Instarem is a good option for some, but not all, consumers seeking affordable money transfer services. For example, the platform offers transparent pricing, wide market access, a loyalty program and an exclusive $10 cashback promotion. However, unlike many other platforms, Instarem charges an administration fee of 0.25-1% and transfers money less quickly (up to 2 days) compared to its top competitors. Still, if you have a preference towards transparency, market access and promotional discounts, InstaRem would be a good pick.
|Summary of InstaRem's Remittance Services|
|Wide Market Access: 55 Currencies|
|Transparent FX Rates & Processing Fees|
Table of Contents
What Makes Instarem Money Transfer Service Stand Out to Consumers?
Instarem's money transfer service platform provides transparency, which is quite valuable when it comes to transferring money overseas. For instance, the platform always displays its current rates, which it sources from Reuters. Instarem also charges a 0.25% - 1% transfer fee, which is cheaper than some competitors, albeit not cheaper than those that do not charge fees at all. While it also lags behind its competitors in terms of transfer speeds (up to 2 days), Instarem allows users to transfer money to an impressive 55 different currencies. Therefore, it is a great service for those that prefer access to a range of currencies, though it is not the best for those seeking fast, no-fee transfers.
|Instarem Remittance Service Details|
|Transfer Fee||0.25% - 1%|
|Transfer Speed||2 days|
How to Register: Sign-Up Process
Instarem offers a simple registration process. In fact, you can easily register using your email address, Google account or Facebook account.
|Currency||Min.Transaction Value (per InstaPoint)||Min. Redemption Transaction||Max. InstaPoints Redeemed (per transaction)||Currency Redemption Value|
|AUD||100||500||100 - 400||2.5 - 10|
|HKD||600||3000||100 - 400||8 - 32|
|SGD||100||500||100 - 400||1.25 - 5|
|MYR||300||1500||100 - 400||6 - 24|
|USD||100||500||100 - 400||2.5 - 10|
|INR||5,000||25,000||100 - 400||200 - 800|
|GBP||100||500||100 - 400||1.8 - 7.2|
|EURO||100||500||100 - 400||1.25 - 5|
|CAD||100||500||100 - 400||2.5 - 10|