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Last Updated on October, 2024
Looking to send money overseas?
Is Instarem the right choice for you? In this Instarem review, I’ll explore the benefits and drawbacks of using Instarem for your money transfer needs. As users claim, is Instarem a go-to-go option in terms of speed, reliability, and cost-effectiveness?
The review I’ve attached below will answer your question.
“Does exactly what it says – Seamless transfer experience, very quick, just took about 5 mins for the entire transfer from source to destination.”
Instarem promises a swift and easy process, allowing users to send money globally. Learn the benefits that make Instarem a popular choice among users worldwide.
Founders: Established by Prajit Nanu and Dimitri Kavvathas.
Global Presence: offices in Singapore, India, Indonesia, Japan, and Lithuania.
Funding: raised over $13 million in venture capital.
Employee base: Employees over 150 professionals
Sending countries: Primary sources include Singapore, India, Malaysia, USA, Canada, and Hong Kong.
Receiving countries: Main destinations encompass India, Indonesia, The Philippines, China, Vietnam, and Thailand.
Regulation: Licensed and regulated in multiple jurisdictions, including Singapore, Australia, Canada, Hong Kong, Malaysia, and the U.K.
Overview
Instarem is suitable for quick and small transfers to India, Southeast Asia, or China from the U.S., U.K, or Canada. Strengths include a smooth user experience and swift transfer, especially on popular payment corridors.
However, it falls short in transparent fees and has limited country coverage. Alternatives like Wise offer better pricing and service for more transfers.
About Instarem
Instarem, founded in 2014 and headquartered in Singapore, is an International money transfer service serving over 50 countries. With a user-friendly interface, the platform processes over $billion annually for over 1 million customers and is known for its broad coverage, particularly in popular corridors.
How Does Instarem Work?
Learn how Instarem operates for international money payments:
International payments: Instarem enables customers to send money directly to bank accounts in 55 countries worldwide.
Setting up transfers: You can conveniently set up your international transfer through the Instarem app or website.
Payment process: After you initiate the transfer, once Instarem receives your funds, they deposit it into your recipient’s account in their local currency
Personal payment focus: While Instarem also provides business payments and services through its NIUM brand, the guide specifically focuses on personal information.
Whether you’re using the website or the app, Instarem simplifies the international transfer process, making it easy for users to transfer funds to recipients across the globe.
How to Sign Up for an Instarem Account?
Signing up for an account is easier than you think.
Here’s the step-by-step guide:
Visit Instarem
Go to Instarem’s website or download the app
Tap on ‘register’ to begin the signup process
Provide basic information
Enter your email and set up a password
Indicate whether it’s an individual or business account
Enter personal details:
Fill in your name, date of birth, address, phone number and nationality.
Verify your identity:
Upload ID documents such as a driver’s license or a passport and a selfie for facial recognition.
Activate and initiate transfers:
Link your bank account for funding transfers
Activate your account via the verification link sent to your email.
Through confirmation, start initiating transfers on Instarem’s website or mobile app.
Once you learn how to create an Instarem account, the next question that arises in your mind is how secure it is. So let’s get into it.
Is Instarem Trustable?
Instarem is a well-established and secured money transfer provider, facilitating the transfer of over $4 billion annually for more than 2 million customers worldwide. Here’s why you can trust Instarem.
Safety And Security Measures: Instarem employs industry-standard web security measures to ensure the safety of your transactions and personal information.
Client Money Protection: Instarem holds client money in compliance with money rules. Maintaining a segregated client money account separate from its operating funds. This practice enhances the overall security of your transactions.
Regulatory and Compliance: As a licensed and regulated provider, Instarem operates under the oversight of multiple global regulatory bodies, including those in the EU, Australia, Canada, Hong Kong, Malaysia, India, and Singapore.
Recognition And Awards: Instarem, launched in 2014, has received $19 million in venture capital funding and garnered recognition through events like the Singapore Fintech Festival and India fintech awards in 2017.
