Instarem Business Referral Code AFFPROMO: S$50 Grab Voucher
Business payments with card funding, a deposit-free 48-hour FX rate lock and controlled virtual cards.
Sign up through the Instarem Business referral link or use code: AFFPROMO.
Referral benefit: S$50 Grab voucher after completing at least US$3,000 in paid transactions within two months of account activation.
FX rates and third-party charges may apply. Terms and conditions apply.
Table of Contents
About Instarem Business
Instarem Business lets registered companies, SMEs, freelancers and sole proprietors pay suppliers or employees in more than 160 countries, receive supported currencies and manage company expenses.
There is no setup fee, annual fee or minimum balance. The exchange rate and payment-specific charges are shown before confirmation.
Instarem identifies Temasek, Visa and Vertex Ventures amongst its prominent backers.
Is Instarem Business safe and reliable?
Instarem is a brand operated by Nium, a Singapore-headquartered global payments company.
- MAS-regulated: Nium Pte. Ltd. holds a Major Payment Institution licence (PS20200276) from the Monetary Authority of Singapore.
- Customer funds are safeguarded: Instarem’s Singapore SME terms state that customer money is held with a licensed Singapore financial institution and segregated from Nium’s operating funds. The safeguarding account may contain funds from multiple customers.
- Safeguarding and deposit insurance: Customer funds are safeguarded in line with applicable regulations. However, they are not conventional bank deposits and are not covered by Singapore’s Deposit Insurance Scheme.
Fund business payments by credit card
Instarem’s Fund by Card lets a business pay local or international beneficiaries by bank transfer using an eligible credit card, even if the recipient does not accept cards.
Create a payment, upload the invoice and enter an eligible Visa or Mastercard. Instarem charges the payment and fee to the card, then transfers the money to the recipient’s bank account. This may provide up to 55 days of interest-free cash flow, depending on the card issuer’s billing cycle and terms.
For SGD-funded payments, the fee is between 1.5% and 2.8% for Visa and Mastercard, with Visa below 2%. It is worthwhile when the cash-flow value and card rewards exceed the fee. For example, 3% cashback could leave a positive return before reward caps, exclusions and other charges.
Card-funded payments may earn points, cashback or air miles, subject to the issuing bank’s exclusions and reward caps.
The payment purpose selected in the drop-down menu affects its Merchant Category Code (MCC). Goods or Services are usually the relevant choices for supplier payments. The card issuer has the final say on how the transaction is treated for rewards.
Fund by Card is geared towards SGD payments. Some payments arrive on the same day, depending on the route, cut-off time, beneficiary bank and compliance checks.
48-hour FX rate lock with no deposit or cancellation fee
A key advantage over many competitors is the ability to lock an exchange rate for up to 48 hours with no deposit and no cancellation fee. For example, a business can lock the rate on Friday and fund the transfer over the weekend, or let the transaction lapse without a penalty.
The lock period depends on the currency and transaction. Instarem may cancel an unfunded transaction after 48 hours, after the timeframe displayed on the platform, or if the rate moves by more than 5% before processing.
Instarem Corporate Card
The Instarem Business Card offers two card types:
- Corporate card: For shared costs such as subscriptions, advertising and departmental expenses.
- Employee card: For individual expenses such as business travel and purchases.
Businesses can issue multiple cards, view spending in real time and set per-transaction, daily or monthly limits. Administrators can also:
- Set a card expiry from one day to five years.
- Assign authorised employees and a transaction verifier to a corporate card.
- Restrict overseas, ATM, in-store, online and magnetic-stripe transactions.
- Block selected merchant categories using MCCs, such as travel or entertainment.
- Freeze a card temporarily or block it permanently.
- View merchant details and FX rates, and upload receipts against transactions.
For example, a business can issue a short-lived project card or block travel spending on a marketing card.
The virtual card has no ownership fee, although transaction charges may apply. A physical employee card costs a one-time S$5 issuance fee.
Virtual and physical cards support Apple Pay and Google Pay. A virtual card can be used immediately.
The card wallet holds SGD and supports payments in more than 100 currencies wherever Mastercard is accepted, with conversion at checkout.
Fund by Card versus the Instarem Business Card
| Feature | Fund by Card | Instarem Business Card |
|---|---|---|
| Funding source | An existing eligible Visa or Mastercard credit card | Funds in the Instarem Business account |
| Recipient | Paid into a bank account | A merchant accepting Mastercard |
| Main use | Invoices, suppliers, payroll and business transfers | Online, in-store, corporate and employee expenses |
| Main benefit | Use an existing card limit and potentially earn card rewards | Issue controlled virtual cards and track company spending |
How to open an Instarem Business account
- Register through the Instarem Business referral link.
- Confirm that referral code AFFPROMO is applied.
- Submit the company’s registration details, address and supporting documents.
- Verify the primary account holder and relevant stakeholders. Singapore residents can use Singpass where available; foreigners generally use a passport.
Verification usually takes two to three working days but may take longer if additional checks are needed.
There is no dedicated Instarem Business mobile app yet; the portal is mobile-web compatible.
Who is Instarem Business best for?
Instarem Business suits companies that pay suppliers or employees in Southeast Asia, particularly in MYR and PHP. Its strengths are payment speed, the 48-hour rate lock with no deposit or cancellation fee, Fund by Card and controlled company cards.
Its current limitations are the lack of a dedicated business app and accounting-software integrations.
Auntiehuat
Web Administrator
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