InstaReM Review

InstaReM Review Summary

InstaReM was founded by Prajit Nanu and Michael Bermingham and is a Singapore-based Fintech company. It offers digital cross-border money transfers. Recently, it has become part of Nium. It is a great choice for sending money overseas. The company also has toll-free local and international numbers. It also offers call-back services. This is a very useful feature for customers who are not able to speak English and need assistance. Instarem specializes in international money transfers. While it is not as widely available as some of its competitors, it provides competitive pricing and ease of use. It accepts money from most of Europe, Australia, Canada, and the US, and it offers options for sending money

InstaReM review
InstaReM Features

InstaReM Year Established

2014

InstaReM International Clients

InstaReM accepts international clients.

InstaReM Age requirement

18 years

InstaReM Currencies Offered

11 online

InstaReM Minimum Transfer

$1 (minimum sending amounts could differ based on certain currency pairs)

InstaReM Transfer Fees

0%-1%

InstaReM Office Locations

Headquarters in US, with subsidiary offices and certified agents literally across the globe.

InstaReM Employees

200

InstaReM Turnover

10100000

InstaReM Regulation

Financial Conduct Authority (FCA)

InstaReM Fees

InstaReM transfer fees are 0%-1%.

Fees with InstaReM may vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by InstaReM, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.

InstaReM Client Rating

InstaReM has a rating of 4.

Number of InstaReM customers

130000000

InstaReM Website

www.instarem.com

InstaReM Supported Languages

English

InstaReM Review

InstaReM review
Pros and Cons of Transferring Money with InstaReM

Most of the time money transfers with InstaReM will be smooth. Each money transfer service have their own benefits and isses, so always weigh the pros and cons of sending money with InstaReM money prior to submitting an application to InstaReM.

Can you easily afford the InstaReM fees, are the exchange rate costs reasonable with InstaReM?

InstaReM review
InstaReM Advantages

  • InstaReM has been in business over 4 years
  • InstaReM has aa good rating.
  • InstaReM offers PayPal as a payment method
  • InstaReM offers Neteller as a payment method
  • InstaReM offers Skrill as a payment method
  • InstaReM is availble in many international countries.
  • InstaReM offers a wide range of money transfer currency options.
  • InstaReM offers phone support.
  • InstaReM offers email support.
  • InstaReM offers an Apple iOS mobile application.
  • InstaReM offers an Android Google Play Store mobile app.

InstaReM review
InstaReM Disadvantages

  • InstaReM does not offer PayPal as a payment method
  • InstaReM does not offer Neteller as a payment method
  • InstaReM does not offer Skrill as a payment method
  • InstaReM does not offer a mobile wallet.
  • InstaReM does not offer Home delivery for money transfers.
  • InstaReM does not offer Cash pickups for money transfers.
  • InstaReM does not offer Money orders.
  • InstaReM does not offer Livechat support.

What Is InstaReM?

InstaReM is a financial service company, that offers its clients money transfer services.

InstaReM was founded in 2014 by Sreya Dasgupta and has offices in Singapore.

InstaReM provides money transfer services to its 130000000 customers who are from all over the world including Asia, Europe, Noth America (USA, Canada, Mexico), South America (Argentina, Chile, Colombia, Peru), Australia & New Zealand.

The Singapore InstaReM business was founded in 2014 to deliver money orders locally and internationally.

Do InstaReM Offer Money Transfer?

Money transfer businesses, or other financial corporations use EFT (electronic funds transfer) to send money across distances, large or small. That is to say that it is not actual money being sent, it is rather data that represents the amount being sent that the recipient can withdraw whenever they wish.

Is InstaReM Trusted And Established?

InstaReM is among the most recognized and reputable money transfer platforms. It has an exceptional track record and offers reasonable rates.

InstaReM was established in 2014 in Singapore, and has been in operation for around 8 years InstaReM have a head office in Singapore.

InstaReM review
How much does it cost to send a InstaReM Transfer?

InstaReM money transfer exchange rates are quite minimal compared to banks and other money transfer providers. A minimal percentage is charged on top of the exchange rate as standard practice. InstaReM only charges 0%-1%, when compared to other money transfer service providers.

