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Review: Instarem International Money Transfers

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.

Learn more about:

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.

Available currencies

OFX sends money to over 20 currencies around the world. 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 specialised 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 1,700 reviews
  • Investors: Vertex Ventures, SBI-FMO Fund, GSR Ventures
*According to Trustpilot on 27 February 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 have the option of a bank transfer or paying with a debit card.
  4. You’ll be given Instarem’s bank account details, which you’ll send your money to.
  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 specialities and your transfer normally arrives within one business day.

Cons

  • Percentage-based fee can add up. Instarem is better suited to smaller transactions, as the fees on larger ones can get expensive.

How does Instarem compare to other providers?

1 - 9 of 9
Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise) - Germany
USD$1
1-2 Tage
Varies
Sparen Sie Geld durch den Mittelkurs und durch eine transparente Gebührenstruktur.
CurrencyFair - Germany
EUR€8 or equivalent
1-2 days
0.1% to 0.6% of the amount exchanged plus a EUR€3 (or currency equivalent) transfer fee.
Sonderangebot: Neukunden erhalten in den ersten 3 Monaten unbegrenzt gebührenfreie Überweisungen. Es gelten die AGBs.
CurrencyFair bietet unschlagbare Wechselkurse und schnelle Überweisungszeiten für mehr als 15 gängige Währungen.
Azimo - Germany
GBP 10
Instant
Varies
Azimo ist bekannt für schnelle Überweisungen, wettbewerbsfähige Preise, niedrige Gebühren und eine große Bandbreite an Zahlungs- und Überweisungsoptionen.
Remitly - Germany
EUR 0
1-5 days
EUR 1.49
Remitly bietet schnelle und günstige Überweisungen um die Welt mit Spar- und Expressoptionen.
Revolut - Germany
Revolut - Germany
USD $0
Within minutes
USD $0
Führen Sie von Montag bis Freitag gebührenfreie Überweisungen in über 27 Währungen durch.
XE Money Transfers - Germany
EUR€0
Same day
EUR€2
XE bietet schnelle Überweisungen mit niedrigen Gebühren und eine Reihe von Fremdwährungstools.
Panda Remit - Germany
Panda Remit - Germany
$10
Within minutes
0
Sonderangebot: Unbegrenzte gebührenfreie Überweisungen & 5 EUR Überweisungsgutschein. Es gelten die Bedingungen.
Panda Remit sendet Geld in über 30 Länder mit 24/7-Kundensupport und exklusiven Wechselkursen.
WorldRemit - Germany
USD$1
2 working days
USD$3.99
WorldRemit sendet Geld in über 110 Länder für Bank-zu-Bank-Einzahlungen, Bargeldabholungen oder Handy-Aufladungen.
Key Currency - Global
Key Currency - Global
£5000.00
Same day on all majors, 1 day on exotics
None
Make same-day transfers in all major currencies across Europe.
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