About the Author

Founder & author

Gavan started iCompareFX in 2014 after discovering the easiest way to wire money internationally was through a specialist provider and not the big banks. Working with global clients, he has become an expert in comparing money remittance companies. An ex-financial/IT nut turned entrepreneur, he reviews the best and cheapest providers available on the market.

Personal and business money transfers

Travel card

Multi-currency accounts for businesses

Multilingual website and customer support

Licensed by regulatory bodies of different countries 

Mobile app

Payment options

Bank transfers/wire transfers (all countries)

ACH Pull (USA only)

Debit cards (European Union and the UK only)

POLi (Australia only)

FPX (Malaysia only)

Payout options

Bank account transfer

Cash pick-up (Philippines only) 

Transfer options


InstaReM mobile app

Regular transfers

Not available

Send money from


Send money to


24/7 customer service

Email - support@instarem.com

Phone - International phone numbers location: https://www.instarem.com/info/customer-service

Personal Features


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.

Business Benefits


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. 

Country ExampleIndividual limit per dayBusiness limit per day
From MalaysiaRM30,000RM200,000
To PakistanUS$3,000No limit

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.

Fees & Exchange Rates


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

Transfer amountPayment methodTransfer fee
€500Debit card€3.49
Bank transfer€2.49
€5,000Debit card€10
Bank transfer€0
€50,000Debit card€100
Bank transfer€0

Sending from AUD to SGD

Transfer amountPayment methodTransfer fee
Bank transfer$2
Bank transfer$20
Bank transfer$200

Sending from GBP to BDT

Transfer amountPayment methodTransfer fee
£500Debit card£1
Bank transfer£0
£5,000Debit card£10
Bank transfer£0
£50,000Debit card£100
Bank transfer£0

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. 

Ease of Use


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 independant 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:

CountryCustomer typeMinimum transfer amountMaximum transfer amount
IndiaIndividualINR 400

USD $5,000 equivalent per transaction

USD $25,000 equivalent per financial year

The USIndividual$50N/A
The UKIndividual£200N/A

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.

Support & Countries


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.

Trust & Transparency


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.

How to sign up to InstaReM

Step 1
Create an account

Begin the registration process by using the InstaReM app or website.

Sign up by providing your email address and selecting your country of residence, or by using your Google or Facebook account.

Verify your identity by providing details from a valid government-issued identity document.

Depending on where you live, you might be able to e-verify your identity, or you might need to upload a copy of your ID document.

Verify your address by uploading any of the acceptable address proof documents.

Wait for InstaReM to verify the details you provide.

Step 2
Set up and finalize your transfer

Enter the amount you wish to transfer and select the destination country.

Get a breakdown of your transfer cost.

Accept the quote to lock the offered exchange rate.

Provide the beneficiary's local bank account details.

Step 3
The payment

Check the available payment methods.

Review all the details of the transfer.

Make your payment.

Step 4
The transfer

InstaReM carries out the transfer after receiving your payment.

You may track its progress by using the InstaReM app or website.


Is InstaReM trustworthy?

Yes. InstaReM is licensed by regulatory bodies of different countries. It holds customer funds in segregated bank accounts. There are many positive InstaReM reviews on platforms such as Trutpilot and Google Play Store. However, there are also reviews that highlight trust issues faced by some InstaReM customers.

Can I cancel my InstaReM transaction?

Yes, you can cancel your InstaReM transaction depending on the stage of your transfer. If you have not paid for your transfer, you can cancel it online. If you have sent money to InstaReM, you need to contact customer support. InstaReM cannot cancel a transfer if it has transferred funds to a recipient.



InstaReM gives individuals and businesses from the US, the UK, the European Union, Australia, Singapore, Hong Kong, India, and a few other countries easy means to carry out international money transfers. Both, individual and business customers can apply for its travel card. Business customers also get access to multi-currency accounts.


  • International money transfers.
  • Travel-optimized card.
  • Unique local multi-currency accounts for businesses.
  • InstaReM app for mobile devices.
  • Trustpilot rating of Excellent.


  • No regular transfers.
  • High minimum transfer amount limit.
  • The higher the transfer amount the higher the fee.
  • No unique local multi-currency accounts for individuals.
  • No currency risk management tools.
  • No digital wallet.
  • No cash pick-up option outside of the Philippines.