Instarem International Money Transfer Review 2023

If you’ve been around the block of international money transfers, you’ve probably learned that it’s a world teeming with unpredictability. Fluctuating rates, hidden fees, lousy customer service, and websites that look like they were designed in the ’90s can make you feel like you’re navigating through a minefield with a blindfold on. 

The good news is that new tools and services emerge as rays of sunshine in this otherwise murky labyrinth.

In a world where technology reigns supreme, your hard-earned cash deserves a digital chariot that’s sleek, modern, and visually appealing. This is where Instarem comes strutting into the spotlight. With a reputation for being one of the most important players in the international money transfer game, it’s giving the old-school banks a run for their money.

Their platform, which might as well double as a piece of modern art, isn’t just a pretty face. No, Instarem has the brains to match its looks, striking the perfect balance between functionality and visual appeal. So, as we dive into the Instarem universe, let’s get ready to be pleasantly surprised, maybe a little dazzled, but most importantly – well-informed.

Stay tuned as we unpack the Instarem experience in 2023, and learn everything about the way they handle international money transfers.

Who are Instarem?

Instarem may be the new kid on the block, but don’t be fooled – this isn’t their first rodeo. Established in 2014, the company was born out of frustration with traditional banking systems. Headquartered in the buzzing metropolis of Singapore, Instarem was a dream envisioned by Prajit Nanu and Michael Bermingham, two dynamic entrepreneurs who believed there had to be a better way. And so, they delivered.

Instarem’s game-changing approach quickly made waves in the industry. Their unique blend of cutting-edge technology, radical transparency, and laser-like focus on customer needs catapulted them onto the international stage, turning heads and ruffling feathers among the more traditional banking brood.

At Instarem, it’s all about the culture. The guys there aren’t very interested in stuffy boardrooms and meaningless meetings. Rather, imagine a hive of buzzing creatives and tech wizards, passionately coming up with new innovations to make your international transactions a piece of cake. They’re a diverse bunch, representing more than 25 nationalities, making them a living, breathing testament to the global community they serve.

Over the years, they’ve grown into a team of over 300 employees, each playing their part in supporting their more than 1 million customers across 100+ corridors globally. This rapid growth has not only had a significant economic impact, but it has also transformed the way individuals and businesses handle cross-border transactions.

What makes Instarem a standout? Their originality and dedication to innovation only scratch the surface. They were the first to introduce a zero-margin FX rate in Asia, disrupting the industry and leading the charge towards a fairer, more transparent money transfer landscape.

Instarem is more than just a financial service. It’s a community, a philosophy, and an advocate for the democratization of the financial landscape. Its unique approach is reshaping the world of international money transfers one transaction at a time.

Instarem Pros & Cons

	Pros	Cons
1.	A variety of payment options – Instarem lets you choose from a range of payment methods that fit your convenience, including bank transfers, debit cards, credit cards, and even POLi for Aussies. It’s all about making your money transfer as easy as pie.	Not suitable for large money transfers – If you’re planning to move big bucks, you might hit a snag with Instarem. While they’re great for regular-sized transfers, their limits can be restrictive for larger amounts. So, if you’re thinking of buying a villa in Tuscany, you might want to explore other options.
2.	Amazing customer service – When you’re dealing with your hard-earned money, you want top-notch customer service. Instarem’s customer service team is always there, always ready to help. Plus, they’ve got an amazing response time!	Limited language support – Currently, Instarem’s support team operates in English only. So, if you were hoping to ask about your money transfer in Swahili or Spanish, you might have to pull out your translation app.
3.	High Trustpilot rating – Trustpilot is like the report card for businesses, and with a stellar 4.4 rating, Instarem is acing the test. This score reflects heaps of positive customer experiences and high levels of satisfaction. It’s like Instarem’s gold star!	Limited exotic currency coverage – While Instarem covers over 30 currencies, it’s not the best for exotic currencies. So, if you need to send money in a less common currency, you might have to take a detour.
4.	Instant free quotes – No one likes nasty surprises, especially when it comes to fees. Instarem offers instant free quotes, so you know exactly what your transfer will cost upfront. No hidden fees, no surprises, just transparency.	No cash pickup option – Sometimes, old school is the best school. But unfortunately, Instarem doesn’t offer the option to send money for cash pickup. All transfers must be sent to a bank account or an Alipay wallet in China. Only residents in the Philippines can use cash pickup with Instarem.
5.	Favorable exchange rates – We all want the most bang for our buck, right? With Instarem, you’ll get exchange rates that are super close to the mid-market rate (the fairest rate you can get), plus a tiny markup. It’s all about maximizing your money.	Lack of hedging options – If you’re all about playing the long game and want to lock in a great exchange rate for a future transfer, you’re out of luck with Instarem. They don’t currently offer hedging options like forward contracts or limit orders.
6.	Fast money transfers – Time is money, and with Instarem, your money moves like a sprinter. Most transfers are completed within 1-2 business days, so your money reaches its destination super fast.
7.	Flagship card – Instarem’s amaze card is like the cool new kid on the block. It’s a prepaid card that lets you earn rewards, offers real-time control of your money, and can be used worldwide.
8.	Solid mobile app – Who doesn’t love doing things on the go? With Instarem’s mobile app, you can send money, track transfers, and manage your account, all from your phone.
9.	Global service coverage – Need to send money to Kathmandu? Instarem’s got you covered. With service in over 60 countries, you can send money around the globe, without breaking a sweat.
10.	Solid currency coverage – From the almighty dollar to the humble rupee, Instarem covers over 30 global currencies. So, whether you’re sending money to Tokyo or Toronto, Instarem might be a suitable option.

