I did a transfer at INSTAREM 2 days back. I transferred the money using CIMB to their CIMB account. However, website still showing AWAITING PAYMENT. Their support number always goes to voice mail immediately. Online chat also only have auto reply message. Email them and took 1.5 days to reply. They told me they saw a banking transaction with account xxxx and asked to provide banking transaction details. Reply with proof now but the website showing transaction is cancelled due to no payment. No reply until now... this is really bad.
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Exchange Rates for RM
- Thread starter crystal_tiong
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How will these news affect the RM$?
Hundreds of thousands could be arrested in crackdown on Malaysia's undocumented migrants
Malaysian authorities have arrested over 3,300 undocumented workers and 84 employers in the country's latest crackdown
Activists are concerned about possible abuses of workers' rights, while labor shortages continue to plague business owners
Stacey Yuen
6 Hours Ago
CNBC.com
Hundreds of thousands could be arrested in crackdown on Malaysia's undocumented migrants
Malaysian authorities have arrested over 3,300 undocumented workers and 84 employers in the country's latest crackdown
Activists are concerned about possible abuses of workers' rights, while labor shortages continue to plague business owners
Stacey Yuen
6 Hours Ago
CNBC.com
it is all the better for crime prevention
I hope the amount involved is quite little. I suggest that you give them another 3 working days to resolve, failing which you should raise this issue with MAS: http://www.mas.gov.sg/Feedback.aspx as high number of substantiated complaints may affect licence. Do update us here on the outcome end of this week.
Just to share that I cut and pasted the transaction number from my DBS to Instarem transfer for ease of identification at Instarem side. My trial only involved SGD $100. I will not move onto this TT platform for bigger amount until this is resolved. Thanks.
It is 2k SGD. They have acknowledged fund received and status changed to Payment Received on Sunday. Now. it is showing Transfer Completed (Tuesday) but never mention when it got transfer and ETA of fund received. It is still not in destination account. Will check again tomorrow.
I did cut and past REM transaction number into CIMB description during transfer but seems like CIMB doesn't put that detail into destination transaction log. I am thinking DBS online transfer will show the details at destination account log. If it is quick and smooth, I would definitely recommend this but seem like is not the case so far....
Update: 20170726 (Wednesday morning) - Fund received.
Exchange rate is good but took few days (and slow customer support). I think transfer small amount is still fine since they don't have minimum amount to be transferred. Also, prefer to use DBS transfer so that they can see the REM transaction ref no.Update: 20170726 (Wednesday morning) - Fund received.
Good to hear that. Thanks!
Singapore startup Instarem raises $13m to take remittance business away from banks
https://www.techinasia.com/fintech-startup-instarem-raises-series-b
https://www.techinasia.com/fintech-startup-instarem-raises-series-b
1MDB Misses $603 Million Payment to Abu Dhabi Sovereign Wealth Fund
According to some:
"That’s definitely a negative for the ringgit at some point,"
"We have to wait and see how it develops. If people don’t make an arbitration payment they’ve agreed to, it doesn’t say something positive about the currency or the country or the regulatory framework."
So take note and watch out for the development.
https://www.bloomberg.com/news/arti...id-to-have-missed-603-million-payment-to-ipic
According to some:
"That’s definitely a negative for the ringgit at some point,"
"We have to wait and see how it develops. If people don’t make an arbitration payment they’ve agreed to, it doesn’t say something positive about the currency or the country or the regulatory framework."
So take note and watch out for the development.
https://www.bloomberg.com/news/arti...id-to-have-missed-603-million-payment-to-ipic
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Reuters today's show weakest at RM$3.1580.
I have used instarem to transfer at 3.14. Takes a bit longer but cant complain with the gd rates. May skip the money changers entirely....
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Our S$ may buy more RM$ but look at the inflated prices of goods and services there. Everything up substantially especially liquor, restaurant meal, foot massage, groceries. Daiso items up RM0.60 to RM$5.90 slightly cheaper vs S$2.00 vs THB60.
Yes prices are up, but restaurant food is still cheaper than comparables in Bangkok and Jakarta.
Overall, prices have not.risen as fast as the currency depreciation, so overall we are still better off than before, esp if RM continues to fall.
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Agree that restaurant, despite the adjusted prices, are still cheaper than most cities and savings substantial if a family go for lunch and dinner including take-away.
I like to add that international brands H&M, Uniqlo (savings of 11%), Mark & Spencer (savings of 7%) and the like have not adjusted their prices yet so it is worth the trouble shopping in JB if you buy a lot. Clarks are slightly cheaper only. In fact I find shopping in JB/KL (GST 6%) more value because of the weakened currency than shopping in Bangkok (VAT 7%), Jakarta (GST 10%), Manila (VAT 12%).
I like to add that international brands H&M, Uniqlo (savings of 11%), Mark & Spencer (savings of 7%) and the like have not adjusted their prices yet so it is worth the trouble shopping in JB if you buy a lot. Clarks are slightly cheaper only. In fact I find shopping in JB/KL (GST 6%) more value because of the weakened currency than shopping in Bangkok (VAT 7%), Jakarta (GST 10%), Manila (VAT 12%).
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