InstaReM review
How much can I send with InstaReM?

The maximum transfer amount with InstaReM is up to No limit (different countries have regulatory limits on outward and inward flow of remittances originating from or to the country) (or its currency equivalent) online.

While InstaReM charges a small percent of transfer fees, the brand offers reasonable exchange rates.

InstaReM review
InstaReM Money Transfer Terms and Conditions

When transferring money with InstaReM, it is crucial to keep tabs on the following:

  1. InstaReM Speediness. Often the need to money transfer may be urgent and time critical.
  2. InstaReM Reliability and reputation. The safety of money and personal information can be a concern for those wanting to use international money transfer services to send money.
  3. InstaReM Transaction charges. Transaction charges are important as the majority of customers wish to send money overseas without having to worry about paying excessive charges.
  4. InstaReM Ease of use, and convenience. Your money transfer platform should be flexible and offer a good range of options and features, making it more convenient for customers to send money overseas.
  5. InstaReM Customer service. Because one can often run into problems when transferring money. A money transfer platform with excellent customer service could solve a lot of problems. InstaReM customer service should respond to your queries quickly and work with you to resolve any issues that you have.

InstaReM review
How InstaReM Compares To Other Money Transfer Companies

NameInstaReMXE Money TransferRemitly
Usedby1300000002800000003000000
Transfer Time2 business days1-4 business days3-5 business days
Min Transfer$1 (minimum sending amounts could differ based on certain currency pairs)US$1.00US$1.00
Max TransferNo limit (different countries have regulatory limits on outward and inward flow of remittances originating from or to the country)US$500,000.00 (or equivalent)US$20,000.00
Payment Methodsbank transfer, POLi payment (Australia), debit card (EU residents), ACH Pull (US residents), FPX (Malaysian residents)Bank transfer, credit card, debit cardBank transfer, credit/debit card
iOS Appyesyesyes
Android Appyesyesyes

InstaReM review
InstaReM Risk Warning

Any taxes or charges are payable in the destination country. costs may exist that are not paid through InstaReM or imposed by InstaReM. Your InstaReM money transfer transaction may be cancelled if it is demmed to be connected with prohibited activities including all applicable laws regarding anti money laundering or counter terrorism financing laws. or the transaction is actioned through unauthorised use of your InstaReM account.

InstaReM review
InstaReM Fees & Exchange Rates

Several money transfer platforms like InstaReM charge money for every money transfer a customer makes through their platforms. Other than that, every time an individual exchanges money from one particular currency to another, the money transfer operator in this case InstaReM may charge for a currency exchange.

InstaReM review
InstaReM Transfer Fees

A transfer fee is the sum of money that a money transfer operator like InstaReM charges a customer for transferring money to a recipient. The amount charged depends on the operator charging it.

InstaReM review
InstaReM Exchange Rate Margins

Exchange rate margins are how InstaReM, banks and other financial corporations make profit off their services instead of charging customers with commission fees.

When a bank or a money transfer service like InstaReM quotes an exchange rate to a customer, they usually take the interbank rate and add an amount known as a margin rate. Check with InstaReM to see what their exchange rate margin is.

InstaReM review
InstaReM Methods to Transfer Funds

A InstaReM fund transfer is when someone sends money from their account to another person's account. Money can be transferred using different methods, e.g. online, via the phone, or a mobile app.

The methods to transfer funds are:

  • Manual EFT
  • Automatic EFT
  • Bill payment
  • Correction

InstaReM enables users to transfer money using bank transfer, via none.

InstaReM review
InstaReM Currencies Supported

Money transfer operators that offer more currency options are beneficial because they make for reduced conversion fees. This way customers do not have to pay exorbitant conversion fees when transferring money.

InstaReM offers every available world currency to its customers. We list the major InstaReM supported currencies below.