Instarem Key Attributes

• Founded: 2014
• Headquarters: Singapore
• Other offices: Besides their main hub in Singapore, Instarem is presently located in 10 other countries around the world: Canada, the United States, the United Kingdom, Lithuania, India, Hong Kong, Japan, Malaysia, Indonesia, and Australia;
• Annual trading volume: Instarem isn’t merely dabbling in the financial services industry – it’s one of the prominent players. With an annual trading volume of $3 billion, it’s clear that people around the world have put their trust in Instarem to handle their money;
• Number of employees: Instarem is powered by a stellar team of over 300 employees worldwide. They’re the machinery behind the curtain, making sure that your international money transfers are as smooth as butter;
• Trustpilot rating: With a Trustpilot rating of 4.4 out of 5 stars, it’s clear that Instarem is doing more than just a few things right. Customers worldwide appreciate the transparency, efficiency, and ease of use that Instarem provides;
• Number of clients: Over a million clients have chosen Instarem as their trusted money transfer partner. That’s a million people across the globe who believe in Instarem’s commitment to innovative, efficient, and fair money transfers;
• Available countries: Instarem is truly a global service. With options to send money from nine key locations (Australia, Hong Kong, Singapore, Canada, India, the United Kingdom, the European Union, Malaysia, and the United States) to over 60 different countries worldwide, Instarem has got you covered no matter where you are;
• Number of currencies: Instarem deals in over 30 global currencies, giving you the flexibility to send and receive money in a way that best suits your needs;
• Minimum transfer limit: When it comes to transfer limits, Instarem offers flexibility to fit your specific needs. There is no minimum transfer limit (except in India where it’s $50);
• Maximum transfer limit: The maximum limit depends on the country of origin and the selected payment method. Check out their international money transfer limits page for more details;
• Transfer fee: With Instarem, fees aren’t a guessing game. They depend on the selected countries, the transfer amount, and the payment method;
• Exchange rate markup: When it comes to the exchange rate markup, it’s usually between 0.3% to 0.6% is added to the mid-market exchange rate. That’s a breath of fresh air in an industry often marred by hidden fees and murky pricing structures;
• Sending money: Instarem offers a myriad of payment options for sending money. Here’s what you can use to fund your money transfer depending on your location:
  • Singapore: bank account, debit card, credit card, and PayNow;
  • UK: bank account and debit card;
  • Australia: bank account, debit card, credit card, POLi, and PayID transfer;
  • Malaysia: bank account and FPX;
  • US: wire transfer, debit card, credit card, ACH/direct debit, and Instarem as Payee;
  • EU: bank account and debit card;
  • Canada: INTERAC e-Transfer;
  • Hong Kong: bank account and debit card.
• Receiving money: When it comes to receiving, you can opt for a bank account, Alipay wallet in China, or even cash pickup in the Philippines;
• Payments flexibility: Instarem gives you the flexibility to manage your transactions through their online platform or mobile app, putting the power to transfer money right at your fingertips;
• Supported languages: While Instarem only supports English at this point, their user-friendly platform makes navigating and understanding your transactions a breeze;
• Regulated by: Rest assured, your money is safe with Instarem. The company is regulated by highly authoritative bodies in all of the countries that are available for sending funds, namely:
  • The Monetary Authority of Singapore in Singapore;
  • The FCA (Financial Conduct Authority) in the UK;
  • The ASIC (Australian Securities and Investments Commission) in Australia;
  • The Central Bank of Malaysia in Malaysia;
  • The FinCEN (Financial Crimes Enforcement Network in the United States;
  • The Bank of Lithuania in the European Union;
  • The FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) in Canada;
  • The Hong Kong Customs and Excise Department in Hong Kong;
  • The Bank of Indonesia in Indonesia;
  • The Kanto Local Finance Bureau in Japan;
  • The Reserve Bank of India in India.
• Mobile app: Instarem’s mobile app has won the hearts of users worldwide, with ratings of 4.1/5 on iOS and 4.3/5 on Android;
• Awards: Instarem isn’t just all talk. The company has received numerous awards and accolades for their expertise and innovative methods over the years:
  • Singapore Fintech Award (Singapore Fintech Festival, 2017);
  • FinTech Rising Star Award (India FinTech Awards, 2017);
  • Outstanding Digital Cross-Border Money Transfer Service (India FinTech Awards, 2017);
  • Blockchain Innovator Award (Swell by Ripple, 2018);
  • Excellence in Payments (Fintech Australia, 2018);
  • Best Value International Money Transfer Provider Award (Mozo Experts Choice, 2020 and 2021).

