Let's Talk #2: Instarem Transfer Process

My previous post, I wrote on my experience on registering an account with Instarem. For my second discussion on Instarem, I will share with you the transfer process.

If you're not up for reading on my experience of registering an account with Instarem, and also a breakdown of the step-by-step process; I'll just summarize it here:

It took Instarem eleven (11) days to process and approve my account, from the date of registration. This could have been avoided if I have lived in Singapore for a longer period, whereby I would have a proof of address. Do note that they do not accept commercial address, I tried using this as my proof of address, as my letter from MOM states my office address instead but it was declined. They also do not accept letter from your company stating your address as a proof. Secondly, I would suggest that you email them your selfie picture as their website limits the size to 5MB, and they want a decent clear photo, whereby it clearly shows the information on your NRIC/ FIN too.

Now, that have been cleared, let's move on to the transfer process.

There are many other services out there like Instarem, one being Transferwise. Very much like Instarem, Transferwise is also a Singapore based company. The only reason I chose Instarem was because they offer a more value-for-money exchange. I believe, everyone has a habit of carrying out a comparison before proceeding with their purchase. If you don't, you probably should (I'm just saying).

I've not used Transferwise before therefore I can't speak of their services but getting an extra RM20.65 is a no brainer to me. After all, that basically is a cost of one meal or more in Kuching, depending on where you eat.

How long was the transfer process using Instarem?
It took them about nine (9) days to process my transaction, and another two (2) day for it to show up in my Malaysian bank account.

WHAT?! But their website states "Our processing time for a transaction generally takes 1 business day from the time we receive your funds for the transaction."
I know right but that wasn't for my case, unfortunately. The reason as to why I am annoyed is because I was in Malaysia the very next day and I was not able to activate the roaming for my Singapore line. As a result, I wasn't able to access my internet banking to retrieve my transfer receipt as a proof of payment. A poor oversight on my end was not bringing my bank token with me, which is a valuable lesson from now onward.

Anyways, during the transfer process, they asked you to fill your customer ID as your payment detail whilst carrying out the bank transfer. They did not request for a transfer slip, or proof of payment after, therefore, I thought they didn't need one. Boy, I was wrong. Typically, a receiver would be able to see the payment details that you have entered, in my case was my customer ID and to top it off, I entered my transaction ID too, which is more than what they have asked.

And the cherry on the icing was, after initiating the transfer, which I chose "fast transfer" which is an immediate transfer, I contacted them via their "Live Chat" to inform them that I have made my transfer, and they should receive it already. The person on the other end told me, it would typically take them a day or two to receive the funds. I re-confirmed with my bank, and that wasn't the case as I have chose "fast transfer" the receiver should receive the funds right after. However, the Instarem's customer representative was adamant that they would only receive the funds a day or two later, and s/he did not request for a proof of transfer, or bank receipt of any sort too, nor brought it up when I asked if they needed any form of proof of payment.

It was only after a day later that I received the following email, in which I no longer was able to provide them with as I wasn't able to access my internet banking in Malaysia.

I tirelessly argued with them that they should have requested it from the time I made the transfer and not only after a day or more later, however they wouldn't budge. I state that they could find it based on the payment transfer details, still wouldn't budge.

Only after I return to Singapore, and managed to access my internet banking to retrieve the transfer slip to email it to them, were they able to process the transfer. As mentioned, it took another two (2) days for the fund to appear from the date I emailed them the transfer slip.

Overall, it was partly their fault, and mine too.

How is it their fault?
Since they know that they will need a proof of payment from customers, it should have been stated from the very beginning, or even make it a requirement to upload or email it to them immediately after customers have made the transfer.

How is it my fault?
As mentioned, my biggest mistake was not bringing my bank token with me. Didn't think I would need it, but boy was I wrong. Now I have my bank token tucked in my passport holder so it travels with me everywhere I go.