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As with many money transfer companies, Instarem’s rates and fees will depend on your transfer amount, the currencies involved, and your chosen transfer method.
As guidance, Instarem states that its typical fees are between 0.25% and 1%. According to the company’s website, this means that its fees are typically 2%-3% lower than its competitors.
To gain a clearer understanding of Instarem’s affordability, I entered several transfer amounts into the company’s online quote tool. I first input the details of a transfer of US$1,000 into AUD via ACH transfer and was quoted a fee-free transaction at an exchange rate of 1.4635. Had I gone ahead with this transaction, the recipient would have received AUD$1,463.50.
I next entered the details of €700 to be transferred to USD using a Mastercard debit card. I was quoted a fee of €1.40 and an exchange rate of 1.0293. In this case, the recipient would have received US$719.07. This information was obtained in November 2022 and is subject to change.
When you’re making a payment via wire transfer, Instarem will lock in your rate for 48 hours. If you don’t make the transfer within this period, it will automatically cancel the transaction and the rate will no longer apply.
Unlike some of its competitors, Instarem will not charge you a fee to send and receive funds in the same currency. The company also guarantees that it will not make any deductions from the amount the beneficiary receives, other than the fees disclosed when you receive your quote.
If you pay by credit card, you should be aware that an additional 2%-3% charge will apply.
If you’d like to transfer funds, you’ll need to create an account through Instarem’s website. You can do so using your email address, Google account, or Facebook account.
Creating an account involves:
Entering your email address
Creating a password
Providing personal details such as your name, date of birth, and address
Uploading documents to allow the company to verify your identity
Acceptable documents or forms of ID include:
Passport
Bank statements
Utility bills
Social Security Number
Photos
Once Instarem has received the information needed to confirm your identity, it will typically review your information and activate your account within 24 hours.
To receive a quote for a transfer, you’ll need to enter the following details into an online quote tool:
The currency in which you are sending/receiving money
The transfer amount
Your chosen transfer method
At this stage, you will instantly see the amount your recipient will receive, your exchange rate, and your incurred fees.
When you’re transferring money from the US, you can choose between:
ACH transfers
Debit cards
Credit cards
Wire transfers
Alternatively, you can set up Instarem as a payee through your bank account, which will allow you to send money to and from your Instarem account as needed.
Once you have created a transfer, you can track its progress in real-time via your online account or through the company’s mobile app.
When you’re transferring funds, speed is often a top priority, especially if you need to pay your recipient in an emergency.
The length of time Instarem takes to make a transfer will depend on the method you choose.
When I contacted the company to inquire about transfer times, it provided me with the details below:
ACH transfer: 4-5 business days (not including weekends and public holidays)
Wire transfers: approximately 1-2 business days from when Instarem receives the funds
Debit/credit card: approximately 1-2 business days from when Instarem receives the funds
Setting up Instarem as a payee: 3-4 business days
If you’re setting up Instarem as a payee, your first transaction may take several days longer if your bank needs to perform additional checks to verify any details. You’ll need to contact your bank for more details on the exact timings for adding a new payee to your account.
If you would like a refund on a transfer, it will typically take between 24 and 72 hours to receive the funds in your bank account. Be aware, waiting times may be longer on weekends and public holidays.
With the money transfer market being extremely crowded, Instarem offers several features that set it apart from its competitors.
Some of the features I particularly like include:
You’ll receive this as a new customer when you transfer a minimum of $250.
Note: Coupon name, min. transfer value and bonus value will change as per country.
InstaPoints is a rewards program that allows you to earn points for signing up and making transfers. You can redeem these points to earn a discount on future Instarem transactions.
If you refer a friend, you’ll receive 200 bonus InstaPoints and your friend will also receive 250 points.
The Rate Watch tool allows you to receive notifications when your desired rate on a particular transfer becomes available.
If you have a question about your account, you can contact Instarem and receive personalized support 24/7 via live chat or online ticketing.
Instarem has phone support available in the U.S. corridor, via 1-833-408-1003.
When I contacted the company through online ticketing, I received an extremely detailed response in a little over an hour, which provided all the details I needed.
If your query is more general, Instarem also has a relatively detailed selection of FAQs on its website. There is also a chatbot tool, named Adam. Likewise, the company also has a blog within its help section. Updated regularly, it covers topics such as overseas shopping, online security, and travel.
When you’re transferring money, security is understandably a priority, and Instarem offers several features to keep your money and your data safe.
The company uses end-to-end SSL encryption to establish a secure connection between your browser and the company’s servers. Likewise, it stores your passwords on its servers in an encrypted form.
As an additional security precaution, Instarem conducts vulnerable tests on its systems and also performs additional security testing through third parties.
When using the mobile app, you can enable biometric authentication through fingerprint ID and facial recognition.
You can find detailed privacy policies for all the countries in which Instarem operates here.
When I tested the service, I was pleased to see that Instarem offered a sleek, intuitive user experience. Likewise, the language on the site is free from jargon and easy to understand. This could be beneficial if you’re new to making money transfers or are not comfortable with financial terminology.
Once you have created an account, the interface is easy to navigate and I was also able to see an overview of my account at a glance.
Likewise, I also found the process of receiving a quote simple and hassle-free. I was reassured to see transparent information about the company’s rates and fees clearly displayed via its online tool.
Available on the App Store and Google Play, Instarem’s app offers several features that could be appealing if you like to manage your money on the go. For instance, its Quick Send tool enables you to send money to regular payees in just two steps from your dashboard.
Instarem is a global payment process company that allows you to transfer funds through wire transfers, ACH transfers, debit cards, and credit cards.
While your incurred fees will depend on the specific details of your transaction, Instarem states that these are typically between 0.25% and 1%. Likewise, transfer times will depend on your chosen payment method. While these are typically within two business days, transfers made via ACH could take up to five business days.
One of Instarem’s more distinctive features is its rewards program, which will allow you to earn points for signing up, transferring funds, or referring a friend. You can then use these points to earn a discount on your next transfer. At present, Instarem will also offer you a $20 bonus when you make your first transfer of $250 or more.
As well as allowing you to create an online account, the company has a mobile app, which enables you to make transfers, view your transfer activity, and earn rewards points. Once you have made a transfer, you can check its status through your online account or the company’s app.
Although it doesn’t offer telephone support, Instarem provides 24/7 support through online ticketing and live chat.
We compiled this review by visiting Instarem’s website, obtaining quotes for money transfers, and contacting the company via an online ticket.