Instarem Features

With Instarem, it’s not about one-size-fits-all solutions. They understand that their users come from different walks of life, each with unique financial needs. That’s why they’ve designed a plethora of options when it comes to the types of accounts and money transfers.

Type of Accounts

• Personal Accounts
  If you’re an individual looking to send money abroad, Instarem has you covered. Their individual account offers a user-friendly interface that makes sending money a breeze.
  
  Need to pay for an online purchase from an overseas store? Sending money to family in another country? A personal account with Instarem can be your reliable partner. With competitive rates, transparent fees, and speedy transfers, your hard-earned money gets where it needs to be, without the hassle.
  
  
• Business Accounts
  Instarem isn’t just for individuals. They offer a robust suite of options for businesses too. Their business account is designed to help companies navigate the complex world of international money transfers.
  
  With features like mass payouts, multi-currency payments, and an efficient API, businesses can manage their global financial transactions with ease. Plus, the zero-margin FX rates mean you’re getting the best possible deal.

Type of Money Transfers

• Regular Transfers
  Instarem shines when it comes to regular transfers. Whether it’s sending money to family abroad or paying for a subscription service in another country, Instarem makes the process as simple as clicking a button. Regular transfers are typically processed within 1-2 business days, getting your money where it needs to be, pronto.
  
  
• Same-Day Transfers
  Need to send money urgently? No problem. Instarem offers same-day transfers for those urgent situations. Thanks to their sophisticated technology and network of banking partners, they can ensure your funds reach the recipient as fast as possible. Note that same-day transfers may be subject to certain conditions, so always check the details before you proceed.
  
  
• Bulk Transfers
  For businesses that need to send money to multiple parties at once, Instarem’s bulk transfer option is a godsend. This feature is ideal for businesses with international payroll needs or those needing to pay multiple vendors at once. And with Instarem’s competitive rates, you’re getting the most bang for your buck.

So, whether you’re an individual wanting to send money to your cousin in Australia, or a business needing to pay a vendor in Indonesia, Instarem has an account and transfer option that fits the bill.

Instarem’s amaze Card

In an era where cash is taking a backseat, the amaze by Instarem card is riding shotgun. This nifty card isn’t just another piece of plastic to add to your wallet – it’s your passport to a whole new world of seamless financial transactions.

What is the amaze card?

The amaze card is Instarem’s very own prepaid debit card. Think of it as your magic carpet, whisking you off to a world where managing money is effortless. Whether it’s online shopping, paying bills, or treating yourself to that grande latte, the amaze card is there to make it happen.

Features of the amaze card

• Digital and Physical Cards
  The amaze card is available in two forms – a physical card that you can carry in your wallet and a digital card that lives on your phone. This means you can enjoy the benefits of the amaze card whether you’re shopping in person or online.
  
  
• No Foreign Transaction Fees
  Wave goodbye to those pesky foreign transaction fees. With the amaze card, you can shop from international stores without worrying about extra charges. Plus, the card uses the real exchange rate (also known as the mid-market rate), so you know you’re getting a fair deal.
  
  
• Cashback
  Who doesn’t love cashback? With the amaze card, you can earn cash back on your transactions. It’s like getting paid to shop!
  
  
• Control at Your Fingertips
  With the amaze card, you’re in control. You can check your balance, track your spending, and manage your card directly from the Instarem app.

So, the amaze card isn’t just a debit card – it’s a smarter way to manage your money. It combines the flexibility of a debit card with the perks of a credit card, all while keeping things simple and straightforward.

Instarem International Money Transfer Costs

Navigating the costs of international money transfers can often feel like trying to solve a Rubik’s cube blindfolded. But with Instarem, they’ve taken the guesswork out of it. Let’s pull back the curtain on Instarem’s fees and rates so you can see exactly what you’re signing up for.

Transfer Fees

Instarem’s transfer fees aren’t set in stone, and that’s a good thing. They vary depending on the country you’re sending money from, the amount you’re transferring, and the payment method you choose. This flexibility ensures that you’re not overpaying for smaller transactions or underpaying for larger ones.

Before you confirm any transaction, you’ll see a clear breakdown of the transfer fee. No surprise fees, no extra charges, just total transparency. 

Exchange Rates

When it comes to exchange rates, Instarem is shaking things up. They operate on a symbolic margin FX rate policy. This means they add between 0.3% to 0.6% to the mid-market exchange rate. The mid-market rate is the fairest rate you can get – it’s the midpoint between the buy and sell rates on the global currency market.

This transparency in exchange rates is a rarity in the world of international money transfers. It ensures you’re always getting a fair and competitive rate.

Additional Fees

Instarem is all about keeping things simple and straightforward. That’s why they don’t charge any hidden or additional fees. The transfer fee and exchange rate are the only costs you’ll need to cover. 

However, it’s worth noting that in certain scenarios, a receiving bank may charge a fee to accept an international transfer. This isn’t a fee charged by Instarem, but rather by the recipient’s bank. It’s always a good idea to check with the receiving bank if any such charges apply.

