Exchange rates, Payment methods, How to, Transfer fees and much more
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.
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.
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
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
If you want a step by step guide to InstaReM’s money transfer service, here it is:
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.
The most common way to send money is via the InstaReM website, www.instarem.com. 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.
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.
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.
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.