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Instarem Money Transfer
Instarem is a simple, quick and cost-effective way to send money abroad with competitive transaction fees.
Instarem is one of the latest international money transfer providers to enter the market. Since launching in 2015, the company now has a strong customer base of over 10,000 people and is licensed in Australia, Canada, Singapore and Hong Kong. Instarem is solely focused on international money transfers, and customers are able to send money from the Netherlands to over 25 countries worldwide, with more to come.
Instarem offers competitive exchange rates, operates 24 hours a day, seven days a week and boasts same- or next-day payments.
Instarem exchange rates
Instarem provides rates based on the live foreign exchange rate, meaning that its rates will move with the live market conditions. 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.
You can see a comparison of Instarem’s exchange rates below compared with a major bank in the Netherlands.
1 EUR in:
Instarem
ABN AMRO
DKK
7.45
7.75
PLN
4.31
4.31
HKD
9.08
9.06
INR
78.82
78.75
IDR
16.12
N/A
MYR
4.64
N/A
NPR
126.06
N/A
PHP
61.83
61.76
AUD
1.57
1.56
LKR
184.98
184.03
GBP
0.88
0.88
USD
1.16
1.15
The above figures are accurate as of 20 June 2018.
How much does it cost to transfer money with Instarem?
Instarem charges from 0.25% to 1% in fees, on every transaction.
Minimum transfer amount and available countries
Instarem allows you to transfer funds from Singapore, Australia, Hong Kong, Malaysia, Eurozone countries (including the Netherlands), India, UK and the USA. The minimum amount you can transfer differs between currency pairs, which would be highlighted when you set up your transaction. The typical minimum transfer amount is EUR200. You can check the full list of international money transfer limits for Instarem here.
You can transfer money to Instarem via Electronic Funds Transfer (EFT), Bank Transfers and Wire in all countries. Do bear in mind that they 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:
Asia
Bangladesh
China
Hong Kong
India
Indonesia
Japan
Malaysia
Nepal
Philippines
Singapore
Sri Lanka
Thailand
Vietnam
Europe
Austria
Belgium
Bulgaria
Croatia
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Lativia
Lithuania
Luxembourg
Malta
Monaco
Netherlands
Norway
Poland
Portugal
Romania
San Marino
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
North America
USA
Canada
South America
Argentina
Chile
Colombia
Mexico
Peru
Oceania
Australia
New Zealand
What types of transfers can you carry out with Instarem?
Instarem offers one-off transfers for personal accounts and also allow batch payments with their MassPay platform for corporate accounts.
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 log in 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 Singapore client money laws, 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, email and residential address.
Step 2: Next step is to verify your identity, which can be done electronically if you have a valid driver’s licence and passport.
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: Select bank transfer.
Step 6: Payment done. You’ll be notified by Instarem when your payment reaches the payee.
What are the pros and cons of using Instarem?
Pros
Headquartered in Singapore
Can transfer from the Netherlands
MAS regulated
24-hour service, 7 days a week
Fast transfers – typically one to two business day
Earn and redeem loyalty points
Quick and simple registration process
Small minimum transfer limit
Mobile app available
Rate Watch and Daily FX alert subscription available
Cons
Zero-margin rates are only available on some currencies during certain times
Does not accept any cash, cheques, credit cards, or third-party payments
No multi-user accounts.
What other products and services does Instarem offer?
Instarem is a relatively new company that solely focuses on international money transfers for both individuals and businesses. It is committed to making the process of transferring money to contacts overseas more simple, quick and cost-effective for individuals and businesses.
Its MassPay global platform helps corporates and SMEs make bulk payments to multiple beneficiaries in multiple currencies.
Instarem Q&A
If there are any issues you will need to contact Instarem’s 24-hr support via email or phone. Please note, once the money has been successfully transferred to the payee the transaction cannot be cancelled.
Yes, the service is available to individuals and businesses.
Transfers take typically one to two business days. Once the transfer is sent, it will depend on the receiving bank’s processing time.
Yes, a mobile app is available for money transfers. You may download the app from Google Play or the App Store.
You can check your balance via logging into the online portal. You will see a transfer and completed transfer confirmation in the online portal and via email.
Instarem is an alternative option to the major banks for transferring money overseas from the Netherlands. With low transaction fees and fast transfers, it could be a cost-effective solution to sending money abroad, but be sure to check the current exchange rates on their website before making a transfer as these change constantly.
Nathan Kay was an associate editor at Finder and worked across a range of personal finance subjects. He's had thousands of articles published globally and has worked for many leading publications, including: Mail on Sunday, MailOnline, Grazia (UK), Ahlan!, and others. He graduated with a degree in Media & Society and holds a postgraduate qualification in Psychological Therapies from Queen Mary University in London.
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