What Are The Pros & Cons of Using InstaReM Money Transfer?
Finding the right money transfer service to suit one’s needs can be quite an overwhelming task. Hence for this review, we’ve gone through more than 1000 user feedback on InstaReM service (good and bad ones as well) just to find out what you really need to learn about InstaReM before you use the platform to send your money.
Pros of Using InstaReM
- Caters to individuals, small businesses that provide specialized services and corporates
- Transparent charges – useful to know precisely how much you’re going to pay before you do a transfer
- Zero-Margin FX Rates* ( *applicable only for certain currencies and certain trading hours) Offers exchange rates sourced from Reuters, without any added margins
- Low Transfer Fees – Charges only a nominal transaction fee that ranges between 0.25% and 1%.
- Best Transfer Amount Guarantee – InstaReM gives users the best transfer amount there can be!
- Secure: ISO/IEC 27001 Certified, an internationally recognised standard that ensures firms have information security risks under control
Cons of Using InstaReM
- No option to receive the money in cash. The receiver must have a bank account. this, however, is the case with most money transfer providers.
- No presence in the Middle East
What You Should Know About InstaReM?
InstaReM stands for Instant Remittance and it’s a money transfer platform renowned for its radically transparent payment framework and super-competitive, real-time updated FX prices (which Reuters reliably provides).
Unlike banks, InstaReM will charge a small upfront fee that is between 0.25% and 1%). These features make InstaReM a great option for sending money to over 55 countries around the world.
InstaReM is extremely cost-effective as it offers margin-free FX rates and charges a nominal transparent fee for every transaction. We also discovered that the service is better for mid-sized transactions as compared to high value transactions.
What Is InstaReM’s Rate and Fees? Should We Expect Any Hidden Fees?
Set up your transaction on InstaReM, you’ll be able to see the complete details of your FX rate, transaction fees and the exact amount to be received by the recipient. There are absolutely no hidden charges with them. Follow these simple steps to find out how much is going to be transmitted to the bank account of the recipient.
First Step: Click here to go to InstaReM. You’ll like very much how easy it is to navigate and use their website. Their rate calculator will be easy to find and easy to use as well.
Second Step: To find out your rates, make sure that the calculator’s Transfer Tab menu is open, as well pick the right currency pairs. Next, enter the amount of money you want to send under the You send tab.
After you’ve entered the amount you want to transfer, the calculator gives you the exact value of the expected amount by
- First, depending on your location, it will deduct the InstaReM fee from the total amount you want to send.
- And secondly converting currency against the most recent FX rate.
Should I Expect Any Surprises From InstaReM Like Hidden Fees, For Example?
InstaReM doesn’t charge you any hidden fees. All their charges are displayed upfront. However, the sender’s and receiver’s banks may charge a fee that will be borne by the respective parties. These charges can vary from $25 to $50.
In some cases, InstaReM may have arrangements with local banks with regards to these charges, thereby waiving off all fees by certain banks. Always check with your bank and, of course, InstaReM with regards to possible bank charges.
If you send or receive smaller amounts, let’s say less than $1000, these fees could have a huge impact on the amount of money the receiver gets.
There are alternatives to InstaReM, but the downside is that the other services will add a premium fee on the top of your exchange rate, jacking up your transfer costs. It’s fairly easy to sign up with InstaReM and start transferring money.
In this part of our InstaReM review we’ll give you some tips on how to get your account approved quickly.
Currently, you can register with InstaReM if you’re in one of these countries:
- Hong Kong
First, let’s make sure you can register with InstaReM and that you’ll be able to send/receive money from your location. Check out the countries listed below:
Japan, Malaysia, Nepal, Philippines, Singapore, Bangladesh, China, Hong Kong, India, Indonesia, Sri Lanka, Thailand, Vietnam.
Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, United Kingdom.
Argentina, Chile, Colombia, Peru
New Zealand, Australia
If you want to learn more about the specifics of sending different currencies using InstaReM click here. Now that we know how InstaReM operates, let’s have a look at how to register for the service.
Here’s a little InstaReM tip for you
If you want the registration process to run smoothly, make sure you have the following details ready before signing up: proof of address, income proof and bank statements. The same will apply if you’re creating a business account. Make sure to have quick access to business registration documents and financial statements.
