Instarem Logo

Supported currencies:



Mobile app:


Android and iOS

Transfer fees:


up to 1%

Business account:



Editorial Rating

Instarem Logo

Editorial Rating

Instarem Review

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Supported currencies:



Mobile app:


Android and iOS

Transfer fees:


up to 1%

Business account:



Welcome bonus:



Referral bonus:



Instarem Logo

Editorial Rating

Are you looking for a low-cost way to send money overseas? Instarem could be the solution. This online money transfer service is one of the fastest and most affordable ways to move money between countries, making it a popular choice for expats and international students.

But what exactly is Instarem, and what sets it apart from other money transfer services? In this Instarem review, we’ll take a closer look at Instarem’s features, upsides, and downsides and explain how it’s used to send money abroad quickly and easily.

What Is Instarem?

Instarem is a wire transfer service designed to enable people to send money internationally. Its name is a portmanteau of the words “instant” and “remittance”. The company founder, Prajit Nanu, co-created it in 2014 with Michael Birmingham.

Instarem is based in Singapore, but has a license to conduct business in Australia, Canada, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, the United States, and several European countries. Its network counts around 50 countries, which is less than some of its competitors, such as Payoneer and PayPal, though.

How Does Instarem Work?

Instarem offers its services both to individuals and businesses. Setting up an account is by no means difficult, but there are quite a few steps you need to complete. First, you’re asked to fill in your email and create a password. Then, you’re required to provide personal information, which encompasses the following:

  • Full name
  • Birth date
  • Nationality
  • Intended use of the account
  • Phone number
  • Home address

That’s not all. After that, you have to provide documentation to verify your identity. This involves inputting your passport, driver’s license, and/or health insurance details and uploading a picture of the document(s).

After everything is verified, you can use the account. You can deposit using Electronic Funds Transfer (EFT), bank transfer, or wire transfer. But the methods vary by country. Australians, for example, can use POLi transfer, while ACH Pull or bank transfers are available to users in the US. European customers can also deposit using a debit card.

The Instarem transfer time is between 4 and 24 hours. However, business transfers may take 1 to 5 days. Also, users’ first transfers are completed in 2-5 business days.

On the upside, if you’re a first-time customer, you get to enjoy the Instarem welcome bonus offer. For instance, those from the US get a bonus of $20. Anyone whose first transfer is at least $250 is eligible for the bonus.

There is also an Instarem referral program. Those who refer someone to use Instarem get 400 InstaPoints. The referral also gets 400 points, plus an additional 75 points as a welcome bonus. The minimum amount of points you need to have before you can redeem them is 100.

Exchange Rates and Fees

As is the case with most wire transfer services, there are Instarem transfer fees. They depend on the transfer amount, currency, receiver/sender country, and deposit method. The fees range between 0% and 1%. For example, the fee is around 0.25% for a transfer from Singapore and around 0.5% for Australian and Hong Kong senders.

As opposed to some other companies, Instarem doesn’t charge any hidden fees. This is a major factor to consider, given that, in the US, for instance, 41.4% of people are considered to belong to a low-income group.

The platform supports nine currencies:

  • Australian Dollar (AUD)
  • Canadian Dollar (CAD)
  • Euro (EUR)
  • British Pound Sterling (GBP)
  • Hong Kong Dollar (HKD)
  • Indian Rupee (INR)
  • Malaysian Ringgit (MYR)
  • Singapore Dollar (SGD)
  • United States Dollar (USD)

Instarem uses mid-market exchange rates sourced from Reuters. The company adds a minimal markup to cover the transaction cost.

The Instaram transfer limit slightly differs from country to country but is, for the most part, quite minimal, if not non-existent. For example, in the US, the minimum transfer equals $1 for individual accounts.

The maximum transfer limit per transaction also varies depending on the country and payment method. For example, Instarem maximum daily transfer limit for US users is $1,500 via ACH Pull Method. Meanwhile, Australians can transfer up to AU$20,000 per transaction if funded via debit or credit card.

