InstaReM Review - Money Transfer Costs and FXcompared’s rating

3.9/5
Very Good
InstaReM
Rating based on expert reviews by FXcompared
Go to InstaReM
Rating based on expert reviews by FXcompared
Last updated | June 16th, 2020

InstaReM Review

InstaReM is a relatively new international money transfer company that offers extremely competitive exchange rates and low transfer fees. The platform provides quick money transfers, which usually take no more than one day. It also offers a range of specialised services for small and medium-sized businesses, and loyalty points are offered upon registration, recommendations and with each transaction.

Despite the fact that InstaReM was launched recently, in 2015 (it was co-founded by fintech entrepreneurs Prajit Nanu and Michael Bermingham), the client base has grown to 35,000 customers who use the platform every month. The company has a unique payment network in Asia and processes more than half a million transactions per year. Headquartered in Singapore, it currently has a team of more than 100 employees worldwide and is a licensed service provider in Australia, Malaysia, Singapore, India, Canada, the US, the UK and Hong Kong.

InstaReM Transfer Fees and Costs

2.8/5
Acceptable
InstaReM
Rating based on expert reviews by FXcompared
Go to InstaReM

InstaReM Transfer Fees and Costs

Competitiveness on FXcompared for low value transfers e.g. sending GBP200
InstaRem charges between 0.25% and 0.75% per transfer
4/5
Competitiveness on FXcompared for medium value transfers e.g. sending GBP10,000
Between 0.25% and 0.75% fee is in place
3/5
Competitiveness on FXcompared for high value transfers e.g. sending GBP250,000
A charge of between 0.25% and 0.75% is applied
2/5
Does FXcompared have direct access to the pricing
InstaRem makes their charges obvious from the outset
1/2
Is it possible to lock in future exchange rates
No, future exchange rates cannot be locked in
0/1

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.

InstaReM will offer you

 

  • Excellent exchange rates
  • Fast and secure international transfers
  • Excellent functionality including a mobile app
  • numerous transfer methods

 

Customers can open an account in minutes online, or over the phone with the support of their personal account manager.

Usability

4.5/5
Exceptional
InstaReM
Rating based on expert reviews by FXcompared
Go to InstaReM

Usability

Easy to understand website
Yes, it is well designed and easy to navigate
2/2
Simple sign up process (number of steps)
Click sign up, choose individual or business, enter your details then click the sign up button and you are registered
2/2
Easy to setup a transfer once registered
It is easy to setup transfers
2/2
Provider offers a service that our users often sign up to
InstaRem has a lot of excellent reviews
1/2
Mobile notifications available on completed transfers
Yes, through the InstaRem app
2/2

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

5.0/5
Exceptional
InstaReM
Rating based on expert reviews by FXcompared
Go to InstaReM

Mobile product

Easy to use mobile website
The mobile site is optimised to be used easily on all modern devices
2/2
Easy to use mobile app
The app is well designed and simple to use
2/2
Can transact in the app
Yes, all services are available to app users
2/2
Range of in-app product offering
The full range of products are on offer
2/2
App store rating
The app has a good rating on app stores
2/2

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

3.4/5
Very Good
InstaReM
Rating based on expert reviews by FXcompared
Go to InstaReM

Trustworthiness & Reliability

Fully licensed and authorised
InstaRem is regulated by a number of different regulators including FinTRAC and the FCA
4/4
Total amount transferred for their customers
More than £2bn
1/3
Business revenue
Not available at the current time
1/3
Year on year growth
A fast growing customer base and regular investments are helping InstaRem to grow each year
1/1
Number of employees
More than 100 across the world
1/1
Head office location
Singapore
1/1
Branded search performance
InstaRem shows fantastic branded search performance
1/1
How long has the company been a partner of FXcompared
InstaRem is a relatively new partner due to their own short lifespan
1/2
How long has the company been established?
InstaRem was established in 2015
2/3
Quality of financial backers
There are lots of investors at the moment, including Vertex and GSR Ventures
2/2
Private or public company
InstaRem is a private company
0/1

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

2.9/5
Acceptable
InstaReM
Rating based on expert reviews by FXcompared
Go to InstaReM

Business product offering

Distinct offering for business
There is a business account available with InstaRem
2/4
Broader product set for business
Business accounts have more features
2/3
Specialised team to support businesses
Traders get a business support team
2/2
Receivables product options
Not offered by InstaRem
1/1
Marketplace seller product offering
Not available on the list of products
0/2

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

3.3/5
Very Good
InstaReM
Rating based on expert reviews by FXcompared
Go to InstaReM

Product Coverage & Service

Number of sending and receiving countries
More than 50 countries are available to customers
2/4
Number of available languages
English is the only available language
1/2
Pay in options
Bank transfers and debit/credit cards
2/4
Pay out options
Bank transfers and debit/credit cards
1/2
Additional services
At the moment there are no extra services
1/2
Minimum send amount
Minimum of $50 Australian, or equivalent
2/2
Maximum send amount
No maximum transfer amount is in place at the moment
2/2
Speed and options for speed of transfer
InstaRem aims to have transfers completed within a day
2/2

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

4.7/5
Exceptional
InstaReM
Rating based on expert reviews by FXcompared
Go to InstaReM

