InstaReM Extends Best Transfer Amount Guarantee to Students Making Payments Abroad
The Best Transfer Amount Guarantee will help students to #DoMore with savings on expensive traditional money transfers
Mumbai, 29 January 2019: InstaReM, Southeast Asia’s leading digital money transfer fintech with a global presence, has announced extending its celebrated Best Transfer Amount Guarantee program to students, thus helping them save while making payments for their schools, colleges and universities fees abroad.
Students paying for their education fees typically transfer money abroad through banks and money transfer operators (MTOs), who add margins to the forex rates apart from charging hefty fees for such transfers. These charges invariably result in the students (or their parents) spending much more than what they estimate based on the ongoing forex rates. According to the World Bank, the average cost of sending money abroad is 7.01%. Banks are the most expensive ways to transfer money abroad at 10.53%, while the average cost of transferring money overseas via MTOs is 6.23%.
Unfortunately, most students are not aware that there are other new-age, cost-efficient ways to pay fees to the universities abroad. With digital money transfer service InstaReM’s Zero-Margin FX rates and low transfer fees (typically between 0.25% to 1%), students can save as much as 3% (up to US$ 380 on payment of US$ 20,000) as compared to traditional money transfer platforms.
With a view to help aspiring students #DoMore by saving on their overseas money transfers, Singapore-headquartered InstaReM is now extending its “Best Transfer Amount Guarantee” program to the students’ community. This means that students (or their parents) paying school or university fees abroad will be able to realize the best transfer amount on their overseas money transfers. InstaReM is the most cost-effective overseas money transfer provider in the country, and as per the provisions of its Best Transfer Amount Guarantee program, InstaReM will match the differential if a student finds a better transfer amount on another money transfer operator, for the same currency pair, and the same sending amount.
If InstaReM does not live up to its ‘Best Transfer Amount Guarantee’, it will make good of the differential to the students. The details of the program can be found on InstaReM’s student page here.
Prajit Nanu, co-founder & CEO of InstaReM said, “India has one of the largest number of students moving abroad to study every year. We did a quick survey and figured that most students or their parents use banks and money transfer operators to remit monies abroad. Unfortunately, they lose heavily on FX margins and transfer fees with traditional money transfers. Supporting the students’ cause, being cognizant of their limitations on finances, we are extending our Best Transfer Amount Guarantee program to them so that they save on expensive overseas transfers and #DoMore out of savings from money transfers. Students will be able to utilize these savings for other necessities like paying rents, for instance.”
Find the details of InstaReM’s Student Page here.
InstaReM is a Singapore-headquartered digital cross-border payments company with presence across Asia-Pacific, North America and Europe. InstaReM has created a unique payments mesh which is being leveraged by financial institutions, SMEs and individuals to make fast, low-cost cross-border payments available to more than 55+ countries. InstaReM also serves institutional and corporate clients with its international business payments platform providing bulk, customized, multi-currency payment facilities. Since starting operations in 2015, InstaReM has raised US$ 38 million in three rounds of funding. Its investors include Global Founders Capital, Vertex Ventures, Fullerton Financial Holdings, GSR Ventures, SBI-FMO Emerging Asia Financial Sector Fund, MDI Ventures and Beacon Venture Capital. InstaReM is also a member of RippleNet, Ripple’s global network of 200+ banks and other financial institutions, and a winner of Ripple’s Blockchain Innovator Award for innovations in the payments space. For more information, visit https://www.instarem.com/
InstaReM India Private Limited