Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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Instarem review
Earn loyalty points each time you send with Instarem.
- Good for earning loyalty points and fast transfers.
- 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.
Check out our full list of pros and cons below.
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Within an hour
Transfer Speed
SGD 200
Min. Transfer Amount
No limit
Max. Transfer Amount
Details
| Min. Transfer Amount | SGD 200 |
|---|---|
| Max. Transfer Amount | No limit |
| Transfer Methods | Online, Phone |
| Transfer Speed Minimum transfer time | Within an hour |
| Online Transfer Fee | 1.00% |
| Available Currencies | ARS, AUD, BDT, CAD, CLP, CNY, COP, CZK, DKK, EUR, GBP, HKD, HUF, IDR, INR, KRW, LKR, MXN, MYR, NOK, NPR, PEN, PHP, PLN, SEK, SGD, THB, USD, VND, YER |
| Online Transfer Fee | 1.00% |
|---|---|
| Branch Transfer Fee | 1.00% |
| Phone Transfer Fee | 1.00% |
Founded in 2014 in Singapore, Instarem operates international money transfer services in 11 countries. It offers money transfers to over 55 countries around the world and has a reward scheme for new registrations and referrals. Just keep in mind there is no cash pickup option available.
Why should I consider Instarem?
- Reward points. Earn InstaPoints when you signup, send money and refer friends. 100 InstaPoints can be redeemed for SGD$1.25 off transfers of more than SGD$500.
- Competitive exchange rates. Instarem’s exchange rate markup on many currencies is low compared to many other transfer services.
- Fast transfers. Most transfers arrive instantly or within the same day.
What to be aware of
- Limited currencies. Instarem supports major currencies, but if you are looking for something a bit more exotic you may want to look at another money transfer service.
- 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 varies depending on the following factors:
- The country you are sending from
- Your transfer destination
- The transfer amount
- Your chosen payment method
For example, as of 4 July 2022, if you were to send SGD$1,000 to the Australia using the PayNow Method you would incur a transfer fee of SGD$4.50. This increases to SGD$24.50 if you pay with a debit 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 your transfer could look like with Instarem
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.
What are Instarem’s payment options?
In Singapore, you can pay for your Instarem transfer by the PayNow method or debit or credit card. Payment methods vary on your country of residence, so if you live outside of Singapore it is best to check before initiating a transfer.
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 take
1 day
Is Instarem safe to use?
- Security and regulation: Government regulated
- Established: 2014
- Reviews: Trustpilot gives Instarem a score of 4.5* out of 5, based on over 7,205 reviews
- Investors: Vertex Ventures, SBI-FMO Fund, GSR Ventures
How does Instarem compare to other money transfer services?
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.