InstaReM Money Transfer Currencies
NameCurrencies
AUS, SGD, HKD, INR, MYR, EUR, GBP, USD, CAD, JPY, NZD
AED, BDT, BHD, BTN, HKD, IDR, ILS, INR, JOD, JPY, KWD, LKR, MYR, NPR, OMR, PHP, PKR, QAR, RUB, SGD, THB, TRY, TWD, VND, BAM, BGN, CHF, CZK, DKK, EUR, GBP, HRK, HUF, NOK, PLN, RON, RSD, SEK, BBD, CAD, CRC, DOP, GTQ, HNL, JMD, MXN, TTD, USD, XCD, AUD, FJD, NZD, TOP, WST, ETB, GHS, GMD, GNF, KES, MAD, MUR, MZN, RWF, SLL, TND, TZS, UGX, ZAR, ARS, BOB, CLP, COP, GYD, PEN, PYG, UYU
ALL, ARS, EUR, BSD, BDT, XOF, BOB, BRL, BGN, BIF, USD, XAF, CLP, CNY, COP, KMF, CRC, HRK, CZK, DOP, EGP, ETB, FJD, GMD, GHS, GTQ, GNF, GYD, HNL, HUF, INR, IDR, JMD, JPY, JOD, KES, MGA, MWK, MYR, MXN, MAD, NPR, NGN, PKR, PYG, PEN, PHP, PLN, RON, RUB, RWF, SLL, ZAR, KRW, LKR, TSZ, THB, TND, TRY, UGX, UYU, VND, ZMW
AED, ARS, AUD, BDT, BGN, BWP, CAD, CHF, CLP, CNY, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW
AED, AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, INR, JPY, MYR, NOK, NZD, PLN, RON, TRY, SEK, SGD, USD, ARS, BDT, BWP, CLP, CNY, COP, CRC, EGP, GEL, GHS, ILS, KES, KRW, LKR, MAD, MXN, NGN, NPR, PHP, PKR, RUB, THB, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AED, EUR, PLN, AUD, GBP, SEK, CAD, HKD, SGD, CHF, HUF, USD, CZK, NOK, ZAR, DKK, NZD
AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
USD, AUD, CHF, EUR, HKD, JPY, BBD, BMD, BSD, DKK, GYD, INR, JMD, KYD, MXN, NOK, NZD, SAR, SEK, SGD, TTD, ZAR, GBP
AUD, BGN, CAD, HRK, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, MYR, MAD, NZD, NOK, OMR, PLN, GBP, QAR, RON, SAR, RSD, SGD, ZAR, KRW, SEK, CHF, THB, TRY, AED, USD
AED, AUD, BND, CAD, CHF, CZK, DKK, EUR, FJD, HKD, HUF, IDR, ILS, INR, IRR, JPY, KRW, KWD, LKR, MAD, MXN, MYR, NGN, NZD, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SCR, SDG, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XOF, XPF, ZAR
EUR, GBP, USD, CAD

InstaReM review
InstaReM Transfer Options

InstaReM offers the following transfer options:

InstaReM Money Transfer Options Compared
NameTransfer Options
Bank deposit, cash pick-up (Philippines)
Bank deposit
Bank deposit, cash pick-up, home delivery, mobile wallet deposit.
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
bank deposit, cheque, wire transfer, debit card, credit card
Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country)
Bank deposit
Bank deposit, cash pick-up , door-to-door delivery

Single Payments

’Single payments’ is a term used to recognize a one-time money amount from an allowance. For a single payment, the user may use a single credit card (or debit card) and have a single invoice.

Regular Payments

A regular payment is a highly economical and easy way to transfer money with InstaReM. It is best suited for customers who have to transfer regular smaller amounts (usually three, four, or smaller five-digit amounts).

InstaReM review
Who InstaReM Services Are Available To

InstaReM offers services for sixty different currencies across more than one-seventy countries.

The more global a money transfer operator becomes, the more reliable it is for people across the globe.

