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 1.168 EUR
1,162
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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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 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?

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 1,000 1 - 2 days GBP 0.00 1.156 EUR
1,156
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
USD 1 1 - 2 days GBP 0.00 1.156 EUR
1,156
Whatever amount you transfer, XE will not charge you a fee for using their service. Go to site Show details
GBP 50 Same day GBP 2.99 1.163 EUR
1,160
Use promo code 3FREE to send your first 3 transfers with no fee.
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

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

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