2020 InstaReM Review

Find out all about the fast and low-cost digital transfer provider, in our InstaReM review.

InstaReM Review 2020

Need to know all about InstaReM in a quick snapshot or in depth review? We have you covered with our easy to read InstaReM review.

InstaReM is the new kid on the foreign exchange block. Although not as popular as the likes of Wise (formerly known as TransferWise) or Revolut just yet, they are fast proving themselves as a great option for sending money internationally.

This InstaReM review covers the below:

InstaReM is good for

  • Exchange rates and transfer fees, often beating or matching competitors like Wise
  • Fast money transfers, 1-2 business days
  • Small-medium sized businesses to pay staff in different currencies and countries simultaneously

InstaReM rating: 4.5 / 5.0

Learn more

Who is InstaReM?

InstaRem Review - Who is InstaRem

InstaReM is a digital transfer provider founded in 2015. It is built on the premise of instant, low cost online remittances.

With the clue in the name, InstaReM can complete your international money transfer faster than many of its competitors, usually 1-2 business days for customers. This is due to their incredibly strong and unique banking network across the globe.

In comparison, most other providers complete a transfer between 2-4 business days.


Combined with speed, InstaReM can also offer competitive rates to a long list of countries. It has an established presence across many markets worldwide, including the US, UK, Europe and Asia and offers customers a simple way to transfer their money and/or pay people in different currencies and countries simultaneously. According to a World Bank report, InstaReM is the most cost effective platform to transfer money to and from Australia and Singapore.

If you are an individual looking to transfer money then you can do so very easily by creating an individual account and following the steps.

InstaReM support international payments for small businesses, too. Their MassPay platform was introduced to help take the hassle out of small businesses who need to pay people in different currencies and countries, so if you are a small business owner or perhaps thinking of this for the future, then InstaReM is a good option to explore.

In October 2019, InstaReM evolved to become part of Nium, a larger global digital platform.

InstaReM fees & exchange rates

InstaReM has competitively low rates and transfer fees. Sourcing their exchange rates from Reuters, InstaReM offers a zero-margin FX rate on money transfers with certain currencies. This means that no mark-up to the exchange rate is applied, so you get the best rate possible for your chosen currency exchange.

Instead, InstaReM charges a percentage transfer fee ranging anywhere between 0.25% - 1.00% depending on the countries you're sending to and from and your method of payment. You can see this when organising your international money transfer.

Importantly to note, this fee is sometimes removed if you're transferring over a particular amount or transferring within certain currency routes, making larger transactions more cost-effective for you as the customer.

Want to explore other great deals for sending money overseas? Try our handy comparison tool.

InstaReM Review - Transfer fees and exchange rates - cost breakdown

Money transfers can be sent from these countries:

  • Austria
  • France
  • Netherlands
  • Belgium
  • Germany
  • Norway
  • Denmark
  • Ireland
  • Spain
  • Finland
  • Italy
  • Sweden
Rest of World
  • United States
  • Canada
  • Australia
  • United Kingdom
  • Singapore
  • Hong Kong
  • Malaysia
  • India

Money transfers can be received in these countries:

  • Argentina
  • Guatemala
  • Bolivia
  • Haiti
  • Brazil
  • Honduras
  • Chile
  • Jamaica
  • Colombia
  • Mexico
  • Costa Rica
  • Nicaragua
  • Dominican Republic
  • Panama
  • Ecuador
  • Paraguay
  • El Salvador
  • Peru
  • Uruguay
  • Bulgaria
  • Croatia
  • Czech Republic
  • Hungary
  • Poland
  • Romania
  • Russia
  • Turkey
  • Egypt
  • Ethiopia
  • Ghana
  • Kenya
  • Morocco
  • Nigeria
  • Rwanda
  • Senegal
  • South Africa
  • Tanzania
  • Tunisia
  • Uganda
East Asia
  • China
  • South Korea
  • South Asia
  • Bangladesh
  • India
  • Nepal
  • Pakistan
  • Sri Lanka
Southeast Asia
  • Indonesia
  • Malaysia
  • Philippines
  • Thailand
  • Vietnam

Is InstaReM safe?

Is InstaReM safe?

InstaReM can be trusted and is a safe option to exchange your money.

InstaReM is a licensed service provider globally and is fully regulated in multiple countries. You can see the full list of licenses here. The licensed provider for Europe and the UK is the Lietuvos Bankas (Bank of Lithuania).

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

Finally, it has a very good rating of 4.4 out of 5 stars on TrustPilot.

InstaReM app review

The InstaReM app on Google for Android is highly rated with a 4.6 out of 5 stars and a total number of 4500 reviews. It looks simple, clean and easy to use.

On the other hand InstaReM receives a 3.4 out of 5-star rating with 36 reviews for iOS users.

To compare, Wise (formerly known as TransferWise) has a 4.8 out of 5-star rating with 37,000 reviews on iOS and this is one of their biggest selling points.


