Instarem Review

When it comes to transferring money overseas, there are a lot of options to choose from. So, how do you know which is best for your needs? In this Instarem review, we'll discuss everything you need to know about their service. We'll cover the advantages and disadvantages of using them, how easy their service is to use, and whether or not they offer good value for money. Plus, we'll take a look at their reputation and see what other people have had to say about them.

Established in Singapore in 2014 by Prajit Nanu and Michael Bermingham, in less than ten years, Instarem became one of the world's biggest digital cross-border money transfer services, with offices in Singapore and more than 150 payment corridors worldwide.

But how does Instarem stack up in terms of convenience, customer service, and value for money?

These are all valid questions to have, especially given the options out there today when it comes to currency movement, exchange, and transfer. And this is why we have provided a detailed review below on all things Instarem. 

By the time you're done reading, you should have a complete picture of the company, its currency transfer process, and how fitting it is for your needs.

About Instarem

In its first 8 years, Instarem has completed over 150 million transactions, totaling over $30 billion. Since its inception, the company has sustained impressive growth, starting when it first launched in Australia, followed by Hong Kong and Singapore.

Today, Instarem is a global cross-border money transfer service allowing citizens in the EU, UK, US, Canada, Australia, Singapore, Hong Kong, Malaysia, and India to transfer money to over 50 countries globally, with a particular focus on the Asia-Pacific region.

The company's formidable growth has been possible thanks to investment from Singapore Government's Investment arm, Temasek Holdings; Japan's dynamic financial services group, SBI; Indonesia's BRI; Telkom Indonesia's VC arm, MDI; and Thailand's Kasikorn Bank. As well as additional support from the EU-listed global backer of internet businesses, GFC; leading Korean VC fund Atinum Investment; Chinese VC fund GSR Ventures; Visa; and US-based fintech company Ripple. [2021. Money Simple. Instarem simplifies the way you send and receive money. Anytime, anywhere. South China Morning Post].

As we'll dig deeper in our review below, Instarem shines for various factors among their millions of customers worldwide. They are frequently praised for their intuitive website user experience and transparent fee structure.

Below we'll explore Instarem's consumer and business products. 

How does Instarem work?

Instarem's digital money transfer platform is straightforward to use. The entire process can be completed in just a few clicks.

Here's an overview of how it works:

  1. To begin, you'll need to create an account with Instarem, which you can do by providing your email address and a password.
  2. You'll then be prompted to provide your personal information and verify your identity.
  3. Once your account is verified, you'll be able to begin transferring money.
  4. When making a transfer, you'll need to provide the following information:
    • The amount of money you want to send
    • The currency you want to send it in
    • The country you're sending it to
    • The recipient's bank account details
    • The payment method you wish to use (bank transfer, debit/credit card, POLi)

Once all of this information is entered, you'll be able to see the estimated transfer time and the fee that will be charged.

If everything looks good, you can go ahead and confirm the transfer.

The money will then be sent and should arrive in the recipient's account within the estimated time frame.

It's really that simple!

Advantages and Disadvantages of Instarem

To offer you the best possible review on Instarem, below we're going to dive deeper into what factors separate Instarem from its closest competitors. We not only take into consideration the best features the company has to offer, but we also make sure to highlight those aspects that we thought could be improved or that have been points of dissatisfaction by previous customers.

Advantages of Instarem

User-friendly website and platform:  One of the first things you'll notice when visiting Instarem's website is its user-friendly and intuitive interface. The platform is designed to make it easy for anyone to use, even if you're unfamiliar with money transfer services.

You can transfer money in just a few clicks: The entire process of sending money with Instarem is very simple and can be done in just a few clicks. All you need is the recipient's bank account details, and you're good to go.

No hidden fees: Another factor that sets Instarem apart is their lack of hidden fees. When you're making a transfer, you'll be able to see the exact fee you'll get charged before confirming the transaction.

Low transfer fees: In addition to having no hidden fees, Instarem also charges low transfer fees, between 0.25% and 1%. In fact, they're often one of the cheapest options available.

Reward InstaPoints: When you make a transfer with Instarem, you'll earn InstaPoints which can be used to get discounts on future transfers.

Business transfers: In addition to their consumer products, Instarem offers business money transfer services. This can be an excellent option for businesses that need to send money internationally regularly.

Disadvantages of Instarem

Not available in all countries: Unfortunately, Instarem's money transfer service is not currently available in the Middle East, New Zealand, and many African countries. If you're looking to send money from or to a country that's not supported, you'll need to find another service.

Transfer times could be faster: One area where Instarem could improve is in their transfer times. Sometimes, the money can take up to a few days to arrive.

Limited payment options for transfers: When making a transfer with Instarem, you can only use a bank transfer, debit/credit card, or POLi. However, Hong Kong, Malaysia, the UK, and Europe don't support credit card payments.

Detailed Instarem review

Now that we understand what Instarem is all about, its process, advantages, and disadvantages, the next logical step is to understand its reputation, reception trend among existing customers, and most importantly, how particularly fitting it is for your needs.

Reputation, Track Record, and Safety

Instarem is a reliable and safe money transfer service that has been around since 2014. They're licensed by various financial regulators, such as the Reserve Bank of India, the Monetary Authority of Singapore, the ASIC in Australia, the Financial Transactions & Reports Analysis Centre of Canada, the Hong Kong Customs and Excise Department, the Bank Indonesia, the Kanto Local Finance Bureau in Japan, the Bank of Lithuania, the Central Bank of Malaysia, the Community Federal Savings Bank in the US, and the Financial Conduct Authority in the UK.

