Instarem, a cross-border payment solution, has relaunched its digital remittance services in India with a primary focus on catering to the unique requirements of students and individuals seeking convenient and affordable overseas education payments, a statement from the company notified.
In its relaunch, Instarem (powered by Nium-Forex) revolutionises convenience by providing an entirely digital experience. With its upgraded service, the solution provides competitive exchange rates, guaranteeing that users benefit from superior value when compared to traditional banks, it said.
Discussing the relaunch, Yogesh Sangle, Global Head, Instarem, said in the statement, “We understand that sending money abroad from India can be tough, and it’s our unwavering commitment, in line with our mission to make money simple, to ensure it becomes easy for our customers. Our relaunch reaffirms our strong dedication to serve the needs of our Indian users, giving them a straight-forward, cost-effective and efficient way to send money internationally and invest in their education.”
The statement revealed that a major hurdle that many individuals face with remittances for education, is funding a German blocked account or Canadian GIC account (a necessity if you wish to study in these countries), which is a service provided by only a handful of banks. Instarem is the first remittance provider that streamlines this process by enabling users to directly deposit funds into these accounts, removing unnecessary obstacles.
Furthermore, banks frequently impose transaction limits that can restrict users. The new solution liberates its users from these limitations, enabling them to make large payments of up to Rs 1,90,00,000 annually, without the necessity of splitting the payment into numerous transactions. This not only simplifies the process, but also makes it more economical for their customers, mentioned the statement.
Further, according to the statement, Instarem has been serving customers in India since 2018. However, due to a directive of the Reserve Bank of India to SBM Bank, it paused its operations temporarily in early 2023, along with many other remittance providers in the region.
The Instarem brand, returning to India, is powered by Nium-Forex, an established, regulated provider of financial products and services in India, the statement concluded.