How Safe is Instarem?

When it comes to dealing with your hard-earned money, safety is paramount. Thankfully, at Instarem, they don’t just understand that – they live it. Let’s take a deep dive into the measures Instarem takes to ensure your transactions are as secure as a vault in Fort Knox.

Regulatory Supervision

The first layer of safety at Instarem comes in the form of regulatory oversight. Instarem is authorized to operate in each of the countries from which it facilitates transfers. It’s regulated by several highly-respected bodies including:

• The Monetary Authority of Singapore in Singapore;
• The FCA (Financial Conduct Authority) in the UK;
• The ASIC (Australian Securities and Investments Commission) in Australia;
• The Central Bank of Malaysia in Malaysia;
• The FinCEN (Financial Crimes Enforcement Network in the United States;
• The Bank of Lithuania in the European Union;
• The FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) in Canada;
• The Hong Kong Customs and Excise Department in Hong Kong;
• The Bank of Indonesia in Indonesia;
• The Kanto Local Finance Bureau in Japan;
• The Reserve Bank of India in India.

This means that every move Instarem makes is closely monitored to ensure full compliance with the strictest financial standards.

Advanced Technology

Instarem uses cutting-edge technology to keep your transactions and data secure. They employ end-to-end encryption, ensuring that your data is protected from prying eyes. They also use secure servers and firewalls to add an extra layer of protection.

User Protection

But the safety measures don’t stop there. As a user, you also get a suite of security tools at your disposal. For instance, you can set up two-factor authentication (2FA) for an additional layer of security on your account. Plus, Instarem’s app sends instant notifications for every transaction, ensuring you’re always aware of any activity on your account.

Privacy Policy

Finally, Instarem is committed to safeguarding your privacy. Their privacy policy clearly outlines how they use and protect your data. They don’t sell your data to third parties, and they only share it when necessary to facilitate your transactions.

How Fast is Instarem?

In the era of instant messaging and same-day deliveries, we’ve come to expect speed in all areas of life. So why should money transfers be any different? With Instarem, they aren’t. Let’s hit the accelerator and see just how fast Instarem really is.

When it comes to money transfers, Instarem is more hare than tortoise. Most transfers are completed within 1-2 business days, meaning that your money can journey across the globe faster than a postcard!

What facilitates this speed? It all comes down to Instarem’s impressive network of banking partners and their proprietary technology. This dynamic duo helps ensure your money is transferred swiftly and securely.

Instarem also offers same-day transfers for those times when speed is of the essence. Note, however, that this is subject to certain conditions, such as the time of day the transaction is initiated and the countries involved.

To truly appreciate Instarem’s speed, let’s take a look at the industry average. Most traditional banks and money transfer services take between 3-5 business days to process an international transfer. Some can even take up to a week! So compared to the industry average, Instarem is considerably faster.

How to Use Instarem

You don’t need a compass and a map to navigate Instarem’s platform. In fact, you’ll be zipping through the process faster than calling the service to make a transfer on your behalf. Let’s break down the simple, straightforward steps to using Instarem.

• Step 1: Sign Up
  First things first, head over to the Instarem website or download the app on your iOS or Android device. Click on “Sign Up” and follow the prompts to create your account. You’ll need to provide some basic information such as your name, email, and contact details.
  
  
• Step 2: Verify Your Account
  Next up, you’ll need to verify your account. This is a crucial step to ensure your safety. You’ll be asked to upload some identification documents. It’s as simple as taking a selfie – just make sure the details are clear.
  
  
• Step 3: Set Up Your Transfer
  Now comes the exciting part – setting up your transfer. Enter the amount you want to send and the currency you’re sending in. Next, choose the recipient’s country and enter their bank details. Instarem will provide a clear breakdown of the transfer fee and exchange rate so you can see exactly where your money’s going.
  
  
• Step 4: Confirm and Pay
  Once you’ve double-checked the details, it’s time to confirm your transfer. Choose your payment method and pay for the transfer. Voila! Your money is now on its way.
  
  
• Step 5: Track Your Transfer
  Sit back and relax. You can track your transfer right from your Instarem account. They’ll keep you updated every step of the way until your money reaches its destination.

Instarem’s Cancellation Policy

Cancellations are a bit like party poopers, aren’t they? Well, nothing to worry about. When it comes to canceling a transfer, Instarem has got your back. Let’s delve into the details of their cancellation policy.

With Instarem, canceling a transfer is quite straightforward. If you’ve had a change of heart or need to modify the transfer details, you can cancel your transaction directly from your account dashboard. However, there’s a catch: you can only cancel a transfer if it hasn’t been processed yet.

Here’s how it works:

• Before Transfer Is Processed
  You can cancel your transfer from your account dashboard if the transfer hasn’t been processed yet. The funds will be refunded to your account, and you won’t be charged any cancellation fee.
  
  
• After Transfer Is Processed
  Once your transfer has been processed, it becomes a bit trickier to cancel. This is because the funds have already been dispatched to the recipient. At this stage, canceling the transfer would depend on the policies of the receiving bank and local regulations. It’s best to contact Instarem’s customer service for assistance in such cases.

