InstaRem Cross Boarder Payments - Review 2021

Whether you're an individual looking to send money to your family abroad, or a business looking to make large international payments to suppliers or staff, you have countless global money transfer providers to choose from. 

Costs can vary widely from provider to provider. Doing a little research can save you a lot of money in fees, and that means your recipient gets to keep more of the funds you send. 

However, fees are just one factor that should influence which money transfer company you choose to work with. You'll also need to compare coverage, delivery times, and security.

InstaReM, which stands for Instant Remittance, is just one of many options. The company aims to "set precedence in bridging currency borders" and prides itself on its "continuous innovation." 

InstaReM was launched in 2015 and has already emerged as a highly competitive and popular currency transfer provider, serving almost 20,000 repeat customers every month. 

This review will not only provide you with the facts on InstaReM, but it will also compare it with a few of its more popular rivals so you can determine which is best suited to your money transfer needs.

The Benefits of Using InstaReM 

Innovation is central to InstaReM, as highlighted in its mission statement. The company is a reasonably new player in the global currency transfer market. Still, they are an attractive option for some customers, particularly in Asia.

Highly Competitive Rates

Essentially, banks and other currency exchange providers rarely charge customers the real mid-market exchange rate. Instead, they keep a fraction of the amount converted as an additional fee – a fee that many people aren't aware of. 

You should always factor in this type of additional charge when comparing fees and rates from different platforms. 

InstaReM falls in a group of a very small number of providers, such as Transferwise, which don't charge their customers a spread.  

With regards to their specific up-front fees, InstaReM charges anywhere from 0.25 percent to 0.5 percent of the amount sent, depending on the currency and end location. 

InstaReM fees can be far lower than many banks and dedicated money remittance companies. This makes InstaReM even more competitive because they don't charge spreads on currency exchanges.   

In fact, according to a World Bank report, sending money via InstaReM between certain parts of the world, such as Australia to Singapore, is one of the cheapest ways to remit funds. 

Quick Delivery of Funds

Given the fact that InstaReM is short for Instant Remittance, it's not surprising that speed is a priority for them. 

Most transactions sent via InstaReM reach the recipient's bank account within a single working day, even if the transaction involves a change of currencies. 

However, you need to fund the transaction via a debit card or POLi Payments (a popular Australian payment company) for this speedy option. This might be an issue for some who want both speed and flexibility together. 

Transparency

Being transparent, clear, and honest with customers, businesses and individual users alike, is a cornerstone of InstaReM's corporate policy and business model. This is clear to see, particularly in their fees, as they don't charge customers any hidden fees for exchanging between currencies, unlike most alternatives. 

Quick & Easy Sign-Up

Signing up with InstaReM is simple, quick, and secure, even for users who aren't particularly tech-savvy. 

1. First, you need to select either a business account or a personal account. 
2. For personal accounts, you just need to enter a few personal details, such as your name, email, and source of income. 
3. For business accounts, you'll also need to input a few basic details, such as the name of your company, its registration number, and the address of its registered office. 
4. You'll then receive a text message from InstaReM to verify your mobile number and set up your account. 
5. Afterward, you'll need to upload some ID and other documents to confirm your personal details are true and accurate, to prevent any fraudulent activity. 
6. Now you can enter the details of your recipient, such as their name, location, and bank details, and enter the amount you'd like to remit to them. 
7. Next, you will need to fund your transfer so it can be sent, either via your debit card, bank account, or POLi Payments. 

Regulation and Security

As a global currency remittance and exchange company, InstaReM is regulated by several financial regulators in many of the countries it operates in. 

In Australia, a key market for the company, InstaReM is regulated by the Australian Securities and Investments Commission (ASIC). 

In Asia, where InstaReM does most of its business, it is regulated by several financial regulators in their respective jurisdictions. 

For example, in Hong Kong, InstaReM is regulated by the Hong Kong Customs Excise Department. In contrast, in Singapore, it is regulated by the Monetary Authority of Singapore. As per regulators' rules, InstaReM has to hold customers' funds in separate accounts while they are in transit, ensuring protection. 

With regards to security, InstaReM has numerous measures in place to protect customers' data and privacy, including bank details, transaction history, and personal details. Their platform is encrypted to prevent hackers from intercepting and stealing all this highly sensitive information. 

The Drawbacks of Using InstaReM 

As clearly demonstrated thus far, InstaReM is an attractive option for businesses and individuals looking to exchange currency and remit funds abroad. However, it does have its limitations and is not suitable (or even available) to many would-be customers. 

Limited Availability 

Using InstaReM, you can send money to over 60 countries, including Malta, Hong Kong, Portugal, the U.S., San Marino, Chile, and Australia. However, you can't use their services if you live in some of these countries. 

This means many people are simply unable to take advantage of the tremendous low-cost, speedy global money transfer service. However, they are rapidly expanding on a worldwide scale, so it is worth keeping an eye out for them as they might soon be available in your country. 