InstaReM Country Restrictions

InstaReM does not operate in the following countries :

  • Afghanistan
  • Aland Islands
  • American Samoa
  • Angola
  • Anguilla
  • Antarctica
  • Antigua and Barbuda
  • Barbados
  • Belize
  • Benin
  • Bhutan
  • Bonaire (including Sint Eustatius and Saba)
  • Bouvet Island
  • British Indian Ocean Territory
  • Burkina Faso
  • Burundi
  • Cape Verde
  • Central African Republic
  • Chad
  • Cocos (Keeling) Islands
  • Comoros
  • Congo
  • Democratic Republic of
  • Congo
  • Republic of
  • Cook Islands
  • Crimea
  • Cuba
  • Curacao
  • Djibouti
  • Equatorial Guinea
  • Eritrea
  • Faroe Islands
  • Fiji
  • French Guyana
  • French Polynesia
  • French Southern Territories
  • Gabon
  • Gambia
  • Greenland
  • Grenada
  • Guadeloupe
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Haiti
  • Heard Island and Mcdonald Islands
  • Holy See (Vatican City State)
  • Iran
  • Iraq
  • Ivory Coast (Cote d'Ivoire)
  • Japan
  • Kiribati
  • Kosovo
  • Kyrgyzstan
  • Lao People’s Democratic Republic
  • Lebanon
  • Liberia
  • Libya
  • Macao
  • Mali
  • Marshall Islands
  • Martinique
  • Mauritania
  • Mayotte
  • Micronesia
  • Federated States of
  • Montserrat
  • Myanmar
  • Namibia
  • Nauru
  • New Caledonia
  • Niger
  • Niue
  • Norfolk Island
  • North Korea
  • Northern Mariana Islands
  • Palau
  • Palestinian Territory
  • Papua New Guinea
  • Reunion
  • Pitcairn
  • Rwanda
  • Saint Barthelemy
  • Saint Helena
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Martin
  • Saint Pierre and Miquelon
  • Saint Vincent and the Grenadines
  • Sao Tome e Principe
  • Seychelles
  • Sierra Leone
  • Sint Maarten
  • Solomon Islands
  • Somalia
  • South Georgia and the South Sandwich Islands
  • Sudan (North and South)
  • Suriname
  • Svalbard and Jan Mayen
  • Syria
  • Tajikistan
  • Timor-Leste
  • Togo
  • Tokelau
  • Tonga
  • Turkey
  • Turkmenistan
  • Turks and Caicos Islands
  • Tuvalu
  • Vanuatu
  • Venezuela
  • Wallis and Futuna
  • Western Sahara
  • Western Samoa
  • Yemen
  • Zimbabwe
  • Crimea
  • Cuba
  • Iran
  • Libya
  • North Korea
  • South Sudan
  • Sudan
  • Syria

Certain countries are restricted because InstaReM is not allowed to legally operate in those regions or it is not economically viable for InstaReM to provide money services in these regions.

InstaReM review
InstaReM International Money Transfers

An International Transfer is when someone sends money from their account in one country to a bank account in another country.

Setting up your InstaReM money transfer is quick and simple with the modern InstaReM online platform.

Transferring money internationally used to be a tedious process 10 years ago but advances in software and the internet have made transferring money allot easier.

These days, you can send a money transfer with ease on the InstaReM website.

The InstaReM website includes useful and easy-to-access option for those who wish to track their money and monitor when it can be received, providing a safe and accessible option if you'd like to keep an eye on your transfer.

InstaReM review
InstaReM Minimum Money Transfer

Several money transfer companies do not have a minimum money transfer amount. Making it easy for their users to send small amounts of money. InstaReM has a minimum transfer amount of $1 (minimum sending amounts could differ based on certain currency pairs).

InstaReM review
InstaReM Maximum Money Transfer

Money transfer companies often do not have maximum transfer limits. For example, InstaReM does not have a maximum transfer limit when the user is paying through phone. There is however, a No limit (different countries have regulatory limits on outward and inward flow of remittances originating from or to the country) limit per transaction for online transfers.

InstaReM review
InstaReM Money Transfer Fees and Charges

These are the fees charged by InstaReM and other money transfer companies (or other financial corporations) for transferring money. Several companies however, do not charge their users for transferring money. The only charges there are to pay are currency conversion charges.

InstaReM review
How Long Does It Take to Get a InstaReM Money Transfer

InstaReM money transfers do not usually take very long. It normally takes less than 24 hours for a money transfer to complete between two accounts with the same financial corporation. While in the case of money transfers with money transfer services like InstaReM, it can take a little as a few minutes. If the money is being sent overseas, it can take up to five days for the recipient to receive the money from InstaReM.