Refunds typically take 5-7 business days to reflect in your account, but this may vary depending on your bank.

It’s also worth noting that Instarem’s customer service is available to assist you with any cancellation issues. Their team can help guide you through the cancellation process and address any concerns you may have.

Instarem Customer Service

Customer service is like the cherry on top of a good money transfer experience. At Instarem, they serve up this cherry with a dash of efficiency and a sprinkle of friendliness. Let’s explore what Instarem’s customer service has to offer.

Instarem provides several support options to help address your queries and concerns. You can reach out to them via:

• Email support: You can drop them an email with your query, and they’ll get back to you in no time;
• Live chat: Need a quick response? Their live chat option is your best bet. It’s available on their website 24/7 and is manned by helpful support staff;
• Phone support: You can call them up for a more personalized service. They have dedicated phone lines in each of the countries they operate from, ensuring you’re never far from help;
• FAQs: Their comprehensive FAQs section is like a self-help guide. It covers a range of topics and can help answer most of your questions.

Now, what do customers think about Instarem’s customer service? If the Trustpilot rating of 4.4/5 is anything to go by, customers are generally quite happy with the support they receive. Users have praised the prompt response, friendly service, and problem-solving approach of the support staff.

That being said, no service is perfect, and there have been a few instances of customers facing delays or needing follow-ups for resolution. However, these seem to be more of the exception than the rule.

How Does Instarem Compare With Its Competitors?

In the international money transfer arena, there are heavyweights, featherweights, and then there’s Instarem – dancing nimbly in a league of its own. But how does it stack up against the competition? In this review, we’ve run Instarem through the gauntlet, comparing it with some top contenders in the field.

What Instarem Excels In

Where Instarem shines brighter than a supernova is in its user-friendly design and competitive pricing. It’s like the Apple of money transfers – sleek, intuitive, and visually appealing. The navigation is so seamless that even your technophobe dad could use it with ease.

The competitive pricing is another feather in Instarem’s cap. With transparent fees and low exchange rate markups (usually between 0.3% to 0.6%), Instarem offers value that’s hard to beat.

Instarem also takes home the gold in speed. With most transfers completing within 1-2 business days, it leaves many competitors eating its dust.

And let’s not forget the amaze card. With its cashback and reward points, it’s like the gift that keeps on giving.

What Instarem Could Improve On

However, every hero has its Achilles heel, and for Instarem, it’s the limitation on the sending locations. With only 9 countries currently supported for sending funds, it’s a bit like having a supercar but only being able to drive it in a limited area.

Instarem also falls a bit short in language support, offering its services exclusively in English. This could be a hurdle for non-English speakers.

And while Instarem’s customer service generally receives high praise, there are a few scattered instances of delays or need for follow-ups. But, to be honest, even the best restaurant gets a bad review now and then.

The Bottom Line

When stacked against the competition, Instarem holds its own and more. Its user-friendly interface, competitive pricing, and speedy transfers put it firmly in the upper echelons of the fintech world.

Sure, there are areas for improvement, but overall, Instarem is like a well-rounded athlete – strong, agile, and a formidable contender in the international money transfer game. So if you’re looking for a money transfer service that offers great value, then Instarem is a name to consider.

Instarem vs. OFX

Feature	Instarem	OFX
Founded in	2014	1998
Trading Volume	$3 billion annually	$140 billion
Trustpilot Rating	4.4 / 5	4.2 / 5
Suitable for	Small and medium money transfers and remittances	Large money transfers
Transfer Fee	Depends on the selected countries, the transfer amount, and the selected payment method.	AUD $15.00 under $10,000 (Australia); CAD $15.00 under $10,000 (Canada); HK $60.00 under $50,000 (Hong Kong); NZD $15.00 under $10,000 (New Zealand); No fee for the rest of the world.
Average Exchange Rate Markup	An average of 0.3% – 0.6% is added to the mid-market exchange rate.	0.4% – 1.9% is added to the mid-market exchange rate
Minimum Transfer Amount	$1 (or currency equivalent); $50 in India.	$1000 in the US; £100 in the UK; €2 in the EU; $150 in Hong Kong and Singapore; AUD $250 and its currency equivalent in the rest of the world.
Maximum Transfer Amount	Depends on the origin country and the selected payment method.	No limit
Transfer Speed	1-2 business days on average	1-4 days (the average time is 1-3 days for major currencies and might extend to 3-5 days for exotic currencies).
Dedicated Dealer	No	Yes
Countries Covered	9 countries to send from; 60+ countries to send to.	190+ countries
Currencies Covered	Over 30 global currencies	55 currencies
Payment Methods	Bank account, debit card, credit card, and other local payment methods.	Bank account
Receiving Methods	Bank account, Alipay wallet, and cash pickup for the Philippines.	Bank account
Cash Pick-Up Option	Only for the Philippines	No
Instant Custom Quote	Yes	No
Business Features	Bulk Payments	Forward contracts, limit orders, spot transfers, recurring payments, rate alerts, risk calculator.
Flagship Debit Card	Yes (amaze card)	No
Mobile App	Yes	Yes
Cancellation Policy	Without a cancellation fee if the transfer hasn’t been processed. Contact customer services to discuss cancellation if the transfer has been processed.	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.

