Welcome to our InstaReM review article. Today you’ll find out if InstaReM is the best service for your needs when it comes to transferring money cash anywhere on the globe. According to a number of Top Reviews on TrustPilot, InstaREM is the preferred fund transfer platform because of their competitive FX rates.
Get Zero-Margin FX Rates
InstaRem Table Of Contents
- What Are The Pros & Cons of Using InstaReM Money Transfer?
- What You Should Know About InstaReM?
- What Is InstaReM’s Rate and Fees? Should We Expect Any Hidden Fees?
- Should I Expect Any Surprises From InstaReM Like Hidden Fees, For Example?
- Here’s a little InstaReM tip for you
- How to Set Up A Transfer With InstaReM?
- How To Track Your InstaReM Transfer & Other Helpful Tips?
- InstaReM for Businesses and Individuals
- InstaReM Reviews on Trustpilot (The Good & The Bad)
- Why First-Time Users Are Complaining About InstaReM’s Transfer Speed & Their Customer Service?
- Is InstaReM Fast?
- Is it Safe & Secure To Transfer Money With InstaReM?
- Frequently Asked Questions About InstaRem
- Let’s Conclude This InstaReM Review With Our Last Thoughts
InstaRem Review Contents
What Are The Pros & Cons of Using InstaReM Money Transfer?Finding the right money transfer service to suit one’s needs can be quite an overwhelming task. Hence for this review, we’ve gone through more than 1000 user feedback on InstaReM service (good and bad ones as well) just to find out what you really need to learn about InstaReM before you use the platform to send your money.
Pros of Using InstaReM
- Caters to individuals, small businesses that provide specialized services and corporates
- Transparent charges – useful to know precisely how much you’re going to pay before you do a transfer
- Zero-Margin FX Rates* ( *applicable only for certain currencies and certain trading hours) Offers exchange rates sourced from Reuters, without any added margins
- Low Transfer Fees – Charges only a nominal transaction fee that ranges between 0.25% and 1%.
- Best Transfer Amount Guarantee – InstaReM gives users the best transfer amount there can be!
- Secure: ISO/IEC 27001 Certified, an internationally recognised standard that ensures firms have information security risks under control
Cons of Using InstaReM
- No option to receive the money in cash. The receiver must have a bank account. this, however, is the case with most money transfer providers.
- No presence in the Middle East
What You Should Know About InstaReM?InstaReM stands for Instant Remittance and it’s a money transfer platform renowned for its radically transparent payment framework and super-competitive, real-time updated FX prices (which Reuters reliably provides). Unlike banks, InstaReM will charge a small upfront fee that is between 0.25% and 1%). These features make InstaReM a great option for sending money to over 55 countries around the world. InstaReM is extremely cost-effective as it offers margin-free FX rates and charges a nominal transparent fee for every transaction. We also discovered that the service is better for mid-sized transactions as compared to high value transactions.
What Is InstaReM’s Rate and Fees? Should We Expect Any Hidden Fees?Set up your transaction on InstaReM, you’ll be able to see the complete details of your FX rate, transaction fees and the exact amount to be received by the recipient. There are absolutely no hidden charges with them. Follow these simple steps to find out how much is going to be transmitted to the bank account of the recipient. First Step: Click here to go to InstaReM. You’ll like very much how easy it is to navigate and use their website. Their rate calculator will be easy to find and easy to use as well. Second Step: To find out your rates, make sure that the calculator’s Transfer Tab menu is open, as well pick the right currency pairs. Next, enter the amount of money you want to send under the You send tab. After you’ve entered the amount you want to transfer, the calculator gives you the exact value of the expected amount by
- First, depending on your location, it will deduct the InstaReM fee from the total amount you want to send.
- And secondly converting currency against the most recent FX rate.
Should I Expect Any Surprises From InstaReM Like Hidden Fees, For Example?InstaReM doesn’t charge you any hidden fees. All their charges are displayed upfront. However, the sender’s and receiver’s banks may charge a fee that will be borne by the respective parties. These charges can vary from $25 to $50. In some cases, InstaReM may have arrangements with local banks with regards to these charges, thereby waiving off all fees by certain banks. Always check with your bank and, of course, InstaReM with regards to possible bank charges. If you send or receive smaller amounts, let’s say less than $1000, these fees could have a huge impact on the amount of money the receiver gets. There are alternatives to InstaReM, but the downside is that the other services will add a premium fee on the top of your exchange rate, jacking up your transfer costs. It’s fairly easy to sign up with InstaReM and start transferring money. In this part of our InstaReM review we’ll give you some tips on how to get your account approved quickly. Currently, you can register with InstaReM if you’re in one of these countries:
- Hong Kong
Here’s a little InstaReM tip for youIf you want the registration process to run smoothly, make sure you have the following details ready before signing up: proof of address, income proof and bank statements. The same will apply if you’re creating a business account. Make sure to have quick access to business registration documents and financial statements. InstaReM sign-up process It’s a pretty simple process. You have two options to register: Individual or Business. Just select the one that’s applicable to you and proceed with the sign-up process. Individual sign-up process You will simply need a valid email and the location you’re signing up from. Plus, you’ll be required to select a password that meets their rules. For Businesses On the InstaReM registration form you’ll be required to provide
- An email address
- The registered business name
- Country of registration
- A valid phone number
- * Please remember to create a strong password and write it down.
