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Instarem Review

Reviews 8,158
Instarem
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Instarem
Instarem
Excellent
Reviews 8,158
Katy Ward
Jul. 03, 2023
5 min read
Katy Ward
Instarem Summary
Founded in 2014, Instarem is a cross-border payments processing company, which has been involved in transferring funds to more than five billion people. As well as a full-service app and user-friendly website, the company provides transparent details of rates and fees when you get a quote. Instarem also allows you to earn loyalty points, which you can put towards a discount on future transfers.

Pros

  • [per country] bonus on first transfer
  • Earn loyalty points on transfers
  • Fees typically as low as 0.25%-1%

Cons

  • Telephone support only available in the US

Instarem at a glance

8.4
Editorial score

Fees?

% of transfer or flat rate
8.0

Transfer time

Within 2 working days
6.0

Customer service

Help from an agent over the phone or through live chat available
8.0

Security

Regulated and encrypted secure transfers, biometric entry and multi factor authentication for account
10.0

Online and mobile experience

Excellent site and app with transparency of rates, mobile transfers and transfers from credit cards as well as bank accounts
10.0

Instarem Instarem Visit Site

Instarem Fees and Rates

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.

How Does It Work?

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.

How Long Does It Take?

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.

Instarem Top Highlights

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:

$20 bonus on the first transfer

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

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.

Referral bonuses

If you refer a friend, you’ll receive 200 bonus InstaPoints and your friend will also receive 250 points.

Rate Watch tool

The Rate Watch tool allows you to receive notifications when your desired rate on a particular transfer becomes available. 

Customer Support

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.

Privacy and Security

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.

Online Experience

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.

Summary

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.

Methodology

We compiled this review by visiting Instarem’s website, obtaining quotes for money transfers, and contacting the company via an online ticket.

Instarem Instarem Visit SIte



 

Katy Ward
Written by
Katy Ward
Oxford graduate Katy Ward is a seasoned journalist and editor covering personal finance for Eleven Writing and Top10. Over a 15-year career, Katy has worked with several finance titans, including Barclays, Tandem Bank, and Yahoo! Finance. She enjoys identifying complex financial trends that make for interesting article topics.
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Excellent
69%
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18%
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3%
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2%
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9%
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Tamil Selvan
12 hours ago
fast & trusted & safe
fast & trusted & safe
Kiki Rizki
2 days ago
fast
fast accurate cheap
vb
vimal balaji
4 days ago
Instarem is transparent and highly commited
Instarem is transparent, fast and will give Good value to Customer as per true promise.
Federico “Fed” Nolasco
5 days ago
Lightning Fast Transfer
From AUD to PHP in just a minute... Just WOW!
VC
Venkatesh Chagi
2 weeks ago
I have been using Instarem since 5…
I have been using Instarem since 5 years and it is absolutely the best app for transferring money its very quick most of the time transfers happen within minutes and also the charges are very very reasonable compared to other product. I highly recommend Instarem for money transfers. Great product and service.
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