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Review: Instarem International Money Transfers

Earn loyalty points each time you send with Instarem.

  • Good for earning loyalty points and fast transfers.
  • Not so great for larger transfers or for sending money to someone without a bank account. Be aware that the zero-margin exchange rate only applies to some currencies during certain hours.

Check out our full list of pros and cons below.

USD 50

Min. Transfer Amount

No limit

Max. Transfer Amount

1 day

Transfer Speed

Details

Product NameInstarem International Money Transfers
Min. Transfer AmountUSD 50
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone, Bank Account to Bank Account
Transfer OptionsOne off payments
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Chat, Email
Available CurrenciesAUD, BDT, CAD, CNY, EUR, GBP, HKD, IDR, INR, KRW, LKR, MYR, NPR, PHP, PKR, SGD, THB, USD, VND
Exchange Rate UpdatesReal time

Instarem exchange rates and fees

While Instarem does offer the mid-market 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 also adds fees on top of this, which is often around 0.5% of the transfer amount.

Use the calculator below to see what exchange rate and fees Instarem offers on your particular currency.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 50 1 day HKD 17.50 0.094 GBP
466
獨家優惠:使用代碼FINDER10,你的頭一次匯款即能享有$10美元折扣。Use code FINDER10 to receive US$10 off your first transaction.
InstaReM 提供簡單的匯款服務,大部分的匯款劃一收取0.5%的手續費。InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
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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 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 4.4* out of 5, based on over 5,289 reviews
  • Investors: Vertex Ventures, SBI-FMO Fund, GSR Ventures
*According to Trustpilot on 2 May 2021.

How does Instarem make money?

Instarem makes its money from the fees it charges. There’s also a margin added to the exchange rate of some currencies.

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 an electronic funds transfer (EFT)/bank transfers/wire transfers.
  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

  • 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

  • Doesn’t use mid-market rate for all transfers. Instarem only offers zero-margin transfers for some currencies and during certain hours. The company doesn’t make it clear which currencies and hours this applies to.
  • 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.

How does Instarem compare to other providers?

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 10 1 - 2 days HKD 140.00 0.129 USD
1,268
以透明的匯率,低收費及低最低金額的網上服務作匯款。 Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
USD 10 1 - 2 days HKD 25.00 0.127 USD
1,270
新客戶可享有首三個月無限次免手續費匯款。New customers get 3 months of unlimited free transfers.
可用15+種貨幣匯款,享有超越銀行的匯率以及快速轉賬時間。 CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
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SGD 1 1 day HKD 42.00 0.129 USD
1,280
你首兩次港幣$15,000或以下的匯款,手續費全免。Pay no fees on your first two transfers, up to HK$15,000.
象徵式收費以及中間價匯率,可匯款至高達30多個國家。 SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
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USD 50 1 day HKD 35.00 0.129 USD
1,281
獨家優惠:使用代碼FINDER10,你的頭一次匯款即能享有$10美元折扣。Use code FINDER10 to receive US$10 off your first transaction.
InstaReM 提供簡單的匯款服務,大部分的匯款劃一收取0.5%的手續費。InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details
USD 1 Within an hour HKD 20.00 0.128 USD
1,278
使用優惠代碼FREE,你的首次匯款即可享免手續費。條款及條件適用。Use promo code FREE to send your first transfer with no fee. T&Cs apply.
提供現金提取、銀行戶口之間轉賬與及Airtime匯款選擇的網上匯款服務,。 WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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GBP 5,000 1 - 2 days HKD 0.00 0.127 USD
1,266
可匯款至20+個國家,無手續費。 CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. Go to site Show details
USD 2,000 1 day HKD 0.00 0.127 USD
1,266
TorFX保證提供最佳的匯率。需受條款約束。TorFX guarantees to match any competitor's exchange rate.
以30種貨幣匯款到全球。登記後,將會有一個客戶經理提供支持和引導。 TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
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免責聲明:匯率會經常變動。轉賬前請與服務供應商確認最終價格。

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