Being miles away from your family and friends in India is not easy, but InstaReM makes sure that sending money to your family and friends in India is easier. With InstaReM, everyone from individuals to SMEs to corporates can now transfer money to India anywhere, anytime.
All you need to do to set up an overseas transfer is follow our 3-step process and we take care of the rest. We convert your money using real-time FX rates, apply a nominal fee*, and pay out to your recipient from our local bank account in India. InstaReM provides convenient money transfers to anywhere in India.
At InstaReM, we value your money and keep your transactions free from sneaky markups on exchange rates and stealthy hidden charges. Even the World Bank has ranked us the No. 1 cost-effective remittance platform in several corridors around the globe, including India. To get started with your first transfer, click here.
1. InstaReM fee: For payments from AUD to INR and HKD to INR, the fee is 0.5%. For payments from SGD to INR, the fee is 0.25%.
2. Transfer time*: InstaReM makes typically same days transfers 7 days a week where the amount is below INR 200,000, provided the transfer is set up before 12 PM IST (6.30 AM GMT). If the transfer is set up after 12 PM IST (6.30 AM GMT), the money is transferred the next day.
3. Banks covered in India: InstaReM covers all banks in India, including State Bank Of India (SBI), ICICI Bank, Kotak Bank, Yes Bank, Canara Bank, HDFC Bank, Axis Bank and Bank Of Baroda, Co-operative Banks, among many others.
4. Required details: You need the beneficiary’s full name, full residential address, beneficiary’s account number and IFSC code to make a transfer to India.
5. Payment methods: InstaReM supports POLi and bank transfer in Australia, and bank transfers in Singapore and Hong Kong. Please note that we accept payments only from the sender’s own bank account. We do not accept third party transfers.
6. Maximum amount per transfer:
• Individuals: AUD 2500 for transferring money from Australia. No limit for Singapore and Hong Kong.
• Corporates: As per regulations in India, the limit is set at 1,500,000 INR per day per business.
7. Available payout currencies: We make payouts in INR only.
8. No cash or cheque: As an online remittance platform, we do not accept or send out cash or cheques. InstaReM transfers money from one bank account to another bank account.
9. Investments: InstaReM does not support payments for FDI (Foreign Direct Investment) purposes. As per RBI (Reserve Bank of India) guidelines, payments for FDI purposes are allowed only through banking channels.
10. E-mail transfers: No. InstaReM does not support transfers to an email address.
11. Cancellation: You can cancel your transfer before we start the process to credit your money to the beneficiary’s account. You might need to provide your refund account details, if we don't already have them. You'll be refunded in full, and we don't charge a cancellation fee.
Indian Financial System Code, better known as IFSC, is an alphanumeric code that is used to identify a particular branch of an Indian bank where an INR account is held. The IFSC code is used by the NEFT, RTGS and IMPS finance transfer systems in India. You can find your IFSC code here.
1. To get the best rates, monitor INR exchange rates and compare with other platforms that send money to India.
2. Be absolutely certain about the account details of your recipient in India. Errors in IFSC codes, for instance, can delay your transfers.
3. Choose a money transfer service that makes money transfers to India convenient and cost-effective.
4. Find out all about the costs and charges involved in money transfers to India, to avoid last-minute surprises.
5. Note that your recipient receives the same rupee amount that was promised by the service provider.