InstaReM launches free money transfers for HK users

1 min readUpdated May 18, 2025Apr 4, 20171:32 AM

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Singapore-based money transfer provider InstaReM is introducing free money transfers exclusively for users in Hong Kong.

InstaReM, a Money Services Operator licensee in Hong Kong, is running this campaign until end of April 2017.

By offering interbank rates directly from the exchange rates provided by Reuters.com, InstaReM will charge zero margins. InstaReM also doesn’t charge any handling or transaction fee for money transfers as a rule.

“We are keen to introduce our new way of money transfer to Hong Kong residents. We feel remittance services should be easier, quicker and more cost effective. Traditional services are costly. InstaReM enables individuals, SMEs, and financial institutions to send across payments at the lowest possible cost and fastest possible time,” said Prajit Nanu, InstaReM co-founder and CEO.

InstaReM also provides a separate service to help corporations and SMEs to make bulk payments to its payees in the quickest possible time.

Individual users can sign up with basic personal information, with a simple upload of valid HKID copy and residential address proof on www.instarem.com. Upon verification, users could immediately perform money transfers online. The payees will receive the exact amount in the designated currency on the same or next business day.

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What this means

InstaReM's free transfer campaign in Hong Kong is a strong, disruptive move applying significant pressure on incumbent financial service providers. By eliminating fees and offering interbank rates, InstaReM directly undermines the revenue models of traditional remittance services and even banks. This strategy, previously unseen at this scale in HK's digital remittance space within the article's context, positions InstaReM as a direct competitor to high-street banks for individual, SME, and corporate transfers. The company is clearly prioritising rapid user acquisition over short-term revenue. Success hinges on converting these new users into long-term customers once the free period potentially ends. We will be watching for any extension of the 'free until April 2017' campaign, or the introduction of their standard fee structure.

Aiko Tanaka · Retail News Asia newsroom

Questions & Answers

Which specific services are included in the free money transfer offer for Hong Kong users?

The free money transfer offer includes zero margins on exchange rates, as InstaReM uses interbank rates directly from Reuters.com. It also waives any handling or transaction fees for these transfers.

What is the duration of this promotional campaign for Hong Kong users?

The campaign offering free money transfers for users in Hong Kong is running until the end of April 2017. After this date, the free service will no longer be available.

What documentation do individual users need to provide to sign up for the service?

Individual users need to provide basic personal information, a valid HKID copy, and proof of residential address. These documents can be uploaded through the InstaReM website.

Does InstaReM offer services for businesses, and how do they differ from individual transfers?

Yes, InstaReM enables SMEs and financial institutions to send payments, aiming for the lowest cost and fastest time. They also offer a separate service for corporations and SMEs to make bulk payments quickly.

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