Instarem, a Singapore-based money transfer service, has introduced a new feature to its money transfer platform that enables small and medium business users to make payments in multiple currencies at the same time.
Previously, business customers making multiple payments had to set up individual transactions for each payment and execute them one by one.
Now, businesses making regular payments overseas to vendors, suppliers and service providers can do so quickly, transparently and at zero-margin FX rates with Instarem, a press release said. The service will be rolled out in the U.K., the U.S., France, Germany, Italy, Netherlands and other regions of Europe, and in Australia, Singapore, Hong Kong and Malaysia in Asia-Pacific.
To use the Instarem multicurrency feature, the business user needs to set up transfers to multiple recipients in Australian dollars. There are no setup fees or monthly charges, the release said.
Instarem effects transfers at zero-margin FX rates and low transfer fees; recipients in different countries receive payments in their local bank accounts in native currencies within 24 hours.
“At Instarem, we understand that business banking is notoriously expensive and difficult to set up and manage, especially for small businesses,” Instarem co-founder and CEO Parjit Nanu said in the release. “Therefore, we’ve added this new feature to take out the pain of this process, while saving a lot of time and effort for businesses.”