InstaReM Review

InstaReM provides international money transfer services for residents of different countries, however it has limitations on who you can send money to.  
 

What InstaReM offers

• International money transfers
• Cash pick-up in the Philippines
• Multi-currency travel card

International money transfers - InstaReM transfers money internationally by using its existing exchange rate, in the form of Spot Contracts.

Cash pick-up in the Philippines - Recipients in the Philippines may collect transferred funds as cash from physical locations.

Multi-currency travel card - Individuals may use the InstaReM consumer funded card for everyday spending and to monetize their loyalty points.
 

What InstaReM doesn’t do

• Personal account manager
• Regular transfers
• Hedging tools
• Cash pick-up, other than the Philippines
• Digital wallet

InstaReM personal services score

InstaReM's score for personal features suffers because it does not provide regular transfers, hedging tools, digital wallets, and personalized account managers. InstaReM also limits sending money to just your own account and close relatives internationally. This could be limiting for many individuals.

InstaReM provides global payment solutions for small and mid-sized businesses. 
 

What InstaReM offers

• Batch payments
• Higher send limits than personal accounts
• Multi-currency accounts
• Company-branded cards

Batch payments - Business clients can use the InstaReM MassPay platform to set up batch payments. They can enable One Click payments to make multiple payments simultaneously in local currencies.

Higher limits than personal accounts - Business accounts benefit through higher limits than those that apply on personal accounts, depending on the country. 

Multi-currency accounts - Business clients get access to unique local bank account details in USD, EUR, GBP, SGD and HKD. However, it does not provide this service for its business customers from the US.

Company-branded debit cards - Businesses may showcase their brands by getting company-branded InstaReM cards for employees. Companies may use these cards for payroll, payout/disbursement and daily payments.
 

What InstaReM doesn’t do

• Business specialists
• Limit orders
• Forward contracts
• Online seller solutions
• Digital wallets
• Accounting integration

InstaReM business services score

The absence of account managers, risk management tools, solutions for online sellers, and digital wallets have effected InstaReM's score for business services.

InstaReM fees

The InstaReM rate on offer is the Reuter market rate, plus an additional fee. The InstaReM exchange rate offered includes an FX margin and is usually less than 1%. This depends on the currencies you are sending from and to.
 

Are there additional InstaReM fees?

Yes, you might need to pay additional transfer fees. 

Transfer fees - This fee varies based on where you and the recipient live, the amount you wish to transfer, and the payment method. For example:

Sending from EUR to INR

Sending from AUD to SGD

Sending from GBP to BDT

Debit card payment fees -  Debit card payments tend to attract higher fees than payments made via bank account transfers. InstaReM deducts this fee before carrying out the currency conversion. Debit card fees tend to increase in proportion to the amount you send. As highlighted in the tables, fees for debit card payments of €/£5,000 to the given countries attract €/£10 as fees. By increasing the transfer amount 10 times, to €/£50,000, the transfer fee also increases 10 times, to €/£100. 
 

Is there an InstaReM coupon code

Yes. A promotional InstaReM code gives new customers the ability to save US$10 on their first transfer. InstaReM customers get to earn loyalty points when they carry out transfers. They can redeem these points against subsequent transfers.
 

InstaReM score

Non-negotiable exchange rates, and the fact that higher transfer amounts tend to attract higher fees affect InstaReM's score in this section. 

What InstaReM does well

Registration - Signing up as a new customer is easy. You may register by using the InstaReM website or app.

Payment methods - Customers may make payments via bank transfers/wire transfers from all InstaReM supported countries. Other region-specific payment methods include:

• ACH Pull - USA
• Debit cards - European Union and the UK
• POLi - Australia
• FPX - Malaysia

InstaRem mobile app - InstaReM has apps for iOS and Android. You can use the app to set up and track transfers. 
 

Where InstaReM could improve

Speed of transfers - InstaReM estimates that most of its transfers go through in 1 - 2 business days. However, some independent InstReM customer reviews on Trustpilot, Google Play Store and Apple App Store contradict this.

Transfer limits - Minimum and maximum transfer limits might apply, which vary based on where you live. Maximum limits may also vary depending on the destination country. Customers from the US who pay using the ACH Pull method are subject to per-transaction, 30-day and 60-day limits.

Limits on outward transfers:

Phone transfers - InstaReM customers cannot place their transfer requests over the phone.
 

InstaReM score

Removing the minimum transfer limits would help improve InstaReM's Ease of Use score. This also applies to having consistent quick turnaround times, and the ability to carry out transfers over the phone. Improving customer expectations in line with customer experience would improve their rating.

What InstaReM does well

Supported destination countries - InstaReM lets you send money to Australia, Austria, Bangladesh, Belgium, Canada, China, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, India, Indonesia, Ireland, Italy, Luxembourg, Malaysia, Malta, Mexico, Nepal, Netherlands, Pakistan, Philippines, Portugal, Singapore, South Korea, Spain, Sri, Lanka, Thailand, United Kingdom, United States and Vietnam.

However, where you live has an effect on the countries to which you can transfer money through InstaReM. For example, from India, you can send money only to Australia, Canada, Europe, Hong Kong, Malaysia, Singapore, the UK and the US.

InstaReM customer care - InstaReM provides 24/7 customer support via email, phone and chat. Some customer reviews on Trustpilot, Apple App Store and Google Play Store complain about receiving poor customer service. It appears the company is quick to respond to all concerns in a timely manner, although the replies seem fairly generic.
 

Where InstaReM could improve

Languages - Customer service is only in English.

Customer registration countries - As of now, you can register with InstaReM if you live in Australia, Canada, Euro Zone countries, Hong Kong, India, Malaysia, Singapore, the UK or the US.

What InstaReM does well

Regulated - InstaReM Pte. Limited (now known as NIUM Pte. Ltd.) is licensed by regulatory bodies in Australia, Canada, Hong Kong, India, Indonesia, Japan, Lithuania, Malaysia and Singapore. The Community Federal Savings Bank sponsors its services in the US.

Safety of funds - Holds client money in segregated bank accounts.

TrustPilot score - InstaReM scores 8.8 out of 10 on Trustpilot, with over 4,500 reviews, and gets a rating of Excellent. However, some reviews express concerns about the company's services. 
 

InstaReM challenges

Transparency - InstaReM implies that it uses mid-market rates by mentioning using rates "sourced from Reuters", plus "nominal" fees. However, in a reply to customer's review on Trustpilot, InstaReM clearly states that its exchange rates are not market rates, but come with “FX Margins". They further state "currency/FX margins are dynamic in nature".

InstaReM reviews - One can find a number of InstaReM customer reviews across different platforms that complain about longer-than-expected processing times as well as poor customer service.