Instarem Review 2023: Money Transfer, Fees, and Is Instarem Safe?

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Instarem Money Transfer: Overview

🏛️ Founded	2014 in Singapore
🌎 Available in	40+ countries
💸 Send money to	60+ countries
💱 Currencies	20+ currencies
💰 Instarem Fees	No transfer fees
💳 Payment Options	Bank Transfer, Debit Card, ACH, etc.
💻 Instarem Platforms	Website, Mobile App
📱 Instarem Mobile App	Android and iOS
⚖️ Regulation	FCA, FinCEN, FINTRAC, ASIC and more
🌟 Instarem Reviews	4.4/5 on Trustpilot from 7,753 Instarem reviews
📞 Instarem Customer Support	Phone, Live chat, Email
🌐 Official Website	Visit Instarem

What is Instarem Money Transfer?

Instarem also serves business customers and offer international payments services for small businesses. Instarem business platform was launched to help businesses save money on large transfers, allowing hassled-free money transfer different currencies and countries. Instarem has also established partnerships with leading banks and financial institutions to ensure the safety and security of its users’ transactions.

Instarem money transfer has quickly gained a reputation for its reliability, transparency, and low fees (even ZERO fees on popular currency routes). The platform is rapidly growing globally, offering fast, simple, and cost-effective global payments for all.

In this Instarem review we are going to cover how the does Instarem work, Instarem fees, exchange rate, how to send money overseas, Instarem InstaPoints (Instarem loyalty program), and is Is Instarem Safe?

Instarem Money Transfer Review: Pros and Cons

Which Countries Support Instarem?

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Instarem Money Transfer Review at Glance

Review Category	Our Score	Highlight
Fees & Exchange Rates	4.5/5	Low transfer fees (even ZERO transfer fees on popular currencies). Competitive exchange rates.
Transfer Speed	5/5	Most transfers are completed instantly or within a few hours. The average transfer time is 1 business day.
Customer Support	4/5	Support is available over the phone, email, live chat, and in-app support. There can be a slight delays in response.
Trust & Credibility	5/5	Licenced and regulated in the US, UK, Canada, Australia, and more. An excellent 4.4 out of 5-star rating on Trustpilot based on 7k+ Instarem reviews.

Instarem fees and the cost of transfer depends on the following factors:

• Sending country/currency
• Your transfer destination
• The transfer amount
• Payment method

Unlike high street banks and some top money transfer providers, Instarem doesn’t charge any fixed fees on international money transfers (for popular currencies). The fees is also waived on transfers above a certain amount. It is worth noting that there are no fixed fees on international transfers only if you are paying via bank transfer. 

For some unpopular currencies, Instarem charges a low fixed transfer fee, such as transfer destinations like Nigeria and Argentina. Instarem fees are transparent, with no other hidden charges and are clearly shown to you on the calculator.

If you are using a debit card to pay for the international transfer, Instarem may charge a low fixed fee – just like most of online money transfer provider. Instarem does not accpet credit card paymets.

Instarem’s overall cost of the transfer ranges from 0.25% to 1% of the transfer amount. Therefore, Instarem is one of the cheapest money transfer providers in the market and up to 7x to 10x times cheaper than US banks. 

As the name suggests, Instarem offers fast money transfer services and completes the payment quite fast due to its unique global banking network.

The average processing time of Instarem money transfer is usually 1-2 business days, but the actual processing times of Instarem money transfers vary depending on the currencies involved and the payment method selected.

For popular currencies and countries, international transfers can arrive instantly or within a few hours.

Instarem is much faster than most of the international money providers – that may take around 2-4 business days to complete a transfer. And it beats the SWIFT network by miles – which is primarily used by high-street banks across the globe. 

Overall, Instarem offers blazing-fast money transfers that beats most other money transfer providers and traditional banks in the market, while offering a low-cost and reliable international transfer service. 

It’s worth noting that processing times may be affected by factors such as bank holidays or delays caused by the recipient bank, which are outside of Instarem’s control.

Instarem is a reputable and reliable international money transfer service provider that has received positive customer reviews, is regulated by financial authorities, has a proven track record, takes security seriously, and has received recognition for its commitment to innovation, customer service, and security.

Instarem Reviews: Instarem has received positive customer reviews on various review platforms, indicating a high level of satisfaction with their services. Instarem users have praised the competitive exchange rates, Instarem fees, fast processing times, and excellent customer support.

Regulations: Instarem is regulated by financial authorities in all the countries where they operate. This includes the Financial Crimes Enforcement Network (FinCEN) in the US, the Monetary Authority of Singapore (MAS), the Financial Conduct Authority (FCA) in the UK, and the Australian Securities and Investments Commission (ASIC) in Australia.

Instarem is also regulated in Canada, Europe, Hong Kong, India, and Malaysia. This means Instarem is required to comply with strict regulatory requirements related to customer protection, anti-money laundering, and data privacy.

