A new money transfer provider offering extremely competitive rates and low prices. Fast transfer of money, generally crediting recipients within one day of funding the transfer. Specialized services for small and medium businesses.
InstaReM (short for Instant Remittance) is a new money transfer provider providing low-priced, fast, and secure currency exchange services, especially in Asian countries. They provide up-front, transparent fees for currency transfers based on a low commission, rather than a fixed fee. This makes them very attractive for transferring smaller amounts.
All of InstaReM’s fees are based on charging a small premium on the mid-market, baseline currency exchange rate. This lets businesses and individuals understand exactly how much they will be paying for money transfers. Their prices are low, at between 0.25% to 0.5% of the transferred amount.
They are consistently ranked as a very competitive remittance platform between several Asian countries including: Australia to India, Malaysia, Philippines and Vietnam as well as from Singapore to Bangladesh, India, Indonesia, Malaysia, Philippines, and Sri Lanka.
Their money transfer service is fast, too. They can typically transfer funds within a business day of funding, compared to a bank transfer time of two to four days. In addition to providing money transfer services to individuals, InstaReM also has a strong focus on small and medium businesses, where they provide specialized functions.
We recommend InstaReM as a fast, reliable, and well-priced money transfer specialist, especially if you need to send money to or from an Asian country.
InstaReM also does well in customer reviews, scoring an average of 8.2 out of 10 on Trustpilot. Typical comments include things like “I have been using Instarem service from 2015, I am very pleased and happy to recommend. Thanks” and “Reliable money transfer service with excellent exchange rate. Definitely recommend InstaReM.” Issues with InstaReM tended to fall into the need to provide additional documentation and proof of identity. This problem is not unique to InstaReM though, all currency providers need proof of identity so they can authorize transfers.
Yes. InstaReM was launched in 2015 and has grown rapidly into a popular currency exchange provider. They received $18,000,000 in venture capital funding to grow the business. Currently, InstaReM is licensed in the EU, Australia, Canada, Hong Kong, Malaysia, India and Singapore. They have also been recognized through the Singapore Fintech Festival and India Fintech Awards in 2017.
They have a growing customer base of over 35,000 customers, most of whom use the InstaReM service every month. They process over half a million transactions every year and have a team of over 100 employees across six offices around the world.
InstaReM holds client money in accordance with money rules. All client money is held in a segregated client money account, separately from InstaReM’s operating money.
InstaReM’s currency exchange process works as follows
InstaReM gives you several ways to fund your transfer, depending on the country and currency you’re making the money transfer from:
InstaReM will deposit funds in the recipient’s currency, directly into their bank account. The recipient can then visit their bank, use online banking, or an ATM to access their funds. At present, InstaReM does not provide other options such as cash pickup.
|Time to open an account||-|
International bank transfer
|Can you transfer from your mobile?||No|
|Advanced currency contracts||No|
|Type of service provider||Online money transfer operators|
|Phone||+61 (0)7 3053 8888|