The company has also received numerous awards over the years, such as the Singapore Fintech Award in 2017, the FinTech Rising Star Award in 2017, the Outstanding Digital Cross-Border Money Transfer Service Award in 2017, the Blockchain Innovator Award in 2018, the Excellence in Payments Award in 2018, and the Best Value International Money Transfer Provider Award in 2020. 

And lastly, Instarem's security standards are among the highest in the industry, allowing you to keep your money safe on every transaction. The company PCI DSS compliant company, which is the highest security standard for companies that process online payments. Every transaction that enters Instarem's platform undergoes screening for Anti-Money Laundering, Combating the Financing of Terrorism, etc.

Value for money

When it comes to value for money, Instarem is definitely one of the best options available. Not only are their fees low, but they also offer a great rewards program that can save you even more money on future transfers. In addition, they provide excellent customer service and have a long list of satisfied customers.

Ease of use

Instarem is a very user-friendly money transfer service. Their website is easy to navigate, and their app is even easier to use. In addition, they offer 24/7 customer support via email and chat in case you have any questions or problems with your transfer.

Customer support

Instarem Support Details

  • Instarem Support (US): 1-833-408-1003

Instarem Fees

Instarem competitive transfer fees range from 0.25% to 1% depending on the country you're sending from and to. Additionally, Instarem applies a zero-margin FX rate on all money transfers, making it possible for everyone to always get the mid-market rate.

Although Instarem's fees are very low, your bank may still charge a fee for sending or receiving the money. These fees vary from bank to bank, and you should check with yours before making a transfer.

Instarem transfer calculator comes in handy to check the exchange rate on your transactions, including all the transfer fees.

Instarem Customer Reviews

When it comes to customer reviews, Instarem has a lot of satisfied customers. On Trustpilot, they have a rating of "Excellent" with over 7,000 reviews and an average rating of 4.5 stars out of 5.

Many of the positive reviews past customers gave Instarem were about the low fees, the excellent customer service, the ease of use of the platform, and the fast transfer time. However, there were also a few negative reviews about bank charges and delayed transfers due to identity verification requirements from first-time customers.

Overall, Instarem seems to be a reliable and user-friendly money transfer service with very competitive fees.

Is Instarem Right For You?

Knowing whether or not a cross-border transfer platform is right for you requires considering a few factors. You have to ask yourself how much you're transacting, how fast you want to get the transaction done, how particular you are about getting reasonable rates, and so on.

We take a look at these factors in detail below.

When to use Instarem

Instarem is an excellent option for anyone who needs to send money internationally, whether for personal or business purposes.

For personal transfers, Instarem can be used for things like:

  • Sending money to family or friends
  • Paying for online purchases
  • Paying rent or bills
  • Tuition payments

For business transfers, Instarem can be used for things like:

  • Cross-border payroll
  • Supplier payments
  • Market expansion
  • International business payments

We recommend Instarem to anyone looking to send their money to Asian and European recipients. They offer very competitive rates with a zero-margin FX rate from the EU and a great rewards program that can save you even more money on future transfers.

When not to use Instarem

Instarem is not a good option for anyone who needs to send money to Africa, the Middle East, or South America. They also don't offer any cash pickup options, which can be a problem for some people.

If you're looking for Instarem alternatives to help you send money to South America, Africa, and the Middle East, we recommend you look at other leading cross-border money transfer services like Wise, XE, and Remitly.

Final Verdict

Overall, we were impressed with Instarem and would recommend them to anyone looking for a reliable, user-friendly, and affordable digital cross-border money transfer service. They have an excellent reputation, offer 24/7 customer support, and have competitive fees. The only downside is that they don't currently offer any cash pickup options and limited transfers to recipients in Africa, the Middle East, or South America.

If you're looking to send money internationally, whether for personal or business purposes, Instarem is worth considering as your go-to digital cross-border money transfer service.

They are a very reliable, user-friendly, and affordable money transfer service offering great value for money with a long list of satisfied customers.

Instarem FAQs

How long do Instarem transfers take?

Instarem transfers usually take less than 24 hours. However, transfers can take up to 4 business days depending on the country you're sending from and to.

Is there an Instarem app?

Yes, an Instarem app is available for iOS and Android devices.

Does Instarem have money transfer limits?

Yes, Instarem has money transfer limits in place. The limit depends on the country you're sending from and to.

Instarem applies minimum and maximum transfer amounts depending on the currency.

Minimum transfers:

  • Australia: AU$1
  • Singapore: SG$1
  • Hong Kong: HK$1
  • Malaysia: MYR 1
  • India: INR 4000
  • Europe: EUR 1
  • UK: GBP 1
  • US: US$1
  • Canada: CAD 50

Maximum transfers:

  • Australia: AU$20,000 per transaction limit, if funded via debit or credit card. No limitation on the amount per transaction if funded via bank transfer or PayID.
  • Singapore, Hong Kong, Europe, UK: N/A
  • Malaysia: RM30,000
  • India: USD 5,000 equivalent 
  • US: 1500 USD per transaction. 3000 USD per 30-days
  • Canada: 3000 CAD per day. 10,000 CAD per week. 20,000 CAD per month.
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