Step 1 :- Creating your profile on InstaReM
1)Go to Sign up
2)Start with your existing email id
3) Create a password u want keep for this profile
4) select country you stay in ( Country you stay in India as you want to transfer funds from India )
5) accept the terms & Condition
6) start adding ur personal details like name ( as per PAN Card ) DOB, Address, Mobile Number, PAN Number ( verify it ), upload the PAN card copy & Save with OTP
once you complete this process, your profile may get activated within seconds , if not, InstaReM team will check it in a day.
Step 2:- Adding Overseas Account as Recipient
Recipient / Beneficiary is the one to which the money is going overseas.
There are two type’s of Recipient:- My Recipient is Individual & Corporate
My Recipient is Individual
1) Funds going to Block Account like Expatrio
2) Funds going to Normal Account
3) Funds going to Son’s Daughter’s, Real Brother’s / Sister’s account, Father’s / Mother’s account
4) The accommodation service provider ( If the Rent Agreement / Invoice have Individual’s Bank Account Details ) in this case Rent Agreement / Invoice having payment details & University Admission letter in the name of the student is must
My Recipient is Corporate
1) Funds going to University Account
2) Funds going to uni-assist e.V.
3) Funds going to Accommodation Service Providers like Studentenwerk Dresden
In some cases presently, it is coming under Corporate as Recipient Name is not the student’s name.
Who can transfer funds to whom: – Through InstaReM one can transfer funds overseas to below-mentioned recipient/ Beneficiary for his/ her – Son/ Daughter, real brother / real sister, Mother / Father, or Self ( from his/her own Indian Account to his /her own account abroad )
One can use InstaReM to transfer funds for his Overseas Education, Private Visit, Medical & VISA purpose
Transferring funds to/on behalf of cousin brother / Sister, any other relative, to a friend, or for purchase of goods is not allowed to InstaReM at this moment
Use case 1: Process of adding Stundentenwerk Dresden
Process of adding Stundentenwerk Dresden
1)Login to ur InstaReM profile
2) Go to Add Recipient
3) My recipient is :- Corporate
4) Country:- Germany
5) Currency:- Euro
6) Corporate Name:- Stundentenwerk Dresden
7) Nick Name:- Studen
8) Relationship:- Rental Accommodation provider
9)Bank Details:- mention IBAN Number starting with DE like DE2285400000112129200 (DE and all digits without space) Bank name and SWIFT will automatically appear
7) Country of Residence:- Germany
8) Address:- type Fritz Loffler Straße and you will get auto-populated address, select that auto-populated address. All Fields will get filled automatically.
Mention 01 in Unit Number Part
Postal code 01069
Mobile Number:- Their mobile number
Email Id:- Their or your E-mail id
Use case 2: Transfering money for Blocked Account to Expatrio
Process of adding your block account as Recipient:-
Luxemburg:- If your IBAN Number Start with LU Luxemburg
1) Login to InstaReM
2) Go to Recipient
3) click on Add recipient
4) Select My Recipient:- Individual
4) Country:- Luxemburg
5) Currency:- Euros
6) Name:- your name as per blocked account (Block account is always in the name of the student: do not mention Expatrio or the Bank Name as Recipient)
7) Nick Name:- You can put ur own short name or first name
8) relationship:- Self
9) Bank account details:- Starting with IBAN Number
Start typing with LU & all other digits and alphabets without space and press tab ( SWIFT and Bank name will automatically appear)
11) Select Country:- Luxembourg
12) Address:-* Unit number house number:- 01 * Address line 1 :- 2 Avenue Amelli * Address line 3:- Luxembourg *City :- Luxembourg*Postal code :+ L1125
Contact details – Country code:-+91 Mobile number:- your mobile number Email:- your email
In the UNIT Number part type 01
13) mobile number :-ur Indian mobile number E-mail :- your email
Final Step: Booking / initiating the Transaction
Once Profile gets activated & Overseas recipient account (Overseas University, Block Account, Accommodation Account Details) details added to their InstaReM Profile you have to follow below-mentioned process:-
1) Go to Send Money
2) Select Currency INR to EURO (INR will be by default there)
3) Mention Euro amount in Euro part ( INR will automatically change)
4) Select Source of Funds ( Personal Savings, Salary, Loan)
5) Coupon code: Mention Coupon code BHARATINGERMANY to save 710 INR on your first transaction & click on Add button
6) Save and continue
7) Select the added Recipient
8) Select Purpose as Overseas Education (for funds going to Blocked Account, University Account, Accommodation Service Providers account)
9) Payment Method:- Bank Transfer will be there by default
a) IFSC Code:- IFSC code of the Savings account of the person booking/ initiating the transaction (If InstaReM profile is in the name of Bharat Chaudhary then his banks IFSC code )
b)Account Number:- Bank account number of the person booking/initiating the transaction ( If InstaReM profile is in the name of Bharat Chaudhary then his banks account name )
11) Save & Continue
12) Review & Authorize the transaction
13) Click on the link for Verification code/OTP (you will receive this on Registered mobile number as well as on registered email id)
14) mentioned the Verification code/OTP and click on save & continue
once done you can see the acknowledgment page wherein you can see the details of the transaction booked. Once done you receive email from InstaReM informing you about the transaction you booked reflecting with details like Transaction ID ( Starting with IN), beneficiary name, currency and amount booked, equivalent INR they have to pay to InstaReM for this transaction & the Account details of InstaReM.
