Instarem Business Referral Code: AFFPROMO (Fund by Card & Corporate Card)

Exclusive S$50 Grab voucher promotion

New Instarem Business customers referred through sgreferralpromo.com can qualify for a S$50 Grab voucher. To receive it, the referred business must:

1. Register through the referral link or use code AFFPROMO.
2. Activate its Instarem Business account.
3. Complete paid transactions with a combined value of at least US$3,000 within two months of the account activation date.

About Instarem Business

Instarem Business is designed for registered companies, SMEs, freelancers and sole proprietors making business payments. It can be used to pay overseas suppliers or employees across more than 160 countries, receive supported currencies and manage company expenses.

Opening an account does not incur a setup or subscription fee. Instarem displays applicable transaction fees and exchange rates before a payment is confirmed.

Instarem identifies Temasek, Visa and Vertex Ventures amongst its prominent backers.

Is Instarem Business safe and reliable?

Instarem is part of Nium, a Singapore-headquartered global payments company. For Singapore customers, the most important considerations are how the service is regulated and how customer money is held:

• 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 funds are held in customer-money accounts maintained with a licensed financial institution in Singapore, in accordance with the Payment Services Act 2019.
• Separated from operating money: Nium’s Singapore terms explain that safeguarded balances are segregated from the money used to operate Nium’s business. The safeguarding account may hold money belonging to multiple Nium customers.
• Not a bank deposit: An Instarem Business balance is not a conventional bank deposit and is not protected by a deposit-insurance scheme. Safeguarding reduces the risk of customer money being used for company operating expenses, but it does not remove every possible risk.

Fund business payments by credit card

Instarem’s Fund by Card service lets a business use an eligible credit card to pay local or international suppliers, employees and other beneficiaries by bank transfer - even when the recipient does not accept cards.

How it works:

1. Create a payment and upload the supporting invoice.
2. Enter an eligible Visa or Mastercard credit card.
3. Instarem charges the payment and its applicable fee to the card.
4. The recipient receives the money in their bank account.

This can preserve cash in the business account until the card bill is due. According to Instarem, businesses may receive up to 55 days of interest-free cash flow, but this period is provided by the card issuer rather than Instarem and depends on the card’s billing cycle and terms.

Card-funded payments may also earn card points, cashback or air miles. Reward eligibility is determined by the issuing bank, so check the card’s exclusions and applicable fees before proceeding.

Lock an FX rate for up to 48 hours

Instarem promotes the ability to lock an exchange rate for up to 48 hours. This gives a business time to arrange funding while keeping the quoted rate, which can be useful for supplier payments made over weekends or outside banking hours.

The available lock period may depend on the currency and transaction. Under Instarem’s terms, a transaction may be cancelled if the funds are not received within 48 hours or the timeframe shown in the platform. Instarem also reserves the right to cancel if the exchange rate moves by more than 5% before processing.

The 48-hour rate lock is different from a long-term FX forward contract. Instarem separately provides access to forward contracts through Corpay for eligible businesses that need to fix rates for future payments.

Instarem Corporate Card

The Instarem Business Card provides separate corporate and employee virtual cards:

• Corporate card: For company-wide costs such as software subscriptions, advertising and shared departmental expenses.
• Employee card: For individual expenses such as business travel, team activities and employee purchases.

Businesses can issue multiple cards, view spending in real time and set per-transaction, daily or monthly limits. Administrators can also restrict overseas, ATM, in-store, online and magnetic-stripe transactions, or block selected merchant categories.

The virtual card is free to own, with charges applying when it is used. The account balance is held in SGD, while the card can be used in more than 100 currencies wherever Mastercard is accepted; currency conversion takes place when the transaction is processed.

Fund by Card versus the Instarem Business Card

How to open an Instarem Business account

1. Register through the Instarem Business referral link.
2. Confirm that referral code AFFPROMO is applied.
3. Provide the company’s registration details, registered address and required supporting documents.
4. Provide identification details for the primary account holder and major stakeholders.
5. Complete account verification.

Instarem states that business verification usually takes two to three working days, although additional checks may take longer.