Review: InstaReM international money transfers

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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.

GBP 200

Min. Transfer Amount

No limit

Max. Transfer Amount

1 - 2 days

Transfer Speed

Details

Product NameInstaReM International Money Transfers
Min. Transfer AmountGBP 200
Max. Transfer AmountNo limit
Transfer MethodsOnline, Bank Account to Bank Account
Transfer OptionsOne off payments
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Chat, Email
Available CurrenciesAUD, BDT, CAD, CNY, EUR, GBP, HKD, IDR, INR, KRW, LKR, MYR, NPR, PHP, PKR, SGD, THB, USD, VND
Online Transfer Fee0.5%
Exchange Rate UpdatesDaily

InstaReM exchange rates and fees

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.

InstaReM also adds fees on top of this, which is often around 0.5% of the transfer amount.

Use the calculator below to see what exchange rate and fees InstaReM offers on your particular currency.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 200 1 - 2 days GBP 5.00 1.107 EUR
1,102
Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies. Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Check what promo codes are available to make your transfer cheaper

Available currencies

InstaReM sends money to over 15 currencies around the world. You can check out the full list of the currencies you can send with InstaReM, but some of the more popular ones include:

  • AUD Australian dollar
  • EUR Euro
  • HKD Hong Kong dollar
  • INR Indian rupee
  • LKR Sri Lankan rupee
  • PHP Philippine peso
  • USD US dollar
  • 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 takeBlue icon of a clock

1 - 2 days

Is InstaReM safe to use?

  • Security and regulation: Government regulated
  • Established: 2014
  • Reviews: Trustpilot gives InstaReM a score of 3.9* out of 5, based on over 3,900 reviews
  • Investors: Vertex Ventures, SBI-FMO Fund, GSR Ventures
*According to Trustpilot on 11 January 2020.

How does InstaReM make money?

InstaReM makes its money from the fees it charges. There’s also a margin added to the exchange rate of some currencies.

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 bank transfer or paying by debit card.
  4. If you chose debit card, you’ll need to enter your details. 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 London, 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

  • 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 use mid-market rate for all transfers. InstaReM only offers zero-margin transfers for some currencies and during certain hours. The company doesn’t make it clear which currencies and hours this applies to.
  • Doesn’t accept cash or credit card. You can only pay for your transfer through bank transfer or debit card.
  • Percentage-based fee can add up. InstaReM is better suited to smaller transactions, as the fees on larger ones can get expensive.
  • 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?

Table: sorted by a combination of service offering and the amount your recipient will receive

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 1 Same day GBP 0.00 1.102 EUR
1,102
Whatever amount you transfer, XE will not charge you a fee for using their service. Go to site Show details
GBP 1 1 - 2 days GBP 1.99 1.093 EUR
1,091
Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
GBP 5 2 days EUR 3.00 1.102 EUR
1,102
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
GBP 10 Within an hour GBP 2.00 1.102 EUR
1,099
First two transfers free for new customers.
Instant or 1 hour transfers to over 50 countries, send money directly to bank accounts or over 280,000 cash pickup points.
Go to site Show details
GBP 50 Same day GBP 2.99 1.096 EUR
1,093
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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