Instarem review

Our Verdict

Instarem has a lot going for it. Competitive exchange rates, zero transfer fees on certain currencies, loyalty points that convert to savings and fast delivery speeds explain why Instarem is a worthy contender for your next money transfer overseas. While it does add a markup to exchange rates, these often fare better than many other transfer providers.

You can direct send to e-wallets such as ShopeePay, G-Cash, Paymaya and 14 others which are used by Filipinos worldwide, or do cash pickups at over 20,000 locations including Cebuana. However, forget Instarem if your recipient doesn’t have a bank account or they aren’t in the Philippines, as you’ll have to send funds to a bank account. You’ll also want to check the transfer limits compared to what you plan to send as these limits vary depending on the receiving country.

How much are Instarem’s transfer fees?

Instarem’s transfer fee is $0 for many types of transactions. What fee you will pay depends on the following factors:

• The country you are sending from
• Your transfer destination
• The transfer amount
• Your chosen payment method

Keep in mind that if you use a credit card to pay for your transfer, your card provider may charge a cash advance fee in addition to Instarem’s transfer fee. Instarem also charges a 2% fee for debit card transactions and a 3% fee if you use a credit card.

How are Instarem’s exchange rates?

While Instarem does offer the mid-market rate exchange rate, it doesn’t offer it for all currencies and at all times of the day. This means that for many of your transfers, there will be a margin on top of the quoted exchange rate. The company doesn’t make it clear what currencies or times this applies to.

What are the ways I can send money abroad with Instarem?

Instarem supports both personal and business transfers. Transfers are all completed as a bank transfer, so there are no alternative delivery options expect in the Philippines. While Instarem doesn’t offer forex tools like forward contracts, it does offer specialized help for business transfers.

How to make an international money transfer with Instarem

To get started with Instarem, you will first need to register for an account.

• Step 1: Create an account

  Click on the “Get Started” button and select whether you are after a personal or business account. You will need to provide your email address, password and country of residence.

• Step 2: Verify your account (and earn extra InstaPoints)

  Provide your full name, birthdate, nationality, basic employment information, mobile number and address. Indicate how you’ll use your account (make payments, send to friends and family etc. ). If you verify your account within 36 hours of signing up, you’ll get 300 InstaPoints.

• Step 3: Access your dashboard and send money

  Click “Send money” at the top of the page to begin transferring funds.

• Step 4: Enter recipient's details

  Enter your recipient’s details including their full name and bank account details.

• Step 5: Give transfer details and pay

  Add how much you want to send and how you’ll pay for the transfer. If you chose to pay by bank transfer, you’ll be given Instarem’s bank account details.

• Step 6: Receive confirmation

  Instarem will let you know when the transfer has been completed. Track your Instarem transfer by logging into your account online or via mobile app.

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What are Instarem’s payment options?

In the US, you can pay for your Instarem transfer by ACH transfer, debit or credit card or by a wire transfer. Payment methods vary on your country of residence, so if you live outside the US it is best to check before initiating a transfer.

Is Instarem safe to use?

Instarem is licensed by financial regulators in the 9 countries where it maintains operations. It is also ISO/IEC 27001 certified, meaning that it has passed stringent and internationally-accepted information security management standards.

How does Instarem compare to other money transfer services?