Instarem money transfer review & guide

Exchange rates, payment options, step-by-step guide, transfer fees, and all you need to know about .

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Trademark Disclaimer: Instarem* with whom RemitBee Incorporated (“We,” “Us,” “Our”) has no direct or indirect association in marketing, sales or customer service. Indeed, the enclosed contents are provided only for information and comparison purposes. We further state that all third-party products, services, company names and logos remain the property of their respective holders. Use of them here in this article does not imply any affiliation with or endorsement by them.

Everything you need to know

Instarem review

Instarem is a digital money transfer service that offers a fast, secure, and cost-effective solution for sending money internationally. Now part of Nium, a leading global fintech company, Instarem operates in over 60 countries, including Canada.

With its competitive exchange rates, low transfer fees, and user-friendly mobile app, Instarem makes it easy for individuals and businesses to send money across borders. The platform provides a transparent, reliable service, ensuring that customers get the best value for their transfers.

Payment Methods Available with Instarem

​Instarem offers a variety of payment methods tailored to the country you're sending money from. As a resident of Canada, you can fund your transfers using the following options

  • Directly transfer funds from your Canadian bank account to Instarem.
  • Use your debit card for funding transfers, typically processed instantly
  • A popular method in Canada, allowing you to send money directly from your bank account using email or mobile banking.

    • How long does a transfer usually take with Instarem?

    Instarem offers fast and secure international money transfers, with processing times varying depending on factors such as payment method, destination country, and the receiving bank.

    For international transfers, the processing time generally ranges from 1 to 2 business days, although this can be influenced by the destination country’s banking infrastructure and currency regulations. Transfers using Interac e-Transfer within Canada are usually completed within 15 minutes to 24 hours, depending on the recipient's bank and the time the transfer is initiated.
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    Pros and Cons of using Instarem

    Pros
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    Exchange rates are very competitive

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    The transfers are fast - 1 business day usually

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    Business customers get special services

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    Pricing is transparent

    Cons

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    Countries and currencies are limited

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    Services mainly for Australia and Asian countries

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    App has a low rating for Apple users

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    Rates and fees are not always competitive

    How it works

    How does Instarem make money?

    Instarem generates revenue primarily through transaction fees and foreign exchange margins. The platform charges a small fee for each international transfer, which varies depending on factors such as the payment method and destination country.

    Additionally, Instarem makes money by applying a markup on the exchange rate when converting currencies. This exchange rate margin is typically lower than traditional banks, allowing Instarem to offer competitive rates while still generating profit.​

    Instarem exchange rates

    ​Instarem applies a small markup to the mid-market exchange rate when converting currencies. This markup typically ranges from 0.37% to 0.95%, depending on factors such as the currency pair, transfer amount, and destination country. For example, when converting USD to INR, Instarem offers competitive rates with a minimal margin, ensuring that customers receive a favorable exchange rate compared to traditional banks. ​
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    Best rates with RemitBee

    RemitBee makes sending money abroad simple, fast, and affordable. With transparent fees and no hidden charges, it offers competitive pricing for international transfers. You can choose from multiple payment methods and benefit from the mid-market exchange rate, which ensures you get the best value for your money.

    Transfers are secure, with top-level encryption protecting your data and funds. Whether you're sending money to family or handling business transactions, RemitBee ensures a smooth, reliable experience every time.

    Safety and security

    Is Instarem money transfer secure?

    Instarem prioritizes the safety and security of its users through a range of robust measures. The platform operates under the oversight of multiple financial regulatory authorities, including those in Canada, ensuring compliance with strict legal standards. Instarem uses advanced encryption protocols to protect users' personal and financial data during transmission and storage.

    Security features

  • Instarem is licensed and regulated in multiple jurisdictions, including Canada, ensuring adherence to financial regulations and safeguarding customer funds. ​
  • The platform employs end-to-end data encryption to protect user information during transactions.
  • Personal data is stored securely with limited access to authorized personnel only.

    • With Instarem you can send money from the following countries

    Instarem allows you to send money to and from over 150 countries. Some of the countries where you can send money include:
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    Other Money Transfer Providers

    Frequently asked questions

    Have questions? We have answers!

    How do I transfer money from the USA?
    Does InstaReM work for Asian countries?
    What currencies can I send to or from?
    Can I send a transfer with InstaReM using my card?
    Why is InstaReM taking so long to send my first transfer?
    Is it safe to send money with InstaReM?
    Is there an InstaReM app?
    How do I transfer money with InstaReM?