InstaReM Review

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At a Glance

InstaREM was launched in 2009 by Prajit Nanu and Michael Bermingham. Although its headquarters are in Singapore, the company now has offices in Malaysia, Australia, India, the USA, Hong Kong, UK, and Lithuania. The company provides transfer services to both private and corporate clients.

The Pros

Let’s take a look at the features that make InstaREM stand out from the rest.

Good Fee Structure

One of the main concerns with money transfer services is often the cost involved. Fortunately, InstaREM mitigates this issue with a straightforward, nominal fee. The exact cost will depend on your current destination and the location of the recipient. Typically, though, you can expect to be charged between 0.25 and 1 percent. It should be noted that other banks can add costs at various points of the transaction process.

Reliable Exchange Rate

Unlike many other services, InstaREM has a zero-margin exchange rate. Due to this, you can have peace of mind knowing that the exchange rate will not be inflated in any way to boost profits for the agency. What’s more, all of the mid-market exchange rates are provided courtesy of Reuters. So, not only will they be accurate, but up-to-date as well.

The company also gives you the opportunity to track certain currency pairs. So, you will be notified when they hit the desired low or high prices, allowing you to make the most of price movements. This is yet another tactic that can help you save money.

Good International Transfer Presence

At the moment, individuals can send money via InstaREM from Singapore, Malaysia, Australia, Hong Kong, UK, Euro Zone countries, India, the US, and Canada. However, this scope broadens quite a bit to the different locations you can send money to.

A number of Asian, European, and South American countries are listed as destinations. In North America, money can be sent to the United States, Canada, and Mexico. All of these destinations make this a more desirable service.

Safe and Secure

What is truly impressive with InstaREM is that it is a licensed provider in most of the countries where it has offices. Thus, the company is regulated by ASIC, Community Federal Savings Bank, FINTRAC, MAS, RBI, and more.

This, of course, has several advantages for clients. Each of these agencies requires the firm to operate under strict regulations. This includes keeping your money in segregated accounts, ensuring that it is well-protected. At the same time, all these compliances mean that it is easy to file complaints if you disapprove of any practices.

Good Business Features

This service provider is actually a good option for smaller businesses. To begin with, it has a network of more than 8000 banks all over the world. Furthermore, the platform allows you to make multiple, multi-currency payments to different recipients at the same time. Naturally, this makes the money transferring process a great deal easier for such transactions.

Deals and Rewards

There is also a chance for you to earn a couple of perks when using this service. You can get bonus coupons at various times to receive certain benefits. The firm gives you the opportunity to earn InstaPoints with every transaction that can be redeemed for future transactions. You are also rewarded for referring other individuals to the service. While the rewards aren’t significant, there is certainly an added bonus when using this transfer platform.

The Cons

There are a few downsides to InstaREM that may not make it a suitable partner for certain businesses.

Transfer Delays

Some of the main complaints about InstaREM involve transfer delays. As the company falls under the purview of so many regulatory agencies, they are sometimes required to show further client documentation before approving a transfer. Unfortunately, clients are typically asked for this added documentation once the transfer request has already been placed. Thus, their transfers end up getting delayed.

This is an issue that seems to particularly affect new customers or individuals who are trying to transfer large sums of money. Thus, for first-timers, this issue should sort itself soon enough. However, those that continue to send large transactions may face the same obstacles time and time again.

Poor Customer Service

The InstaREM customer service leaves much to be desired. While agents do eventually contact if you have an issue, there is a good chance that you will end up having to wait quite a while. This can be frustrating if you are facing an emergency situation or attempting to send large amounts of money.

In Conclusion

To sum things up, InstaREM is definitely one of the better international money transfer services available. They are prominent enough to make it easy to send amounts of money all around the world. The main draw is that the nominal fee is often quite affordable, particularly when compared to their competitors.

For most medium-sized money transfers, InstaREM is actually an excellent choice. The platform is well-maintained and the company is incredibly safe and secure. Also, at this price point, the firm’s fee policies will end up saving you the most amount of money.

Nevertheless, InstaREM may be less suitable for larger businesses. For one thing, all the transfer delays can be a setback if you are trying to send money promptly. For another, poor customer service is a concern for larger clients. If it is too difficult for you to get in touch with an agent, then you may not be able to resolve your problems quickly and promptly.

Overall, though, InstaREM does score rather high where it matters when it comes to international money transfers. So, if you do end up using their services, there is a good chance that you will have a positive experience.