InstaReM review
InstaReM PLC Status

If a company has the acronym PLC at the end of its name, it means that the business offers its shares to the public and is traded on a public stock exchange. This alone makes the company more reputable. InstaReM is not a publically listed company. InstaReM is a privately owned company.

InstaReM review
InstaReM Money Orders

The charges for issuing money orders with InstaReM are 0%-1%.

InstaReM review
InstaReM Mobile Top Up

InstaReM offers mobile top ups.InstaReM mobile top ups are where a user can add credit to a recipient’s mobile phone number. The recipients number has to be local. These are normally processed within minutes, if not seconds.

InstaReM COVID-19 Help

Some money transfer companies offer COVID-19 financial assistance. This may be in many forms including payment holidays, reduced interest rates and more options to pay. Check with InstaReM directly to see what they are able to offer if you are adversely affected by COVID-19.

Who are InstaReM Money Transfers Best For

There may be many reasons you are looking to action a money transfer with InstaReM. These reasons can include debt consolidation, medical bills, student debt, collection agency debt, wedding costs, holidays, home repairs and repaying friends and family.

InstaReM money transfers are best for people looking for looking for a reliable fast money transfer service.

InstaReM Guide for Fast Money Transfer Approval

For InstaReM to be able to process your money transfer application as quickly as possible make sure you have everything InstaReM need. If you and InstaReM need to go back and forth it may delay the InstaReM application process. Make sure every piece of information you give InstaReM is accurate.

Please note that you must have at least a minimum of one active bank account for InstaReM to process your money transfer.

InstaReM Application Time

Application time refers to the amount of time you have to wait for your InstaReM registration to be approved. This should not take long, especially if you have nothing which should come up as red flag on the InstaReM system.

InstaReM Approval Time

It is the time it takes for InstaReM money transfer operator to approve the money transfer being made. Depending on the situation this can take up to five days.

InstaReM Funding Time

It is the amount of time it takes for the recipient to receive the money transfer. Once your InstaReM money transfer has been approved the money should be in your account within four working days.

InstaReM review
Things to Check Before a InstaReM Money Transfer

Why more features are useful for modern life’s and why new challenger banks are starting to beat traditional banks.

Here are a number of important things to consider before considering InstaReM money transfer:

  1. Reliability and safety
  2. Making preparations before the transaction
  3. Convenience
  4. Transfer and conversion rates
  5. The quality of the customer service offered

InstaReM review
InstaReM Customer Support

InstaReM support should be there to help customers with their issues which includes answering their queries, guiding them through and difficult processes and issues when transferring money. InstaReM customer support should troubleshoot any issues with you until you get to a resolution that you are happy with.

When getting a InstaReM money transfer you will want to speak to a InstaReM representative in a language that you are comfortable with. All your Money Transfer queries and issues should be resolved quickly.

InstaReM review
Does InstaReM Offer Live Chat?

Customers can reach out to InstaReM through live chat to resolve InstaReM money transfer account issues or difficulties with their InstaReM account that they can't solve. Live chat, or live support is a real-time live chat feature used by customer support representitives allowing customers to instant message to and receive guidance from a trained agent regarding a your money transfer related query.

InstaReM review
How does InstaReM Compare with Other Money Transfer Companies?

When deciding upon a money transfer company like InstaReM you will want to know how InstaReM compares with other leading online money transfer companies. See how InstaReM compares below.

  1. Visit InstaReM alternative XE Money Transfer

    Used By: 280000000
    Currencies Available: 76
    Transfer Fees: none
    Payment Methods: Bank transfer, credit card, debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$500,000.00 (or equivalent)
    Year Founded: 1993

  2. Visit InstaReM alternative Remitly

    Used By: 3000000
    Currencies Available: 63
    Transfer Fees: 0-3.99$
    Payment Methods: Bank transfer, credit/debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$20,000.00
    Year Founded: 2011

  3. Visit InstaReM alternative Wise Multi-Currency Account

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  4. Visit InstaReM alternative Wise

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$1,000,000 (varies based on currency)
    Year Founded: 2011

