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InstaReM Review: Is it safe? How does it work? What are the rates?

How can you use InstaReM to send money abroad? Is their service reliable? Can you trust InstaReM with your money? How good are their fees and exchange rates?

    Our independent review of InstaReM

    Last updated November 23, 2018
    Written by Laurent Oberholzer

    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.


    What we like about InstaReM

    • Extremely well-priced money transfer services, offering competitive exchange rates.

    • Fast transfer of currency, generally within one business day of funding the transfer.

    • Specialized services for small and medium businesses.

    • Transparent, up-front pricing, so you know exactly what you will pay.

    What we dislike about InstaReM

    • Limited availability, they offer services mainly in Asian countries and Australia. However, they are expanding quickly.

    • Compare InstaReM's transfer fees and Exchange rates

      Sending money abroad could cost you a lot, especially if you aren’t aware of the hidden fees in the currency exchange rate margin. Compare for your next transfer below:

    Country from
    United Kingdom
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    Alternatives to InstaReM

    How InstaReM works

    Open an account

    Visit InstaReM's website and open a free account

    Enter the details about your recipient

    Tell InstaReM where you need to send money and to whom.

    Set-up your transfer with InstaReM

    Enter how much money you want to send and how you want to pay for your transfer.

    Pay for your transfer

    Fund your transfer by making a local bank transfer or pay by debit or credit card

    Let InstaReM do the rest

    InstaReM will convert your money in the recipient's currency and send it to him through the selected pay-out option.

    Fees & Exchange Rates

    Fees & Exchange Rates 10/10


    InstaReM is very often the cheapest option

    This indicator is based on the percentage of searches on Monito for which %PSP% is the cheapest provider


    InstaReM has very competitive fees and exchange rates

    This indicator is based on the percentage of comparisons on Monito in which %PSP% offers a competitive pricing (taking into account the pay-in and pay-out options as well as the amount).


    InstaReM offers special promotions for Monito users


    Monito can access real-time pricing information from InstaReM


    The points above are added to calculate the "Fees & Exchange Rates" score of InstaReM, who scores 10 points on a maximum of 10 points.

    InstaReM charges fees of around 0.5% for money transfers from Hong Kong and Australia, and 0.25% for transfers from Singapore. This is the only fee charged by InstaReM, and is based on the standard, mid-market, interbank currency exchange rate.

    Here’s a comparison of converting Australian dollars to Hong Kong dollars.

    Converting $1,000 AUD to Hong Kong dollars

    • Mid-market exchange rate (baseline) — 5.992 HKD per AUD — $5,991.80 AUD.
    • Exchange rate offered by InstaReM — 1.6489 AUD per GBP — $5,961.80 AUD.
    • Difference between baseline and InstaReM rate — $30 HKD.
    • Percentage in extra costs for using InstaReM compared to baseline — 0.5%.

    Converting $10,000 AUD to Hong Kong dollars

    • Mid-market exchange rate (baseline) — 5.992 HKD per AUD — $59,918 AUD.
    • Exchange rate offered by InstaReM — 1.6489 AUD per GBP — $59,618 AUD.
    • Difference between baseline and InstaReM rate — $300 HKD.
    • Percentage in extra costs for using InstaReM compared to baseline — 0.5%.
    Country from
    United Kingdom
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    Ease of Use

    Ease of Use 8/10


    An average number of Monito users going to InstaReM end up making a transfer with them


    InstaReM's homepage is clear and very easy to understand


    It's very easy to open an account with InstaReM


    Setting up your transfer is quick and easy


    It's easy to sign up and make a transfer both on mobile and desktop


    The points above are added to calculate the "Ease of Use" score of InstaReM, who scores 8 points on a maximum of 10 points.

    Credibility & Security

    Credibility & Security 6.5/10


    InstaReM is fully licensed and authorized


    InstaReM has a good number of positive customer reviews


    Only a small number of customers already use InstaReM


    InstaReM employs a very large number of employees


    InstaReM has already transferred between 1-5 billion USD for their customers


    Many articles from recognized newspapers mention InstaReM


    InstaReM is part of Monito's network of trusted partners


    InstaReM is a long-established company


    The points above are added to calculate the "Credibility & Security" score of InstaReM, who scores 6.5 points on a maximum of 10 points.

    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.

