How does automatic currency conversion work for Instarem Business Card?
For transactions in currencies other than SGD, Instarem converts the amount using the prevailing exchange rate and deducts the equivalent SGD from your balance.
Example:
- Current rate: 1 USD = 1.28 SGD
- Transaction amount: 100 USD
- Amount deducted: 100 USD x 1.28 = 128 SGD
Refunds: Refunds are processed using the FX rate at the time of the refund.
- Refund amount: 100 USD
- Current rate: 1 USD = 1.32 SGD
- Amount returned: 100 USD x 1.32 = 132 SGD
Note: Exchange rates are for illustration purposes only; actual rates may vary based on market fluctuations.
Related FAQs
What happens if my Instarem Business Card wallet shows a negative balance? How are transactions authenticated on the Instarem Business Card? Can I upload or download receipts for my Instarem Business Card transactions? Which wallet is used for Instarem Business Card transactions? What do the transaction statuses on my Instarem Business Card mean? Why did my payment with the Instarem Business Card fail? Can I move funds between the Remittance Wallet and Card Wallet? What happens if I have insufficient balance in my Card Wallet? What happens to my card wallet balance if I close my Instarem business account? Is there a limit on how much I can withdraw? How can I withdraw funds? What is the maximum amount I can add and store in my Instarem business card wallet?Didn’t find what you were looking for?
Have a Personal Instarem account?
- Log in to your account on the Instarem app or web.
- Go to your Profile section.
- Tap on Help.
- Search for the relevant topic.
- Raise a ticket or chat with us if you didn’t find what you were looking for.
Have a Business Instarem account?
- Log into your account on the Instarem business portal.
- Tap on Help.
- Search for the relevant topic.
- You can raise a ticket by:
- Clicking Submit a request at the top-right corner of the Help Centre page, or
- Clicking Raise a ticket after selecting a topic or FAQ.
- We’ll get back to you once your request is submitted.