Security & Privacy

Instarem is a fully-regulated service provider with licenses in Australia, Singapore, Hong Kong, Malaysia, India, the UK, the US, the EU, and Canada.

In addition, the company uses end-to-end encryption to protect the users’ personal and financial information. This is the same level of security that banks and other financial institutions use.

Although you can generally be confident that your money is safe when you use Instarem to send it abroad, security breaches can still happen. Due to firm security measures in place, the most common way the user may get their information stolen is by being scammed.

That’s why there is a section about scam awareness on the Instarem website. This section outlines the most popular scams, including the impersonation, loan, and disaster relief scam.

Mobile App

Conveniently, Instarem, the money transfer service, has a mobile app so that you can transfer money on the go. It’s available for Android and iOS users. The sign-up process is virtually the same as for the web version.

The app has an average rating on both Google Play and App Store, though some users mentioned in their reviews that it could use some improvement.

The clients have praised its clean and intuitive interface. However, some have had issues, such as the inability to complete transactions. It should be noted that the Instarem staff responded to the comments, offering solutions.

Customer Support and Resources

Instarem has customer support available 24/7 via phone, email, and live chat. If you have general questions, you may find the information you’re looking for in their FAQ or by asking the chatbot. The company also has a YouTube channel that features helpful tutorials to guide users through the platform.

What is more, Instarem user reviews on Trustpilot cite customer support as one of the perks of Instarem. According to them, customer support agents are responsive, friendly, and willing to help.

User Reviews

Instarem Truspilot reviews are outstanding, with the company receiving a pretty high rating based on thousands of customer reviews.

There is some discrepancy with customer satisfaction expressed on other third-party review sites, where Instarem has a low rating.

To sum up the positives:

  • Quick transfer
  • Reasonable fees
  • Competitive convertion rates
  • Helpful customer service

While most Instarem reviews are positive, some users noted areas where the platform could use some improvement. The points they outlined include:

  • Difficult to navigate user interface
  • Transactions sometimes canceled
  • Long wait for refunds and certain transfers

Final Verdict

All in all, Instarem is a great platform for those who need to send money abroad. It offers reasonable fees, quick transfers, and helpful customer service. When it comes to the downsides, the user interface could be adjusted to be more user-friendly.

Nevertheless, regardless of whether you’re looking to send money home to your family, pay tuition fees at school, or just cover some bills while living abroad, Instarem is definitely worth considering.


  • Competitive transaction fees
  • Available on mobile
  • 24/7 customer service
  • Very quick money transfers


  • Limited coverage
  • The user interface of the mobile app is confusing to some users
Instarem Logo

Editorial Rating


Is Instarem safe?

Yes, Instarem is safe. The service provider is fully-regulated, with licenses in nine countries. It also employs end-to-end encryption to ensure all data remains confidential. However, there are always risks associated with any financial transaction, so it’s important to be aware of them before using Instarem.

Be sure never to share your financial information with anyone unless you’re absolutely sure that they’re reputable. Also, you may find Instarem’s “scam awareness” section on the website helpful in educating yourself about various common scams involving wire transfers.

Which is better, TransferWise or Instarem?

When it comes to the Instarem vs Wise debate, both companies offer international transfers. However, in terms of pricing, Instarem has the edge over Wise (formerly TransferWise). While Instarem’s transfer fees range from 0% to 1%, Wise’s start at 0.41%.

On the other hand, Wise is available in more locations than Instarem and supports over 50 currencies. The two companies have similar transaction processing times.

All in all, it’s up to you to decide which company provides services that are more in line with your requirements.

How long does it take to send money through Instarem?

The Instarem processing time is extremely quick, which is one of the main selling points for this company. It can take from 4 to 24 hours for individual users and up to 5 days for business transactions.

Is Instarem cheap?

Instarem is cheaper than some of its competitors. The transaction fee varies by country, payment corridor, transaction amount, and currency. It’s usually up to 1%. Also, the company doesn’t charge any hidden fees. For more pricing information, you can refer back to our Instarem review.