  5. Visit InstaReM alternative CurrencyFair

    Used By: 150,000
    Currencies Available: 17
    Transfer Fees: 0.45%
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: £5.00 (or equivalent)
    Max Transfer: £10,000,000.00 (or equivalent)
    Year Founded: 2009

  6. Visit InstaReM alternative Wise Business

    Used By: 11000000
    Currencies Available: 55
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  7. Visit InstaReM alternative Scotiabank

    Used By: 25,000,000
    Currencies Available: 23
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 10000 USD
    Year Founded: 1832

  8. Visit InstaReM alternative Skrill

    Used By: 120,000
    Currencies Available: 33
    Transfer Fees: none
    Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$1.00 (varies based on certain currencies)
    Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
    Year Founded: 2001

  9. Visit InstaReM alternative MoneyGram US

    Used By: 150000000
    Currencies Available: 46
    Transfer Fees: 0-1.99$
    Payment Methods: pay by card or directly from your bank account
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: none
    Max Transfer: 3000 USD
    Year Founded: 1940

  10. Visit InstaReM alternative Xoom

    Used By: 250000000
    Currencies Available: 4
    Transfer Fees: 0$-40$
    Payment Methods: Bank transfer, debit/credit card, PayPal balance
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$10.00
    Max Transfer: 2999 USD/day, 6000 USD/month, 9999 USD/3 months
    Year Founded: 2001

InstaReM review
InstaReM Website and Mobile Apps

InstaReM has a website available online but it may be useful to manage your InstaReM account from your mobile device like your tablet or phone.

InstaReM offers an Android mobile application on the Google Play store.

InstaReM offers an Apple IOS mobile application for iPhones and iPads allowing InstaReM to users to check their InstaReM accounts on their iOS mobile devices.

InstaReM review
InstaReM Deposit and withdrawal Methods

InstaReM offers the following Money Transfer payment methods: bank transfer, POLi payment (Australia), debit card (EU residents), ACH Pull (US residents), FPX (Malaysian residents). All of significant bank systems are all acknowledged with InstaReM.

InstaReM offers ACH Payment which is used for direct deposit and debit transfers within the US. It is similar in nature to BACS (for the UK) and EFT (for Canada). Users can pay through bank transfer.

The recipient will receive the money in their bank account and can withdraw it using the method they prefer. They cannot, however, receive the money in the form of cash.

Take note that InstaReM may charge additional commissions and fees when using certain payment and withdrawal methods. These fees may not necessarily come from InstaReM.

InstaReM review
Is My Money Safe With InstaReM?

InstaReM is a reliable, secure, and trusted option for sending money overseas. InstaReM are registered and regulated with the Financial Conduct Authority (FCA).These regulatory licenses have strict rules that are enforced. These regulations safeguard the funds entrusted to them by InstaReM customers.

InstaReM review
InstaReM Financial Regulation and Safety of InstaReM Funds

Every business that wants to send money across borders (in excess of €3 million per month) must be licenced under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, both of which were created by the UK government but executed by the FCA for UK residents.

Consumer credit, in simple terms, is credit offered to individuals so they can purchase goods or cover personal expenses. It does not cover long term investments such as purchasing property. It allows for a properly managed economy to function and further encourages economic growth.

Firms like InstaReM that offer money transfer to retail customers are legally considered to be offering consumer credit.

A financial regulator ensures that consumers are protected, there is fair competition in the money transfer industry and the integrity of the Financial services industry as a whole is maintained.

Getting a money transfer with a regulated company is essential as it offers an increased level of protection than a money transfer from an unregulated one. This is because regulators are able to enforce strict rules and stop unscrupulous money transfer operators.

Laws differ on who can and cannot offer consumer credit in each country. Credit firms have strict rules that they must follow in order that they are legally allowed to transfer money to consumers. These laws are in place to protect consumers becoming trapped in a money transfer they can never pay off.

Be sure that InstaReM is fully licenced as a money transfer company.

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InstaReM Payment Services Regulations and InstaReM

The Payment Services Regulations Directive, is run by the European Commission in order to govern payment services and their providers across the European Union as well as the European Economic Area.

One of its goals has been to make foreign currency transactions transparent, much like currency payments. This is to protect consumers and businesses from being swindled.

What is the Financial Conduct Authority?