InstaReM is Not Always the Cheapest Option

Although InstaReM's transfer fees are highly competitive, you are likely to be better off using another provider if you're transferring a large sum of money (over $15k, for example). 

For a large transfer, it is more cost-effective to pay a fixed rate instead of a fee, which is a percentage of the amount. So, for such a large transfer, you may be better off using a bank or another global money remittance company, such as MoneyGram. 

Customer Dissatisfaction 

Although Instant Remittance has impressive scores and ratings on TrustPilot and other trusted review sites, a sizeable number of customers have reported poor customer service. 

This can be frustrating if you're having technical difficulties that need resolving or are urgently trying to make a transfer. However, many of these negative reviews are quite old, so the company's management may have taken steps to improve customer satisfaction.  

InstaReM Alternatives

InstaReM is clearly a very competitive and attractive option, assuming they're available where you live. Still, there are many other options out there, from high street banks to countless other dedicated global money transfer companies. 

Banks

High street banks, such as HSBC, Barclays' and NatWest, all offer global fund transfer and exchange services. However, their fees are often more expensive than providers such as InstaReM, as they typically charge a fixed price in addition to a spread.

However, for large transactions, you may find some banks to be more cost-effective than most online payment transfer companies, including Instant Remittance. Still, their delivery times for international transfers are likely to be longer (typically 2-4 days, depending on the location.)

PayPal

PayPal is always a popular option for individuals or businesses looking to transfer money abroad quickly. Still, it is rarely the cheapest option. They charge considerable explicit transfer fees, in addition to a spread on transfers involving a currency exchange. 

InstaReM is, without a doubt, the more cost-effective option, and their delivery speeds are also similar to those of PayPal. 

It is important to bear in mind that there's much variation when it comes to delivery times when using PayPal, mainly depending on how the transaction is being funded. 

For example, if the funds are already in your PayPal wallet, the money can often be sent immediately. On the other hand, if you're paying by E-cheque, it usually takes around seven working days for the payment to clear and reach your recipient.

Transferwise 

Like InstaReM, Transferwise is a dedicated international money transfer company. 

Their unique selling point is quite similar to Instant Remittance. They don't charge clients a spread and believe strongly in innovation to make money transfer accessible to everyone. 

Furthermore, they both have similar coverage networks and delivery times. However, Transferwise is available to use in a more significant number of countries.  

MoneyGram

MoneyGram is the world's second-largest money transfer provider, with an awe-inspiring coverage network and reach. Unless you are transferring a large sum of money in one go, you are unlikely to find them to be cheaper than InstaReM.

What InstaReM's Customers Say...

Around 4,000 customers have left reviews for InstaReM on TrustPilot. This is a far smaller number than those left for some of their rivals, such as Transferwise and Azimo. However, it is not an insignificant sample size, so it still provides insight into the company and its services, from the customers' perspective. 

Sixty-two percent of customers left them an "excellent" rating on Trustpilot, while 25 percent rated them "great." Four percent, one percent, and eight percent left InstaReM "average," "poor," and "bad" reviews, respectively. 

Verified reviews praised their fast delivery time and "great" rates. Other reviewers described their platform as "easy to use" and said they were able to send money across the globe in "just a few clicks." 

A Quick InstaReM Review Summary

• Launched in 2015, InstaReM is still quite a new company in the international money transfer and exchange space
• Instant Remittance offers transfers to dozens and dozens of countries across the globe, in four continents, including the likes of Bangladesh, India, Australia, the Philippines, and Hong Kong. 
• Numerous financial regulators regulate InstaReM for the respective countries where they operate. So, they have to adhere to strict rules and regulations, all of which are designed to protect customers' interests. 
• InstaReM's transfer fees are some of the lowest in the industry, as they charge between 0.25 percent to 0.5 percent of the amount sent. 
• Unlike high street banks and most dedicated money transfer companies, they don't charge their clients a spread when they exchange currencies on their behalf. 
• This means clients aren't charged any hidden fees.
• InstaReM's platform is intuitive and easy to use. You'll be able to make your first transfer in a matter of minutes, and your recipient can receive the money in just a few hours. 
• You can fund your transfers via a bank account, debit card, or POLi Payments, among other options. 
• InstaReM's service isn't available everywhere, as they mainly focus on the Asian market. Still, they are continually expanding and penetrating new geographical markets. 
• Some customers have reported poor customer support.
• There are several alternatives out there, but most are likely to be more expensive unless you're sending an unusually large sum of money (in this case, MoneyGram or some retail banks are likely to be more cost-effective.)
• Sixty-two percent of customers rated InstaReM "excellent" on TrustPilot, while 25 percent rate them "great." 
• Four percent, one percent and eight percent of reviews on TrustPilot rated InstaReM "average," "poor," and "bad" reviews, respectively.