Track Record: Instarem has a proven track record of providing reliable and secure money transfer services to customers around the world. Instarem move over $5 billion USD annually across the globe, and it has earned a positive reputation among millions of users around the world for its fast, reliable, and cheap international money transfer service. 

Security: Instarem uses advanced security measures to protect users’ data and funds. Moreover, all client money is held in a segregated client money account, separately from Instarem’s operating money. This ensures that customer funds are protected. 

Recognitions: Instarem has received several awards for its commitment to innovation, customer service, and security. These include the 2019 Best Fintech Startup award from the Singapore Fintech Festival, the 2020 Best Digital Wallet award from the Australian Business Banking Awards and India Fintech Awards in 2017.

Instarem offers customer support through several channels, including phone, email, live chat and in-app support. Instarem customer support team is available 24/7 to assist customers with any issues or questions related to their money transfers.

Customers can also access a comprehensive help and support section on the Instarem website, which provides answers to common questions related to their services, fees, and policies.

Instarem customer support team is generally responsive and helpful, although some customers have reported experiencing delays in getting a response or having their issues resolved. 

Overall, Instarem offers multiple channels for customer support and has a dedicated team that is available around the clock to assist customers. Instarem is committed to providing high-quality customer support and has taken steps to improve their response times and communication with customers.

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How Does Instarem Work?

With Instarem, you can easily transfer money to 60+ countries directly to their local bank account. You can initiate a transfer online through the Instarem website or Instarem mobile app. Here’s how it works:

Sign Up to Open an Instarem Account

Users must create an Instarem account on the website or the Instarem app. They need to provide their personal information, such as name, address, and contact details.

Verify Personal Identity

To comply with regulatory requirements, Instarem must verify the identity of its users. Users may be required to provide personal details and supporting documentation, such as 

• Name
• Email
• Date of birth
• A passport or driver’s license (to complete the verification process).

Your Instarem account will be get verified within 36 hours after you have registered and uploaded the supporting documents. Once your Instarem account is verified, you are ready to send money overseas. 

Enter Recipient Details

You need to enter the details of the recipient’s bank account details to send money overseas. The details include

• Sending and destination currency (for example USD to INR)
• Transfer amount
• Recipient’s name
• Recipient’s bank account number
• Reciepnt’s bank branch code

Select the Payment Options: 

Users can choose the amount they want to transfer and select the payment method they want to use to fund the transfer, such as a bank transfer or debitcard payment. Instarem will then provide a quote that includes the exchange rate and Instarem fees for the transfer.

Transfer Funds

Once the user confirms the transfer, Instarem will transfer the funds to the recipient’s bank account. The transfer time will depend on the destination country and the payment method used.

Track Transfer 

Users can track the status of their transfer on the Instarem website or mobile app. Once the transfer is complete, the recipient will receive the funds in their bank account.

Instarem also provides excellent customer support, with a dedicated support team available to answer any questions or concerns.

Instarem InstaPoints (Loyalty Program)

InstaPoints is a loyalty program offered by Instarem to reward its customers for using the platform for their international money transfers. Customers earn InstaPoints for each transfer they make, and these points can be redeemed for discounts on future transactions. The more transfers a customer makes, the more InstaPoints they earn, and the higher the discount they can redeem.

Instarem InstaPoints can be earned by completing certain actions on the platform, such as signing up for an account, verifying the identity, and making transfers. The number of points earned for each action varies, and customers can view their InstaPoints balance and redeem them for discounts on the Instarem website or Instarem mobile app.

In the US, you can start earning InstaPoints on any transfer worth over 100 USD, and you can redeem the points on any future transaction (that should be more than 500 USD in value).

100 InstaPoint equals $2.5 USD or £1.8 GBP or €1.25 EUR

Currency	Min. Amount to Earns Points	Min. Amount to Redeem Points	Points that can be redeemed	Estimated Value
USD	100 USD	500 USD	100 – 400 points	$2.5 – $10
GBP	100 GBP	500 GBP	100 – 400 points	£1.8 – £7.2
EURO	100 EUR	500 EUR	100 – 400 points	€1.25 – €5

Is Instarem Safe?

Instarem is a brand operated by Nium Inc. and its subsidiaries globally. Instarem money transfer service is trusted by more than 2 million users all around the world and the company is growing rapidly. 

Instarem is rated 4.4 out of 5 stars on Trustpilot based on over 7,753 Instarem reviews.

Instarem is a well-established and trustworthy international money transfer company that operates in compliance with regulatory standards and consumer protection policies. 

Instarem (which is a part of Nium Inc.) is licensed and regulated in all the countries where they operate by various local financial authorities.

Country	Regulated By
US	Financial Crimes Enforcement Network (FinCEN)1
UK	Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI)2
Canada	Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)3
Australia	Australian Securities and Investments Commission (ASIC)4
Europe	Electronic money institution (issued by the Bank of Lithuania)5
Singapore	The Monetary Authority of Singapore (MAS)6
Hong Kong	Hong Kong Customs and Excise Department7
India	Reserve Bank of India8
Indonesia	Bank of Indonesia9
Malaysia	Bank Negara Malaysia/Central Bank of Malaysia10

Instarem follows a strict regulations and guidelines when holding client funds. All client funds are held in a segregated client account, which is separate from Instarem’s operating funds. This ensures that client funds are ring-fenced and protected in the event of Instarem’s insolvency. 

