This new service enables small business to make payments in multiple currencies in one go. This seems to be in line with their goals to launch more enterprises based products towards 2019. According to InstaReM, business users in Southeast Asia making regular overseas payments to vendors, suppliers and service providers, can now do so more quickly and at Zero-Margin FX Rates with InstaReM.
There are no setup fees or monthly charges and it costs nothing extra to send or receive payments. To avail InstaReM’s multi-currency feature, a business user needs to set up transfers to multiple recipients in his/her local currency.Since there is no physical movement of money, the process of transfer is very quick – within 24 hours.
The move comes ahead of the company’s plans to launch a forex card in 2019, which would allow overseas travellers to efficiently convert their native currencies on the fly and pay for products and services while travelling internationally, instead of using inefficient credit cards.
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