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 FOREX: Instarem v BigPay v Transferwise, True as at 6/7/2020

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kart
post Jan 25 2021, 09:11 AM

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Sorry, off topic a bit.

I received this e-mail from InstaReM.

I can login to my InstaReM once a month, to ensure that my InstaReM account is active. However, if InstaReM 'forces' me to transfer money via InstaReM, I feel that this action is not right and fair, if I feel that InstaReM's currency exchange rate is not as competitive as their competitors'.

For example, InstaReM's fee for conversion of MYR to SGD was progressively increased from 4%, 4.5% to 5% now.


QUOTE
Your Account Will Be Deactivated In 30 Days


There hasn’t been any activity on your account in the past 11 months.

As per our policy, inactive accounts are deactivated after 365 days of inactivity.

Please let us know if we can be of any assistance in completing a transaction with us. To avoid deactivation of your account, please log into your account and transact before <a date before March 2021>. If your account is deactivated, you can reach out to our support team to enable the re-activation of your account and future transfers. Our customer care team is available on live chat 24/7/365 for any queries you may have.

Should you have any queries, kindly write to us at support@instarem.com.

Regards,
Team InstaReM


This post has been edited by kart: Jan 25 2021, 09:13 AM
kart
post Jan 30 2021, 08:41 AM

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QUOTE(LostAndFound @ Jan 25 2021, 09:19 AM)
If they're not competitive then why are you worried for your account to be closed? Can always request re-open if needed in future (and verification is done online anyway).
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Thank you for sharing your opinion, LostAndFound. smile.gif

I do have some concern that upon account reopening in the the future, Instarem may have more stringent requirements of supporting documents, since Instarem is already aware that I do not really actively use their remittance service.
kart
post Feb 16 2021, 06:00 AM

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I plan to use Sunway Money to remit SGD to Singapore Savings Account. Some of the SGD fund will be used to invest in SGX.

So, can I declare the following, in Sunway Money website?

Purpose of Payment Category: Investment
Purpose of Payment: Corporate stocks and shares.


Or, should I declare the Purpose of Payment, as Deposit with financial institutions aboard?

Thank you for the clarification. smile.gif
kart
post Feb 16 2021, 01:24 PM

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Ramjade

Thanks for the advice. smile.gif

Yes, I am investing in only SReits, in SGX. I have an account in Tradestation Global, similar to many of forum users here. And, I plan to invest in other stock exchanges, other than SGX.
kart
post Feb 24 2021, 06:31 AM

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QUOTE(Ramjade @ Feb 24 2021, 05:18 AM)
Don't compare during non office hour. Compare during office hour.
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In general, we get better conversion rate from MYR to SGD during office hour, right?
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