InstaRem Review - Is it easy to use on your mobile?

How fast is a money transfer with InstaReM?

How fast is InstaRem?

InstaReM is unique in its global banking network and because of this, they can complete your money transfer in 1-2 business days. This beats most other money transfer services and is the fastest option that maintains low, competitive exchange rates. Furthermore it also beats banks, who use the SWIFT network, by a long way.

Note: Transfer times are always marketed on websites and we'd like to remind you that this is an estimate. Transferring money is always dependent on other factors such as where the money is going, how much is being sent and how fast the receiving bank can process the transfer.

How do I send money overseas with InstaReM?

Transferring money overseas with InstaReM is a simple 4 step process. Simply go onto the website and choose Sign Up, and follow the steps laid out briefly below.

Step 1 - Register to open an account
You'll need to set up an account. To do this, choose an Individual or Business account to open to transfer money.

Step 2 - Complete personal details
When registering, you will need to input some personal details about yourself, including:

  • Name
  • Email
  • Date of birth
  • ID - Passport or Driver’s License
  • Proof of address
  • Employment status
InstaRem Review - How to send money overseas in 4 easy steps
InstaRem Review - How to transfer money overseas

Step 3 - ID verification

Your InstaReM account will be approved in 36 hours after you have entered and uploaded the above details. Following approval, you can begin to send money internationally.

Step 4 - Setting up your international money transfer

Use your InstaReM login to sign into your InstaReM account and enter the following details:

  • Your bank details
  • The overseas bank details
  • How much you wish to send
  • How much you wish your recipient to receive
  • Your currency route e.g. GBP-AUD
  • How to you wish to pay e.g. debit card, bank transfer, PoLi

Note: Bank transfers always take longer, so if you are looking to utilise InstaReM's fast transfer process, we recommend you use your debit card.

You will then approve all of the details before you submit your InstaReM transfer, including:

  • Exchange rate
  • Transfer fee
  • How much you are being charged
  • How much your recipient is getting
  • Estimate time to complete transfer

InstaReM's average time to complete money transfers are 1 - 2 business days depending on the choice of currency and time of transfer.

Press submit and your transfer has officially started!

Ways to pay InstaReM?

Ways to pay InstaRem?

When sending money with any transfer provider, it's important you understand what restrictions are in place such as a minimum or maximum transfer amount or the different methods of payment available to you and to your recipient.

What different payment methods does InstaReM support?

You have various methods of payment when organising your transfer with InstaReM.

You can organise your transfer using:

  • Electronic Funds Transfer (EFT), otherwise known as a bank transfer or wire transfer (open to everyone globally)
  • ACH Pull Method (US only). A payment transfer that goes through the Automated Clearing House Network
  • POLi (Australia only)
  • Debit Card (EU only)
  • FPX (Malaysia only)

InstaReM does not support money transfers with credit cards.

InstaReM loyalty points

InstaReM offer loyalty points when you sign up and begin sending money. Overtime, you can collect more points with each transfer made.

However the value is very minimal and not an incentive to spend. Connected to minimum transfer amounts, you will see few or no InstaPoints added to your account if you want to send smaller amounts across borders.

Read here if you want to see the full list of InstaPoints.

InstaRem Review - Loyalty points

Maximum and minimum limits with InstaReM

Ways to pay InstaRem?

Generally, minimum transfer amounts are applied to most supported currencies with InstaReM and differ for individual and business accounts. Some popular currencies have Individual limits such as:

  • UK and Europe: £200/€200
  • US and Canada: $50
  • Australia: $200

On the other hand, maximum transfer amounts are only applied to a few currencies with most other supported currencies not having a maximum transfer amount. The main currencies this applies to are:

  • US: $1500. Note, this is only applied when you choose to transfer via ACH Pull Method. There is no limit applied to a bank/wire transfer.
  • Malaysia: MYR 30,000
  • India: $5000 USD
  • Canada: $3000 per day

Read here for the full list of money transfer restrictions, both for the outward and inward flow of remittance.

If you are looking to make a larger transfer, specialist providers like Wise money transfer and OFX could be good alternatives. You can check our Wise vs Instarem comparison to find out more.

Customer care and support

We’ve all been there when something goes wrong and there is no way to contact someone on customer service. It’s annoying, particularly when it involves your money.

Good news is, InstaReM customer service is available 24/7 and has a number of offices, phone numbers and an email service.

InstaReM US Office Address
90 Washington Valley Road, Bedminster, NJ, 07921
Tel: 1 888-409-3307

InstaReM UK Office Address
33 Queen Street, London, EC4R 1BR

Email - support@instarem.com

Read here for a more detailed customer support list.

InstaRem Review - Customer care and support

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Seyma Mektepli
Seyma is an experienced content writer and editor-in-chief at Exiap, delivering informative articles on personal finance, and money transfers.
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Last updated
September 13th, 2023