Southeast Asia’s leading digital money transfer company, InstaReM, said that it has facilitated zero-fees international money transfers of nearly US$ 2,000,000 to the southern Indian state of Kerala, which experienced devastating floods last month.
InstaReM’s call to the influential non-resident Indian (NRI) community to contribute to the relief efforts for the people affected by the floods received generous response from its patrons.
Kerala witnessed the worst floods in nearly a century which resulted in heavy losses to life, property and agriculture in the state. Assessing the gravity of the situation, InstaReM decided to waive off all transfer fees on international remittances to Kerala made towards the Prime Minister’s National Relief Fund. InstaReM also waived off fees on all direct transfers to Kerala-based banks for Family Maintenance, Medical Treatment, and Hotel Accommodations, thereby ensuring money could be directly sent to the people of Kerala in their hour of need.
InstaReM customers responded to the cause wholeheartedly – remitting the equivalent of US$ 1,970,894.2736 to their family and friends in the state of Kerala from different parts of the world. 56.72% of this came from Australia, followed by Singapore 27.52%, Malaysia 8.90% and Hong Kong 1.13%. The remaining 6% came from InstaReM’s recently-opened international money transfer corridors of European Union, United Kingdom and United States.
InstaReM revealed that almost half of its users transferred money to Kerala for Family Maintenance and other half of the users transferred money to their own account. Money was also transferred for Medical Treatment. With no margins on FX charged, it meant that InstaReM patrons could contribute more to Kerala.
Prajit Nanu, Co-founder and CEO of InstaReM, said,
“We are thankful to our customers and our banking partners in India for supporting this noble cause. InstaReM recently sent its team to take stock of situation in Kerala and we are happy with the way things are quickly shaping up. We are confident that, given the indomitable spirit of the people of Kerala, God’s Own Country shall rise up once again. And soon.”