Part of preparing for your studies abroad involves sending money overseas. It could be for your blocked account, application fees, living expenses sent by your parents, etc. But sending money abroad is quite annoying, especially when it's your first time, right?

But don't worry! International payment service providers will come to the rescue. In this article, we'll introduce you to one of the leading service providers: InstaReM. Read on to discover what's special about them and get a discount code from EDUBAO. We have a surprise for you!

What is InstaReM?

Founded in Singapore and subsequently expanding worldwide, InstaReM is now an international money transfer service provider.

InstaReM currently supports transfers of the following currencies: AUD, CAD, GBP, HKD, INR, MYR, SGD, and USD to a EUR bank account. It's also possible to transfer money to non-European countries such as South Korea, China, Vietnam, etc. Check their website to see if money transfer to your desired country is available!

How Cool is InstaReM?

With InstaReM, be assured that you'll enjoy fast and affordable cross-border transfers! You can also accumulate loyalty points to exchange for benefits on your transactions via InstaReM.

Fast Transactions

A transaction generally takes 2 business days to complete. Sometimes, it may take a little longer, but it's still faster than an international bank transfer.

Lowest Costs

InstaReM uses the average market exchange rates that you see on Reuters, so you can avoid the high rates that banks usually offer. In addition, InstaReM's fees, which are generally 0.25% to 1% of the amount sent, are only charged once per transaction. This way, you won't have to worry about the confusing scenario where your sending bank charges you processing fees, and then the receiving bank charges you too.

Loyalty Points

For each transaction via InstaReM, you'll receive loyalty points. When you've saved enough, exchange your InstaPoints for discounts on your future transactions. Transfers at InstaReM are already cost-effective, but InstaPoints will help you save even more! Don't forget to create an account and use InstaReM for all your cross-border transactions!

How to Transfer Money with InstaReM?

Now let's move on to a detailed guide to help you with your very first transaction with InstaReM! Follow these steps and your money will arrive at the right place at the right time!

1. Create an Account

• Create an account and fill in your personal information.

• In the "referral code" box, type "EDUBAO" to receive a $10 discount!
• Verify your account. You can take a look at the image below to see how the verification process works.

• Once you've completed it, your account will be activated. The process may take a few seconds or up to a day, depending on your location.

2. Add Your Recipient's Account

You can send your money to:

• an individual account
• a business account

There, you need to fill in their information, including:

• account type: individual / business
• country: the location of your recipient's account
• currency: the recipient's account currency
• name: business name or bank account holder's name
• nickname: that's up to you
• relationship: indicate the relationship between you and the recipient, e.g., family member, yourself, landlord, etc.
• bank details: this includes an IBAN - an international identification number assigned to each bank account for international transfer purposes. You'll get this information from the recipient.
• country of residence (for business account) / country (for individual account)
• address: enter the recipient's address, which can be automatically filled in if you're sending money to a business account.
• contact details: their or your email and phone number

Note: You cannot make transfers on behalf of third parties via InstaReM. This is not possible at the moment.

3. Make Your Transfer

A. Go to "Send Money"

B. Enter the amount you wish to transfer.

Let's say you want the recipient in Germany to receive 1,000 euros - enter that amount in the EUR field.

InstaReM will do the calculation and show you how much money in your local currency you need to transfer for the recipient in Germany to receive 1,000 euros.

C. Select your funding source

D. Enter the promo code

Do you have a promo code? If so, don't forget to enter it for a discount!

E. Select your purpose

F. Payment Method

Bank transfer is recommended because it's convenient to do online via online banking services and can save you the extra fees charged by other methods.

G. Fill in your bank details

You can always find the information in your bank account or on your bank's official website. One important thing to keep in mind is that the bank account information you provide to InstaReM must be registered under your name, the person who activated the transfer via InstaReM.

H. Verify your transaction details

Make sure everything is correct! If you spot any incorrect information, you can always go back and modify it.

I. Authorize your transaction

After verification, you can proceed and authorize the transaction. By clicking the verification code/OTP sent to your phone number and email, you can authorize your transaction.

J. Receive a confirmation email

You'll be redirected to a web page and receive a confirmation email from InstaReM. Information such as your transaction ID, recipient's name, currency and amount to transfer, fees charged by InstaReM, and InstaReM's bank details are all available there.

Send the exact amount shown in the email / page. In case of overpayment, you'll need to wait 72 business hours to receive your refund.

4. How to Make the Bank Transfer to InstaReM

InstaReM will provide you with its bank account details so you can make the transfer. You can do this via online banking services or by going to your bank's counter in person, whichever suits you.

Once again, don't forget that the transfer must be made to InstaReM under the name of the person who activated the international transaction via InstaReM. This means that if you're using InstaReM to send money to Germany, it must be you and only you who sends the money to InstaReM, not your parents or anyone else.

That's everything you need to know about InstaReM. We hope it's clear. Now, you can head over to the website to take a closer look and create an account! Don't forget to use the EDUBAO code for a $10 discount on your first transaction!

Additionally, InstaReM and EDUBAO have partnered up to make your journey to Germany hassle-free. If you have any questions about sending money to Germany, don't hesitate to contact InstaReM or EDUBAO via email or through the EDUBAO chat in our EDUBAO app. We're happy to keep in touch with you.