I suggest the students refer to this email while transferring equivalent INR to InstaReM so as to avoid mistakes like Short / Less payment or Excess payment, as Short / Excess payment leads to time loss. In case of unfortunate events refund will take 72 working hours from the time of its initiation, if the transaction is booked for not allowed relations like for friends or wherever required documents are not available, etc will get rejected.
Stages after booking /Initiating Transaction
1) Awaiting payment:- Once the transaction is booked / Initiated the status will reflect as AWAITING PAYMENT ( till the time the equivalent INR reflects in InstaReM’s Account )
2) Processing:- The moment customers INR reflects in InstaReM’s account the status will change to Processing & customer will receive email from InstaReM informing you that InstaReM as received the funds
3)SENT TO BANK / PAID:- Once everything goes smoothly the status will change to SENT TO BANK / PAID <- this means payment instructions has reached overseas & in this status, you can download the transaction receipt/ Invoice ( which is near A2 Form ) & can send it to the overseas recipient for your reference.
Documents InstaReM may ask:- On email + in your Profile
1) Latest One Month Bank Account Statement:-In rare cases & as per the requirements InstaReM may ask for Latest One Month Bank Account statement from the customer ( Reflecting his Name, Account Number, IFSC code & 1-month debit & credit entries )
2) Loan Sanction/ Disbursement letter InstaReM can as for Loan Sanction/ Disbursement letter if the customer has availed loan for his / her education purpose
3) University admission Letter / Accommodation Rent agreement or Invoice- Or both together InstaReM can ask for University admission Letter / Accommodation Rent agreement or Invoice or both if the payment is going to an Individual owner or sometimes if the accommodation service provider is a company
4) Government Document ➖InstaReM can ask Valid for Government document like Passport First & Last Page of the remitter / Beneficiary or from Both, Marriage Certificate, Authorized / valid Name change Document or other government document so as to establish/check validity of the relationship mentioned in the transaction if the remitter name & beneficiary name is different. For example after marriage, the Surname or Name or both may get change for a female Remitter / Beneficiary or in some cases remitter & beneficiary may have Kumar in their last name i.e. Ramesh Kumar is sending money to Dinesh Kumar, such cases the above-mentioned document can help establish a relationship.
How to pay to InstaReM
NEFT / RTGS is the only option available at this moment. NEFT/RTBS via NET BANKING or by visiting a bank branch with InstaReM’s account details & a cheque / Passbook ( depending upon your bank)UPI payment option like PhonePay will be on soon & all customers will be informed accordingly.
** INR Payment to InstaReM Must come to InstaReM from the person who has booked the transaction. For Example if Profile is in the name of Bharat Chaudhary then payment to InstaReM must come from Bharat Chaudhary’s Savings account only.
** Receiving Payment of INR from Current Account, NRE/NRO account is not allowed to InstaReM.
Current Limitations of InstaReM
The annual limit at this moment is USD 25000 (equivalent in other currencies ) or INR 17,00,000/- (we can say), at this moment.
Under Overseas Education guidelines from RBI, the limit is USD 10,000 ( Equivalent in other currencies ) per transaction. But, whenever someone has to transfer more than that he/she can split the transaction into two & can transfer funds.
For example, at this moment, the Block Account Amount in Euros is almost Euro 10,400 or near to this & this amount is crossing the per transaction limit of USD 10,000, but here one can split it into two parts like:-
First Transaction of Euro 5400 ( with coupon code BHARATINGERMANY- because the coupon code is applicable on 1st transaction only )Second transaction of Euro 5000 ( with Insta Points 375 (INR 750) or 400 (INR 800) <– Insta Point’s can be used in any transaction, so the above-mentioned combination of Coupon Code in the first transaction & Insta Points in the second transaction will help you get the double benefit.
This is how you can book transaction’s which are more than USD 10,000+, both you can book back to back & can make two separate NEFT/ RTGS payments to InstaReM. Once InstaReM receives both equivalent INR payment from them, InstaReM start processing the transaction & transfer the Euros booked in two parts & both amounts get credited to the Overseas Block Account. Other than Overseas Education the per transaction limit for other purposes like Private Visit etc is USD 5000 Equivalent