How Instarem enables Insurtech “Gigacover” smooth and economical USD to SGD transfer
This article covers:
The Company
Gigacover is a leading insurance provider, providing flexible insurance solutions for emerging segments such as freelancers, automotive, logistics, and digital banking sectors. Since launching in 2017, they have been revolutionizing the insurance industry and setting a new standard when it comes to protecting businesses, their people, and assets. Today Gigacover has over 130,000 users from Singapore and the Philippines who rely on them for protection.
The Challenge
With investments coming in USD and SaaS products charging in the same currency, they had to deal with the unpredictable currency game of converting between USD and SGD. They initially turned to banks, but it took around 3 days for payments to reach their US-held SWIFT account, with high FX rates and fees. Then, they tried other payment solution providers but with no success.
The Solution
This is where Instarem came in with its international payment services. With Instarem, Gigacover was able to transfer USD to SGD on the same day with highly competitive pricing. This saved Gigacover $1000 per month from FX fees and rate markups and now they have near-instant transactions from the United States to Singapore.
Amerson, Co-founder & CEO at Gigacover, was thrilled with the results, saying “I can now transfer USD to SGD with zero fees at competitive FX rates within the same day!”
Not only did cross-border payments become faster, but Instarem’s payment tracking capabilities also offer Gigacover complete peace of mind with transparent and convenient tracking of their transfers.
The Results
- $1000 savings per month from FX markups and fees
- Near-instant transactions from the United States to Singapore
- Peace of mind with reliable and transparent payment tracking capabilities
Looking to streamline your business while keeping your costs low? Sign up for your free Instarem account today to enjoy the benefits of cost-effective, hassle-free global payments.
Instarem stands at the forefront of international money transfer services, facilitating fast and secure transactions for both individuals and businesses. Our platform offers competitive exchange rates for popular currency pairs like USD to INR, SGD to INR, and AUD to INR. If you're looking to send money to India or transfer funds to any of 60+ global destinations, Instarem makes it easy for you. We are dedicated to simplifying cross-border payments, providing cutting-edge technology that support individuals and businesses alike in overcoming traditional fiscal barriers normally associated with banks. As a trusted and regulated brand under the umbrella of the Fintech Unicorn Nium Pte. Ltd., and its international subsidiaries, Instarem is your go-to for reliable global financial exchanges. Learn more about Instarem.
