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.
Cash 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.
Click on the “Get Started” button and select whether you are after a personal or business account. You will need to provide your email address, password and country of residence.
Provide your full name, birthdate, nationality, basic employment information, mobile number and address. Indicate how you’ll use your account (make payments, send to friends and family etc. ). If you verify your account within 36 hours of signing up, you’ll get 300 InstaPoints.
Click “Send money” at the top of the page to begin transferring funds.
Enter your recipient’s details including their full name and bank account details.
Add how much you want to send and how you’ll pay for the transfer. If you chose to pay by bank transfer, you’ll be given Instarem’s bank account details.
Instarem will let you know when the transfer has been completed. Track your Instarem transfer by logging into your account online or via mobile app.
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 take
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
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Wise is popular as it looks to off the mid-market rate. However, as a result of this it does rely on fees to make a profit. In comparison, most of Instarem's transfers are fee free but you should expect a markup on the exchange rate you are quoted.
Instarem's minimum transfer amount in the US is $1. There are no maximum limits if you are making a bank transfer, but there is a $1,500 per transaction cap when using the ACH Pull Method.
While Instarem supports transfers to over 55 countries in many currencies, the company only accepts payment in 9 currencies: USD, CAD, EUR, GBP, AUD, SGD, HKD, MYR and INR.
Earn InstaPoints when you sign up for an account, send money and refer friends to Instarem. Points can be redeemed for discounts on future transfers. For example, 100 InstaPoints can get you $2.50 off transfers over $500.
Yes, Instarem's app works for both Android and Apple devices. You can use it to send money and track your transfers.
Julius Hernandez, a software development manager for a commercial bank in a past life, works full time as a freelance finance writer and dabbles in software development. Jules is coauthor of an introductory book on Python programming.
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.
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March 6, 2020
Is this available in Nepal?
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