InstaReM has extended its outbound money transfer operations to another important market, the European Union, co-founder Prajit Nanu announced this week.
This means that individuals and businesses in member countries of the EU will be able to make Zero-Margin FX Rate money transfers overseas with InstaReM’s online service.
InstaReM’s EU headquarters are based in Lithuania. The company received regulatory approval from the Bank of Lithuania last September.
“With a combined population of more than half a billion people, European Union is a key market for us,” Mr. Nanu said. “Traditionally, the members of the EU have been welcoming migrants, who, in turn, have been sending substantial remittances to their families back in their home countries in Asia, Africa, and the other parts of the world. Traditional ways of transferring money via banks and money transfer operators have been expensive due to high transfer charges along with hidden fees – which are not known to customers. With our automated platform and deep relationships with banks worldwide, we are able to offer transparent international money transfers at a fraction of costs compared to the traditional players.”
Established in 2014, InstaReM plans to employ 25 technology and customer service specialists in Lithuania by the end of the quarter and gradually build its team at its headquarters in Vilnius, Lithuania. InstaReM soon plans to apply for a specialized bank licence from Lithuania soon. The firm plans to invest approximately 3 million euros in its European operations over the next two years.
In conjunction with the launch of the European operations, InstaReM has launched its new loyalty programme for its users – InstaPoints. It works by allocating a certain number of points to reward users upon sign-up, on successful transactions and for referrals. A total of 100 InstaPoints can be redeemed per transaction as discounts on transfer fees for base currency / sending currency.