Instarem review

Low fees, fast transfers and rewards points give Instarem an edge in Canada's competitive money transfer market.

  • Good for offering inexpensive transfers and the opportunity to earn rewards points.
  • Look elsewhere if you need to send more than $3,000 CAD or want to pay by debit or credit.

Check out our full list of pros and cons below.

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Details

Product NameInstarem
Pay ByBank transfer
Receiving OptionsBank account
Customer ServicePhone, Live chat, Email
Available CurrenciesAUD, BDT, BGN, CAD, CNY, CZK, DKK, EUR, GBP, GHS, HKD, HRK, HUF, IDR, INR, KRW, LKR, MXN, MYR, NGN, NOK, NPR, PHP, PLN, RON, SEK, SGD, THB, TZS, UGX, USD, VND

Founded in 2014 in Singapore, Instarem operates international money transfer services in 11 countries. It offers money transfers to over 55 countries around the world and has a reward scheme for new registrations and referrals. Just keep in mind there is no cash pickup option available.

Why should I consider Instarem?

  • Reward points. Earn InstaPoints when you signup, send money and refer friends. 100 InstaPoints can be redeemed for CAD$2.50 off transfers of more than CAD$500.
  • Competitive exchange rates. Instarem’s exchange rate markup on many currencies is low compared to many other transfer services.
  • Zero transfer fees on many transfers. When we checked, transfers to many popular destinations came with $0 transfer fees.
  • Fast transfers. Most transfers arrive instantly or within the same day.

What to be aware of

  • Low transfer limits. You’ll have to look elsewhere if you need to send more than $3,000 CAD per day, $10,000 CAD per week or $20,000 CAD per month.
  • No cash options. There are no cash pickup options and you are unable to pay in cash for your transfer.

How much are Instarem’s transfer fees?

Instarem’s transfer fee is $0 for many types of transactions. The company makes money by deducting a fee worth a small percentage of the midmarket exchange rate.What fee you will pay depends on the following factors:

  • The country you are sending from
  • Your transfer destination
  • The transfer amount
  • Your chosen payment method

How are Instarem’s exchange rates?

While Instarem does offer the mid-market rate exchange rate, it doesn’t offer it for all currencies and at all times of the day. This means that for many of your transfers, there will be a margin on top of the quoted exchange rate. The company doesn’t make it clear what currencies or times this applies to.

Instarem’s home page has a handy calculator you can use to check the cost of your transfer. When you sign up for an account, you can use the company’s FX Rate Watch feature to track exchange rates for specific currency pairs.

1 - 1 of 1
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Instarem
Within minutes
From $0
Use code NEW 20 to access the $250 discount.
Instarem offers zero transfer fees on all transfers.
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Check if there are any Instarem promo codes available

What are the ways I can send money abroad with Instarem?

Instarem supports both personal and business transfers. Transfers are all completed as a bank transfer, so there are no alternative delivery options. While Instarem doesn’t offer forex tools like forward contracts, it does offer specialised help for business transfers.

How to make an international money transfer with Instarem

To get started with Instarem, you will first need to register for an account.

How long does a transfer with Instarem take?

Most transfers with Instarem arrive instantly or within the same day. The exact time varies depending on the currencies involved, the network through which funds are routed and other factors.

Transfers typically takeClock icon for transfer speed

Minutes or same day

Is Instarem safe to use?

  • Security and regulation: Government regulated
  • Established: 2014
  • Reviews: Rated 4.5* out of 5 stars on Trustpilot based on more than 7,100 reviews
  • Investors: Vertex Ventures, SBI-FMO Fund, GSR Ventures
*According to ca.trustpilot.com on June 15, 2022.

How does Instarem compare to other money transfer services?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 11 of 11
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
OFX
24 hours
$0
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Xe Business Transfers
Xe Business Transfers
Within minutes
$0
Xe Money Transfer can help your business unlock international transfers. Forward contract and limit order options available.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Remitly
Within an hour
$1.99
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Wise (TransferWise) - Under 10k
24 hours
From 0.35%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Simplii Financial
Within minutes
$0
Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply.
Send money without fees and at competitive exchange rates to 130+ countries.
Simplii Financial
Within minutes
$0
Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. For cash pickups instead, earn $50 using code CASH. Limits and regulations apply.
Send money without fees and at competitive exchange rates to 130+ countries.
Africhange
Within an hour
$0
Send money in CAD to Africa on this blockchain and P2P powered provider.
Instarem
Within minutes
From $0
Use code NEW 20 to access the $250 discount.
Instarem offers zero transfer fees on all transfers.
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