3 Ways Instamo is Disrupting the Traditional Banking Industry
Started as a dream of building a decentralised financial world, Instamo has now grown to become an innovative fintech start-up in Vietnam and is quiuckly spreading across boarders. Today, we are a fintech and overseas remittance company that provide a wide range of financial services to more than 3.21 billion people over a span of 30 different countries.
Instamo is a free international money transfer app which allows individuals to send money online, with just a few clicks.
1. Low transaction fee compared to banks
Previously, there were only two modes of international payments methods: Through banks or money transfer operators (MTOs).
However, the traditional banking incurred high costs for customers to send money back to their home country. Processing fee cost up to about 8-10% and there are delays due to the technical back-end processes in a bank.
For MTOs, they require customers to go through long legal processes and also use legal intermediaries to prevent illegal acts such as money laundering and terrorists. They also charge a high fee of about 2-9% and this is very expensive for an average migrant worker working overseas and wants to send money back home.
2. Zero Margin FX Rates compared to low FX rates offered by banks
Instamo sources all the various exchange rates offered in the market and offer the best rate through the app to its users at no profit margin. This is unlike banks which will charge different rates to earn a higher profit. For instance, if a US bank wants to make a 5% profit on every exchange involving Canadian dollars, they will offer to buy 1 Canadian dollar for 0.95 US dollars, but will only sell 1 Canadian dollar for 1.05 US dollars.
3. Fast and Safe
Overseas money transfer can be made instantly with just a few clicks, and this helps individuals save a lot of time. Moreover, the recipient is guaranteed to be able to receive the money within the same day if send before 2pm locally on weekdays.