InstaReM sign-up process
It’s a pretty simple process. You have two options to register: Individual or Business. Just select the one that’s applicable to you and proceed with the sign-up process.
Individual sign-up process
You will simply need a valid email and the location you’re signing up from. Plus, you’ll be required to select a password that meets their rules.
On the InstaReM registration form you’ll be required to provide
- An email address
- The registered business name
- Country of registration
- A valid phone number
- * Please remember to create a strong password and write it down.
- Mobile verification
For individuals, after you’ve entered your full name, address, date of birth, phone number, employment status, and income source you’ll be sent a verification code number to verify your phone number.
For businesses it will the same process as above.
While this may seem evident, make sure that your personal or company information match your official records as you will also need to upload a copy of those documents on InstaReM portal. This will help to prevent hold-ups in the profile authorization phase.
- For an individual account, you can verify your identity by entering your driver’s licence details, a recent utility bill or your bank statement. That’s why it’s best to keep them handy. It’ll speed up the process.
- If your account is for business purposes, it’ll be approved in 24 hours.
How to Set Up A Transfer With InstaReM?
When you make your first money transfer, you’ll have to enter the bank details of your recipient. Make sure you check the website’s help section to see if the person or service you are sending money to appear on the authorized country list of InstaReM. This will speed up things a little bit.
Next, choose your currency and payment method.
InstaReM allows you to transact through bank payments via direct debit (ACH for US citizens & FPX for Malaysians) and wire transfers.
How To Track Your InstaReM Transfer & Other Helpful Tips?
Each transaction produces a distinctive transaction identification number that is paramount in the confirmation phase of the payment. Usually, it takes 1-2 business days for the amount to reflect in your recipient’s bank account.
When transferring money worldwide through InstaReM, keep in mind the minimum and maximum limits.
For instance, in their first transaction, customers in Australia can only send AUD 2,500. Before setting up your transfer, always check the upper and lower limits to avoid any nasty surprises.
The InstaReM loyalty program is pretty awesome. By signing up for InstaReM, finishing your profile rapidly and inviting others to the platform, you can receive InstaPoints which can be redeemed on your future transactions.
InstaReM for Businesses and Individuals
For both people and companies, InstaReM is fairly straightforward and fuss-free.
If you have a business, using InstaReM is a great way to manage high-volume, multi-currency payments. Essentially, it enables companies to automate large-scale transactions on their MassPay platform, which can include both seller payments and normal company expenditures.
Corporations and SMEs can put up multi-currency payouts for various recipients (up to 20) and expect an approximately 80% decrease in transfer costs.
Now, if you’re an individual, here are a few things to keep in mind after your account gets activated.
Although InstaReM is not yet on board the forward-contract bandwagon, exchange rates can be closed for 24 hours when you set up a swap.
But if your transaction is not funded within the next 72 hours, the transfer will be reversed, and you may need to begin all over from scratch.
Make sure you transfer money to recipients that have been authorized. Through InstaReM, you can pay for medical expenses, visa charges, education abroad as well as utility charges in your home country. Their exchange rates are always up to date.
InstaReM has proven to be a fast and reliable service for nearly all transfers for all its customers.
InstaReM Reviews on Trustpilot (The Good & The Bad)
InstaReM has some incredible feedback on Trustpilot for a fairly new service (it started in 2015 and is scaling super fast). They have a rating of 4.5 with 3,494 customer reviews.
According to some of TruspPilot’s top reviews, InstaReM is their preferred money transfer platform due to its Zero Margin FX rates* (*applicable only for certain currencies and certain trading hours).
Folks also commend InstaReM for its timely customer service and excellent UI and “Excellent Service.” InstaReM Transfers provides competitive prices and has an advantage over other service providers.
There were some negative reviews which is expected, although, in comparison to positive reviews, these were very small in number. Most of the bad reviews come down to this:
- Speed of the transfer (first-time customers,new payees and big transactions)
- Customer service
Why First-Time Users Are Complaining About InstaReM’s Transfer Speed & Their Customer Service?
After initiating the transaction, some first-time customers were asked for extra identification which resulted in a delay in the money being sent to the recipients. In addition, some delays were created by user-selected financing alternatives (ACH vs. U.S. bank transfers when ACH was introduced). To be fair to InstaReM, they have to comply with Financial Institutions rules and regulations to prevent money laundering, therefore, this is a normal practice.