Customer Feedback & Satisfaction

Customer help including onboarding
Simple and easy to sign up to InstaRem
2/2
Ease of transfer
Transfers are very easy to carry out
2/2
Exchange rates
InstaRem is slightly higher than other operators for exchange rates
2/2
Fees
Fees are kept low and do not fluctuate massively
2/2
Solving issues
Issues are solved efficiently with InstaRem
1/2
Online/mobile experience
The InstaRem site is designed superbly for customers
2/2
Customer service
Top-quality customer reviews for the customer service
2/2
Overall experience
InstaRem gets high ratings across most customer review platforms
2/2

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

3.5/5
Very Good
InstaReM
Rating based on expert reviews by FXcompared
Go to InstaReM

Customer Help & Assistance

How good is the help section on the website?
The FAQ section makes it very simple to find what you need
2/2
Is there live online support?
Live chat is available to customers of InstaRem as well as non-customers
1/1
Is there email support - and to customers and non customers?
All users of InstaRem have access to email support
1/1
Is there phone support ?
Customers and non-customers can both use phone support with InstaRem
1/2
Is the company easy to contact?
It is very easy to get in touch with InstaRem if there is an issue
1/1
Are FAQs and support available in more than one language?
There is only English available, even on foreign versions of the website
1/1
Is there an FX dealer to support customers
No, InstaRem does not offer an FX dealer for support
0/2

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

5.0/5
Exceptional
InstaReM
Rating based on expert reviews by FXcompared
Go to InstaReM

Pricing Transparency

Is there an explicit exchange rate margin in the total cost of transfer?
InstaRem uses a flat fee to work out charges
2/2
Are the fees easy to understand?
They are very simple, a flat fee with no added extras
2/2
Does the company combine fees and exchange rate or clearly broken out?
No, they do not, InstaRem offers margin free trading
2/2
Is a real time quote available without registering?
Yes, there is a widget on the site to work out costs
2/2

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.

Alternatives to InstaReM

Sed posuere consectetur est at lobortis. Morbi leo risus, porta ac consectetur ac, vestibulum at eros.

TorFX
Rating based on expert reviews by FXcompared
Go to TorFX
WorldFirst
Rating based on expert reviews by FXcompared
Go to WorldFirst
OFX (UK)
Rating based on expert reviews by FXcompared
Go to OFX (UK)

Compare Other Currency Rates

Need payment solutions for your business? Click here to use our business tool >

Compare to quote from your bank >


Other International Money Transfer Quotes

Moneycorp

Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

More InfoLess Info
Amount Received
USD $12,643.46
GBP £135.32
saved vs. banks

TorFX

Est. 2004

Excellent exchange rates | No transfer fees | Thousands of 5 star reviews 

More InfoLess Info
FXcompared Rating
Amount Received
USD $12,795.20
GBP £253.32
saved vs. banks

OFX (UK)

Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

More InfoLess Info
Amount Received
USD $12,759.00
GBP £225.17
saved vs. banks

Currencies Direct

Est. 1996

Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure

More InfoLess Info
Amount Received
USD $12,795.20
GBP £253.32
saved vs. banks

Global Reach (formerly FC Exchange)

Est. 2005

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

More InfoLess Info
Amount Received
USD $12,743.76
GBP £213.32
saved vs. banks

Western Union Business Solutions

Est. 2009

The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

More InfoLess Info
Amount Received
USD $12,666.61
GBP £153.32
saved vs. banks

RationalFX

Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
More InfoLess Info
Amount Received
USD $12,750.19
GBP £218.32
saved vs. banks

WorldFirst

Est. 2004

Transparency and security | Great customer feedback rating from Feefo

More InfoLess Info
Amount Received
USD $12,499.69
GBP £23.52
saved vs. banks

Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

More InfoLess Info
Amount Received
USD $12,755.34
GBP £222.32
saved vs. banks

Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More InfoLess Info
Amount Received
USD $12,750.19
GBP £218.32
saved vs. banks

Rates From The Average UK High Street Bank

Est. 1934

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More InfoLess Info
Amount Received
USD $12,436.17
No saving vs. banks

PayPal

Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

More InfoLess Info
FXcompared Rating
Amount Received
USD $12,091.41
No saving vs. banks

How can I get in touch with InstaReM?

TheInstaReM website has all the necessary contact details to contact the hotlineservice.

How do InstaReM’s money transfers work?

Tomake the transition, the client needs to log in and then create an applicationfor sending money, after which the funds will be transferred to the recipient’saccount.

Is there an InstaReM application?

Yes.InstaReM has an application on mobile devices. The client can download it onAndroid and on ISO.

Is InstaReM reliable?

Definitely,yes. Global Reach Group is one of the most respected money transfer services inthe UK, with more than 20,000 customers and payments of £5bn. The company isalso among the leaders, according to reviews.

fxc.jpg

Why you can trust FXcompared's reviews

FXcompared's goal is to help you find the best money transfer provider for your needs. 

We have been comparing money transfer companies longer than anyone else (over 10 years) and work with the leading money transfer providers across the globe.

We have deep knowledge of the money transfer sector including our own data and intelligence arm allowing us to provide the level of in-depth reviews and analysis we have offered here.

We have had a relationship with InstaReM for a number of years which allows us to access their exchange rate and fees information and we have many checks in place to ensure this is accurate. Partnerships with providers like InstaReM help us provide our site and services free of charge to our users.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.