Check out our full list of pros and cons below.
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.
InstaReM sends money to over 20 currencies around the world. Some of the more popular ones include:
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.
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 take
InstaReM makes its money from the fees it charges. There’s also a margin added to the exchange rate of some currencies.
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.
