Instarem, is a younger money transfer company that offers fast, low-cost money transfers. While their rates are pretty good, a sizable portion of customers complains about other problems.
With Instarem, you can expect fast service at a low cost, but their offer isn’t perfect. Customers’ biggest problem with Instarem is the service they offer, both when it comes to security and to the difficulty of using them for money transfers.
It should be noted that Instarem isn’t a particularly global money transfer company, as they only service a handful of countries. As their name suggests, these are generally the countries that send and receive the most in remittances.
What are their exchange rates?
Instarem doesn’t add a margin on the foreign exchange rates and instead opts to charge nominal fees. This is good of them because most of the time you’ll get the opposite. Most companies charge nothing or very little in fees while they make most of their money on margins, a cost that you don’t even know you’re paying unless you look more closely.
Instarem charges 0.25% of the total volume of money transfers in some cases and 0.5% in others. This amount is paid in an upfront, transparent fee, so you always know what you’re paying them.
What InstaRem costs to use?
The cost of Instarem depends on the countries you’re sending money to and from. If you’re sending money from Australia (AUD) to Hong Kong (HKD), for example, you’ll pay their 0.5% rate, which looks like…
This is the highest rate Instarem charges, making them a highly competitive option comparable to TransferWise when it comes to their pricing.
In other cases, you’ll pay their 0.25%, which looks like…
At this rate, you are saving a great amount relative to what most other companies will offer you.
How do I transfer money with them?
First, you’ll have to register an account with them, which is easy to do. You’ll have to go through an identity check, which will require you to present government-issued ID and proof of your address. If everything goes according to plan, you should have a working account within two days.
To authorize a transaction, you just type in the currency and amount of it which you are sending. Then, you need to select the recipient. This part can be slightly annoying for some, but you’ll have to make a payment to Instarem through their third-party payment provider, which is POLI. You can also opt to pay by bank transfer, but that is far more annoying and may take longer.
Once a transfer has been arranged and paid for, Instarem will send you a receipt and your money should arrive at its destination within one business day.
What other products do they offer?
Instarem is a money transfer company primarily serving those who need to send remittances. The company specializes in money transfers in Asia. They do not offer any other products or services, and they don’t act as a mobile/electronic wallet, either.