InstaReM Review


The Instant Remittance company was founded by Indian entrepreneur Prajit Nanu and is based in Singapore. InstaReM was founded in 2014 by Michael Bermingham, a compliance expert in Asia, the E.U., and Europe, and Prajit Chatterjee, former Global Sales Director of TMF Group and former VP-Sales/Account Management at WNS. 

InstaReM has consistently been ranked among the top remittance platforms across Asia-Pacific corridors, including Australia to India, Malaysia, Philippines, and Vietnam; Singapore to Bangladesh, India, Indonesia, Malaysia, Philippines, and Sri Lanka.

According to its website, InstaReM currently processes about 150,000 transactions each month, with an average transfer amounting to $1,800. It has offices in Singapore, Australia, Hong Kong, the U.S., U.K., Malaysia, India, and Lithuania and is licensed for money transfers in these countries.InstaReM review InstaReM is very easy to use, quick, and trustworthy. Following verification of your bank account, subsequent transactions are quick. Money is debited from your account immediately.

Many small and midsize banks, payment processors, corporations, and individuals use InstantReM’s money transfer network. It offers international payments to 50+ countries on the same day with a guaranteed destination amount, with features that suit individuals, online sellers, and small businesses.

InstaReM Review

Our mission is to make money simple across the world for millions of people. We offer technology and products to seamlessly integrate into our customers’ lives, making their lives easier. The company serves a variety of markets, including the Americas, Europe, Asia Pacific, and South-East Asia. Businesses and individuals can transfer money to each other on the platform at a low cost and receive zero margin foreign exchange rates.

How does InstaReM work?

Open a new account

We require your name, address, contact information, date of birth, bank account information, and identification. If you want to get authorized, we will verify your identification documents. Within 24 hours of verifying your identity, your account will be opened. Initiate a transfer

Send the money through your account, providing details about the sender and receiver. InstantReM will convert your fund into the recipient’s local currency and deposit it directly into their account. Payment methods include bank transfer, check, and wire transfer.

The InstaReM website offers several options for depositing funds for a transfer. Your money transfer may vary depending on the currency and country in which you are sending it.

We accept bank transfers (EFT) from any currency or country where our services are offered.

Direct bank payments in Australian dollars through the POLIS system.

A SWIFT transfer in U.S. dollars is an international bank transfer.

Options for receiving

The recipient will receive all InstaReM transfers directly into their local bank account, in their local currency. The recipient can use an ATM or a local bank branch to collect the funds. At the moment, other options, such as cash pickup, are not available.

Aside from the desktop application, the company offers mobile apps for both Android and Apple devices, which individuals can use to initiate transfers and monitor progress, although one cannot directly top-up accounts from the mobile app.

Why Should People Use InstaReM?

  • InstaReM’s business and corporate transactions account for approximately 60% of its transactions, which enables 
  • It’s also important for their personal clients to benefit from the best rates they can offer.
  • The money-transfer platform operated by InstaReM is used by a wide variety of small and midsize banks, payment processors, corporations, and individuals.
  • Over 8000 banks around the world are affiliated with the company, and they can now send payments to over 60 countries. After the transfer, it usually takes place the same day or the next day with guaranteed delivery.
  • Transfers are currently available to the following countries if
  • Among the countries represented were: Australia, Belgium, Canada, Danish, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Singapore, Spain, United Kingdom, United States.

Earlier this year, InstaReM began offering outbound money transfer services from India.

1. Transfers of personnel

It is for various other purposes besides remittances, such as buying property abroad, sending money home, making investments, paying bills, covering mortgages, traveling expenses, and so on: InstaReM will deliver your money in a secure and timely manner.


Secure, fast transfers
You can make international payments online, by phone, or by email at any time.
A bank-beating exchange rate
Solid customer service and 24/7 customer support.
InstaReM is a relatively new money transfer service, so at the moment, only one-off transfers are available, and there are no forward contracts.InstaReM offers some limitations. Cash cannot be transferred or deposited into the account, and bank checks are not accepted. Third-party payments are also not permitted, meaning your account cannot be accessed by anyone else.

2. A business transfer

  • InstaReM’s main advantages are its cross-border remittances to individuals and its business transfers, which are fast and cost-effective systems. 
  • For the business’s specific needs, they have developed a highly-customizable, multi-functional platform called “MassPay.”. 
  • Designed to help corporations and small businesses manage and simplify high-volume bulk payments, it has been designed with corporate and SMBs in mind. 
  • Using this system, organizations are able to send remittances in multiple currencies to many beneficiaries at once, with minimal effort and hassle. It is possible that this alone might reduce the cost of international money transfers by up to 80%.


