Instarem international money transfer review

Earn loyalty points each 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.
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How much does it cost to transfer money with Instarem?

Instarem charges one transparent fee of 0.75% of the transaction value in INR. However, as per Indian laws, Goods and Services Tax (GST) is levied on the currency conversion and Instarem’s service charges.

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 always strives for its rates to be competitive and as close to the interbank rate as possible. You will clearly see Instarem’s current rates displayed on its website and again when you make a transfer. It is important to be aware that outside of normal business hours, which are Monday to Friday 9:00am to 5:00pm IST, Instarem’s rates will not be as close to the interbank rate. This also includes public holidays, so make sure any transfers you make are done during business hours.

Instarem provides rates based on the live foreign exchange rate, meaning rates will move with the live market conditions. As exchange rates are updated constantly, you can not lock in an exchange rate for a future money transfer.

Minimum transfer amount and available countries

Instarem currently allows you to transfer funds from India to most of the Eurozone countries, Canada, USA, UK, Singapore and Australia.

From India, the minimum amount you can transfer is INR4,000. Instarem does not have a maximum limit (subject to Indian regulations on remitting money overseas).

There are a few limitations to Instarem’s service; you can not transfer cash or deposit cash into their account, and they do not accept bank cheques. They also do not allow third party payments, meaning no one else can deposit money into your account to be transferred.

You can only send funds to the following countries:

  • Australia
  • Austria
  • Belgium
  • Canada
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Ireland
  • Italy
  • Luxembourg
  • Malta

What types of transfers can you carry out with Instarem?

As Instarem is a relatively new money transfer service, it only offers one-off transfers and does not offer forward contracts.

The registration and transfer process

Before you can transfer any money overseas you need to register for an account with Instarem, which is completely free and only takes a few minutes online. Then you can login and submit a transfer request – don’t worry, the platform will walk you through the process.

Instarem keeps your money in safe hands; your funds are held in accordance with Indian client money rules, meaning it is held in a segregated client account and not with Instarem’s operating money.

  • Step 1. As part of the online registration process you will need to provide your personal details including contact information and residential address.
  • Step 2. Next step is to verify your identity, which can be done electronically if you have a valid Aadhaar Card and Permanent Account Number (PAN) card.
  • Step 3. Once the above details are submitted, your account should be activated within two hours. You will be notified by Instarem when this is complete.
  • Step 4. When your account is approved, you can log in and make a payment by submitting your payee’s details and transfer amount.
  • Step 5. Payment done. You’ll be notified by Instarem when your payment reaches the payee.

What are the pros and cons of using Instarem?


  • Transparent fee structure.
  • Competitive exchange rates – Instarem offers real interbank exchange rates in some circumstances.
  • 24-hour service 7 days a week.
  • Fast transfers – typically one business day.
  • Quick and simple registration process.
  • Small minimum transfer limit of INR4,000.


  • Does not accept any cash, cheques or third party payments.
  • Can only transfer to Canada, USA, Europe, UK, Singapore and Australia currently.
  • Transaction fee of 0.75% applies to all money transfer transactions from India.

What other products and services does Instarem offer?

Instarem specialises in international money transfers for both individuals as well as businesses. Instarem is committed to facilitating money transfers to overseas contacts in a quick, cost-effective and simple manner. Instarem offers SMEs and corporates a platform called MassPay. Using this platform, their business clients can carry out bulk payments in multiple currencies to multiple beneficiaries with the help of a global payments process that is completely seamless.

Frequently asked questions about Instarem

A final word

Instarem is an alternative option to the major banks for transferring money overseas from India. It could be a cost-effective option to make international remittances from India. However, you should check the current exchange rates they offer on their website before transferring money as these change frequently.

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