Review: InstaReM international money transfers

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Earn loyalty points with no hidden fees every time you send with InstaReM.

  • Good for getting the real exchange rate with no margin added on and for fast transfers.
  • Not so great for larger transfers or for sending money to someone without a bank account.

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

Learn more about:

InstaReM exchange rates and fees

InstaReM is one of the only money transfer services to offer the mid-market rate, meaning there won’t be a margin on top of the quoted exchange rate. This means that while its fees may look higher in comparison to other transfer services, the fairer exchange rate makes up for it.

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 88.774 INR
88,331
Quick and simple international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction. Go to site Show details

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The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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 8.1* out of 10, based on over 2,500 reviews
  • Investors: Vertex Ventures, SBI-FMO Fund, GSR Ventures
*According to Trustpilot on 15 July 2019.

How does InstaReM make money?

InstaReM makes its money from the fees it charges. There’s no extra margin added onto the exchange rate, so its money is solely made through fees.

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

  • Uses the mid-market rate. This means there’s no hidden margin added on to the exchange rate you’re quoted.
  • 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 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?

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 1,000 1 - 2 days GBP 0.00 88.118 INR
88,118
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
GBP 50 Same day GBP 2.00 88.331 INR
88,154
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 2 days GBP 2.99 88.41 INR
88,146
Send money online anytime, anywhere, with a simple to use platform and transparent fees and exchange rates shown upfront. Go to site Show details

Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.


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