No hidden fees or charges. Transparent rates.
Within Asia, most orders are delivered on the same day.
Funds are collected remotely without a local presence being required.
Calculating the final cost upfront

3. Transfers from online sellers

  • As well As “online sellers,” InstaReM is the perfect solution. You will need a cross-border payment solution to make your online sales or services available to international customers. 
  • Receiving bank accounts abroad, settling invoices and suppliers, and planning transfers in advance are all possible with InstaReM, all with fair, live exchange rates and bank-beating low fees.
  • You can transfer money to countries in Asia, Europe, North America, and Oceania using InstaReM’s remittance service. No matter where you are, you can live a digital lifestyle without worrying about money.

These features include

Exchange rates with zero margin*
With minimal fees and no hidden charges, you will receive full information about your overseas money transactions. Using InstaReM, you know exactly what you are getting.
Easy sign-up and straightforward transfers: The service is extremely easy to use
Create an account, verify your account, upload the necessary documents, and start transacting.
You can access your funds quickly during your travels since your transfer will be completed in 1-2 business days.*Applies only to certain currencies and certain trading hours.

What are the benefits of using it? 

  • Using traditional financial institutions for international transactions often results in the final receiving amount not being transparent. In most cases, clients receive only an approximate estimate of the conversion rate and transaction fees, often ending up with additional charges and margins that reduce the amount substantially.
  • The F.X. spread is typically calculated as the difference between the i. Consumers must subtract an F.X. spread from the interbank rate, plus fees, to reach the final offer.
  • The company is deservedly known as a serious fintech disruptor due to its transparent transaction fee and its exempting customers from paying F.X. spreads. 
  • As an additional benefit, unlike banks or traditional remittance firms, InstaReM quotes the exact fee upfront before transferring any money, so the sender knows exactly how much money they’ll receive.
  • As a cost-effective remittance platform from Singapore to Bangladesh, India, Indonesia, Malaysia, Philippines, and Sri Lanka, InstaReM consistently ranks highly in Asia, including Australia to India, Malaysia, the Philippines, and Vietnam. InstaReM currently operates as a Money Services Business (MSB) in the U.S., E.U., Australia, Canada, Hong Kong, Malaysia, India, and Singapore.
  • Additionally, they were recognized at the 2017 Singapore Fintech Festival and India Fintech Awards.
  • InstaReM currently has more than 35,000 customers, most of whom use its services on a regular basis. With over 100 employees spread across nine offices worldwide, they process over half a million transactions every year.

1. Is InstaReM a safe and reliable service?

InstaReM is a fully licensed remittance company and is regulated and licensed by the national government of the countries they operate from.

Registration and regulation of the service are handled by:

  • Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC)
  • Department of Customs and Excise (C&E) of Hong Kong
  • The Monetary Authority of Singapore (MAS)
  • BNM (Bank Negara Malaysia)
  • FTRAC is the Financial Transactions and Reports Analysis Centre of Canada.
  • CFSB is the Community Federal Savings Bank
  • RBI (Reserve Bank of India)
  • Their license is issued by the Bank of Lithuania, which is valid in all 28 member states of the European Union.

InstaReM has also been certified under ISO 27001, the Global Standard for Information Security Management Systems, ensuring adequate and proportionate security controls to protect customer-shared information. The money is held in accordance with money rules, meaning that all customer money is safe.

 The customer’s funds are held separately from InstaReM’s operating funds in a segregated client account.

2. InstaReM: How much does it cost?

  • Individuals and businesses can open an InstaReM account for free. Fees and exchange rates are determined by the amount you transfer abroad, the currency you’re exchanging into, and the current exchange rate at the time of the transfer.
  • Fees for currency transfers are up-front, transparent, based on a low commission rate rather than a fixed fee, which makes it a popular choice for small transfers.
  • Companies and individuals can see exactly how much they will be charged for money transfers this way. Their prices are low, ranging from 0.25 to 0.5% of the transfer amount.
  • Hong Kong and Australia transfer fees are around 0.5%, and Singapore transfers are around 0.25%. 

What type of transfers can you make?

InstaReM only supports electronic funds transfers or wire transfers to the recipient’s bank account. Even if you are sending relatively small amounts, they do not have a cash pickup option. Corporate and private clients of the provider inspired the provider’s approach.

InstaReM allows you to transfer an unlimited amount of money.

Here are a few examples:

Convert $1000 AUD to Hong Kong dollars
The exchange rate on the mid-market (baseline): is 5.992 HKD per AUD – $5,991.80 AUD.
InstaReM offers an exchange rate of 1.6489 AUD per GBP – $5,961.80 AUD.
  • There is a $30 HKD difference between baseline and InstaReM rates.
  • Using InstaReM results in a 0.5% extra cost over the baseline.
Exchange rate for $10,000 in Hong Kong dollars
Mid-market exchange rate (baseline) — 5.992 HKD per AUD — $59,918 AUD.
The exchange rate offered by InstaReM — is 1.6489 AUD per GBP — $59,618 AUD.
  • The difference between baseline and InstaReM rates is $300 HKD.
  • Extra costs for using InstaReM compared to baseline – 0.5%.

To convert 100,000 Indian rupees to U.S. dollars.

