Instarem Business – Financial Services Guide
Last updated: 23 November 2023
Issue Date23 November, 2023
Purpose and contents of this financial services guide
This Financial Services Guide (“FSG”) is prepared by NIUM Pty Limited ACN 601 384 025 (“Instarem”, “us” “we” or “our”). NIUM Pty Limited is a subsidiary of Nium Pte. Ltd., which (together with its subsidiaries globally) operates the “Instarem” and “Nium” brands. The information in this FSG relates to the Services provided under the “Instarem” brand only.
This FSG is designed to provide you with important information regarding our Services prior to providing you with a financial service and assist you in you in deciding whether to use any of the services offered in this FSG, including the following:
- who we are & how you can contact us;
- what services we are authorised to provide;
- how we are remunerated for these services;
- any (potential) conflicts of interest we may have; and
- our dispute resolution process.
Nium Pty Limited holds an Australian Financial Services Licence Number 464627 and is authorised to provide financial services including financial product advice and dealing in non-cash payment products in relation to retail and wholesale clients.
You can contact us at:
Address: Level 4, 152 Elizabeth Street, MELBOURNE VIC 3000
Email: [email protected]
Accessing and using our services
To access and use our Services, you must first register for an Account via the Instarem Platform, which is accessible via our website. By registering for an Account, you agree to the terms in our Business Terms and Conditions (available at https://www.instarem.com/info/all-policies, or an electronic copy can be provided by us free of charge upon request), Privacy Notice, the PDS, and this FSG.
Your application for an Account must be approved by Instarem. Instarem reserves the right to refuse to open an Account any person.
Professional indemnity insurance
In compliance with section 912B of the Corporations Act 2001 (Cth) and Australian Securities and Investments Commission Regulatory Guide 126, Instarem maintains professional indemnity insurance in connection with the financial products and services it provides, including any claims in relation to the conduct of Instarem’s former representatives/employees.
Record keeping obligations
Instarem will seek to ensure that comprehensive and accurate records of all client transactions and advice provided, are properly maintained.
Who do we act for?
Instarem is responsible for the financial services it provides to you under its Australian Financial Services Licence and does not act on behalf of any other financial services licensee.
Remuneration, commission & benefits expected to be recieved by Instarem for provision of financial services
Instarem receives the following fees for the Services provided to its customers.
- Transaction fees: Instarem receives transaction fees for each Send and Receive transaction. The fees will vary based on the source and destination currencies and countries of the transaction, the size and frequency of your transaction, and the payment method used in the transaction. The exact fee applicable for each transaction will be disclosed to you on the Instarem Platform.
- Foreign exchange charges: Where currency conversion is required in respect of any transaction, Instarem will apply the prevailing exchange rate disclosed to you on the Instarem Platform which includes a percentage earned by Instarem.
- Other fees and charges: Instarem may also charge you a fee for failed transactions, or interest on outstanding amounts due to Instarem.
Instarem may also earn interest on the monies from the bank or other approved deposit-taking institution with which we hold funds received from our customers or on their behalf.
The employees and partners of Instarem may also receive salaries, performance bonuses, commissions and other remuneration from Instarem.
If you would like further details, please ask us within a reasonable time after receiving this FSG and before we provide you with any financial services.
Referrals to Instarem
Instarem may pay referral fees to any businesses or companies that refer their customers to use the Services, which may be a percentage of the remuneration received by Instarem or a fixed amount agreed with each referrer. If you would like further details, please ask us within a reasonable time after receiving this FSG and before we provide you with any financial services.
Disclosure of any relevant conflicts of interestSubject to disclosures in any PDS or other transaction documents, Instarem does not have any relationships or associations which might influence us in providing you with our Services.
Instarem has an internal dispute resolution process in place to resolve any complaints or concerns you may have, as quickly and fairly as possible in the circumstances. Any complaints or concerns should be directed to us via our Help Centre (accessible via our website). We will seek to resolve your complaint within 30 calendar days or such further time period that may reasonably be required given the nature of the complaint. We will investigate your complaint, and provide you with our decision, and the reasons on which it is based, in writing./p>
If you are dissatisfied with the outcome, you have the right to lodge a complaint with the Australian Financial Complaints Authority, an approved external dispute resolution scheme, of which Instarem is a member.
Australian Financial Complaints Authority
Phone: 1800 931 678
Post: GPO Box 3, Melbourne, Victoria 3001
Your privacy is important to us and we are committed to compliance with the Privacy Act 1988 (Cth) and the Australian Privacy Principles. We may disclose your personal information to external parties who act on our behalf in the operation of our business or in connection with the transactions to be undertaken. Such external parties are required and committed to protecting your privacy and where they are offshore, we take reasonable steps to ensure that to the maximum extent reasonably possible any information sent has the same level of privacy protection as we provide here in Australia. We will not otherwise disclose your personal information without your consent, except as authorised or required by privacy laws. Please contact us via the email provided if you have any concerns.
We may disclose your personal information to external parties who act on our behalf in the operation of our business or in connection with the transactions to be undertaken. Such external parties are required and committed to protecting your privacy and where they are offshore, we take reasonable steps to ensure that to the maximum extent reasonably possible any information sent has the same level of privacy protection as we provide here in Australia. Nium will not otherwise disclose your personal information without your consent, except as authorised or required by privacy laws. Please contact us by writing to [email protected] if you have any concers.
We will retain information obtained from you only as long as required by our regulatory obligations. This includes information required in order for us to comply with applicable laws and regulations for the prevention of money-laundering and counter-terrorism financing.
The law allows you (subject to permitted exceptions) to access your personal information. You can do this by contacting us using our contact details set out in this FS.
Where necessary, we will correct personal information where that information is found to be inaccurate, incomplete or out of date. We will not charge an individual for reaonable access and correction requests.