InstaReM Review

 

Introduction

InstaReM is a relatively new international money transfers company offering exceptionally competitive exchange rates and low transfer fees. The platform delivers rapid money transfers, usually taking no more than one day after finding the transfer to reach recipients. It also offers a suite of specialised services for small and medium sized businesses, and loyalty points are offered upon signup, referral and with every transaction.

Fee: ?
Bank Partner: ?
Speed: ? 1-2 days
Country Notes Instarem currently enable money transfers from Australia, Singapore, Malaysia, India, EU, UK, USA and Hong Kong to over 55 countries across the globe.
Local settlement: ? UK, Europe, Hong Kong, Singapore, Malaysia, India, Australia, Canada
Transfer methods ? Phone and online transfer services
Regulated By: ? ASIC, MAS, FinTRAC, FCA, Bank of Lithuania
General Notes InstaReM focuses on international money transfers for individuals and businesses. It is committed to making the process of transferring money to family, friends and businesses overseas simple, quick and cost-effective.

The pros and cons of using InstaReM

pros

Very competitive and well-priced money transfer services

Specific services suited to small and medium sized businesses

Fast transfers usually done within one day 

Easy-to-navigate website
 

cons

Relatively new company – launched in 2015

Lack of countries to send money to

Does not accept cash deposits
 

InstaReM

InstaReM Products for Individuals

 Individual customers needing to make cross-border payments can immediately benefit from InstaReM’s bank-beating exchange rates (the company name is a contraction of “Instant Remittance”). There are no hidden commissions, just a single transparent fee of between 0.25% (from EUR) to 0.75% (from INR) of the transaction value.

Current rates are clearly displayed on the company website, but you’ll also see them each time you make a transfer. Do bear in mind, however, that InstaReM’s exchange rates won’t be as close to the interbank rate for any transaction made outside of normal business hours (Monday to Friday, 9.00am to 5.00pm). It is best to make sure all transactions are made during typical business hours (watch out for public holidays, which don’t count as business days).

InstaReM’s rates are based on the live foreign exchange rate, which means that they shift according to live market conditions. Because exchange rates fluctuate ceaselessly, you won’t be able to lock in an exchange rate for a future cross-border payment.

Currently, individual customers in Australia, the US, the UK, Europe, India, Malaysia, Singapore and Hong Kong, can transfer money via InstaReM to over 55 countries. The minimum amount for transfers is the equivalent of AUD $50.

There are a few limitations to InstaReM’s offerings. Consumers cannot, for example, transfer or deposit cash into their account, and the company does not accept bank cheques. InstaReM also does not permit third-party payments, so friends or relatives will not be permitted to deposit money into your InstaReM account for transfer. One final limitation: the maximum transfer limit for first transfers is rather low at AUD $2,500.

Since it’s a relative newcomer to the international money transfers sector, InstaReM currently offers one-off transfers only and does not provide forward contracts.

 

InstaReM Products for Businesses

 

For corporates and SMBs alike, InstaReM provides a seamless global MassPay payments platform. Configurable and multi-featured, MassPay enables businesses to make bulk payments to multiple beneficiaries in multiple currencies. SMBs can pay their overseas staff, freelancers and suppliers with ease via InstaReM’s network of more than 8,000 banks in over 55 countries. Its promise for these multi-currency payments and accounts is “Full Amount, No Deductions, Easy Reconciliations”. With MassPay, cross-border money transfer costs for businesses can be significantly reduced. Corporates can also maintain multi-currency wallets while holding money in their wallets. Furthermore, InstaReM also offers API integration.

 

About InstaReM

Despite being launched as recently as 2015, InstaReM (which was co-founded by fintech entrepreneurs Prajit Nanu and Michael Bermingham) has grown a customer base since then of 35,000 customers (and climbing) who use the platform every month. The company has a unique payment mesh in Asia and processes more than half a million transactions per year. The company, headquartered in Singapore, 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.

Amount Received £ 10,000.00
£ 0.00 Avg. Saving vs. Banks ?
EURn/a
USDn/a
CADn/a
AUDn/a

Compare Other Currency Rates

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Other International Money Transfer Quotes

Moneycorp

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Est. 1979

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

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

Amount Received
USD $12,362.64
GBP £189.73
saved vs. banks
Bank Beating Rates

Currencies Direct

Call us0203 018 1318

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

Amount Received
USD $12,350.15
GBP £179.73
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Bank Beating Rates

TorFX

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Est. 2004

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

Amount Received
USD $12,387.61
GBP £209.73
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

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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

Amount Received
USD $12,328.92
GBP £162.73
saved vs. banks

WorldFirst

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Est. 2004

Transparency and security | Great customer feedback rating from Feefo

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Transparency and security | Great customer feedback rating from Feefo

Amount Received
USD $12,318.93
GBP £154.73
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Global Reach (formerly FC Exchange)

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

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

Amount Received
USD $12,375.12
GBP £199.73
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Western Union Business Solutions

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Amount Received
USD $12,300.20
GBP £139.73
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RationalFX

?
Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
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Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
Amount Received
USD $12,381.37
GBP £204.73
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Currency Solutions

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

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

Amount Received
USD $12,386.36
GBP £208.73
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Smart Currency Exchange

Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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Amount Received
USD $12,381.37
GBP £204.73
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Rates From The Average UK High Street Bank

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

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.
 

Amount Received
USD $12,076.43
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.

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

Amount Received
USD $12,050.45
No saving vs. banks

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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.