balance and held in the Account in the Supported Currency.
    • Receive funds in a Supported Currency into the Account from a third party payer in Australia or any other jurisdiction approved by Instarem. You will need to provide the third party payer with the Account details. The money received will be added to your Available Balance and held in the Account in the Supported Currency.
    • Hold money in any Supported Currencies.

    Multiple Supported Currencies can be held in the Account and form your Available Balance. You can convert any currency forming part of your Available Balance for another Supported Currency by providing an instruction to Instarem via the Instarem Platform.


    The Available Balance can be accessed or withdrawn in accordance with the process described in the Business Terms and Conditions.


    It is important for you to understand that the Account is not a bank account, and is instead a non-cash payment facility. When Instarem receives funds that are credited to the Available Balance you acquire an interest in (or an increased interest in) a non-cash payment facility (being the Account). Those funds are therefore not moneys which are subject to the client money protections in the Corporations Act 2001 (Cth).


    The Available Balance is supported by a bank guarantee (the “Bank Guarantee”). The Bank Guarantee is issued by an Australian authorised deposit-taking institution (the “Issuer”) in favour of Global Loan Agency Services Australia Nominees Pty Ltd (the “Trustee” or “GLAS”) who holds the benefit of the Bank Guarantee on trust for Instarem’s customers, including all customers with Available Balances.


    Instarem are required to ensure that, at any point in time, the amount of the Bank Guarantee is greater than the aggregate Available Balances of all customers of the Services. If an insolvency event occurs with respect to Instarem or Instarem is found by any court or tribunal in Australia or the Australian Financial Complaints Authority (“AFCA”) to be in breach of any obligation owed to you in conection with the Account or Available Balance which breach is not remedied within 10 Business Days following receipt by Instarem of the final non-appealable judgement or determination of the court, tribunal or AFCA, the Trustee must make a demand on the Bank Guarantee


    You acknowledge that if a demand is made on the Bank Guarantee, the Trustee will apply the proceeds of the Bank Guarantee to satisfy Available Balances of affected customers held (a) in Australian Dollars, in Australian Dollars and (b) in any other currency, in Australian Dollars using an exchange rate determined by the Trustee (acting reasonably). In these circumstances you can contact the Trustee at:


    Global Loan Agency Services Australia Nominees Pty Ltd (Re: NIUM)

    Address: Level 26, 1 Bligh Street, Sydney NSW 2000 Australia

    Phone: +61 2 82268728;


    Email: [email protected] (Re: NIUM)


    The Bank Guarantee referenced in this clause has been issued with the intention of satisfying an exemption published by the Reserve Bank of Australia under section 25 of the Payment System (Regulations) Act 1998 (Cth) on 4 March 2004 (the “Exemption”). You acknowledge and agree that (i) if Instarem no longer relies on the Exemption in respect of your funds, such as where Instarem is granted an authorised deposit-taking institution licence, neither Instarem nor the Trustee need maintain the Bank Guarantee; and (ii) for the purposes of establishing the Bank Guarantee arrangements, Instarem is authorised to transfer free and clear title to all relevant balances held in the Account (or otherwise received to be credited to the Available Balance) to the Issuer as collateral for performance of the Bank Guarantee.

  4. Accessing and using our products and services


    To access and use our Services, you must first register for an Account via the Instarem Platform, which is accessible via our website. By registering for an Account, you agree to the terms in our Business Terms and Conditions, Privacy Notice, the FSG, and this PD.


    Your application for an Account must be approved by Instarem. Instarem reserves the right to refuse to open an Account any person.

  5. Eligibility

    To be eligible for the Services you must meet the eligibility criteria Instarem sets out in the Business Terms and Conditions (available at, or an electronic copy can be provided by us free of charge upon request). Your application for a Service must be approved by Instarem respectively. Instarem reserves the right to refuse to provide a Service to any perso.

  6. Significant benefits

    The significant benefits of the Services are as follows:

    1. You can use Receive to load (or reload) value onto your Available Balance, in any Supported Currency, by initiating a transfer from your bank account or through any other means notified described in the Business Terms and Conditions. You can also use Receive to collect and hold money in any Supported Currency from a third party payer in Australia or any other jurisdiction approved by Instarem, into your Account. This reduces the need for you to open bank accounts in multiple jurisdictions.
    2. You can use Send to transfer money in any Supported Currency to beneficiaries in Australia or any other jurisdictions approved by Instarem.
    3. Instarem bases all of its FX quotes on the live interbank FX rate and adds a transparent mutually agreed-upon FX markup.
  7. Significant risks

    In deciding whether or not to use the Services you should be aware of the significant risks set out below. However, this section does not purport to disclose all of the risks associated with the Services.

    1. A Send or Receive transaction will not be processed if the transaction is not in a Supported Currency and the beneficiary or payer (as the case may be) is not located in a jurisdiction approved by Instarem.
    2. There may be circumstances beyond our reasonable control preventing a transaction from being processed.
    3. You might not be able to get your money back if Unauthorised Transactions or unintended transactions occur.
    4. No interest is earned on the Available Balance and it is not a savings or checking account.
    5. There is a risk that Instarem may become unable to fulfil its obligations to you as they fall due, for example, if our banking partners fail to meet their contractual obligations to us or in the event Instarem experiences insolvency. This is known as counterparty (or credit) risk. If this happens, you may not be able to use the Services as designed and this could result in a loss.
    6. There is a risk of loss resulting from failures, delays, or inadequacies of technological systems, internal processes or external events. This is known as operational risk. While Instarem uses reasonable efforts to ensure uninterrupted access to the Services, it cannot guarantee that such access will never be interrupted as a result of technical or other unforeseen problems that are outside its control. There are also risks associated with the use of an online platform to process transactions, such as network connectivity issues, system or software errors and bugs, and security or data breaches.
    7. Nium relies on arrangements with banking partners to deliver the Services. Instarem banking partners may make errors or experience unscheduled delays in crediting funds to the Account or transferring them to another account.
  8. Advice

    We are obliged to warn you that we will only provide you with general advice, which does not take account of your objectives, financial situation or needs.