The FCA is a control body meant to license money transfer companies. Companies such as banks, Forex brokers, and money transfer operators are monitored the most. This is because they deal in situations that involve many intricacies, such as transferring money and offering loans, etc.

All reputable money transfer businesses that operate within the United Kingdom by law have to be registered and authorised as a payment institution by the Financial Conduct Authority (FCA) to comply with the Payment Services Regulations that were introduced in 2017.

Check InstaReM is financially regulated. InstaReM is regulated by the Financial Conduct Authority (FCA).

This makes sure that your Money Transfer agreement is above board and safe. In Addition, it Usually Means that InstaReM Possess a responsibility of care to their clients.

Is InstaReM Registered as a Money Service Business with HM Revenue & Customs

Financial institutions (which do not classify as banks) which convert and transmit money like InstaReM are known as Money Service Businesses. While they provide services similar to banks, they are still not considered banks. They offer more varied product options to individuals looking to transmit or convert money.

Financial authorities tend to keep tabs on InstaReM and other Money Service Businesses the most because the type of services they offer can leave them vulnerable to be used in financial crimes like money laundering. This is why it is crucial for them to be registered with the HM Revenue and Customs in the United Kingdom.

InstaReM Segregation of Client Funds

InstaReM as part of their regulation are required to segregate client funds from InstaReM company funds and keep all client funds within a bank that is authorised as a credit institution by the regulator. All client funds should be kept in the most reputable third-party financial institutions such as Barclays or the Bank of America.

InstaReM regulatory requirements mean that InstaReM Money Transfer funds and your funds should be totally separate. InstaReM cannot use any money that is still legally yours to conduct InstaReM daily business like paying InstaReM suppliers and costs. Your funds should be kept by InstaReM in a segregated bank account.

InstaReM Regulation Checklist

  • Check whether InstaReM has authorisation to offer consumer credit
  • Check the type of activities that InstaReM are allowed to conduct with their authorisation
  • Check the contact details, trading names and main business of InstaReM list on their website and the regulator match.

InstaReM Fraud Prevention Features

Fraud prevention is highly crucial when transferring money because once the money is gone, it's gone. Scammers most often gravitate towards money transfers. Lack of fraud prevention procedures can lead to loss of funds, or even identity theft.

InstaReM goes to great lengths to protect your InstaReM account from fraudulent use. We explain some of InstaReM anti-fraud features below:

  1. InstaReM has SSL encryption that protects the customer's private information.
  2. InstaReM has cutting edge technology that monitors almost everything i.e. from logins to transactions.
  3. The InstaReM platform has a bespoke monitoring system that helps to detect and prevents fraud.

Automated Transaction Confirmations

Having instant notifications turned on is not only convenient because the user is instantly alerted whenever there is a payment related activity on their InstaReM account, as you are instantly aware of every InstaReM transaction these notifications to your phone help you to keep tabs on any suspicious activity.

After conducting a transaction with InstaReM, the InstaReM accounts primary contact will receive a transaction confirmation confirming the transaction amount, rate exchange applied, and InstaReM delivery instructions.

InstaReM Monitors Your Account for Suspicious Transactions

InstaReM has systems and controls in place to detect fraudulent activity and protect InstaReM client accounts from misuse. If InstaReM detect a questionable transaction on your InstaReM account, InstaReM will contact you to verify the transactions legitimacy to ensure your InstaReM funds are safe.

How Does InstaReM Make Money?

InstaReM and other money transfer companies often charge their customers a certain amount of interest fees on every transaction made. The fees depend on the amount of money the customer wishes to transfer. InstaReM also earn money via foreign exchange rates.

Money transfer companies like InstaReM and banks need to survive, so they make money on interest from accounts and money transfers.

InstaReM Frequently Asked Questions

We list some of the most frequently asked InstaReM questions below.

Is there a limit to how much I can transfer with InstaReM?

You can transfer up to No limit (different countries have regulatory limits on outward and inward flow of remittances originating from or to the country) at a time.

When will I receive my InstaReM transfer?

It normally takes 3-5 business days.

Is it possible to cancel my InstaReM transaction?

If you need to cancel your transaction due to any reason, kindly contact us on this number 07 3053 8888.