They have an extended help section on their website. You could go through that section and see if you find it useful.
But if you want to avoid bad experiences and not waste your time, here are some tips for you:
- Make sure you know everything about the type of transfer you’re about to do.
- Check twice and be sure that the information submitted for your account profile and impending transfer is accurate.
- Keep an eye on your email spam folder. They might send you notifications and they could land in the spam. Especially, if you’re a new user going through approval process.
- Keep track of your transfer by using InstaReM dashboard.
It’s worth noting that InstaReM works great if you send money to an already approved person. The problems arise when you start sending big quantities of money all of a sudden, especially if you keep adding new payees. This could raise red flags and delay the transfer. Again, it’s worth noting that this experience is the same with other money transfer companies.
Is InstaReM Fast?
InstaReM ensures same-day transfers in many cases, according to their website, if you fund your transfer via a direct debit or POLi.
The speed of the transfer depends on the country, currency, amount transferred, as well as the method chosen to fund transfers.
Usually, the banks are the ones that delay the money transfer rather than InstaReM.
It’s possible to transfer money the same day to pre-approved payees in certain nations. But sometimes, because of the banks, bank to bank transfers may take several business days.
Let’s Conclude This InstaReM Review With Our Last Thoughts
InstaReM is a very strong choice for medium-sized money transfers – up to about $10,000. In general, InstaReM is an excellent cost-effective service with quick transfers once your account gets activated.
Frequently asked questions
Is it Safe & Secure To Transfer Money With InstaReM?
They take the privacy of clients very seriously and do not leave any stone unturned in order to safeguard sensitive data circulating through their system.
In addition to robust encryption on their website and app, InstaReM is controlled by regulatory authorities in Australia, Canada, Europe, Hong Kong, India, Malaysia, Singapore, and the United States.
InstaReM is regulated by the Australian Securities and Investments Commission (ASIC) in Australia, the Monetary Authority of Singapore in Singapore and the Financial Transactions and Reports Analysis Centre of Canada in Canada.
How much will I pay for my money transfer?
InstaRem’s low prices are between 0.25% and 0.5% of the amount transferred, depending on the currency and the bank involved.
Which countries can I send money to or from?
InstaRem is consistently ranked as a competitive remittance platform for currency exchange between several Asian countries such as Australia to Malaysia, India, Vietnam, and the Philippines as well as Singapore to India, Bangladesh, Indonesia, Philippines, Sri Lanka, and Malaysia.
Can I send money from India?
InstaRem is one of the few transfer providers that can send money from India. While many transfer services are able to transfer money to India, it is sometimes difficult to send money out of India due to the country’s strict regulations.
What currencies are available?
You can send money in over 15 currencies around the world. Check the full list of currencies on InstaRem’s website.
How quickly can I expect my money to be transferred?
InstaRem’s money transfer service is fast. You can typically expect funds to be transferred within one to two business days compared to bank transfers that take between two to four business days for transfers. The exact time will depend on the currency you are sending and the bank involved in the transfer.
Can I send cash or use my credit card?
InstaRem only supports bank transfers which means you must have a bank account and you can only pay for your transaction by bank transfer, not by cash or credit card.
How soon can I send my first transfer?
Your first money transfer will take a bit longer as you will first have to go through a verification process. You can speed things up by making sure that the documents you provide for uploading are accurate and up-to-date.
Is InstaRem safe to use?
InstaRem is fully licensed, authorised and government regulated by regulating authorities in all participating countries and has been operating since 2014. Trustpilot has given it a score of 8.1 out of 10 based on more than 2,500+ reviews.
Does InstaRem have an app?
Yes. InstaRem has an app that works on both Apple and Android devices. You can use the app to send money and to track your transactions.
How do I make a money transfer with InstaRem?
Once you have opened your free account on InstaRem’s website you can start transferring money. Set up your transfer by entering the details about the recipient, how much you want to send, and how you would like to pay for the transaction. You can pay for your transaction by making a local bank transfer or by debit card. InstaRem will convert the funds into the recipient’s currency and transfer it through the pay-out option selected.
How much will it cost for the transfer?
InstaRem’s fees are very competitive. For example, for transfers from Hong Kong and Australia the fees charged will be around 0.5% and from Singapore around 0.25%. The fees charged are based on standard, mid-market, interbank currency exchange rates and this is the only fee that InstaRem will charge you.