    Service & Coverage

    Service & Coverage 5.2/10


    InstaReM allows you to send money from an average number of countries


    InstaReM allows you to send money to an average number of countries


    InstaReM is available in very few languages


    It is possible to pay for your transfer by local bank transfer


    It is possible to pay for your transfer by credit/debit card


    InstaReM doesn't offer additional pay-in options


    It is possible to send the money to your recipient's bank account


    InstaReM doesn't offer a cash pick-up service


    InstaReM can’t send money to a mobile phone (airtime top-up or mobile wallet)


    InstaReM doesn't offer a bill payment service


    InstaReM doesn't offer additional banking features


    InstaReM doesn’t offer a multi-currency debit card


    InstaReM offers guaranteed exchange rates


    It is not possible to set up repeating transfers / standing orders


    There is no minimum amount (or very low)


    There is no maximum amount (or very high)


    The points above are added to calculate the "Service & Coverage" score of InstaReM, who scores 5.2 points on a maximum of 10 points.

    One of the main advantages of InstaReM is the support they provide to businesses. They mainly do this by providing a configurable, multi-featured platform called “MassPay” that helps corporate and SME users to manage and control their high-volume payments. This lets organizations manage multiple remittances to multiple beneficiaries in multiple currencies through a simple and easy process. They estimate this can lower cross-border money transfer costs by up to 80%.

    Benefits for businesses include:

    • Close to midmarket, baseline rates with no hidden costs.
    • Normally a same day transfer within Asia
    • Businesses can collate funds without needing a local presence.
    • You will know the exact rates used for your money transfer.

    Customer satisfaction

    Customer satisfaction 6.1/10


    InstaReM has a good percentage of excellent customer reviews


    InstaReM has a very low percentage of negative customer reviews


    InstaReM has a good number of positive customer reviews


    The points above are added to calculate the "Customer satisfaction" score of InstaReM, who scores 6.1 points on a maximum of 10 points.

    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.

    Customer support

    Customer support 9.5/10


    The FAQ and help center of InstaReM are easy to understand


    InstaReM has a live chat available to all


    InstaReM offers email support (even to noncustomers)


    InstaReM offers phone support (even to noncustomers)


    It's relatively easy to get in contact with InstaReM


    The FAQ and help center are translated in all languages


    Monito cannot contact InstaReM on behalf of our users


    The points above are added to calculate the "Customer support" score of InstaReM, who scores 9.5 points on a maximum of 10 points.


    Transparency 9.5/10


    The exchange rate margin makes up a very small share of the total cost of your transfer


    It's very easy to understand the fees of InstaReM


    InstaReM doesn’t charge a margin on the exchange rate


    A real-time quote can be obtained without registering


    InstaReM applies the same fees and exchange rates to all customers


    The pricing information of InstaReM is made available to Monito


    The points above are added to calculate the "Transparency" score of InstaReM, who scores 9.5 points on a maximum of 10 points.

    How InstaReM works in details

    InstaReM’s currency exchange process works as follows

    1. Setup an account with InstaReM—they will need your name, address, contact details, date of birth, bank details, and proof of identification.
    2. InstaReM will verify your identity documents and authenticate you.
    3. Once your identity is validated, InstaReM will open an account within 24 hours.
    4. Log into InstaReM’s online portal to make a transfer.
    5. Provide details of the sender and receiver of the funds.
    6. Send money to InstaReM.
    7. InstaReM converts the money and deposits it in the recipient’s bank account.


    Funding Your InstaReM Transfer

    InstaReM gives you several ways to fund your transfer, depending on the country and currency you’re making the money transfer from:

    • You can fund via a standard, domestic bank transfer (EFT) from any local currency or country where they provide services.
    • You can make a direct bank payment using the POLi system in Australia, using Australian dollars.
    • You can pay for your transfer in US dollars by making an international bank transfer via SWIFT.


    How the Recipient Receives Funds from InstReM

    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.

    Incentives from InstaReM

    The first time you transfer money using the service from certain territories, InstaReM will provide you with a bonus amount. You will need to use a voucher code to take advantage of this, as follows:

    • From Australia — MONIAU10 — AU$10 bonus (minimum transfer of AU$250).
    • From Singapore — MONISG10 — SG$10 bonus (minimum transfer of SG$250).
    • From Hong Kong — MONIHK50 — HK$50 bonus (minimum transfer of HK$500).
    • From Malaysia — MONIMY10 — 10 MYR bonus (minimum transfer of 1000 MYR).

    Monito compare money transfer fees worldwide

    • Why you can trust Monito's reviews

      Monito's mission is to help you (and thousands of others each day) find the best providers for your money transfers.

      We do that by providing real-time comparison of exchange rates and fees (you can use the form below to make a comparison) and by writting in-depth reviews about money transfer providers.

      We have partnerships with many money transfer providers (InstaReM included), which help us get access to their exchange rate and fees information (which we always check for accuracy). Those partnerships help us support our activity and offer our service for free.

      We put a lot of efforts to review money transfer providers like InstaReM in details and based on objective and verifiable criteria. A good example of that is the in-depth User Experience Benchmark Study we conducted in August 2018.

    Compare InstaReM to 300+ other providers

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    Questions you may have

    Read our guides on sending money abroad