Read our full OFX review.

Instarem vs. Wise

Feature	Instarem	Wise
Founded in	2014	2011
Trading Volume	$3 billion annually	£76.4 billion in 2022
Trustpilot Rating	4.4 / 5	4.5 / 5
Suitable for	Small and medium money transfers and remittances	Small money transfers
Transfer Fee	Depends on the selected countries, the transfer amount, and the selected payment method.	Variable fee – 0.4% – 0.6% of total amount (on average); Fixed fee – £0.2 – £0.3 on average
Average Exchange Rate Markup	An average of 0.3% – 0.6% is added to the mid-market exchange rate.	No markup on mid-market rates
Minimum Transfer Amount	$1 (or currency equivalent); $50 in India.	£1
Maximum Transfer Amount	Depends on the origin country and the selected payment method.	$6,000,000 USD; $1.8 million AUD; $1.5 million CAD; €6,000,000 EUR; £5,000,000 GBP.
Transfer Speed	1-2 business days on average	0-2 days (within minutes for over 50% of the transfers)
Dedicated Dealer	No	No
Countries Covered	9 countries to send from; 60+ countries to send to.	Over 170 countries
Currencies Covered	Over 30 global currencies	Over 50 currencies
Payment Methods	Bank account, debit card, credit card, and other local payment methods.	Bank account, credit/debit card, Apple/Google Pay, PayPal
Receiving Methods	Bank account, Alipay wallet, and cash pickup for the Philippines.	Bank account or ATM (through online account)
Cash Pick-Up Option	Only for the Philippines	No
Instant Custom Quote	Yes	Yes
Business Features	Bulk Payments	Batch payments, invoicing, multi-user access, recurring transfers, digital multi-currency wallet, rate alerts, and API integration
Flagship Debit Card	Yes (amaze card)	Yes
Mobile App	Yes	Yes
Cancellation Policy	Without a cancellation fee if the transfer hasn’t been processed. Contact customer services to discuss cancellation if the transfer has been processed.	Users can cancel a transfer as long as they’re able to see the “cancel transfer” option on their transfer

Read our full Wise review.

Instarem vs. XE

Feature	Instarem	XE
Founded in	2014	1993
Trading Volume	$3 billion annually	$115 billion in 2018
Trustpilot Rating	4.4 / 5	4.2 / 5
Suitable for	Small and medium money transfers and remittances	Both small and large money transfers
Transfer Fee	Depends on the selected countries, the transfer amount, and the selected payment method.	£2.00 under £250 (UK); €2.00 under €250 (EU); No fee for other sums.
Average Exchange Rate Markup	An average of 0.3% – 0.6% is added to the mid-market exchange rate.	An average of 0.2% to 1.4% is added to the mid-market exchange rate.
Minimum Transfer Amount	$1 (or currency equivalent);$50 in India.	£1 (or currency equivalent)
Maximum Transfer Amount	Depends on the origin country and the selected payment method.	£350,000 (UK and EU); $535,000 (US); CAD $535,000 (Canada); NZD $750,000 (New Zealand).
Transfer Speed	1-2 business days on average	An average of 1-4 working days
Dedicated Dealer	No	Only for those transferring above $70,000
Countries Covered	9 countries to send from; 60+ countries to send to.	Over 130 countries
Currencies Covered	Over 30 global currencies	Nearly 100 currencies
Payment Methods	Bank account, debit card, credit card, and other local payment methods.	Bank account or credit/debit card
Receiving Methods	Bank account, Alipay wallet, and cash pickup for the Philippines.	Bank account and cash
Cash Pick-Up Option	Only for the Philippines	Yes
Instant Custom Quote	Yes	Yes
Business Features	Bulk Payments	Spot contracts, forwards contracts, market orders, digital multi-currency wallet, rate alerts, and API portal
Flagship Debit Card	Yes (amaze card)	No
Mobile App	Yes	Yes
Cancellation Policy	Without a cancellation fee if the transfer hasn’t been processed. Contact customer services to discuss cancellation if the transfer has been processed.	Only for cash pick-up transfers when the cash hasn’t been collected by the recipient

Read our full XE review.

Instarem Customer Reviews

What’s the word on the street about Instarem? Well, if online customer reviews are anything to go by, Instarem seems to be making quite a splash in the international money transfer pond.

Instarem has an impressive Trustpilot rating of 4.4 out of 5. Now that’s a score not to be sniffed at! Here’s a breakdown of what customers love about Instarem, and a few areas they think could use a bit of polishing:

The Positives

• Ease of use: Many customers have praised Instarem’s user-friendly interface. It seems that Instarem’s sleek design and intuitive navigation have won many hearts;
• Speed: Many users have expressed their delight at the speedy transfer service provided by Instarem. There’s no beating around the bush – users love that their money reaches its destination super fast;
• Competitive rates: Many reviews highlight the attractive exchange rates and low transfer fees offered by Instarem. It’s clear that customers appreciate the great value they’re getting;
• Customer service: Several reviews praise the helpful and responsive customer service at Instarem. It seems that when it comes to customer support, Instarem’s team is on the ball.

