InstaReM - Independent review

All you need to know before sending money with InstaReM

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.

7.70/10 Good
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InstaReM review by Monito

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.

  • 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.
  • You can transfer small amounts — minimum transfer values are $50 AUD, $50 SGD, and $300 HKD.
  • Limited availability, they offer services mainly in Asian countries and Australia. However, they are expanding quickly.

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.

Can I trust InstaReM ?

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.


How InstaReM works

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.


InstaReM Exchange Rate & Fees

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%.

InstaReM mobile applications

InstaReM provides mobile applications for Android and Apple devices.


Countries and Currencies Where InstaReM is Available

As of December 2017, InstaReM money transfer services are available to send money from the following countries and currencies.

  • Australia (AUD, USD)
  • Singapore (SGD, USD)
  • Hong Kong (HKD, USD)
  • Malaysia (MYR)

InstaReM are currently being licensed in the EU, Canada, and India, allowing individuals and businesses in those regions to use their money transfer services. They also have plans to expand to New Zealand and Japan.

As of December 2017, InstaReM allows funds to be sent to the following countries and currencies.

Australia AUD
Austria EUR
Bangladesh BDT
Belgium EUR
Denmark DKK
Estonia EUR
Finland EUR
France EUR
Germany EUR
Greece EUR
Ireland EUR
Hong Kong HKD
India INR
Indonesia IDR
Italy EUR
Luxembourg EUR
Malaysia MYR
Malta EUR
Nepal NPR
Netherlands EUR
New Zealand NZD
Philippines PHP
Portugal EUR
Singapore SGD
Spain EUR
Sri Lanka LKR
Thailand THB
Vietnam VND

In most cases, InstaReM expects to provide funds to the recipient within one to two business days of you funding the transfer.

Additional services

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.


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).


Offices around the world


Singapore (Corporate HQ)

InstaReM PTE Limited
7 Straits View, Marina One East Tower #05-01
Singapore 018936
Regulated by the Monetary Authority of Singapore (RA No: 01420)

Australia, Victoria

InstaReM PTY Limited
710 Collins Street
Docklands, Victoria, 3008
Regulated by the Australian Securities and Investments Commission (AFS License No: 464627)

New Jersey (USA)

InstaReM Limited (USA)
90 Washington Valley Road
Bedminster, NJ 07921


Australia, Melbourne

InstaReM PTY Limited
1/20 Queen Street
Melbourne, VIC 3000
Regulated by the Australian Securities and Investments Commission (AFS License No: 464627)

Hong Kong

InstaReM Limited
Unit 8109, 10th Floor, MassMutual Tower
33 Lockhart Road, Wanchai
Hong Kong
Regulated by the Hong Kong Customs Excise Department (HK License No:16-01-017)


InstaReM Sdn Bhd
Komune, Level 7 (Room number 54), Vertical Corporate Tower B
Avenue 10, The Vertical Bangsar South City, No 8 Jalan Kerinchi
59200, Kuala Lumpur
Regulated by Bank Negara Malaysia (Approval No: APPW/1672/2017)


InstaReM India Private Limited (India)
1201-1205, B-Wing, Kanakia Wall Street
Chakala, Andheri-Kurla Road, Andheri, East
Mumbai, Maharashtra 400092



Mesiniu 5
Vilnius, LT-01133



 United Kingdom

InstaReM Limited (UK)
33 Queen St.
London EC4R 1BR
United Kingdom




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Key facts about InstaReM

Service information

Time to open an account -
Pay-in options Bank Account
Direct Debit
International bank transfer
Pay-out options Bank account
Minimum amount Yes
Maximum amount No
Can you transfer from your mobile? No
Available languages
Personnal transfers Yes
Business customers Yes
Advanced currency contracts No
Required documents -

Company information

Type of service provider Online money transfer operators
Active since 2015
Headquarter Singapore
Offices in Australia/Singapore
Jurisdiction Australia/Canada/Malaysia/Singapore/Hong Kong

Contact information

Contact support
Service hour -
Phone +61 (0)7 3053 8888
Twitter @InstaReMit
Facebook InstaReMit