Review: Instarem International Money Transfers

Earn loyalty points each time you send with Instarem.

  • 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.

AUD 200

Min. Transfer Amount

No limit

Max. Transfer Amount

1 - 2 days

Transfer Speed

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Details

Product NameInstatem 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, EUR, GBP, HKD, IDR, INR, KRW, LKR, MYR, NPR, PHP, PKR, SGD, THB, USD, VND
Exchange Rate UpdatesReal time
Online Transfer Fee0.50%
Branch Transfer Fee0.50%
Phone Transfer Fee0.50%

Instarem exchange rates and fees

While Instarem does offer the mid-market 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.

Instarem also adds fees on top of this, which is often around 0.5% of the transfer amount.

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

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 - 2 days AUD 5.00 52.560 INR
52,297
Exclusive: New customers sending over 500 AUD from Australia use code FINDER50 to get 50 AUD off. Pay zero fees on your first transaction. Valid till 31 December 2021. T&Cs apply.
Instarem offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Check if there are any Instarem promo codes available

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 also a margin added to the exchange rate of some currencies.

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

  • 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 use mid-market rate for all transfers. Instarem only offers zero-margin transfers for some currencies and during certain hours. The company doesn't make it clear which currencies and hours this applies to.
  • 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.

How does Instarem compare to other providers?

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 0 1 - 2 days AUD 3.99 52.437 INR
52,228
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries. Go to site Show details
AUD 1 Same day AUD 0.00 52.406 INR
52,406
XE has fast transfers with low fees and a range of foreign currency tools. Go to site Show details
AUD 1 Same day AUD 3.99 52.516 INR
52,307
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
AUD 1 1 - 2 days AUD 6.00 52.458 INR
52,144
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies. Go to site Show details
AUD 200 1 - 2 days AUD 5.00 52.560 INR
52,297
Exclusive: New customers sending over 500 AUD from Australia use code FINDER50 to get 50 AUD off. Pay zero fees on your first transaction. Valid till 31 December 2021. T&Cs apply.
Instarem offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details
AUD 1 1 day AUD 4.50 52.674 INR
52,437
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
AUD 10 Within an hour AUD 2.99 52.253 INR
52,097
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
AUD 5 1 - 2 days EUR 3.00 52.042 INR
43,818
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Want to compare Instarem with other services side-by-side?

Frequently asked questions

International Money Transfer Offers

Important Information*
Logo for Azimo International Money Transfers
Azimo International Money Transfers

Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

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

Logo for MasterRemit International Money Transfers
MasterRemit International Money Transfers

New customers get their first transaction for free with code FIRSTFREE. T&Cs apply.
Send money in minutes at competitive exchange rates with this Australian money transfer service.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

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