  • A small market revolution has been caused once again by InstaReM’s launch of outward transfers from India in late 2017. InstaReM offers cheaper and more transparent outward transfers from India than traditional money transfer services. 
  • Transfer fees range from INR 750-to 1,500, depending on the amount being sent and the destination country. There are also hidden F.X. spreads of up to 3%, which the sender is not aware of.
  •  A traditional transfer would cost INR 3,500-4,500 for a transfer of INR 100,000 to the U.S. (INR 500-1,500 in transaction fees, plus up to INR 3,000 in F.X. charges).
  • InstaReM’s transparent fee, however, is between 0.3% and 0.5%. For the same transaction, 0.5% costs the sender just INR 500.

3. Transfer Speed

  • Money transfers take a certain amount of time depending on the currency involved, the bank involved, and the amount being transferred.
  • If you are in the Asia-Pacific region, InstaReM usually offers 24-36 hours of delivery, 
  • Therefore, your funds will arrive the same day, although your bank may wait until the following business day to credit your account. 
  • Your funds may not reach the recipient for 2 to 3 days if your currency or transfer corridor is not supported.
  • Transfers will take time, depending on how quickly the receiving bank processes them.

4. Customer Support at InstaReM

You can reach InstaReM’s customer support staff 24/7 via email and by phone, for which they provide a selection of toll-free local and international phone numbers, along with a convenient call-back service.

Feedback from Clients

InstaReM scores an average of 8.2 out of 10 on Trustpilot, which is pretty good when it comes to customer reviews. InstaReM’s typical comments include something like, “I have been using the service since 2015, and I am happy to recommend it.”. 

Thank you and “Excellent exchange rate and reliable money transfer service. The main issue I encountered with InstaReM was the need to provide additional identification and documentation. Recommend InstaReM.” 

InstaReM is not the only currency provider that requires proof of identity in order to authorize transfers.


Money transfer services at an exceptionally low price
Providing competitive exchange rates.
Fast currency transfer, generally within one business day of funding the transfer
Fully regulated and licensed
Safe and secure money transfers
Transparent fees – helpful for knowing exactly how much you’ll have to pay before transferring
data Specializing in services for small businessesLow Transfer Fees: InstaReM charges fees between 0.25% and 1%. This makes transfers more affordable.
Exchange Rates with Zero-Margin: InstaReM offers you the lowest exchange rates available. Transparency: InstaReM shows you the fees it charges for the transfer of funds.
Limited coverage: If you live in Africa or the Middle East, you cannot use InstaReM because of its lack of coverage in those areas.

The World Bank has rated InstaReM as a cost-effective remittance provider in Australia. Several features that the company has developed into its product offering have been credited for this endorsement. InstaReM has a dedicated support staff that provides 24/7 telephone, email, and online chat support. 


Transferring $50 is the minimum amount required
Cash, checks, and third-party payments are not accepted.
All money transfer transactions from India are subject to a transaction fee of 0.75%.
Provide credit card support for funding transfers
No cash option for the receiver (recipients must have a bank account)
  • Disclosure: While we strive to provide you with both the good and the bad contained on this page are affiliate links (and while they do not cost you anything), and do earn us a commission.
  • As part of using the link, we are also able to provide you with discounts and offers. You are supporting our mission to simplify and lower the cost of money transfers if you use these links!
  • InstaReM (short for “Instant Remittance”) is an up-and-coming service that offers very competitive mid-market F.X. rates that are updated in real-time (which they reliably source from Reuters).


Is InstaReM a Trustworthy company

Money transfer provider Instarem is recommended by Monito’s experts (8.0/10). InstaReM is a popular and rapidly-growing provider that allows you to easily send money from and to North America, Europe, Asia, and Australia. It is highly trusted (9.2/10) and well-rated by customers (8.3/10).

Does the RBI approve Instarem?

RBI approved Instarem’s application to facilitate overseas remittances from India in September 2017.

Is InstaReM a safe way to send money?

Easy, quick, and trustworthy. InstaReM is quick, easy, and trustworthy. You can perform subsequent transactions quickly once your bank account is verified. Immediately after the money is debited from your origin country bank account, it is deposited into your destination country bank account.

Is InstaReM regulated in Malaysia?

We are authorized to transfer funds to and from Malaysia thanks to the Remittance License issued by Bank Negara Malaysia (Serial Number: 00468).


A leader in overseas money transfers and remittances, InstaReM facilitates the transfer of funds overseas at a low cost, conveniently, and transparently.

Because you can choose the mobile app or website, get fair rates and absolute transparency in transfer costs, you won’t have to worry about the usual complications and costliness associated with cross-border money transfers.

F.X. rates with no margins* sourced directly from Reuters, and minimal upfront costs, allowing them to guarantee the best transfer amounts to all countries.

Multiple international financial authorities have licensed the company in several countries around the world, making it more trustworthy and reliable. Customers have highly rated the customer support and service provided by InstaReM.We find InstaReM’s money transfer service to be very appealing and reliable.