- Mobile verification
- For an individual account, you can verify your identity by entering your driver’s licence details, a recent utility bill or your bank statement. That’s why it’s best to keep them handy. It’ll speed up the process.
- If your account is for business purposes, it’ll be approved in 24 hours.
How to Set Up A Transfer With InstaReM?When you make your first money transfer, you’ll have to enter the bank details of your recipient. Make sure you check the website’s help section to see if the person or service you are sending money to appear on the authorized country list of InstaReM. This will speed up things a little bit. Next, choose your currency and payment method. InstaReM allows you to transact through bank payments via direct debit (ACH for US citizens & FPX for Malaysians) and wire transfers.
How To Track Your InstaReM Transfer & Other Helpful Tips?Each transaction produces a distinctive transaction identification number that is paramount in the confirmation phase of the payment. Usually, it takes 1-2 business days for the amount to reflect in your recipient’s bank account. When transferring money worldwide through InstaReM, keep in mind the minimum and maximum limits. For instance, in their first transaction, customers in Australia can only send AUD 2,500. Before setting up your transfer, always check the upper and lower limits to avoid any nasty surprises. The InstaReM loyalty program is pretty awesome. By signing up for InstaReM, finishing your profile rapidly and inviting others to the platform, you can receive InstaPoints which can be redeemed on your future transactions.
InstaReM for Businesses and IndividualsFor both people and companies, InstaReM is fairly straightforward and fuss-free. If you have a business, using InstaReM is a great way to manage high-volume, multi-currency payments. Essentially, it enables companies to automate large-scale transactions on their MassPay platform, which can include both seller payments and normal company expenditures. Corporations and SMEs can put up multi-currency payouts for various recipients (up to 20) and expect an approximately 80% decrease in transfer costs. Now, if you’re an individual, here are a few things to keep in mind after your account gets activated. Although InstaReM is not yet on board the forward-contract bandwagon, exchange rates can be closed for 24 hours when you set up a swap. But if your transaction is not funded within the next 72 hours, the transfer will be reversed, and you may need to begin all over from scratch. Make sure you transfer money to recipients that have been authorized. Through InstaReM, you can pay for medical expenses, visa charges, education abroad as well as utility charges in your home country. Their exchange rates are always up to date. InstaReM has proven to be a fast and reliable service for nearly all transfers for all its customers.
InstaReM Reviews on Trustpilot (The Good & The Bad)InstaReM has some incredible feedback on Trustpilot for a fairly new service (it started in 2015 and is scaling super fast). They have a rating of 4.5 with 3,494 customer reviews. According to some of TruspPilot’s top reviews, InstaReM is their preferred money transfer platform due to its Zero Margin FX rates* (*applicable only for certain currencies and certain trading hours). Folks also commend InstaReM for its timely customer service and excellent UI and “Excellent Service.” InstaReM Transfers provides competitive prices and has an advantage over other service providers. There were some negative reviews which is expected, although, in comparison to positive reviews, these were very small in number. Most of the bad reviews come down to this:
- Speed of the transfer (first-time customers,new payees and big transactions)
- Customer service
Why First-Time Users Are Complaining About InstaReM’s Transfer Speed & Their Customer Service?After initiating the transaction, some first-time customers were asked for extra identification which resulted in a delay in the money being sent to the recipients. In addition, some delays were created by user-selected financing alternatives (ACH vs. U.S. bank transfers when ACH was introduced). To be fair to InstaReM, they have to comply with Financial Institutions rules and regulations to prevent money laundering, therefore, this is a normal practice. Other Information? They have an extended help section on their website. You could go through that section and see if you find it useful. But if you want to avoid bad experiences and not waste your time, here are some tips for you:
- Make sure you know everything about the type of transfer you’re about to do.
- Check twice and be sure that the information submitted for your account profile and impending transfer is accurate.
- Keep an eye on your email spam folder. They might send you notifications and they could land in the spam. Especially, if you’re a new user going through approval process.
- Keep track of your transfer by using InstaReM dashboard.