InstaReM Transfer Fees and Costs

Opening an account with InstaReM is free for both individuals and enterprises. Rates and exchange rates depend on the amount of money you transfer abroad, the currency you are exchanging for, and the current exchange rate at the time of the transfer.

The service provides preliminary transparent commissions for currency transfers based on a low commission and not on a fixed commission, which, of course, makes it very attractive for transferring small amounts. Fees are based on a small premium to the mid-level base exchange rate. This allows enterprises and individuals to understand exactly how much they will pay for money transfers. Their prices are low, from 0.25% to 0.5% of the amount transferred.

InstaReM charges a fee of about 0.5% for remittances from Hong Kong and Australia and 0.25% for remittances from Singapore. This is the only commission charged by InstaReM, which is based on a standard mid-level interbank exchange rate.

Usability

InstaReM is easy to navigate – in order to start working with InstaReM, the client needs to enter their name, address, contact details, date of birth, bank details and identity card. InstaReM will check your identity documents to get permission. As soon as the identity is verified, the account will be open within 24 hours.

To make a transfer, you need to log into your account, provide the data of the sender and recipient, and then send the money. InstaReM converts the funds of the sender into the necessary currency and deposits them into the beneficiary’s bank account.

InstaReM offers several options for depositing funds in a transfer. It may vary depending on the country and currency from which the money is transferred.

• Bank Transfer (EFT) from any local currency or country where services are provided.

• Direct bank payment using the POLi system in Australia in Australian dollars.

• International bank transfer through SWIFT in US dollars.

All InstaReM transfers will be credited directly to the recipient’s local bank account in their national currency. The recipient can withdraw money at a local bank branch in person or through an ATM. There are currently no other ways to receive it.

Mobile product

InstaReM also provides customers with mobile applications for Android and IOS devices, which can be used to initiate transfers and track transactions but cannot recharge directly from the application.

Trustworthiness & Reliability

InstaReM is a fully licensed money transfer service provider and is regulated and licensed by the authorised bodies of the countries from which it operates.

The service is registered and regulated by:

• Australian Securities and Investments Commission (ASIC) and Australian Transaction Reports and Analysis Centre (AUSTRAC)

• Hong Kong Customs and Excise Department (C&ED)

• Monetary Authority of Singapore (MAS)

• Bank Negara Malaysia (BNM)

• Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

• Community Federal Savings Bank (CFSB)

• Reserve Bank of India (RBI)

In the EU and Great Britain, it is licensed by the Bank of Lithuania, which operates in 28 member states of the EU.

InstaReM is also certified according to ISO 27001 – the Global Standard for Information Security Management Systems – which provides adequate and proportionate security controls that protect the information assets used by customers. It stores the clients’ money in accordance with the monetary rules, which means that all the clients’ funds are stored in a separate clients’ cash account, separate from InstaReM’s operating money.

Business product offering

For corporations and small and medium-sized enterprises, InstaReM provides a unified global payment platform called MassPay. The configurable and feature-rich MassPay system allows companies to make bulk payments to multiple payees in different currencies. Small and medium-sized enterprises can easily pay their foreign employees, freelancers and suppliers through the InstaReM network, which includes more than 8,000 banks in more than 55 countries.

InstaReM’s promise for these multicurrency payments and accounts is: “The full amount, without deductions, a simple reconciliation.” With MassPay, cross-border remittance costs for businesses can be significantly reduced. Corporations can also support multi-currency wallets by keeping money in their wallets. In addition, InstaReM offers API integration.

Product Coverage & Service

Global Reach is a company that continues to reinvent itself. Constantly expanding its offer and the currencies with which it can work, Global Reach Group annually attracts a new potential audience and demonstrates strong corporate growth from year to year. 

Customer Feedback & Satisfaction

Global Reach is one of the few companies involved in this competitive and sometimes ugly business that has received very few complaints online. The company’s reputation is very good.

The vast majority of customers are not only satisfied with the service but also feel a certain identity with the company.

Global Reach has a 9.5/10 rating on Trustpilot – 90% of the reviews are perfect, 8% are very positive, 1% average, and none of the reviews are bad or terrible.

Customer Help & Assistance

InstaReM support staff work around the clock, seven days a week. You can contact them by email and phone, for which the company offers various free local and international phone numbers and an additional convenient call-back service.

Pricing Transparency

InstaReM accepts customers from most countries of the world and supports more than 140 currencies, which makes it attractive for sending money abroad.

The company aims to provide cost-effective transfers – it has a transparent commission structure and offers a guarantee of the best exchange rate.

Individuals and enterprises can protect themselves from negative changes in exchange rates using various hedging tools.