The Negatives

• Limited sending locations: Some users have expressed disappointment that they can’t send money from more countries. It seems that for some users, Instarem’s supercar needs a bigger racetrack;
• Occasional delays: A few reviews mention delays in transfer or need for additional verification documents. However, these appear to be relatively rare instances.

Positive Instarem Customer Reviews

The funds were credited to my India account in less than 5 minutes. That wasn’t expected. Payment through Instarem isn’t only easy but quick. Indeed, it’s a great achievement and I appreciate the team behind Instarem making this possible.

– Ayyappa Peteti

Singapore to Sri Lanka transfer. Regular (automated) email updates of stage of progress and confirmation when finally in acct. Took almost 24 hours, but was sent after hours in Singapore so no complaints. (This is my genuine review but for privacy purposes I’m sending it from a different account).

– Sam Ralston

I have been using it for years now & have never faced a problem with it. Even in the case of some issues, customer support is very prompt in resolving them. Basically, I feel that they provide the best conversion rate with the least charges for international transfers & hassle-free experience.

– Anil Gudipalli

I have transferred money internationally with Instarem on several occasions now. They have very competitive conversion rates and, once you have the recipient’s details set up, their site is easy to use. I transferred money across to Instarem at 10.02 am and was notified by my bank in France that the money was in my account at 10.12 am!

– Jose

I have been using instarem for the past few months, I’m getting my amount on time. The problem is that Instarem asks for a lot of information about the savings account & SSA details etc. I did use multiple apps for money transfer but no one asks for this much information. So I would kindly ask Instarem to check if they can reduce the data collection & focus more on just transfers. I suggested this application to multiple people & they rejected it just because of this reason. 

– J.P.

Negative Instarem Customer Reviews

I was expecting a fast transfer as per what’s advertised on Instarem’s website. I registered on Friday 24th March 2023. It took Instarem 25 hours to verify the account, which meant the transfer didn’t complete in a timely manner (on the 24th March 2023). I think it would be beneficial for Instarem to advertise that they may take up to 24-48 hours for due diligence at the point of signing up, rather than leaving a customer wondering what’s happening.

I contacted Instarem today to find that the transfer could take all day to process. I can’t endorse this service as being fast. The only fast element of the service is the live chat on their website. I think Instarem should make sure it’s known that weekends delay their operations. This wasn’t clear at the point of signing up either. It was their actions that made the weekend a problem. I wish I could have had a more positive experience.

– C.H.

My previous UPI transfer was canceled without any proper justification and thereby I made this transaction. However, I got a lower rate for this transaction, though the markets don’t function on a weekend, your rate changed after I made the transaction. You guys were good initially, when starting off – but have become pretty bad over a period.

– Narayan G.

Needed to send money to my nephew in Germany. Had to wait days to confirm my account, then today I did two transactions because the amounts are limited (I had to break up the total amount into three payments). The system wouldn’t let me do the last transaction! Tried speaking with a live chat… that person didn’t have any idea what I was talking about! Got a call back from an “Ashley”… she asked detailed questions about me and the transaction, then hung up! Can’t get through to anyone now. I certainly made my bank aware of all of this and they’re keeping a VERY close eye on my account!

– Hannelore Schanzenbacher

Instarem Alternatives

Currencies Direct

Just like in any good movie, there’s always an alternative to the main character. In the world of international money transfers, one such alternative to Instarem is Currencies Direct. Let’s delve into what makes them a compelling choice.

• Range of Services
  Currencies Direct isn’t just a one-trick pony. They offer a range of services including personal transfers, business solutions, and even currency risk management services. So, whether you’re sending money to family overseas, making business payments, or looking to hedge against currency fluctuations, they’ve got you covered.
  
  
• No Transfer Fees
  Who doesn’t love a freebie? With Currencies Direct, there are no transfer fees. That’s right, zero, zilch, nada. This can make a significant difference, especially for regular or high-value transfers.
  
  
• Global Reach
  Unlike Instarem’s 9 sending locations, Currencies Direct boasts a more extensive global reach. They allow you to send money from a multitude of countries, which can be a game-changer for many users.
  
  
• Multilingual Support
  While Instarem supports only English, Currencies Direct is fluent in several languages. This could be a significant advantage for non-English speakers or for businesses dealing with international clients.
  
  
• Dedicated Account Manager
  Currencies Direct provides every customer with a dedicated account manager. This personal touch can make a world of difference in customer experience, ensuring you always have someone familiar to talk to about your account or transfers.
  
  
• Forward Contracts
  This is a unique feature that allows you to lock in a current exchange rate for future transfers. It’s a great tool for mitigating currency risk, especially in today’s volatile economic climate.

MoneyGram

MoneyGram is a well-known veteran in the money transfer game. While Instarem might be the sleek, nimble newcomer, MoneyGram is the seasoned pro with a solid track record. Let’s explore what makes MoneyGram a reliable alternative to Instarem.

