Overview
Instarem, at a glance.
Instarem is a major payment institution headquartered in Singapore, regulated by MAS, ASIC, AUSTRAC and 7 other regulators and registered with FINTRAC as a money services business. The company behind Instarem is NIUM PTE. LTD. The business account has no monthly fee. Opening an account takes 2–3 working days.
Instarem is not a bank. NIUM PTE. LTD. keeps customer money in customer money accounts at licensed financial institutions in Singapore, as the Payment Services Act 2019 requires. The banks are not named, and the money is not covered by the Singapore Deposit Insurance Scheme.
Why businesses pick Instarem
- No setup or monthly fee
- Payments to 160+ countries, and bulk payments of up to 1,000 at once at no extra cost
- A Global Collection Account with local bank details in eight currencies (SGD, USD, GBP, EUR, AUD, HKD, NZD and JPY), with balances you can hold
- No limit on amounts received into the Global Collection Account, except USD 250,000 per payment from US payers
- Pay for transfers by PayNow, bank transfer, debit card or credit card
- A Mastercard business card in SGD that spends in 100+ currencies, with cards for employees
- Several users on one account
Watch out for
- The exchange margin is not published: the rate is shown and locked when you set up each payment
- Fees on incoming payments, same-currency transfers and card-funded payments are not published, and partner banks charge a processing fee on cross-currency transfers that Instarem does not state in advance
- The Global Collection Account is granted on application and approval, not on sign-up, and Instarem does not say whether the details carry your company's name
- Card fees are not published, and the card wallet is separate from the payment wallet: money cannot move between them
- Support by email and portal tickets; no phone line or live chat for business clients is published
- This account is only for companies registered in Singapore with a physical presence there
Business fit
Will Instarem accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Instarem's published rules
Likely no
Instarem does not list United Kingdom among the countries where it accepts companies.
Instarem does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Instarem publishes about the businesses it takes on.
Who Instarem serves
- Import and export
- E-commerce
- Marketplaces
- SaaS
- Travel
All 6 industries on Instarem's accepted list
- BPOs
- Logistics
- Tech industry (SaaS, marketplaces)
- Travel
- Import and export / e-commerce
- Marketplaces collecting for buyers and sellers
Not supported
Industries and countries Instarem does not accept, from its own published lists.
Industries
- Products or services that breach any applicable local, national, or international law or regulation, or cause NIUM to breach any applicable law or regulation (including evasion, or facilitation of evasion of applicable taxes or tax laws)
- Unlawful or fraudulent products or services, or with any unlawful or fraudulent purpose or effect
- For the purpose of harming or attempting to harm minors in any way
- Anything abusive, harmful, or that does not comply with content standards
- Unsolicited or unauthorised advertising, promotional material, or any other form of spam
- Dealing in harmful programs such as viruses, spyware, or similar computer code
- Adult content: Pornography and other visual content depicting explicitly sexual acts. Services of sexual nature (webcam shows, live chats, prostitution, escorts, etc). Sexually oriented establishments (massage parlors, strip clubs, gentleman's clubs)
- Alcohol, Tobacco and Firearm related products, including electronic cigarettes
- Drug and drug related products including Cannabis, products containing CBD, any other products or services related to legal marijuana trade
- Controlled substances or other products that present a risk to consumer safety
- Drug paraphernalia
- Pharmaceuticals: Nutraceuticals, pseudopharmaceuticals, or similar products not approved by the applicable regulatory body. Online pharmacies. Prescription-only pharmaceutical drugs
- Chemicals. Nuclear Chemicals or related product sales, distribution or related businesses
- Counterfeit goods: Unauthorised sale of designer and/or brand products. Sale of illegally imported or exported goods
- Gambling: payments related to any types of gambling including lotteries, fantasy sports, games of chance
- Intellectual property, copyright, patent, trademark, trade secret, proprietary rights infringement
- Products and services which are not legal/meet the regulatory requirement in the jurisdiction they are being offered in or in any country that NIUM operates in
- Companies involved in the exchange or trading of cryptocurrencies, or any other virtual currencies, including payments for the purpose of purchasing cryptocurrencies
- Unregulated Money service businesses (regulated payments service activity only with explicit approval by NIUM)
- Investment & Credit Services: Securities brokers; mortgage consulting or debt reduction services; credit counselling or repair; real estate opportunities; lending instruments, crowdfunding, unless explicitly approved by NIUM and regulated/authorised by relevant authority
- Shell banks. Platforms allowing the trading and/or exchanging of FX/CFD/options. Superannuation funds. Syndicates. Trusts and trust formation activity
- Any other financial services operating without a licence/registration where one is required
- Services that facilitate anonymous payments/financial services
- Binary options. Factoring. Using the NIUM account as an escrow or safeguarding account
- IPTV and VOIP services
- Individuals, entities, or countries subject to international sanctions
- Weaponry, military and semi-military goods and services (weapons, including weapons of historic significance, military software, or any other goods or services intended for military use)
- Trade of restricted and/or endangered animal species and products derived from them
- Trade of precious metals and stones
- Multi-level marketing, pyramid schemes, unreasonably high rewards schemes, referral marketing
- Charities, except UNICEF, Prime Minister Relief fund, The International Red Cross; any other registered and highly reputable charity only upon explicit approval by NIUM
- Section 311 of USA Patriot Act designated entities
Countries
- Not published
Coverage
Where can you use Instarem?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
8 currencies to collect and hold
- EUR
- USD
- GBP
- AUD
- JPY
- HKD
- NZD
- SGD
Payments go out to 160+ countries; no list of payout currencies is published. The card spends in 100+ currencies from an SGD wallet.