  9. Fees and Charges

    The following fees apply in connection with the use of the Services. You agree that whenever any of these fees are incurred or become payable, Instarem may deduct it from your Available Balance.

    1. Transaction fees: Transaction fees are payable on each Send and Receive transaction. The fees you pay will vary based on the source and destination currencies and countries of the transaction, the size and frequency of your transaction, and the payment method used in the transaction. The exact fee applicable for each transaction will be disclosed to you on the Instarem Platform.
    2. Foreign exchange charges: Where currency conversion is required in respect of any transaction, Instarem will apply the prevailing exchange rate disclosed to you on the Instarem Platform which includes a percentage earned by Instarem.
    3. Other fees and charges: You may also incur fees or bank charges on failed transactions, or interest charges on outstanding amounts due to Instarem.
  10. The financial claims scheme

    The Financial Claims Scheme is a scheme administered by the Australian Prudential Regulation Authority (“APRA”) to protect depositors of authorised deposit-taking institutions from potential loss due to the failure of these institutions. It provides depositors with a guaranteed protection, up to a cap. As at the date of this PDS, the Financial Claims Scheme applies to deposits only, and does not protect any Available Balance.


    For more information, see APRA’s website at

  11. Privacy policy

    Your privacy is important to us and we are committed to compliance with the Privacy Act 1988 (Cth) and the Australian Privacy Principles. Information collected from you at registration or in subsequent communications is used to establish and administer your Account, comply with our regulatory obligations and for us to determine your suitability as a client.


    We may disclose your personal information to external parties who act on our behalf in the operation of our business or in connection with the transactions to be undertaken. Such external parties are required and committed to protecting your privacy and where they are offshore, we take reasonable steps to ensure that to the maximum extent reasonably possible any information sent has the same level of privacy protection as we provide here in Australia. Instarem will not otherwise disclose your personal information without your consent, except as authorised or required by privacy laws. Please contact us by writing to [email protected] if you have any concern.


    Full details of Instarem’s privacy policy are available at


    We will retain information obtained from you only as long as required by our regulatory obligations. This ncludes information required in order for us to comply with applicable laws and regulations for the prevention of money-laundering and counter-terrorism financing.


    The law allows you (subject to permitted exceptions) to access your personal information. You can do this by contacting us using our contact details set out in this FSG.


    Where necessary, we will correct personal information where that information is found to be inaccurate, incomplete or out of date. We will not charge an individual for reasonable access and correction requests.

  12. AML/CTF

    By accepting the terms and conditions in the PDS and at registration you undertake that activity related to your Account is in no way associated with unlawful or illegal activity. Instarem is compliant with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and associated laws. By registering with Instarem, you undertake to notify us of anything that may put us in breach of this legislation and associated regulations.


    You must supply personal details to us and where necessary documentation to assist us verify your identity. This may also be necessary for additional authorised signatories and directors and beneficial owners of corporate entities. From time to time we may be required to obtain further information to assist with ongoing obligations.


    We may be required to provide the relevant authorities with information we have collected from you or any transaction records we hold. We will be unable to notify you of any such requests. We may also be required to suspend or cancel your Account or delay, block or freeze the processing of transactions. If this occurs, we are not liable to you for any consequences or losses whatsoever and you agree to indemnify us if we are found liable to a third party in connection with the freezing or blocking of a transaction in connection with your Account.

  13. Tax implications

    You should get your own independent tax advice in relation to the impact your use of the Services may have on your personal tax liability as Instarem has not taken into account your individual circumstances or needs.

  14. Disclosure of interest

    Subject to disclosures in any other transaction documents, Instarem does not have any relationships or associations which might influence us in providing you with our Service.

  15. Dispute resolution

    Instarem has an internal dispute resolution process in place to resolve any complaints or concerns you may have, as quickly and fairly as possible in the circumstances. Any complaints or concerns should be directed to us via our Help Centre (accessible via our website). We will seek to resolve your complaint within 30 calendar days or such further time period that may reasonably be required given the nature of the complaint. We will investigate your complaint, and provide you with our decision, and the reasons on which it is based, in writing.


    If you are dissatisfied with the outcome, you have the right to lodge a complaint with the Australian Financial Complaints Authority, an approved external dispute resolution scheme, of which Instarem is a member.


    Australian Financial Complaints Authority

    Phone: 1800 931 678

    Post: GPO Box 3, Melbourne, Victoria 3001


  16. Glossary of terms
    ACCOUNT the account by which you access the Instarem Platform.
    AVAILABLE BALANCE refers the balance contained in the Account.
    INSTAREM NIUM Pty Limited ACN 601 384 025.
    INSTAREM PLATFORM the proprietary online system(s) and the components thereof, developed, owned and maintained by Instarem, that enables You to obtain the Services from Instarem, including any replacement thereof and any related software, websites, URLs, software programs and deliverable ancillary to the Instarem Platform such as reports, compilations or databases.
    UNAUTHORISED TRANSACTION a transaction not authorised by you, but not including transactions made by another person who you have permitted to use the Account.