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Check out our full list of pros and cons below.
$50
Min. Transfer Amount
No limit
Max. Transfer Amount
1 - 2 days
Transfer Speed
Product Name | InstaReM Money Transfers |
---|---|
Min. Transfer Amount | $50 |
Max. Transfer Amount | No limit |
Transfer Methods | Online, Bank Account to Bank Account |
Transfer Options | One off payments |
Transfer Speed Minimum transfer time | 1 - 2 days |
Customer Service | Phone, Chat, Email |
Available Currencies | AUD, BDT, CAD, CNY, EUR, GBP, HKD, IDR, INR, KRW, LKR, MXN, MYR, NPR, PHP, PKR, SGD, THB, USD, VND |
Online Transfer Fee | 1.00% |
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Branch Transfer Fee | 1.00% |
Phone Transfer Fee | 1.00% |
Exchange Rate Updates | Daily |
Founded in 2014 in Singapore, InstaReM operates money transfer services in eight countries, including the US. From these locations, InstaReM offers money transfers to 54 countries across Asia, Europe, North America,South America, and Oceania. Currency support vary per location. In the case of the US, InstaReM supports 19 currencies.
The Zero-Margin FX rates that you get when transacting with InstaReM are based on mid-market rates from Reuters. However, this is only for some currencies at certain hours of the day and InstaReM doesn’t make it clear which these are.
Customers earn loyalty points for transacting on the platform. They also earn referral fees when friends and acquaintances sign up for an InstaReM account.
Choose your currency and desired transfer amount. Exchange rates change frequently, so visit InstaReM’s site to get a final quote.
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.
Depending on your location, InstaReM charges fees equivalent to 0.25% to 1% of the transferred amount. With its Zero-Margin FX rates, your beneficiary may get more money when you use their services. InstaReM offers complete transparency during the money transfer process, allowing you to check the total amount your recipient will get minus its minimal transaction fee.
Check if there are any InstaReM promo codes available
In the US, there is a $50 minimum transfer amount for InstaReM transactions. InstaReM allows you to send money to 54 countries worldwide. InstaReM does not have a maximum transfer amount.
InstaReM offers bank-to-bank money transfers to 54 countries worldwide. You cannot transfer funds using cash or a credit card. Unlike many of its competitors, InstaReM does not offer any additional services, such as forward contracts, other than straight money transfer. InstaReM offers email subscription services for its rate watch and FX alert services. It also offers a MassPay platform for business accounts.
To send money via InstaReM, register for a free personal account online. You may be asked to submit additional documents during the account opening process. You can then login to your account and initiate a transfer. InstaReM will walk you through the process so it shouldn’t be that difficult. To get started, click here.
Note that you should transfer your funds to InstaReM within 24 hours, since the company will cancel your transaction if it does not receive your money within 72 hours.
You can check the status of the transfer from your InstaReM online account. You will also get an email from InstaReM once your recipient gets the money.
Although you can send money to 54 countries worldwide, this is somewhat limited by the fact that InstaReM only supports 19 currencies if you’re in the US. The 0.25% to 1% fee that InstaReM charges based on total transaction amount is more than competitive, but it would be good practice to check with other providers to see if the total amount your recipient will get with them would be higher.
InstaReM also isn’t transparent about which currencies it offers the zero-margin exchange rates for, so keep an eye out for that.
Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds overseas with our money transfer partners.
InstaReM is licensed by the financial regulators in the 8 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.
Send the money from your bank account to InstaReM’s bank account so that they can start processing your money transfer transaction.
The 19 currencies InstaReM supports if you’re sending money from the US seems limited, though you can send money to 54 countries worldwide. You also cannot avail of any other services such as spot contracts and forward contracts with InstaReM, since it only supports traditional money transfer transactions.
However, InstaReM does offer the mid-market rate for some currencies and the percentage-based fee can make it reasonable for smaller transfers. If you want to know more about other money transfer options, you may want to check out our guide to international money transfer services.