Payment reach
Not published
Who can apply
Company incorporation countries1 countries · show list
- Singapore
Owner nationality
Not publishedOwner residency
Not publishedCompany types
Private limited companies, Sole proprietorships
Pricing
What does Instarem cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
Free
Business account
SGD 0 per month
SGD 0 setup · SGD 0 in year one
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Incoming | ||
| Local transfer from another bank | Not published | Payments into the Global Collection Account; opening it is free, the fee is given on request |
| Outgoing | ||
| SWIFT / international | Not published | Cross-currency transfers: no Instarem fee, but partner banks charge a processing fee that Instarem does not state in advance |
| Local transfer to another bank | Not published | Same-currency transfers: a nominal fee, shown before you confirm |
Other fees
Currency exchange (FX)
| Cost | Listed amount | How it is charged |
|---|---|---|
| FX markup | Not published | The rate is shown and locked when you set up the payment; no margin is published |
Cards
| Cost | Listed amount | How it is charged |
|---|---|---|
| Virtual card issue | Not published | Mastercard business card; card fees are not published |
Forward contracts: Not published
Compare FX providersOnboarding
From application to live account.
Instarem states 2 to 3 business days from application to a live account.
- 1
Sign up
Sign up online, choose a business account, and add your company's details and authorised users.
- 2
Documents
Upload the company's registration documents and the ID of the directors or authorised signatories.
- 3
Verification
Instarem verifies the business in 2 to 3 working days on average; then you can send payments.
- 4
Collection account
To receive money, ask your business development manager or bizsupport@instarem.com to activate the Receive service. It is granted on application and approval.
Documents you need
- Official name of the company, as registered
- Country where the business is registered
- Business registration documents
- Major stakeholders' details with their identification documents
- Registered address with a document to verify it
- Valid government-issued ID for the primary account holder
FAQ
Your questions, answered.
Is Instarem a bank?
No. Instarem is a brand of Nium. For a Singapore company the account is provided by NIUM PTE. LTD., licensed by the Monetary Authority of Singapore as a major payment institution (licence PS20200276). Customer money is safeguarded at licensed financial institutions in Singapore and is not covered by the Singapore Deposit Insurance Scheme.
Does my company get its own account details?
Yes, on approval. The Global Collection Account gives local bank details in eight currencies: SGD, USD, GBP, EUR, AUD, HKD, NZD and JPY. You apply through your business development manager or bizsupport@instarem.com. Instarem does not say whether the details carry your company's name.
How much does Instarem cost?
There is no setup or monthly fee, and bulk payments cost nothing extra. Instarem charges no fee on cross-currency transfers, but its partner banks charge a processing fee it does not state in advance. Same-currency transfers carry a nominal fee and payments into the Global Collection Account carry a fee; neither amount is published. The exchange margin is not published.
Can I fix an exchange rate for a future payment?
Instarem's dashboard offers forward contracts up to 6 months ahead through its partner Corpay (Cambridge Mercantile (Australia) Pty Ltd). Corpay's licence covers forwards in Australia, and Instarem does not say whether Singapore companies can book them.
Who can open this account?
Companies and sole proprietors registered in Singapore with a physical presence there. Instarem's business accounts in other countries are signed with that country's Nium company and are not covered by this profile.
Does Instarem accept gambling or crypto businesses?
No. Gambling payments of any kind, crypto exchange and trading, adult content and unregulated money service businesses are on Instarem's list of restricted activities.
Alternatives
How Instarem compares.
If Instarem is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 InstaremThis pageMajor payment institution |      +5 | Collection accountsBulk payouts |
 AspirePayments platform | | Free planCorporate cards |
 WallexPayment institution |  | 47 currenciesAsia payments |
 AirwallexE-money institution |  | Global accountsOnline businesses |
 Wise BusinessE-money institution |  | Low FX costsStandard businesses |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.