Vancouver: InstaReM, the Singapore-headquartered digital cross-border payments FinTech has launched its service in Canada, solidifying its presence in North America. InstaReM offers quick, convenient, and cost-effective digital cross-border money transfers to individuals and businesses globally.
is registered as a Money Service Business with the Financial Transactions and
Reports Analysis Centre of Canada (FINTRAC) to remit and transmit funds out of Canada. The launch of the
digital money transfer service will help individuals and businesses in Canada
to send money to over sixty countries, including India, with InstaReM’s famous
Zero-Margin and Low-Fee international money transfers. Customers save
substantially with InstaReM when compared to money transfers using traditional
channels such as banks and money transfer companies.
is one of the leading remittance-sending countries in the world, which is
attributed to the large expat population from different parts of the world. In
2017, as much as US$24.6 billion was sent out of Canada in remittances with countries
like China (US$4.14 bn), India (US$2.88 bn), Philippines (US$2.37 bn), France
(US$1.23 bn) and Italy (US$1.07 bn) being the top recipients, according to the
World Bank. According to Statistics Canada, the average cost of sending money
from Canada from the available channels including banks and money transfer
companies was around 6% of the amount sent.
offers live mid-market FX rates and charges just 0.50% to 1% of the amount sent,
which makes it one of the most cost-effective money transfer service in Canada.
Registered users in Canada can use this service at their convenience with InstaReM’s
user-friendly website or the mobile app.
Prajit Nanu, Co-Founder and CEO of InstaReM said, “At InstaReM, we’re committed to giving people the platform to use their money their way and after launching successful operations in some of the high-traffic corridors in the Asia-Pacific, European Union and the United States, we are thrilled to arrive in Canada. Our innovative payments solutions enable individual and enterprise users to send, spend and collect money to and from any part of the world – while saving on high transaction costs that are associated with traditional cross-border money movements. We are confident that consumers in Canada will love the InstaReM experience.”
is one of the largest digital cross-border payments providers globally, with regulatory
licenses in eight markets and covering 40 countries, reaching 3.2 billion
people in developed and developing countries. InstaReM is consistently ranked
by the World Bank as the lowest cost operator in a number of corridors in Asia-Pacific.
Co-founded by India-born Prajit Nanu, Singapore-headquartered
InstaReM is the first non-bank entity to launch outward remittances from India
after receiving approval from the Reserve Bank of India (RBI) in 2017.
InstaReM’s global operations across four continents are supported by its 250-strong
operations office in Mumbai, India.
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