Review: InstaReM International Money Transfers

Earn loyalty points with no hidden fees every time you send with InstaReM.

Quick verdict

Great for:
  • No hidden margin on exchange rates
  • Fast transfers
  • Earning loyalty points
  • Same or next-day transfers
Not so great for:
  • Larger transfers
  • Sending money to someone without a bank account
  • If you need to send more than $2,500 on your first transfer

Check out our full list of pros and cons below.

Product NameExclusive: InstaReM International Money Transfers
Min. Transfer AmountAUD 200
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone, Bank Account to Bank Account
Transfer OptionsOne off payments
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Chat, Email
Available CurrenciesAUD, BDT, CAD, CNY, DKK, EUR, GBP, HKD, IDR, INR, LKR, MYR, NPR, NZD, PHP, PKR, SGD, THB, USD, VND
Online Transfer Fee0.50%
Branch Transfer Fee0.50%
Phone Transfer Fee0.50%
Exchange Rate UpdatesReal time

Learn more about:

InstaReM exchange rates and fees

InstaReM is one of the only money transfer services to offer the mid-market rate, meaning there won't be a margin on top of the quoted exchange rate. This means that while its fees may look higher in comparison to other transfer services, the fairer exchange rate makes up for it.

Use the calculator below to see what exchange rate and fees InstaReM offers on your particular currency.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 - 2 days AUD 5.00 49.028 INR
48,783
Exclusive: Finder customers receive $15 off their first transaction. T&Cs apply.
Quick and simple international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction.
Go to site Show details

Compare up to 4 providers

The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Available currencies

InstaReM sends money to over 20 currencies around the world. You can check out the full list of the currencies you can send with InstaReM, but some of the more popular ones include:

  • EUR Euro
  • GBP British pound
  • INR Indian rupee
  • LKR Sri Lankan rupee
  • NPR Nepalese rupee
  • PHP Philippine peso
  • THB Thai baht
  • VND Vietnamese dong

What types of transfers can you make with InstaReM?

InstaReM only supports bank transfers at this time, meaning your recipient will need to have a bank account to receive the money. This also means you can only pay for your transaction through a bank transfer and not use cash or card.

While InstaReM doesn't offer forex tools like forward contracts yet, it does offer specialised help for business transfers.

How long does a transfer with InstaReM take?

Most transfers with InstaReM take between one and two business days. The exact time varies depending on what currency you're sending to and the banks involved.

For your first transfer, you'll need to go through the verification process which will take a bit longer. To speed things up, make sure the documents you upload (like your ID) are as accurate and up to date as possible.

Transfers typically takeClock icon for transfer speed

1 day

Is InstaReM safe to use?

  • Security and regulation: Government regulated
  • Established: 2014
  • Reviews: Trustpilot gives InstaReM a score of 7.7* out of 10, based on over 1,600 reviews
  • Investors: Vertex Ventures, SBI-FMO Fund, GSR Ventures
*According to Trustpilot on 29 January 2019.

How does InstaReM make money?

InstaReM makes its money from the fees it charges. There's no extra margin added onto the exchange rate, so its money is solely made through fees.

How to register an account

How do I make an international money transfer with InstaReM?

  1. Sign in to your account after you've been verified.
  2. Enter your recipient's details, including their full name and bank account details.
  3. Add how much you want to send and how you'll pay for the transfer. You have the option of a POLi or bank transfer.
  4. If you chose POLi, you'll be redirected to its site to pay. If you chose a bank transfer, you'll be given InstaReM's bank account details, which you'll send your money to.
  5. InstaReM will let you know when the transfer takes place and when it's completed.

What is InstaReM?

InstaReM was founded in 2014 by Prajit Nanu and Michael Bermingham and aims to make money transfers faster and cheaper. While the headquarters are in Singapore, InstaReM has offices in Melbourne, India, the US and other major cities around the world.

In 2018, InstaReM joined RippleNet to make transfers to Latin America and Southeast Asia even faster.

In a nutshell

Pros

  • Uses the mid-market rate. This means there's no hidden margin added on to the exchange rate you're quoted.
  • Loyalty points program. You can earn points on your transfer and redeem them against your transactions.
  • One of the few services that send from India. While a lot of money transfer services can send to India, it's a bit harder to find one that sends out of India due to strict regulation.
  • Fast transfers. Speed is one of InstaReM's specialities and your transfer normally arrives within one business day.

Cons

  • Doesn't accept cash or card. You can only pay for your transfer through bank transfer.
  • Percentage-based fee can add up. InstaReM is better suited to smaller transactions, as the fees on larger ones can get expensive.
  • First transfer is limited to $2,500. You'll be able to send more later, but not for your first transfer.
  • Customer service isn't open 24/7. It's open for business hours and during the daytime on the weekend, but outside of this you'll have to wait for help.

How does InstaReM compare to other providers?

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 2,000 1 day N/A N/A N/A Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider. Go to site Show details
AUD 250 1 - 2 days AUD 15.00 48.314 INR
47,589
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
Go to site Show details
AUD 1 1 - 2 days AUD 6.00 49.049 INR
48,755
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details
AUD 1 Within an hour AUD 3.99 48.951 INR
48,756
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 3,000 1 day N/A N/A N/A Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Go to site Show details
AUD 0 1 day AUD 0.00 48.314 INR
48,314
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees. Go to site Show details
AUD 200 1 - 2 days AUD 5.00 49.028 INR
48,783
Exclusive: Finder customers receive $15 off their first transaction. T&Cs apply.
Quick and simple international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction.
Go to site Show details
AUD 50 Same day AUD 0.00 48.755 INR
48,755
Instant transfers to India from anywhere in the world with $0 transfer fees. New customers who create an account with Remit2India and make a transfer of AUD$500 or more for the first time will receive a complimentary $25 Coles/Myer e-voucher. Click 'Go to site' for T&Cs. Go to site Show details

Compare up to 4 providers

The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Frequently asked questions

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Important Information*
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.

WorldFirst International Money Transfers

Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

TransferWise International Money Transfers

Make online transfers at the mid-market rate with transparent fees in 45+ currencies.

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