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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. The company was founded in 2014 in Singapore with licenses and offices in Singapore, Australia, Malaysia, Hong Kong, India, the USA, Canada and the EU. Instarem is solely focused on international money transfers, and customers are able to send money from Australia, Singapore, Hong Kong, Malaysia, Eurozone countries, the UK, India and the US to 32 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. Since its inception, this local provider has transferred money to over 3.21 billion people across the world.

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.

The following table shows the current exchange rates Instarem offers with a base currency of SGD$1,000 (equivalent to about SEK6,521). The amount received is inclusive of SGD2.50 (equivalent to SEK16.30) transfer fee.

Buy currency Instarem rateAmount received
BDT63.978363,818.35
EUR0.6161614.56
HKD5.98955,974.53
INR50.09949,973.75
IDR10508.910,482,658
MYR2.96662,959.18
NPR80.186279,985.73
PHP39.726839,627.48
SEK6.5596,542.6
LKR119.295118,996.76
GBP0.5369535.56
USD0.7632761.29

The above figures are accurate as of 18 April 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, 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 sending amount for a transfer is SGD50 from Singapore (to receive SEK327.13 in Sweden). 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. Australians can also opt to send the funds through POLI, and Malaysians are able to transfer via FPX. 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
  • 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

  • Only offers zero-margin exchange rates to certain currencies
  • Does not accept any cash, cheques, credit cards, or third-party payments
  • No multi-user accounts
  • Can only transfer from Singapore, Australia, Hong Kong, Malaysia, Eurozone countries, India, UK and the USA currently.

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.

How does Instarem compare to other providers

1 - 8 of 8
Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise) - Sweden
SEK 1
1-2 days
Varies
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
CurrencyFair - Sweden
SEK 50
1-2 days
EUR 3
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Xe Money Transfers - Sweden
Xe Money Transfers - Sweden
SEK 0
Same day
EUR 2
Xe has fast transfers with low fees and a range of foreign currency tools.
Revolut - Sweden
Revolut - Sweden
USD $0
Within minutes
USD $0
Make fee-free transfers in 27+ currencies from Monday to Friday.
WorldRemit - Sweden
SEK 1
1-3 days
SEK 39
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
TransferGo - Sweden
SEK 15
1-2 days
SEK 0
Key Currency - Global
Key Currency - Global
£5000.00
Same day on all majors, 1 day on exotics
None
Make same-day transfers in all major currencies across Europe.
Remitly - Sweden
Remitly - Sweden
SEK 0
1-5 days
SEK 24.90
Remitly has quick, affordable transfers around the world, with both express and economy options.
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