InstaReM Reviews and Comparison - Seedly
 

InstaReM

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  • Reviews (322)
  • Questions (24)
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Remittance/InstaReM
InstaReM
4.8
322 reviews

InstaReM

0.25% to 1% of mid-market rate
TRANSACTION FEES
$200
MIN. TRANSFER AMOUNT
1-2 days
TRANSFER SPEED

    InstaReM

    0.25% to 1% of mid-market rate
    TRANSACTION FEES
    $200
    MIN. TRANSFER AMOUNT
    1-2 days
    TRANSFER SPEED
Reviews (322)

4.8

322 Reviews

  • 5
    263
  • 4
    50
  • 3
    4
  • 2
    2
  • 1
    3

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exchange rate

transfer money

high recommend

rate good

rate compare

instarem rate

user friendly

rate offer

remittance service

send money

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  • Updated 3d ago

    Purchased

    InstaReM

    Amazingly fast and easy to use service app!! Great experience so far...! Keep it up InstaReM!! Thanks!
    0 comments
    0
  • [Ease of Transfer] Successful remit in just 2 days, used their promo code and only need to pay 1$ for remit fees. very goood!
    0 comments
    0
  • Instarem has given the best transfer rate compared to all of it’s competitors. The best thing is there are no hidden charges. Sometimes the money is credited to my account instantly (within 5 minutes). The maximum time is around 4 hours based on my experience. The app GUI is very nice. Instarem comes up with promotions for different occasions and it helps. Keep up the good work and my best wishes to Instarem.
    0 comments
    0
  • Wished I had known about their service sooner, as had been using another service provider with higher fees and unfavourable exchange rates. Like their service for: 1. Low fees when remitting money to overseas (can lower than $5 even depending on amount being remitted) 2. Very favorable exchange rates ("Very" close to rates found on google) 3. Recipients can receive money directly to their own account - recipient bank account number and bank SWIFT code needed. 4. Ease of transferring money to Instarem and recipient.
    0 comments
    0
  • Posted on 14 Nov 2019
    Very good remittance experience since few years. They keep on upgrading. Latest update I like is the instant transfer. Very fast. Almost in seconds. The device charges also changed from 0.25% to 0.3%.
    0 comments
    0
Questions (24)

Recent Activity

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Recent ActivityUnansweredTrending

Multi Currency Cards

InstaReM

SK
Shabir Khan
Level 2. Rookie
Answered 4d ago
I contacted InstaReM to ask about it, I was informed that it will be available in January.

InstaReM

Travel

Multi Currency Cards

Its been really quiet from InstaReM since then so unclear if they are on track or not. On the Seedly event in late Oct their feature set looked quite new/ambitious and I was bit surprised they were so aggressive about announcing the target launch in December. If there is any unexpected hiccups in implementation, the launch could easily slip to next year.

YouTrip

TransferWise

InstaReM

YouTrip best since their revamp early Nov Revolut on weekdays but lose on weekends and THB Transferwise a small fee and so loses to both above. Instarem remittance only so far, their card product vapour. All cards allow keeping in balance in USD and US purchases. Do let me know if missed anything.

Multi Currency Cards

InstaReM

Also interesting how is the AMAZE development coming along. Perhaps the Country Manager of InstaReM who is on this site can provide insights @Chee Wai - its getting close to the December launch timing mentioned in the Seedly meetup in October; could you provide update on development progress and about query on how FX rate can be seen at POS

Multi Currency Cards

InstaReM

For banks they can give extra benefits due to the (excessive) markups they charge for transactions in foreign currencies. Instarem's selling point is that they cut that cost out, so it's going to be tougher to provide more rewards for foreign spend

Multi Currency Cards

InstaReM

Unfortunately, looks like too tough of a nut to crack as it has been reported recently that InstaReM has pulled out of the race for one of two digital banking licenses that MAS was offering.

Multi Currency Cards

InstaReM

UOB One Card

According to InstaReM, cashbacks, reward points & airmiles will continued to be earnt across your cards Source (right at the bottom): https://www.instarem.com/en-sg/amaze

Multi Currency Cards

InstaReM

AMAZE is looking to be a passthrough for existing credit/debit cards. From what I can see right now, InstaReM can't fund a remittance via credit/debit cards so if this is going to be a feature when AMAZE is rolled out in December, it would likely have a different fee schedule to existing remittances.

Multi Currency Cards

InstaReM

Theoretically no issue - but practically, building the user interface on the app to allow for the intricacies of this (eg you would capability to set up charging in advance of authorisation request, and in addition allow selection of the amount to charge to different accounts) - sounds like a decent amount of work for a use case that is of benefit to very few users. Given the feature development wishlists and limited IT resources - I expect this won't be supported in foreseeable future. Note - for face-to-face transactions, most POS systems will support this type of split tender payments so when paying in person, just ask the vendor to split the bill.

Multi Currency Cards

InstaReM

As I understand AMAZE is supposed to act as a passthrough for existing Visa/MC card accounts, so if your brokerage/trading provider allows top-ups through Visa/MC then AMAZE should work similarly.
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About InstaReM

InstaRem wants to make global money transfers easy. Inspired by his own unnecessary complicated experience of trying to transfer money overseas, InstaRem’s CEO, Prajit Nanu was determined to develop an easier, straightforward way of international money transfers. This pushed him to work with Michael Bermingham, an expert in compliance in Asia, EU and Europe. Together they shared a vision of making international money transfers easy.

How InstaRem Works

Simply input the amount you wish to transfer and the currency you wish for it to be converted to on InstaRem’s comparison tool and register an account.

Good To Know

InstaRem lists the following features on its website:

  • Zero-Margin FX Rates: mid market rates sourced directly from Reuters and while there are no margins, a nominal fee will be charged.
  • Fast & Easy Transfers: After account verification, the recipient of the transfer will typically receive the money in 1-2 days.
  • Loyalty Points: Bonus InstaPoints will be awarded upon account creation and after each transfer. InstaPoints can be redeemed against your transactions.

InstaRem supports currencies in 5 continents. Such currencies include:

  • Asia: Bangladesh, China, Hong Kong, India, Indonesia, Japan, Malaysia, Nepal, Philippines, Singapore, Sri Lanka, Thailand, Vietnam
  • Europe: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom
  • North America: USA, Canada, Mexico
  • South America: Argentina, Chile, Colombia, Peru
  • Oceania: Australia, New Zealand

Business accounts are available with InstaRem.

Contact InstaRem

For more info, you can visit InstaRem’s Help Centre here.

You can visit InstaRem here.