InstaReM Review

InstaReM has operations in Australia, Singapore, Hong Kong, and Canada. With competitive exchange rates and fast turnaround times, this company can be a solid financial platform for international transfers. Let's take a closer look at this company in this Instarem Review.

InstaReM, short for “Instant Remit”, started as a small Australia-based company with a single mission: to streamline the process of international money transfers. The company began operations in 2015 and has amassed over 20,000 customers.


InstaReM is great for clients who mainly want to transmit funds throughout Australasia. Although the company does not have a strong European base at this time, it could gain one. InstaReM provides a low-cost service with no hidden fees. Everything is plainly shown when you confirm your transfer.


The referral codes and bonuses provide extra incentive to use InstaReM and recommend the service to family, friends, and colleagues.

  • Special bonus for first-time transfer
  • Referral bonuses
  • Total fee transparency
  • Traditional bank-to-bank transfers
  • Website can be difficult to navigate
  • Account activation can take longer than promised
  • Phone support lacking

How It Works

To register an account, you need to have proof of identification, income, and residence. Navigate to the registration page and click on the “Sign Up” link. With all your documents handy, fill in the details exactly as they appear. Your name, address, and contact information must be up to date for verification purposes. Also, your documents must be verified by a recognized authority such as a court magistrate or notary public.


Alternatively, if you have an Australian driver’s license, you can provide the number and date, which InstaReM can use to verify your identity. Without a driver’s license, you can use a recent utility bill or bank statement. The addresses on these documents, again, must match your current provided address.


Your account should, if all documents are in order, validate within 24 hours. After your account is activated, you can send and receive payments through InstaReM.


Next, you should select your currency exchange and source of payment, whether it is a POLi service or direct debit from your bank account. POLi is an instantaneous transfer service operating within the Australia and New Zealand areas. For money going outside these areas, you will need to use traditional bank transfers.


Bear in mind that when setting your transfer amount, there is a transaction fee of 0.5%. This amount is deducted from the amount the payee receives. You will also need to provide the payee’s information, including contact information and bank account details.


Every transaction is linked to a unique Transaction ID Number, which you will need to confirm the payment. After submitting your payment, it takes approximately one business day from the time your bank clears the payment to InstaReM.


The minimum transfer amount is AUD 50. There is no maximum transfer except the first, which cannot exceed AUD 2,500. IF you’re working with another currency, use a currency converter to learn your equivalent amount.


First-time users receive an AUD 5 bonus on signup and activation, provided they enter the promotion code. Also, by providing their referral code to friends and family to sign up, they receive an AUD 20 bonus for each signup.

How Safe Is It?

InstaReM follows all financial compliance regulations as dictated by the Australian Securities and Investments Commission (License 464627) to provide you with a secure means of transferring money. The website is fully encrypted to lessen the likelihood of a data breach. Funds are transmitted to a separate account specifically for international transfers.


InstaReM also follows the regulations of the Hong Kong Customs Excise Department, the Monetary Authority of Singapore, and the Financial Transactions and Reports Analysis Centre in Canada.


Payment is secure as long as you use direct bank transfers. Using POLi, while faster, also subjects you to greater risk. POLi does not have an ASIC license and is therefore not guaranteed as completely secure.


InstaReM also has a strict policy against third-party transfers. Only someone who is listed on a bank account can make transfers to or from the account for security purposes.

How Much Does It Cost?

Currently, InstaReM charges a 0.5% fee for international transfers from Australia and Hong Kong. In Singapore, the rate is lowered to 0.25%. On the transaction details page, you can see all associated fees. There are no hidden fees.


This gives InstaReM an advantage over large banks, which add higher service fees to increase their profit margins on overseas transfers


What Exchange Rate Will I Get?

InstaReM offers some of the most competitive exchange rates in the foreign exchange industry. By using the calculator on the website or downloading the Android or iOS app, you can see live exchange rates tied directly to the market value. Exchange rates are subject to change. Forward contracts, or locking in an exchange rate for future use, are not possible.

How Do I Send or Receive Money from Overseas?

When conducting international money transfers, the funds move from your bank to InstaReM within a single business day. Then they transfer into the recipient’s bank account. The amount of time it takes depends on the bank and whether any discrepancies occur in the transaction.


You can expect the recipient to have the money available in 2 – 3 business days on average

How Do I Pay?

As mentioned, POLi transfers and direct bank account transfers are the only two payment methods accepted. The receiver must also have a bank account into which to deposit funds; cash disbursals are not offered

What Currencies Can I Transfer?

InstaReM deals primarily in the Australia dollar (AUD), Hong Kong dollar (HKD), and Singapore dollar (SGD). Currently, it converts Australian dollars to the Indian rupee (INR), the Vietnam dong (VND), the British pound (GBP), Indonesian rupiah (INR), the United States dollar (USD), the euro (EUR), and several other minor currencies.


As the InstaReM service expands, it will add new currencies to the list, including that of Malaysia.

What Services Do They Offer for Businesses?

The primary service InstaReM offers for businesses is the mass pay platform. It allows corporate entities to configure how and when payments are disbursed to multiple recipients at once. It is useful for payrolls or to pay for large multinational product orders. The exact details of the utility are proprietary.

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