Digital remittance aids flood victims

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  • InstaReM steps in to facilitate zero-fee payments to help flood victims in
  • Devastating floods have recently hit this region of India to leave many 
  • International Indian community responds by providing financial support

The leading digital money transfer company in Southeast Asia, InstaReM, has recently stepped in to aid the relief effort in flood-hit Kerala. This coastal region of India had seen terrible flooding in recent weeks which has left a trail of destruction for its residents.

Figures from the company show that they have facilitated international transfers of approximately $2m with zero fees applied. Much of this is thought to have come from the influential non-resident Indian community globally, many of whom had family or friends directly affected by the disaster.

The floods had been the worst in almost a century, leading the Prime Minister of India to set up a National Relief Fund to help. It was this point that InstaReM also decided to act by adjusting its fees on international remittance to the region. All fees on remittance services and payments were waived for international money transfers to Kerala in aid of the relief effort.

Showing the truly global nature of the public’s response, residents of many countries sent money online to help. The majority came from Australian citizens who gave 56.72% of the total payments made. Singapore residents gave 27.52% of the total while 8.90% came from Malaysia and 1.13% from Hong Kong. The remaining 6% of remittance payments came from transfer corridors within the EU.

CEO and co-founder of InstaReM Prajit Nanu 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 the situation in Kerala and we are happy with the way things are quickly shaping up.”

For further analysis and information around international money transfer stories, read our news section here.

Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO at FXcompared and has numerous years of experience in the international finance world, especially within the media, technology and property sectors. Daniel is passionate… Read more

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