Anonymous
Has anyone used InstaReM before?
I'm looking to send money to India using instaReM.com as I saw their rates to be cheaper than other online platforms. Has anyone tried them before? Is it a safe option? How long does it take to transfer money through InstaReM? Are there any hidden fees?
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Hey Anonymous! All remittance services carry some form of risks I believe. Like what if the provider gets acquired or closes down tomorrow. Hence, I would recommend those that have a strong record and have been in the remittance business for a long time.
InstaReM is a local company that has been in the market for about 5 years now. It is backed by Vertex Ventures, a subsidiary of Temasek Holdings. So I think it should be quite safe as the government should have enought safeguards in placed.
Based on past transactions, it normally gets send within the day and the fees are exactly what you see on the website. So no hidden fees.
You can check out a review done by Seedly here:
https://blog.seedly.sg/international-money-tran...
Hope this helps!
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Instarem Money Transfer
4.7
1329 Reviews
0.25% to 1% of Mid-market rate
TRANSACTION FEES
$200
MIN. TRANSFER AMOUNT
1 to 2 days
TRANSFER SPEED
40+
SUPPORTED COUNTRIES
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I am using it to send money back to Malaysia for last two years and so far do not have any issue. Its will take 2 to 3 days to deposit into my account in Malaysia. The fee was based on the amount you want to tranfer. So after certain amount, other platforms that charging fixed transfer fee per trasaction will be more cheaper.