In this guide

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  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question
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Our verdict

Earn loyalty points each time you send with Instarem.

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.

In this guide

  • Our verdict
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question

Details

Product details

Product Name Instarem
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.
  • Limited cash options. Instarem has less cash pickup locations compared to Western Union and MoneyGram.
  • 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

1 - 1 of 1
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
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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.

Check if there are any Instarem promo codes available

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
*According to Trustpilot on 11 May 2023.

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.

Cash pickup is now available in the Philippines

Instarem's service has expanded to 21,000 pick-up locations across the Philippines, ensuring a broader and more accessible service for recipients. Users can now conveniently collect cash at any of the available locations using a single reference number, streamlining the process for a more user-friendly experience. Also, the collection window is 90 days, giving you plenty of time to collect the cash.

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?

1 - 25 of 25
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
TorFX Business Transfers
24 hours
$0
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.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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