InstaReM Money Transfer Review

Exchange rates, Payment methods, How to, Transfer fees and much more

InstaReM Review

When choosing a money transfer provider, it’s important to get the best deal possible. InstaReM is a service that provides secure, fast, cost-effective transfers. The company is especially prominent in Asian countries. Places such as India, the Philippines, and Malaysia rank InstaReM highly among international money transfer providers. Instead of a fixed fee, it offers transfers based on a low rate of commission. InstaReM therefore may be a good choice for senders who want to transfer low amounts. Curious to find out more? Keep reading to discover InstaReM’s fees and exchange rates, available currencies, and possible alternatives.

Payment Methods Available With InstaReM

InstaReM has flexible options to fund your transfer. It is dependent on where you’re sending from and what currency is being used. Usually you can send a bank transfer to fund your transaction. If you can pay in USD, you may make a SWIFT international bank transfer. In Australia, you can make a payment using the POLi system.

How Long Does A Transfer With InstaReM Take?

InstaReM’s standard time to complete a transfer is relatively fast. In most cases the money will be transferred within one business day.

InstaReM Exchange Rates

According to InstaReM, they are up to 8 times cheaper than sending through a bank or other provider. They claim to have good exchange rates, low fees and no hidden charges. But is this accurate?

Here’s an example of a transaction with a sender who has CAD 1,000 to send to India. There will be a transaction fee of CAD 5. This means the amount converted will be CAD 995, at a rate for example of INR 55.6255 (rate checked on 17 September 2020 8:30 a.m.). The beneficiary will receive INR 55,347.37.

InstaReM makes money by adding a small premium to the mid-market rate. In most cases, their prices are between 0.25% to 0.5% of the amount you transfer. Compared to most services, the margin is low so it is very competitive.

As a comparison, here’s what you get transferring the same CAD 1,000 with Remitbee. The rate used is 55.30 (rate checked on 17 September 2020 8:30 a.m.). Remitbee does not charge a fee. The beneficiary will receive INR 55,300.00.

InstaReM Transfer Fees

Before you do your first transfer, InstaReM allows you to model the amount you want to send. This way you can be aware of the exchange rates and fees. However, the exchange rate you see is locked in only for a limited time. If funds are not transferred to InstaReM in time, your transaction is automatically cancelled. The applicable transfer fee varies from country to country and the currency sent. You can expect approximately 0 to 1 percent of the transfer total. As an example, for transfer from Singapore, the fee is around 0.25% percent. For Australian and Hong Kong senders, there’s fees of around 0.5% percent. This is in addition to the profit that InstaReM makes on the exchange rate.

Pros and Cons of Using InstaReM


  • Exchange rates are very competitive

  • The transfers are fast - 1 business day usually

  • Business customers get special services

  • Pricing is transparent

  • Cons

  • Countries and currencies are limited

  • Services mainly for Australia and Asian countries

  • App has a low rating for Apple users

  • No cash payout option

  • Rates and fees are not always competitive

  • How Does InstaReM Work?

    If you want a step by step guide to InstaReM’s money transfer service, here it is:

    1. First open an account by visiting InstaReM’s website. It’s free and can be done using your Facebook or Google profile.
    2. Enter the beneficiary details.
    3. Include the amount that you want to send.
    4. Choose how you want to pay for your transfer.
    5. Pay for the transfer by sending the required amount to InstaReM.
    6. InstaReM initiates the transfer process by converting to beneficiary’s currency.
    7. The beneficiary receives the money via the selected payout option - usually within one business day.
    In order to open an account with InstaReM you will need proof of ID. Once you submit it, the company will verify the documents and you’ll get the account opened in about 24 hours. Once this is done every time you need to make a transfer it’s as easy as logging in and entering the details.

    Note that InstaReM does not offer a cash payout option. For your beneficiary to receive the funds, they’ll need a bank account. They can use an ATM, online banking, or visit the bank in person to get the money.

    Other Money Transfer Providers

    Platforms Where InstaReM Is Available

    The most common way to send money is via the InstaReM website, Like many money transfer services, the company has an app. This is available for both Android and IOS users.If you’re on the go, both apps make it easy to send transfers and track them no matter where you are.

    The Android app has great ratings on the Google Play Store. However, the ratings on the Apple App Store are rather poor - 3.6 out of 5 stars.

    Is InstaReM Secure?

    InstaReM is licensed in the major markets where it operates. This includes Singapore, Hong Kong, India, Malaysia, Australia, Canada as well as the European Union.

    To ensure customers are kept safe, the money from clients is held separately. It has a dedicated client money account that does not connect to the accounts used to operate the business.

