Instarem review
- Minimum Transfer Amount
- $1
- Fastest Transfer Speed
- Within minutes
- Receiving Options
- Bank account
Our verdict
Low fees, fast transfers and rewards points give Instarem an edge in Canada's competitive money transfer market.
Instarem has a lot going for it. Competitive exchange rates, zero transfer fees on certain currencies, loyalty points that convert to savings and fast delivery speeds explain why Instarem is a worthy contender for your next money transfer overseas. While it does add a markup to exchange rates, these often fare better than many other transfer providers.
However, forget Instarem if your recipient doesn't have a bank account as there are no alternatives except when sending funds to someone in the Philippines, where cash pickups are possible. You'll also want to check the transfer limits compared to what you plan to send as these limits vary depending on the receiving country.
Pros
-
Good for offering inexpensive transfers and the opportunity to earn rewards points.
Cons
-
Look elsewhere if you need to send more than $3,000 CAD or want to pay by debit or credit.
Details
Product details
| Product Name | Instarem |
| Pay By | Bank transfer |
| Receiving Options | Bank account |
| Customer Service | Phone, Live chat, Email |
| Available Currencies | ARS, AUD, BDT, BRL, CLP, CNY, COP, EUR, GBP, GHS, HKD, IDR, INR, JPY, KES, KRW, MXN, MYR, NGN, NPR, PEN, PHP, SGD, THB, TRY, TZS, UGX, USD, UYU, VND |
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.
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 take
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
How does Instarem compare to other money transfer services?
Frequently asked questions
Your reviews
Stacie Finder
Associate editor
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