• Extensive Network
  MoneyGram has one of the most extensive networks in the money transfer industry. With over 350,000 agent locations in more than 200 countries, MoneyGram makes Instarem’s network look like a cozy neighborhood.
  
  
• Cash Pickup
  Unlike Instarem, which mainly offers bank account transfers, MoneyGram offers the option for cash pickups. This can be a game-changer in countries where the banking infrastructure is less developed.
  
  
• In-person Transfers
  Alongside online transfers, MoneyGram also provides the option for in-person transfers at their agent locations. This can be a boon for those who prefer the human touch or lack access to online services.
  
  
• Sending Options
  MoneyGram offers multiple ways to fund your transfer, including credit/debit cards, bank accounts, and even cash at agent locations.
  
  
• Multilingual Support
  While Instarem supports only English, MoneyGram offers support in multiple languages, broadening its appeal to a wider range of customers.
  
  
• Speed
  MoneyGram offers same-day service and even instant transfers in some cases, making it a competitive alternative to Instarem’s speedy service.

So, while Instarem might win on the pricing front with its low fees and small exchange rate markup, MoneyGram counters with its extensive network, cash pick-up option, in-person services, and multilingual support.

Remitly

We have a third contender that deserves a mention: Remitly. Let’s dive into where they shine and where they don’t quite match up to Instarem.

Where Remitly Excels

• Delivery Options
  Remitly offers multiple delivery options including bank deposit, cash pickup, mobile money, and home delivery in some locations. This variety adds a level of flexibility that outshines Instarem’s mainly bank-account-based transfers.
  
  
• Speed
  Much like Instarem, Remitly offers speedy transfers. In fact, they even have an Express service for urgent transfers that need to reach their destination pronto.
  
  
• Promotional Rates
  Remitly often offers promotional rates for new customers. This can be a significant advantage for first-time users, giving them even better value for their money.
  
  
• Customer Support
  Remitly offers multilingual customer support, a definite one-up over Instarem’s English-only support.

Where Remitly Falls Short

• Fees
  Unlike Instarem’s transparent and competitive fee structure, Remitly’s fees can be a bit higher, particularly for their Express service.
  
  
• Sending Countries
  While Remitly covers a good number of countries for sending money, it falls short of Instarem’s extensive list.
  
  
• Interface and User Experience
  While Remitly’s platform is user-friendly, it doesn’t quite match the sleek, modern, and intuitive design of Instarem.

Conclusion

Let’s land this money-transfer plane, shall we?

Today, we’ve got Instarem – the hip, modern contender that’s shaking things up in the international money transfer ring. Its sleek design and user-friendly interface have us swooning. It’s as quick as a whip, and its competitive pricing certainly doesn’t hurt. Instarem’s been making quite the splash, and for good reason!

On the other hand, we’ve seen that the money transfer world isn’t a one-size-fits-all game. Depending on your personal or business needs, you might find alternatives like Currencies Direct, MoneyGram, or Remitly more your speed. Maybe you need more sending locations, or you’re after the option for cash pickups, or perhaps a dedicated account manager tickles your fancy.

As with any tech-driven service, the devil’s in the digital details. So, remember to keep your eye on the ball. Consider your unique needs, do your homework, and choose the service that fits your bill best.

F.A.Q.

Can I send money instantly with Instarem?

Not exactly “instant”, but pretty close. Depending on the currency pair and banking hours, Instarem’s transfers usually hit the finish line in 1-2 business days.

Are there any hidden fees with Instarem?

No, there are none! Instarem’s pricing is as transparent as a crystal clear lake. You’ll see all the fees upfront before you make the transfer.

Can I use Instarem if I live outside the countries it operates in?

Sorry, but no. Currently, you can only use Instarem to send money from the countries they’re operational in.

What’s the deal with Instarem’s amaze card?

Instarem’s amaze card is a prepaid card that lets you earn rewards, offers real-time control of your money, and can be used worldwide.

Can I use Instarem to pay bills or tuition fees abroad?

Yes indeed! Instarem can be used to pay for tuition fees or other bills internationally. A relief for all those parents with kiddos studying abroad!

What’s the max amount I can send with Instarem?

This one depends on the country of origin and the payment method. So, make sure to obtain a free quote with your desired transfer amount to see if Instarem can facilitate the transfer.

Can I use Instarem for my business transactions?

Absolutely! Instarem caters not just to individuals but to businesses as well, offering competitive rates, speedy transfers, and real-time tracking.

Why should I choose Instarem over other money transfer services?

Instarem shines with its user-friendly interface, competitive pricing, speedy transfers, and fantastic customer service. But remember, the best choice depends on your specific needs.

Can I schedule recurring transfers with Instarem?

As of now, Instarem doesn’t offer the ability to schedule recurring transfers. Each transfer is a one-time event. You’ll have to manually set up each transfer.

Can I send money to a mobile wallet with Instarem?

For now, Instarem doesn’t offer mobile wallet transfers. However, you can send money to a bank account, Alipay wallet in China, and cash pickup in the Philippines.