Transfers typically take
Instarem review
Low fees, fast transfers and reward points give Instarem an edge in the international money transfer market.
- 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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From £0
Fees (pay by bank transfer)
USD 1
Minimum transfer amount
No limit
Maximum transfer amount
Details
| Product Name | Instarem |
|---|---|
| Pay by | Debit card, Bank transfer |
| Receiving options | Bank account |
| Customer service | Phone, Live chat, Email |
| Available currencies | AUD, BDT, CAD, CNY, EUR, HKD, IDR, INR, KRW, LKR, MYR, NPR, PHP, PKR, SGD, THB, USD, VND |
| Bank account required? | No |
| Personal account manager? | No |
Our Verdict
Instarem has a lot going for it. Competitive exchange rates, zero transfer fees on certain currencies, loyalty points that convert to savings and fast delivery speeds explain why Instarem is a worthy contender for your next money transfer overseas. While it does add a markup to exchange rates, these often fare better than many other transfer providers.
However, forget Instarem if your recipient doesn’t have a bank account as there are no alternatives except when sending funds to someone in the Philippines, where cash pickups are possible. You’ll also want to check the transfer limits compared to what you plan to send as these limits vary depending on the receiving country.
Why should I consider Instarem?
- Reward points. Earn InstaPoints when you signup, send money and refer friends. 100 InstaPoints can be redeemed for £1.80 off transfers of more than £500.
- Competitive exchange rates. Instarem’s exchange rate markup on many currencies is low compared to many other transfer services.
- Zero transfer fees on many transfers. When we checked, transfers to many popular destinations came with £0 transfer fees.
- 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 is £0 for many types of transactions. What fee you will pay depends on the following factors:
- The country you are sending from
- Your transfer destination
- The transfer amount
- Your chosen payment method
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 with Instarem could look like
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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 the UK, you can pay for your Instarem transfer by bank transfer or by debit card. Payment methods vary on your country of residence, so if you live outside the UK it is best to check before initiating a transfer.
How long does a transfer with Instarem take?
Most transfers with Instarem arrive instantly or within the same day. The exact time varies depending on the currencies involved, the network through which funds are routed and other factors.
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 7,206 reviews
- Investors: Vertex Ventures, SBI-FMO Fund, GSR Ventures
How does Instarem compare to other money transfer services?
Table: sorted by promoted deals first
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
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