Review: InstaReM International Money Transfers

InstaReM is a simple, quick and cost-effective way to send money abroad with low transaction fees.

InstaReM is one of the latest international money transfer providers to enter the market. Since launching in 2015, the company now has a strong customer base of over 30,000 people and is licensed in Australia, Malaysia, Singapore, India, Canada, USA, United Kingdom and Hong Kong. InstaReM is solely focused on international money transfers, and Australian customers are able to send money to more than 55 countries worldwide, with more to come.

InstaReM offers competitive exchange rates, operates 24 hours a day, seven days a week and boasts same- or next-day payments.

Product NameExclusive: InstaReM International Money Transfers
Min. Transfer AmountAUD 200
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone, Bank Account to Bank Account
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Chat, Email
Online Transfer Fee0.50%
Branch Transfer Fee0.50%
Phone Transfer Fee0.50%
Exchange Rate UpdatesReal time

InstaReM offers zero-margin exchange rates

InstaReM offers zero-margin exchange rates. Unlike the banks and many other money transfer providers, InstaReM offers its clients the real exchange rate and does not charge any hidden commissions or margins on the exchange rate. Instead, there is one transparent fee of 0.50% of the transaction value charged in AUD.

InstaReM always strives for its rates to be competitive and as close to the interbank rate as possible. You will clearly see InstaReM’s current rates displayed on its website and again when you make a transfer. It is important to be aware that outside of normal business hours, which are Monday to Friday 9:00am to 5:00pm AEST, InstaReM’s rates will not be as close to the interbank rate. This also includes public holidays, so make sure any transfers you make are done during business hours.

InstaReM provides rates based on the live foreign exchange rate, meaning rates will move with the live market conditions. As exchange rates are updated constantly, you can not lock in an exchange rate for a future money transfer.

The following table shows the current exchange rates InstaReM offers with a base currency of AUD$1,000.

Buy currency InstaReM rateAmount received

The above figures are accurate as of 3.30pm Tuesday 30 May 2017

How much does it cost to transfer money with InstaReM?

InstaReM charges one transparent fee of 0.50% of the transaction value in AUD. There are no other hidden fees.

Minimum transfer amount and available countries

InstaReM allows you to transfer funds from Australia, Hong Kong, Malaysia and Singapore to more than 55 countries. When transferring money from Australia, the minimum amount you can transfer is AUD$200 and there is no maximum limit after the first successful transfer. However the first transfer should not exceed AUD$2500.

There are a few limitations to InstaReM’s service; you can not transfer cash or deposit cash into their account, and they do not accept bank cheques. They also do not allow third party payments, meaning no one else can deposit money into your account to be transferred.

You can send funds to the following countries:

  • Austria
  • Belgium
  • Bangladesh
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • India
  • Indonesia
  • Ireland
  • Italy
  • Luxembourg
  • United Kingdom
  • Malta
  • Nepal
  • Netherlands
  • Philippines
  • Portugal
  • Singapore
  • Spain
  • Sri Lanka
  • United States

What types of transfers can you carry out with InstaReM?

As InstaReM is a relatively new money transfer service, it only offers one-off transfers and does not offer forward contracts.

How can you earn loyalty points with InstaReM?

There are several ways you can earn loyalty points (called InstaPoints) with InstaReM. You'll earn 75 InstaPoints when first joining, earn 1 InstaPoint for each AUD$100 you transfer, and earn 110 InstaPoints when you successfully refer a friend to InstaRem. When you gather up enough points, you can redeem them to receive discounts on your transactions. You'll receive $10 off you transfer for every 100 points you redeem (you must transfer at least $500 in order to redeem points).

The registration and transfer process

Before you can transfer any money overseas you need to register for an account with InstaReM, which is completely free and only takes a few minutes online. Then you can login and submit a transfer request – don’t worry, the platform will walk you through the process.

InstaReM keeps your money in safe hands; your funds are held in accordance with Australian client money rules, meaning it is held in a segregated client account and not with InstaReM’s operating money.

  • Step 1: As part of the online registration process you will need to provide your personal details including contact information and residential address.
  • Step 2: Next step is to verify your identity, which can be done electronically if you have a valid Australian driver's licence and passport.
  • Step 3: Once the above details are submitted, your account should be activated within two hours. You will be notified by InstaReM when this is complete.
  • Step 4: When your account is approved, you can log in and make a payment by submitting your payee’s details and transfer amount.
  • Step 5: Select POLi transfer as opposed to bank transfer for immediate transfers.
  • Step 6: Payment done. You’ll be notified by InstaReM when your payment reaches the payee.

What are the pros and cons of using InstaReM?


  • Transparent fee structure
  • Competitive exchange rates - InstaReM offers zero-margin exchange rates
  • 24-hour service 7 days a week
  • Fast transfers - typically one business day
  • Earn loyalty points on sign up, referral and every transaction
  • Quick and simple registration process
  • Small minimum transfer limit of AUD$200


  • Maximum transfer limit of only AUD$2,500 for the first transfer
  • Does not accept any cash, cheques or third party payments

What other products and services does InstaReM offer?

InstaReM focuses on international money transfers for both individuals and businesses. It is committed to making the process of transferring money to contacts overseas more simple, quick and cost-effective. For corporates and SMEs, InstaReM offers MassPay platform that helps them make bulk payments to multiple beneficiaries in multiple currencies through a seamless global payments process.

InstaReM Q&A

What’s InstaReM’s refund/dispute handling process?

If there are any issues you will need to contact InstaReM’s Client Services Team via email, live chat or phone. Please note, once the money has been successfully transferred to the payee the transaction can not be cancelled.

Is there a maximum/minimum amount you can transfer?

Yes – the minimum amount is AUD$200 and there is no maximum limit after the first transfer. But for the first transfer maximum amount should not exceed AUD$2500.

Is this service available for small businesses?

Yes, the service is available to individuals and businesses.

Is BPAY available?

No, you can use bank transfer or POLi transfer methods.

How long do transfers take?

Transfers take typically one business day. Once the transfer is sent, it will depend on the receiving bank's processing time.

Is there an app available to conduct transfers?

Yes, a mobile app is available for money transfers out of Australia.

How can you check the balance/progress of transferring your money?

You can check your balance via logging into the online portal. You will see a transfer and completed transfer confirmation in the online portal and via email.

InstaReM is an alternative option to the major banks for transferring money overseas from Australia. As InstaReM is currently not charging any transaction fees or hidden charges, it could be a cost-effective solution to sending money abroad, but be sure to check the current exchange rates on their website before transferring money as these change constantly.

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