    Over 35,000 customers already put their trust in InstaReM, so it can be said that it’s a secure place to put your money.

    History of InstaReM

    InstaReM has been in operation since 2015. Its business has expanded quickly since then due to its popularity. The company has been awarded for its innovative service by the fintech industry on more than one occasion. It has also attracted venture capital funding to the tune of $18 million. Now, each year they completed over half a million transactions. Their team of over 100 employees are based in offices worldwide.

    What Countries Can You Send Money to With InstaReM?

    Using InstaReM, you can send from the US, UK, Australia, Canada, Euro zone countries, Hong Kong, Malaysia, and Singapore.

    You can send money to:

    Asia: Bangladesh, China, Hong Kong, India, Indonesia, Japan, Malaysia, Nepal, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Vietnam

    Europe: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, United Kingdom

    North America: USA, Canada, Mexico

    South America: Argentina, Chile, Colombia, Peru

    Oceania: Australia.


    InstaReM Customer Reviews

    InstaReM enjoys the trust and satisfaction of many customers, according to TrustPilot. It has a rating of 4.4 out of 5. The only issues highlighted by customers relate to the verification process. Some find the process too difficult. However this is not just for InstaReM as it’s a common practice in the industry to verify individuals before they can send money. Usually once the verification process is over the transfers are quick and on time.

    Alternatives to InstaReM

    Bank transfer

    Historically, sending money using a bank transfer has been a popular option. Looking more closely at a transaction, you’ll discover banks offer a worse exchange rate and higher fees.

    This is because they have bigger overheads and have to pay for locations and large management salaries.With a bank transfer there is usually a wait of two to four days for a beneficiary to receive money.

    Compared to this option, InstaReM definitely comes out on top. Unlike using a bank, an InstaReM transfer can take one business day.



    Transferwise is another alternative to InstaReM that you may want to consider. Transferwise boasts that it gives the real exchange rate, unlike most other services.

    InstaReM however has lower transfer fees. Before making your decision, it may be best to model the amount you want to send and see which comes out better for you.




    is a popular service for transferring money internationally. Its customers love the low fees and the reviews are overwhelmingly positive.

    However, it only pays out to bank accounts or to its own Skrill mobile wallet. The number of countries Skrill operates in is also limited.



    Remitly has competitive exchange rates compared to other services. This provider may work well for larger amounts since unlike InstaReM, it has fixed fees. One of Remitly’s advantages is that the rate is locked in from the moment you start the transfer. This means any fluctuations before collection by the beneficiary are not your concern.


    InstaReM For Business

    A unique offering from InstaReM is its business service. The company provides support for small and medium businesses’ needs. There is a dedicated platform called MassPay that deals with high-volume payments. If your business needs to transfer multiple currencies to multiple beneficiaries, it is worth looking into.

    InstaReM Frequently Asked Questions

    Have questions about InstaReM? Here are some answers.

    You can expect to pay a low fee of between 0.25 to 5 percent of the amount transferred.

    InstaReM allows ACH Pull or bank transfer from the USA. There are limits in place, so if it's a high amount, bank transfer is the most suitable method.

    InstaReM is most popular in Asia. If you want to send from Australia for example to Vietnam, India, or Malaysia, the service is a good choice. As a bonus, sending from India is a rare service due to regulations. However with InstaReM you can both send and receive money in India.

    Currently you can send in more than 15 currencies. Check the InstaReM site for the most up to date list.

    It is usually quite quick. In one or two business days the money will be with your beneficiary. The time can vary depending on the currency and the banks used.

    InstaReM allows money transfers with bank transfers only. You must have a bank account to use the service.

    Just for the first time, it’s necessary for InstaReM to verify your identity. To make things go more quickly, check your verification documents are current and accurate.

    You can be assured that the money you send is safe as InstaReM is licensed and regulated. It also has great reviews from customers on TrustPilot.

    Yes, there is an app for both Apple and Android users.

    Open a free account on the InstaReM website, enter the details of your transfer and how you’d like to pay. InstaReM will convert the money and send it to your beneficiary in their currency.

    InstaReM in a Nutshell

    One tip if you want to send using InstaReM, they regularly offer a bonus code that will give you a discount on your first transfer. No matter what service you prefer, it’s worth comparing money transfer providers. Each transfer is different, depending on the speed needed, currency used, and countries involved. Make sure the one you choose is the best for your particular needs. Take a look at the international money transfer options that Remitbee offers to see if it works for you.

    Try Remitbee today and get a 15$ bonus for your first transfer!

    Best exchange rates, one-day delivery, free transfers over 500$ and amazing customer support! Too good to be true? How about a sweet 15$ bonus towards your first transfer? Just give us a shot!