How old do you have to be to sign up to a InstaReM account

To signup to a InstaReM account you will need to be at least 18 years old.

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Is InstaReM a Scam?

InstaReM have been in operation since 2014 and have over 130000000 customers and 200 employees. InstaReM is not a scam.

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Sending money online with InstaReM

Sending money with InstaReM is a single process once you have registered and verified your InstaReM account and payment methods.

  1. Go to the InstaReM website
  2. If you have a InstaReM account you can log in, otherwise you will need to create a new account.
  3. Decide how much you would like to send and where you want to send it to.
  4. Enter all the required information about the beneficiary, this might include their name, address, bank account details, and other personal data.
  5. Tell InstaReM how the beneficiary wants to get their money. Eg. through a bank transfer, cash pickup, or via some other means.
  6. Agree to the InstaReM exchange rate and any fees.
  7. Pay for your InstaReM transfer.
  8. Enter your information and provide and supporting documentation to verify your identity.

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How do I receive money from a InstaReM money transfer?

Depending on where you are located, you have a few options for how you can receive any money that has been sent to your InstaReM account. Your options for receiving money depend on the information entered by the sender, the country you are in, the currency you are receiving, and some other factors. Some methods of receiving money may not be available to you.

Receive InstaReM money directly into a bank account

Bank transfers are useful because not only are they safe, but the whole process is quick, and they offer the kind of flexibility no other method can. InstaReM allows for a deposit directly into your bank, credit union or other financial account.

InstaReM Cash Pickup

Some money transfer companies have agents around the world, and you will need to take identity documents to receive cash. Money is typically available within ten minutes of being sent. InstaReM allows you to pick up money in person at a InstaReM agent location.

InstaReM Smart Money and mobile wallets

A mobile wallet virtually stores cash card details on a smartphone. These are quite convenient as they allow for users to make purchases at physical stores without needing to carry money.

InstaReM Does not support mobile wallets.

InstaReM Home delivery

It is a way for an individual to receive money without having to leave home. What this means is that any money you send can be received in person at a designated home address. The money is delivered by a local agent. InstaReM do not offer home delivery money transfers.

When was InstaReM founded?

InstaReM was founded in 2014.

Is InstaReM Any Good?

InstaReM have a rating of 4 and are financially regulated, InstaReM can be considered a good money transfer company.

Is it easy to close my InstaReM account?

Its is easy to close you InstaReM account. You will have to make sure any outstanding payments and fees due to InstaReM are paid in full Before InstaReM will fully close your account. Make sure when closing your account InstaReM send you an official confirmation that your account is closed and no more monies are due to InstaReM.

Does it take long to setup a InstaReM account?

No, setting up a InstaReM account can take a few minutes. You will need to provide some proof of identity and address. You should definitely be able to access all the features of your InstaReM account in 1-3 days.

Where are InstaReM based?

InstaReM are based in Singapore

Countries where InstaReM is legal?

InstaReM is legally allowed to operate in over 23 countries.

How do I track a InstaReM Money Transfer

You can track a InstaReM money order by calling InstaReM or by tracking the order online. Call InstaReM number on 07 3053 8888. The InstaReM automated phone system will take a few details and give you a status update. You can go online to the InstaReM website and check the status of a money transfer at any time.

If you have a InstaReM online account, log in and view your transaction history; If you do not have an online account, or if you are the receiver of the InstaReM transaction, use the InstaReM payment reference number on the InstaReM website to check the status of the transfer.

Can I cancel my InstaReM transfer?

The way that you cancel a InstaReM transfer depends on how you created and sent the InstaReM money transfer originally.

You may need to contact InstaReM by phone on 07 3053 8888, through their website at www.instarem.com or via email [email protected] Requests are typically processed within 30 days, and you may be charged a cancellation fee by InstaReM.

If you made the InstaReM transfer online, then you should log in, find the transaction in your transaction history and then cancel it on the 'Transaction Details' page. If you do not have a InstaReM account, use the 'Track a Transfer tool to find the transaction and then cancel it on the Transaction Details page.

Double check the terms and conditions for cancelling a InstaReM transfer on their website.