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Instarem review

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

  • 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.

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Within minutes

Fastest Transfer Speed

$1

Minimum Transfer Amount

$1,500

Maximum Transfer Amount

Details

Available CurrenciesAUD, CAD, EUR, GBP, HKD, INR, MYR, SGD, USD
Customer ServiceLive chat, Email
Pay ByCredit card, Debit card, Bank transfer
Receiving OptionsCash pickup location, Bank account, Alipay (China only)

Founded in 2014 in Singapore, Instarem operates international money transfer services in 11 countries. It offers money transfers to over 55 countries around the world and has a reward scheme for new registrations and referrals. Just keep in mind that there are low transfer limits for ACH transfers.

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.
  • 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 - 15 of 15
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Currencies Direct
Within an hour

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
Xe
Within minutes
$3

View details
Xe has fast transfers with low fees and a range of foreign currency tools.
Currencies Direct
Within an hour

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
CurrencyFair
24 hours
€3

View details
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
WorldRemit
Within an hour
From $1.99

View details
Use the code ‘4FREEFINDER’ to get 4 free transfers if you are a first time user. Eligible countries only.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
CurrencyTransfer
24 hours
$0

View details
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Wise (TransferWise)
Within an hour
From 0.41%

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Remitly
Within minutes
From $0

View details
Use code FINDERUSA20 for $20 off your first transfer from the US when you send at least $250. T&Cs apply.
Free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Remitly
Within minutes
From $0

View details
Use code FINDERUSA20 for $20 off your first transfer from the US when you send at least $250. T&Cs apply.
Free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Instarem
Within an hour
$1

View details
Instarem offers zero transfer fees on all transfers.
MoneyGram
Within an hour
From $0

View details
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Currencies Direct (business)
Within an hour

View details
Minimizes costs of international transactions and offers custom solutions for business clients.
OFX International Money Transfers (Business)
24 hours
$0

View details
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
$0

View details
Increase business efficiency with zero transaction fees and same-day transfers.
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2 Comments

  1. 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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