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Review: InstaReM International Money Transfers

Earn loyalty points with no hidden fees every time you send with InstaReM.

Quick verdict

Great for:
  • No hidden margin on exchange rates
  • Fast transfers
  • Earning loyalty points
  • Same or next-day transfers
Not so great for:
  • Larger transfers
  • Sending money to someone without a bank account
  • If you need to send more than $2,500 on your first transfer

Check out our full list of pros and cons below.

Is InstaReM available in the Philippines?

Unfortunately, you won’t be able to send money from an account in the Philippines. However, you can still receive money through InstaReM in most Philippine banks. You can check out the other options you have for sending money overseas from the Philippines here.

Learn more about:

Available currencies

InstaReM sends money to over 20 currencies around the world. Some of the more popular ones include:

  • EUR Euro
  • GBP British pound
  • INR Indian rupee
  • LKR Sri Lankan rupee
  • NPR Nepalese rupee
  • PHP Philippine peso
  • THB Thai baht
  • VND Vietnamese dong

What types of transfers can you make with InstaReM?

InstaReM only supports bank transfers at this time, meaning your recipient will need to have a bank account to receive the money. This also means you can only pay for your transaction through a bank transfer and not use cash or card.

While InstaReM doesn’t offer forex tools like forward contracts yet, it does offer specialised help for business transfers.

How long does a transfer with InstaReM take?

Most transfers with InstaReM take between one and two business days. The exact time varies depending on what currency you’re sending to and the banks involved.

For your first transfer, you’ll need to go through the verification process which will take a bit longer. To speed things up, make sure the documents you upload (like your ID) are as accurate and up to date as possible.

Transfers typically takeClock icon for transfer speed

1 day

Is InstaReM safe to use?

  • Security and regulation: Government regulated
  • Established: 2014
  • Reviews: Trustpilot gives InstaReM a score of 7.7* out of 10, based on over 1,600 reviews
  • Investors: Vertex Ventures, SBI-FMO Fund, GSR Ventures
*According to Trustpilot on 29 January 2019.

How does InstaReM make money?

InstaReM makes its money from the fees it charges. There’s no extra margin added onto the exchange rate, so its money is solely made through fees.

How to register an account

How do I make an international money transfer with InstaReM?

  1. Sign in to your account after you’ve been verified.
  2. Enter your recipient’s details, including their full name and bank account details.
  3. Add how much you want to send and how you’ll pay for the transfer. You have the option of a POLi or bank transfer.
  4. If you chose POLi, you’ll be redirected to its site to pay. If you chose a bank transfer, you’ll be given InstaReM’s bank account details, which you’ll send your money to.
  5. InstaReM will let you know when the transfer takes place and when it’s completed.

What is InstaReM?

InstaReM was founded in 2014 by Prajit Nanu and Michael Bermingham and aims to make money transfers faster and cheaper. While the headquarters are in Singapore, InstaReM has offices in Melbourne, India, the US and other major cities around the world.

In 2018, InstaReM joined RippleNet to make transfers to Latin America and Southeast Asia even faster.

In a nutshell

Pros

  • Uses the mid-market rate. This means there’s no hidden margin added on to the exchange rate you’re quoted.
  • Loyalty points program. You can earn points on your transfer and redeem them against your transactions.
  • One of the few services that send from India. While a lot of money transfer services can send to India, it’s a bit harder to find one that sends out of India due to strict regulation.
  • Fast transfers. Speed is one of InstaReM’s specialities and your transfer normally arrives within one business day.

Cons

  • Doesn’t accept cash or card. You can only pay for your transfer through bank transfer.
  • Percentage-based fee can add up. InstaReM is better suited to smaller transactions, as the fees on larger ones can get expensive.
  • First transfer is limited to $2,500. You’ll be able to send more later, but not for your first transfer.
  • Customer service isn’t open 24/7. It’s open for business hours and during the daytime on the weekend, but outside of this you’ll have to wait for help.

How does InstaReM compare to other providers?

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
PHP 1 1 - 2 days PHP 0.00 0.02 USD
197
WorldRemit Philippines lets you use your debit, credit or pre-paid card to send instant mobile airtime top-ups. Go to site Show details

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The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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