Review: InstaReM International Money Transfers

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Earn loyalty points with no hidden fees every time you send with InstaReM.

  • Good for getting the real exchange rate with no margin added on and for fast transfers.
  • Not so great for larger transfers or for sending money to someone without a bank account.

Check out our full list of pros and cons below.

CAD 50

Min. Transfer Amount

CAD 3,000

Max. Transfer Amount

1 - 2 days

Transfer Speed

Details

Product NameInstaReM International Money Transfers
Min. Transfer AmountCAD 50
Max. Transfer AmountCAD 3,000
Transfer MethodsOnline, Bank Account to Bank Account
Transfer OptionsOne off payments
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Chat, Email
Available CurrenciesAUD, BDT, CAD, CNY, EUR, GBP, HKD, IDR, INR, KRW, MXN, MYR, NPR, PHP, SGD, THB, USD, VND
Online Transfer Fee0.25%
Branch Transfer Fee0.00%
Phone Transfer Fee0.00%
Exchange Rate UpdatesReal time

InstaReM exchange rates and fees

InstaReM is one of the only money transfer services to offer the mid-market rate, meaning there won’t be a margin on top of the quoted exchange rate. This means that while its fees may look higher in comparison to other transfer services, the fairer exchange rate makes up for it.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 50 1 - 2 days CAD 15.00 0.755 USD
1,500
Quick and simple international money transfers with zero-margin exchange rates. Earn loyalty points on sign up, referral and every transaction. Go to site Show details

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Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Available currencies

InstaReM sends money to over 20 currencies around the world. You can check out the full list of the currencies you can send with InstaReM, but some of the more popular ones include:

  • EUR Euro
  • GBP British pound
  • INR Indian rupee
  • LKR Sri Lankan rupee
  • NPR Nepalese rupee
  • PHP Philippine peso
  • THB Thai baht
  • VND Vietnamese dong

What types of transfers can you make with InstaReM?

InstaReM only supports bank transfers at this time, meaning your recipient will need to have a bank account to receive the money. This also means you can only pay for your transaction through a bank transfer and not use cash or card.

While InstaReM doesn’t offer forex tools like forward contracts yet, it does offer specialized help for business transfers.

How long does a transfer with InstaReM take?

Most transfers with InstaReM take between one and two business days. The exact time varies depending on what currency you’re sending to and the banks involved.

For your first transfer, you’ll need to go through the verification process which will take a bit longer. To speed things up, make sure the documents you upload (like your ID) are as accurate and up to date as possible.

Transfers typically takeClock icon for transfer speed

1 day

Is InstaReM safe to use?

  • Security and regulation: Government regulated
  • Established: 2014
  • Reviews: Trustpilot gives InstaReM a score of 7.7* out of 10, based on over 1,600 reviews
  • Investors: Vertex Ventures, SBI-FMO Fund, GSR Ventures
*According to Trustpilot on 29 January 2019.

How does InstaReM make money?

InstaReM makes its money from the fees it charges. There’s no extra margin added onto the exchange rate, so its money is solely made through fees.

How to register an account

How do I make an international money transfer with InstaReM?

  1. Sign in to your account after you’ve been verified.
  2. Enter your recipient’s details, including their full name and bank account details.
  3. Add how much you want to send and how you’ll pay for the transfer. You can pay via bank transfer.
  4. You’ll be given InstaReM’s bank account details, which you’ll use to submit payment.
  5. InstaReM will let you know when the transfer takes place and when it’s completed.

What is InstaReM?

InstaReM was founded in 2014 by Prajit Nanu and Michael Bermingham and aims to make money transfers faster and cheaper. While the headquarters are in Singapore, InstaReM has offices in Melbourne, India, the US and other major cities around the world.

In 2018, InstaReM joined RippleNet to make transfers to Latin America and Southeast Asia even faster.

In a nutshell

Pros

  • Uses the mid-market rate. This means there’s no hidden margin added on to the exchange rate you’re quoted.
  • Loyalty points program. You can earn points on your transfer and redeem them against your transactions.
  • One of the few services that send from India. While a lot of money transfer services can send to India, it’s a bit harder to find one that sends out of India due to strict regulation.
  • Fast transfers. Speed is one of InstaReM’s specialties and your transfer normally arrives within one business day.

Cons

  • Not available in Canada. You can’t transfer Canadian dollars to another currency with this service.
  • Doesn’t accept cash or card. You can only pay for your transfer through bank transfer.
  • Percentage-based fee can add up. InstaReM is better suited to smaller transactions, as the fees on larger ones can get expensive.
  • First transfer is limited to $2,500. You’ll be able to send more later, but not for your first transfer.
  • Customer service isn’t open 24/7. It’s open for business hours and during the daytime on the weekend, but outside of this you’ll have to wait for help.

How does InstaReM compare to other providers?

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 15.00 0.748 USD
3,728
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.752 USD
3,759
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
CAD 1 1 - 2 days CAD 45.00 0.755 USD
3,743
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
CAD 0 1 day CAD 0.00 0.748 USD
3,739
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
CAD 2,000 1 day CAD 0.00 0.748 USD
3,739
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
Go to site Show details

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Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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