Instarem Money Transfer

About Instarem

Instarem is a leading digital cross border payments platform that enables consumers and SMEs to send and collect international money transfers conveniently and securely. Connected in over 100 markets and 65 markets in real-time, Instarem seeks to make global money transfers quick, easy, and cost-effective. Instarem is a licensed service provider with licenses in Australia, Singapore, Hong Kong, Malaysia, India, UK, US, EU and Canada. .

Features of Instarem

• Zero-Margin FX Rates: mid-market exchange 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
• Low nominal fees that differ with different destinations
• Many reviews cite Instarem having one of the most competitive exchange rates in Singapore, with minimal mark-ups, and a transparent fee structure
• Instarem also offers corporate account for businesses that require transacting in various currencies often. Instarem helps remove complexities from business payments and introduce you to fast, cost-effective international payments, executed through competitive FX rates and low to help you save big, as well as a seamless transparent platform to to better track your business transactions.
• The Instarem app also has a decent UI that is user-friendly and convenient for facilitating money transfer. With Instarem’s mobile apps, you can send money seamlessly, monitor your transfers and check the status of your transfers

How Does Instarem Work?

All you need to do is sign up for an Instarem account:

1. Sign up on Instarem with your email, Google or Facebook account
2. Fill up your personal details
3. Upload supporting official documents for verification
4. Verify your mobile using the 6 digit code sent to your registered phone number
5. Set up your transfers by entering your desired currency and amount into Instarem's calculator to check exactly how much your recipient will get
6. Choose your transfer method, fill up your recipient's details and voila! they'll be wired the money

If you own a small or medium business, you can also set up a business account and use InstaReM as your global payment solution to send, spend, and receive money.

Countries Available for Transfer with Instarem

Instarem supports cross border payments and transfers across:

• Asia: Bangladesh, China, Hong Kong, India, Indonesia, Malaysia, Nepal, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Thailand, and Vietnam
• Europe: Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherland, Portugal, Spain, and UK
• North America: USA, Canada, Mexico
• Oceania: Australia

Which countries levy taxes on outward flow of money?

While most countries do not levy taxes on outward flow of money, India imposes GST both on currency conversion and the service charge. Malaysia imposes GST on service changes for outward remittance transaction.

Which countries levy taxes on inward flow of money?

Few Latin American countries levy taxes on inward remittances. While Instarem deposits the exact amount to the recipient that you see on the screen while setting up the transfer, the recipient's bank may deduct taxes from the receiving amount at their end.

Contact Instarem

• Contact number: +65 6950 1132
• Address: NIUM, #20-05, Hong Leong Building, ​16, Raffles Quay​, Singapore 048581​

Contact us at [email protected] should you require any assistance or spot any inaccuracies.