Certifications And Approvals: Instarem is certified by the global ISO body, affirming its commitment to safeguarding customer data and funds. In addition, it was proved by the Reserve Bank of India in 2017, making it a legal and secure option for international payments in India.
Instarem’s growth, regulatory compliance, and many security measures in place make it a trustable and safe choice for receiving and sending money internationally.
Is Instarem User-Friendly?
Account Opening: Completing account setup online involves a 5 step process, including ID verification. Verification can take 1-3 days, potentially delaying the ability to send money. Requires extensive personal details during signup, which might be harder to handle than competitors.
Making Transactions: Simple dashboard interface on Instarem’s website and mobile apps. Enter the recipient’s details, transfer info and payment method in a straightforward flow—an option to save recipient details for convenient repeat transfer.
Funding Transfers: Gives various payment options, including bank transfers, cards, and cash deposits. The ability to transfer fund(s) via a linked bank account may vary by country.
Ease Of Tracking: Transfer timeline with status updates is easily accessible. Receive email and SMS notifications on transfer status. Reference numbers are provided for easy identification of transfers.
Instarem provides a user-friendly experience with a simple dashboard, a straightforward transfer initiation process, and various funding options. However, the account setup process involves a few steps and may require additional time for verification.
Instarem facilitates payments from the following countries. Australia, Canada, Singapore, Hong Kong, Malaysia, Euro Zone Countries, the U.K., India, and the U.S. This broad coverage allows users from different countries to initiate international money transactions through Instarem’s platform.
Instarem Fees and Exchange Rates
When considering Instarem for international money transfers, it’s essential to understand Instarem’s fees and exchange rates. Instarem sets itself apart by not imposing fixed transfer fees, providing the appearance of affordability compared to rivals.
Fees
Transfer fees are transparent and often low.
Certain less common corridors, like transfers to Nigeria, have fixed transfer fees of around $30.
Fees vary between payment corridors and typically range from 0% to 1% of the transfer amount.
Instarem costs zero for account creation and maintenance; you can create and maintain a free account for free.
Exchange Rates
Markup is likely lower than what traditional banks use, making it potentially cheaper for international transfers.
Instarem makes variable mid-market exchange rate margins based on currency pair, transfer amount, and destination country.
Exchange Rates are less competitive for smaller transfer amounts below $1000.
Exchange rates are dynamically set, with the mid-market exchange rate at the time of transfer locking in.
What’s the Duration it Takes for a Transaction?
Understanding the transfer timing with Instarem is crucial.
Here’s an overview of the process:
Instarem asserts that most transfers are processed instantly or within 24 hours.
Testing reveals that transfers from the U.S. U.K. or employees to the major corridors like India and Southeast Asia typically take 1-3 business days.
Bank processing times on either end can add an extra 1-2 days to fund availability.
Debit/credit card funded transfers are faster, often completed within one business day if cards are processed instantly.
Bank transfers and e-wallets (e.g., PayPal and Payoneer) take 2-4 business days for funds to reach Instarem.
Transfers to unusual countries or using slower funding methods may extend to 5 business days.
In short, the overall speed can be influenced by factors such as funding methods and the countries involved.
Can I Cancel My Instarem Transaction?
Cancelling your Instarem transfer depends on the stage of the transaction:
If you haven’t sent the money to Instarem yet, it’s easy to cancel. Click on the ‘Cancel’ in the transaction history on your Instarem account.
If you’ve already sent the money to Instarem, you must contact the Instarem customer support team to request cancellation.
If the payment has already been transferred to your recipient’s bank account, cancellation will not be possible.
Understanding the specific stage of your transaction is crucial in determining whether cancellation is feasible. Act promptly to address any cancellation requests by contacting Instarem’s customer support.
Instarem Customer Support
For assistance with Instarem, you have various options:
Phone Support: Call 1 (888) 409-3307 for 24/7 assistance.
Email Support: Reach out via email [email protected] for additional support.
Contact Form: Use the contact form on the Instarem website for specific inquiries or assistance.
This multi-channel approach ensures that whether you prefer phone calls, emails, or online forms, Instarem offers a variety of options to address your queries and concerns.