In other words, even if Instarem were to face financial difficulties, client funds would remain separate and secure. This makes Instarem a very secure option for transferring money internationally.

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Instarem Alternatives

In this Instarem money transfer review, we have already explained why Instarem is an amazing money transfer service that is often cheap (especially for INR transfers) as well faster than most money transfer providers in the market.

However, there only downside of Instarem is the limited availability and coverage, because it is only available in the US, UK, Europe, Australia, Singapore, Malaysia, India, and Hong Kong. And Instarem only allows you to send money to 60+ countries. 

If Instarem is not available to you or if you are unable to send money to your desired destination, there are several Instarem alternatives for sending money overseas. Here are some popular options:

Instarem vs XE Money Tranfer

XE money transfer allows you to send money to 180+ countries – which is far more than any other money transfer provider in the market. Compared to Instarem, XE money transfer offers a wider reach, especially if you want to send money to lesser popular currencies. 

The biggest advantage of using XE.com is that it doesn’t charge a fixed fee on international transfers, and offers competitive exchange rates. While Instarem offers free transfers on selected currencies or above a certain amount.

Similar to Instarem, XE also has limited availability (currently serving only 22 countries), which is even lesser than Instarem money transfer service areas. 

Both XE and Instarem add a small markup on the mid-market exchange rates (the real exchange rate). However, Instarem offers a better exchange rate compared to XE.com.

	Instarem	XE.com
Transfer Fees	0.25% to 1% Free transfers on selected currencies	No Transfer Fees
Exchange rate	0.25% to 0.5% markup on mid-market rate*	0.5% to 2% markup on mid-market rate**
Send money from	35+ countries	22 countries
Send money to	60+ countries	180+ countries
Transfer Speed	1-2 business days average	1-2 business days
Loyalty Program	Yes	No
	Try Instarem	Try XE.com

XE Money Transfer is a better alternative to Instarem only if you are looking to transfer money overseas, especially to less traded currencies. XE offers a user-friendly website and mobile app that is easy to use, and it offers support for over 130 currencies. It also offers a range of transfer options, including bank transfers and mobile payments.

Read full XE Money Transfer Review

Instarem vs Wise (formerly TransferWise)

Wise (formerly) TransferWise is a popular alternative to Instarem for sending money overseas. 

Instarem doesn’t charge any fixed transfer fee on selected currencies (especially the popular currencies) and above a certain amount. Whereas Wise charges a low transfer fee on international transfers. 

The biggest advantage of using Wise ( TransferWise) over Instarem money transfer is the mid-market exchange rate. Wise offers the best exchange rate (which is the real exchange rate that you see on Google). Whereas, Instarem adds a small markup on the exchange rate that can range anywhere between 0.25% to 0.5%.

It is worth noting that with no transfer fees and the competitive exchange rate, Insterm can at times be cheaper than Wise, but it depends on the currency pairs and payment options. 

With Wise, you can send money in 80+ currencies which is a bit more than Instarem. But Wise is available in many more countries and regions compared to Instarem money transfers. 

Here is a head-to-head comparison of Wise vs Instarem

	Instarem	TransferWise
Transfer Fees	0.25% to 1% Free transfers on selected currencies	0.40% to 2%
Exchange rate	0.25% to 0.5% markup on mid-market rate	Mid-market exchange rate
Send money from	40+ countries	70+ countries
Send money to	60+ countries	80+ countries
Transfer Speed	1-2 business days	1-2 business days
Loyalty Program	Yes	No
	Try Instarem	Try Wise

It’s difficult to say whether Instarem is better than TransferWise as it depends on your specific needs and circumstances. But Instarem is a better option compared to Wise on selected currencies, especially if you are sending money to and from USA, India, and Australia. You can also earn loyalty points on Insatrem that can be cashed on future money transfers.

Read Full Wise (TransferWise) Review

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Instarem Review: Conclusion

In this Instarem review, we explored all the aspects of Instarem money transfer. We analysed Instarem fees, exchange rate, transfer speed, and most importantly is Instarem safe.

Instarem is a trustworthy international money transfer provider with a solid reputation among customers and received positive recommendations from experts. 

Instarem is available in the US, UK, Canada, Australia, Singapore, Hong Kong, Malaysia, Europe, and India, and allows you to send money to 60+ countries. 

Instarem does not charge any fees on international transfers on selected currencies. However, it makes profits by adding a small makeup on the exchange rate, which is usually around 0.25% to 0.5% – which is still one of the competitive exchange rates in the market. Instarem offers a user-friendly website and mobile app, and Its popularity is rapidly growing.

With competitive exchange rates and low transfer fees, Instarem is one of the cheapest providers to send money abroad.

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Instarem Review: FAQs