Who Can Benefit By Using InstaReM?
Payment solutions offered by InstaReMs transfer service are used by individuals, small to midsized enterprises, as well as financial institutions. This overseas money transfer company lets you send money from your bank account to countries in North America, Europe, Asia, and Oceania. Depending on whether you register as an individual or a business, you may use it services to:
- Send money to friends or family
- Transferring money overseas
- Make payments towards a mortgage in your home country
- Pay utility bills from your home country
- Pay international tuition fees
- Pay for a new home
- Fast transfers to pay overseas employees or suppliers
At a Glance – InstaReM Money Transfer Services
IInstaReM lets its customers send money to more than 25 countries. Since it began operations, it has served more than 20,000 customers as a money transfer provider. The company offers customer service over the phone, via email, and via chat. As a new customer, you will benefit through a welcome bonus, and you can also avail of referral bonuses and other rewards.
The table below gives you quick insight into different aspects of this overseas company allowing you to compare money transfer providers such as Western Union and others.
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Minimum Transfer Amount
Details About InstaReM
As is the case with good InstaReM reviews, this one focuses on different factors that might need your attention in arriving at an informed decision. For instance, while this company lets you register from a limited number of countries which includes Sri Lanka as of now, adding more to the list is already in the pipeline, including many more Asian countries. Given its strong presence in Asia, receiving money or sending money to India couldn’t be easier. The sub-sections below take you through aspects such as the countries this company supports, how much it charges, and how long it takes whether for personal or business transfers.
What does InstaReM charge? The international money transfer fee you will need to pay basically depends on where you live and the amount you wish to transfer. If you initiate your transfer from Australia or Hong Kong, expect to pay 0.5% of the transfer amount as fees. In you are sending money from Singapore to the United Kingdom, for example, the fee InstaReM charges reduces to 0.25% of the transfer amount. The table below gives you an indication of how this works. Other than that, there are no hidden fees when you transfer with InstaReM.
The table below gives you an indication of how this works when transferring funds.
|From Australia dollars and Hong Kong dollars||$500||$2.50|
While this is the typical fees and exchange rate structure the company follows, it remains subject to change periodically and may also depend on factors such as the corridor and country of remittance.
You may use the services of InstaReM to send money from:
- Hong Kong
It lets you send money to these countries:
The currency calculator on the InstaReM home page lets you view the currencies this company supports.
This section of the InstaReM money transfer review rates this company particularly well. Once it receives your funds, it usually takes one business day to process the transfer. After it makes the transfer, the actual processing times depends on the receiving bank. Most transfers process in one to two business days. Business transfers within Asia tend to go through on the same day.
Individuals get to make one-off transfers through InstaReM. This company does not let you schedule transfers, and it does not provide forward contracts or market orders yet. Business clients get to use the InstaReM Masspay platform that comes with a virtual-multi-currency account, and they may use it to make bulk payments.
- Sending limits. The minimum you may transfer through InstaReM is $50. There is no maximum limit, although your first transfer may not exceed $2,500.
- Payment methods. You may pay for your transfer via POLi or electronic funds transfer (EFT). The company does not accept debit or credit card payments yet.
- Apps. You may use InstaReM apps with devices that run on iOS or Android.
InstaReM Exchange Rates
InstaReM offers real-time interbank rate.
How? Well, they have teamed up with big banks to piggy-back off of spare capacity on the big banks existing currency pair corridors. This is a different approach to how their competitors provide competitive rates and also different to a large competitor of theirs, TransferWise, who use peer to peer technology.
If you compare foreign currency exchange rates (fx rates) provided by online seller InstaReM with what you get through most direct banks, you will notice that this company fares considerably better. You get real-time interbank rates when you transfer money using InstaReM, and you find out what foreign exchange rate will apply on your transfer when you initiate the process. We would always recommend you compare international money transfer providers to ensure you are getting the best deal.
Note. You will not receive interbank rates if you initiate your transfer outside business hours or on holidays using your InstaReM account. Business hours are 9am to 5pm AEST or HKT, which is the business day depending on your country of residence.
InstaReM has offered all iCompareFX customers a $10 coupon on their first currency exchange transaction which helps offset the transfer fee. Just use coupon code ICOMPAREFX. Find out more here.
You also stand to earn cash rewards when people you refer to this company use its services to send money overseas.
How to Sign Up with InstaReM?
You may register with InstaReM online and the entire process takes no more than a few minutes. You may also sign up using your Google or Facebook account. Once you submit the initial application, the company sends you an email with details about you need to do next for transferring the funds and receiving the money. It verifies your identity before activating your account.
- Create account
- Verify ID
- Send money
You may start sending money using the InstaReM online platform once the company verifies your credentials.
- Provide recipient’s details. This includes the recipient’s complete name and bank account number along with the bank’s name and SWIFT / ABA / Sort / BSB code or IBAN number.
- Transfer amount. Mention how much money you want to send.
- Add funds. Pay for your transfer using any of the available methods.
Once that is done you receive a confirmation email and you may track your transfer online at any time.
Additional Information about InstaReM
- This money transfer company is registered with the Australian Securities and Investments Commission (ASIC).
- It is registered with the Monetary Authority of Singapore.
- It is licensed and regulated by the Hong Kong Customs Excise Department.
- It is regulated by the Financial Transactions and Reports Analysis Centre of Canada.
- It holds clients’ funds in segregated accounts.
- Its website uses high levels of encryption to safeguard user information.
- Website access comes only in English.
On Trustpilot, InstaReM averages at 8.0 out of 10. Most of the company’s customers have good things to say about its services on this platform and on other social media channels as well.
The company provides customer support over the phone, via chat, and via email. InstaReM also replies to customers who comment on Trust Pilot. This demonstrates that they are monitoring positive and negative reviews and responding to help improve customer experience.
However, support is available only during business hours. You may reach its client services team from 9am to 11:30pm AEST, Monday through Friday, and 10am to 2pm AEST on Saturdays and Sundays.
Contact details for InstaReM are provided in the table below.
|Phone||+61 (0)7 3053 8888|
The company’s website has an extensive online support section that you may refer to for answers to most commonly asked questions.
As with other reliable InstaReM reviews, this one has addressed the pros and cons of this company, while highlighting key aspects such as cost and speed. Whether this company is right for you or not is a question you need to answer on your own, and hopefully, this InstaReM money transfer review has given you all the information you need to make a decision. Before you decide, consider taking some time to compare this company with its competition, because you might just find a better alternative.
InstaReM Review Updates
- Account Set-up
- Transaction Fees
- Ease of Use
- Customer Service
Singapore-based InstaReM gives individuals and business from Australia, Hong Kong, and Singapore an easy and cost-effective way to send money overseas to more than 25 countries. The company provides competitive international transfer exchange rates and follows an easy-to-understand fee structure. It has the required licenses to operate as an overseas money transfer provider.
Founded in 2014, the origin of InstaReM has a personal story at its core. Prajit Nanu, the company’s co-founder, experienced difficulty in sending money across borders. Factors that were cause of bother included unfavorable exchange rates and extended turnaround times. He, along with the company’s co-founder, Michael Bermingham, then set the wheels in motion to create a company that now finds favor with several individuals and businesses in Australia and Asia, striving for high customer satisfaction and possibly becoming a global money transfers giant in the marketplace.
This FinTech overseas money transfer specialist is headquartered in Singapore, and it has the required licenses to operate in Australia, Canada, Hong Kong, and Singapore. The company provides competitive exchange rates and charges nominal fees for all transfers. It does not provide hedging tools such as forward contracts or market orders yet.