Instarem has an impressive Trust Score of 4.5 out of 5, with 8,183 reviews.
Instarem maintains a solid overall rating of 4.3
5-star: 69%
4-star: 18%
3-star: 3%
2-star: 2%
1-star: 8%
Most users express high satisfaction, contributing to the platform’s strong Trust Score.
Individual Reviews
Jithin Vijayan Rated 5 out of 5 stars, date of experience: January 15, 2024
“Great experience Does exactly what it says – Seamless transfer experience, very quick, just took about 5 mins for the entire transfer from source to destination.”
Dayani Nayantha Rated 5 out of 5 stars, date of experience: January 22, 2024
“Quick transaction I could transfer money within less than 5 minutes.”
Arul Rated 1 out of 5 stars, date of experience: September 12, 2023
“exchange rate less than what its shown… Instarem exchange rate less than what its shown when I am initiating the transfer. Took fair bit of time compare to my previous transaction.”
People generally like using Instarem for sending money. Two users said it was really fast, taking around 5 minutes for the entire process; they found it quick and easy.
But, one person had a different experience. They gave a low rating and said the exchange rate markup wasn’t as good as expected, and the transfer took longer than before. So, while many people find Instarem fast and easy, some users have concerns about rates with hidden fees and time.
Instarem Alternatives
Revolut
Gives a wide range of financial services, including international money transfer services, with real exchange rates and fee transparency. Users can hold and spend in multiple currencies using the Revolut card.
Advanced budgeting tools, cryptocurrency trading, and travel-related services.
Specializes in currency exchange and international money transfer services. Provides users with real-time competitive exchange rates and user-friendly platforms.
Offers tools for business, including risk management solutions and market analysis.
Wise, known for its transparent fee structure and competitive exchange rates, is preferred for individual and business transfers. The borderless account, versatile debit card and integration with various financial tools enhance its appeal. Wise stands out for its user-friendly interface and efficient transfer processes.
Instarem Pros and Cons
Pros
Opening an account and initiating transfers is user-friendly online and through the mobile app.
Typically, money is received in 1-3 business days, providing a relatively swift Instarem transfer process.
Services available in popular corridors like U.S.-India and U.K.-India, enhancing accessibility.
Allows higher transfer limits for individuals than some competitors, enabling larger transactions per transfer.
Competitive rates for transfers to India and Southeast Asia make it a favourable choice for these corridors.
Cons
Exchange rates have wider margins, making it comparatively more expensive than leading competitors for most routes.
All Instarem’s fees are incorporated into exchange rate markup, leading to a lack of transparency in pricing.
It mainly offers bank deposits as payout options and lacks alternatives like cash pickup.
Customer support primarily through live chat, with limited FAQ/help centre information.
There are complaints of slow refund times, with some users citing weeks-long delays.
Account verification can take 1-2 days, resulting in a longer account setup process.
Instarem offers a smooth experience with swift transaction times for international transfers, particularly for smaller amounts to India, Southeast Asia or China. The platform’s strengths lie in its user-friendly interface and accessibility on popular corridors like the U.S. to India.
However, consider potential drawbacks, including less competitive and transparent fees, Instarem’s exchange rates in major transfer corridors, limited country coverage, and basic customer service channels. For alternatives with potentially lower costs, consider exploring Wise for your money transfer needs.
FAQs
Yes, Instarem has a mobile app that allows users to conveniently initiate and manage money transfers. The app offers a user-friendly experience for those who prefer to use their mobile devices for financial transactions.
Yes, Instarem can be a cost-effective option to save money, especially for transfers to India and Southeast Asia, but comparing rates and fees for your specific needs is recommended.
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Author
Allen Morning
I'm Allen Morning, with a background spanning over 15 years in international finance and education from Harvard and Stanford. I founded Currenciap with a vision to demystify and streamline global financial transactions. My journey in finance has fueled my commitment to creating a platform that is both user-friendly and efficient, making international finance accessible to everyone. You can find more about me here.
