Instarem has a lot going for it. Competitive exchange rates, zero transfer fees on certain currencies, loyalty points that convert to savings and fast delivery speeds explain why Instarem is a worthy contender for your next money transfer overseas. While it does add a markup to exchange rates, these often fare better than many other transfer providers.
However, forget Instarem if your recipient doesn't have a bank account as there are no alternatives except when sending funds to someone in the Philippines, where cash pickups are possible. You'll also want to check the transfer limits compared to what you plan to send as these limits vary depending on the receiving country.
- Good for earning loyalty points and fast transfers.
- Not so great for larger transfers or for sending money to someone without a bank account. Be aware that the zero-margin exchange rate only applies to some currencies during certain hours.
Check out our full list of pros and cons below.
|Pay By||Bank transfer, Credit card, Debit card, PayID|
|Receiving Options||Bank account|
|Customer Service||Phone, Live chat, Email|
|Maximum Transfer Amount||Unlimited|
|Number of Currencies||36|
Why should I consider Instarem?
- Reward points. Earn InstaPoints when you signup, send money and refer friends. 100 InstaPoints can be redeemed for AUD$2.50 off transfers of more than AUD$500.
- Competitive exchange rates. Instarem's exchange rate markup on many currencies is low compared to other transfer services. They charge a low transfer fee ranging from 0.25% to 1%.
- Fast transfers. Most transfers arrive instantly or within the same day.
What to be aware of
- Low transfer limits. There are no bank transfer or PayID limits but you'll have to look elsewhere if you need to send more than AUD$20,000 per transaction using a debit or credit card.
- No cash options. There are no cash pickup options and you are unable to pay in cash for your transfer.
- Sign up process. Activating your account can take longer than advertised.
- Coverage. No presence in the Middle East, most popular among users in Australia and Asia.
How much are Instarem's transfer fees?
Instarem's transfer fee varies depending on the following factors:
- The country you are sending from
- Your transfer destination
- The transfer amount
- Your chosen payment method
For example, as of 11 May 2023, if you send AUD$1,000 to India using PayID you would pay a transfer fee of AUD$4.20. This increases to AUD$8.20 if you pay with a debit card or credit card.
How are Instarem's exchange rates?
While Instarem does offer the mid-market rate exchange rate, it doesn't offer it for all currencies and at all times of the day. This means that for many of your transfers, there will be a margin on top of the quoted exchange rate. The company doesn't make it clear what currencies or times this applies to. When we checked their exchange rates, no markup was added for exchanging AUD to USD, GBP or Euro but a markup of 0.20% was added to INR.
What your transfer could look like with Instarem
What are the ways I can send money abroad with Instarem?
Instarem supports both personal and business transfers. Transfers are all completed as a bank transfer, so there are no alternative delivery options. While Instarem doesn't offer forex tools like forward contracts, it does offer specialised help for business transfers.
How to make an international money transfer with Instarem
To get started with Instarem, you will first need to register for an account.
Is Instarem safe to use?
Since launching in 2014, Instarem has become an established money transfer provider. They have served over 2 million customers and transfer US$5 billion annually. Instarem's reviews are mostly positive on platforms such as Trustpilot where they have a rating of 4.4 out of 5. The company is fully regulated in Australia, India, US, UK, Canada, Hong Kong, Indonesia, Malaysia, Singapore and Europe.
- Security and regulation: Government regulated
- Established: 2014
- Reviews: Trustpilot gives Instarem a score of 4.4* out of 5, based on over 7,862 reviews
- Investors: Vertex Ventures, SBI-FMO Fund, GSR Ventures
What are Instarem's payment options?
In Australia, you can pay for your Instarem transfer via PayID or debit or credit card. Payment methods vary depending on your country of residence, so if you live outside of Australia it is best to check before initiating a transfer.
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.
How does Instarem compare to other money transfer services?
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