Instarem review

Low fees, fast transfers and reward points give Instarem an edge in the international money transfer market.

  • Good for earning loyalty points, fast transfers and mobile app experience.
  • 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.

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Within minutes

Fastest Transfer Speed

$1

Minimum Transfer Amount

$1,000

Maximum Transfer Amount

Details

Available CurrenciesARS, AUD, BDT, BRL, CAD, CLP, CNY, COP, EUR, GBP, GHS, HKD, IDR, INR, JPY, KES, KRW, LKR, MXN, MYR, NGN, NPR, PEN, PHP, PKR, SGD, THB, TRY, TZS, UGX, USD, UYU, VND
Customer ServicePhone, Live chat, Email
Pay ByCredit card, Debit card, Bank transfer
Receiving OptionsCash pickup location, Bank account, Alipay (China only)

Our Verdict

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.

Why should I consider Instarem?

  • Reward points. Earn InstaPoints when you signup, send money and refer friends. 100 InstaPoints can be redeemed for $2.50 off transfers of more than $500.
  • Competitive exchange rates. Instarem’s exchange rate markup on many currencies is low compared to many other transfer services.
  • Mobile App. Instarem recently upgraded their mobile app for business and personal users. They offer comparatively better rates and an improved user experience via their app over the website.
  • 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. There are no bank transfer limits but you’ll have to look elsewhere if you need to send more than $1,500 per transaction using ACH.
  • 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. 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

Keep in mind that if you use a credit card to pay for your transfer, your card provider may charge a cash advance fee in addition to Instarem’s transfer fee. Instarem also charges a 2% fee for debit card transactions and a 3% fee if you use a credit card.

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.

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.

Go to site

What are Instarem’s payment options?

In the US, you can pay for your Instarem transfer by ACH transfer, debit or credit card or by a wire transfer. Payment methods vary on your country of residence, so if you live outside the US it is best to check before initiating a transfer.

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. If you use your debit or credit card to pay, your funds will arrive almost instantaneously.

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 7,200 reviews
  • Investors: Vertex Ventures, SBI-FMO Fund, GSR Ventures
*According to Trustpilot on 30 June 2022

Instarem is licensed by financial regulators in the 9 countries where it maintains operations. It is also ISO/IEC 27001 certified, meaning that it has passed stringent and internationally-accepted information security management standards.

How does Instarem compare to other money transfer services?

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
1 - 18 of 18
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Dunbridge Financial
24 hours
$0
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
Currencies Direct
24 hours
$0
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
Remitly
Within minutes
From $0
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.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Instarem
Within minutes
From 0%
New Instarem customers will get a special FX rate and zero-fees on their first transfer.
Instarem offers zero transfer fees on all transfers.
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Currencies Direct
24 hours
$0
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
CurrencyFair
24 hours
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly
Within minutes
From $0
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)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
OFX International Money Transfers (Business)
24 hours
$0
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
$0
Increase business efficiency with zero transaction fees and same-day transfers.
Dunbridge Financial Business
24 hours
$0
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
Currencies Direct (business)
24 hours
$0
Minimizes costs of international transactions and offers custom solutions for business clients.
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2 Comments

    Default Gravatar
    SK
    March 6, 2020

    Is this available in Nepal?

      Avatarfinder Customer Care
      Charisse
      March 7, 2020

      Hi SK,

      Thanks for reaching out to Finder.

      If you are referring to sending money from US to Nepal with InstaReM, then yes- their money transfer service is available to your recipient in Nepal.

      However, if you are referring to using InstaReM’s service for sending money from Nepal, then it is not available at this time. InstaReM, is only available to senders from Australia, Singapore, Hong Kong, Malaysia, Euro Zone Countries, UK, India, Canada and the US.

      I hope this helps.

      Cheers,
      Charisse

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