Sending money overseas can be quite a challenge; oftentimes leaving users facing hefty transfer fees or simply unable to make transfers in a timely manner.
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Last Updated: May 23, 2023
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Fortunately, Instarem has stepped up to provide a simple way to send money overseas, offering services that make sending money both cost-effective and easy.
In this review, we’ve compiled all the essential information you need to make an informed decision about whether Instarem is right for you. We’ll compare costs, research safety protocols and break down the different features available for both personal and business money transfers.
After reading our review, you can confidently choose the payment service that best suits your needs.
Back in January 2014, Instarem was born to address the high costs, inexplicable delays and complexities associated with traditional overseas money transfers.
This alternative to traditional international bank transfers offers a smarter, faster and more affordable way to move money across borders – no unfair exchange rates, no hidden fees or unnecessary complexities.
If you’re an individual or a business who wants to make international transfers without dealing with time-consuming, expensive and complex processes, Instarem is the service for you.
Its worldwide payment network is utilized by many companies and individuals to transfer money internationally. Instarem can facilitate transfers to 60+ countries and boasts of a huge partner network across the globe.
Plus, you won’t have to wait long – most payments are processed within 2 days.
Banks and other traditional money transfer providers usually fail to inform you about the exact amount your transaction will cost you or the exact amount your beneficiary will ultimately receive.
Generally, they will provide you with a rough estimate of the exchange rate and fees.
These transactions also often include hidden fees and FX markups that can substantially decrease the sum of money your recipient gets.
In comparison, Instarem is very different from conventional remittance services.
It not only offers competitive FX rates, which are very close to the market rate, but also displays all the fees upfront, enabling you to know precisely how much your beneficiary will get even before you hit the send button – no hidden fees at all.
What’s more, Instarem makes transfers easy by allowing you to fund the transfer in multiple ways and providing you with notifications and messages throughout the process, so you always know where your money is.
| Details | Deatils |
|---|---|
| Global network | Send money to 60+ countries |
| Low cost | Great exchange rates Zero fees on transfers above CAD 100 |
| Transparent | No hidden fees. Know exactly how much you are paying and how much your beneficiary is getting. |
| Convenient | Easy payments with Interac e-Transfer |
| Easy to use | Simple and easy to use app for ultimate convenience. |
| Fees | Zero fees on transfers above CAD 100 |
| Transfer time | Typically, within 2 days. |
| Customer Service | Dedicated 24/7 support via live chat and online help center FAQs available |
| Awards | Winner of – Outstanding Community Partnership Award for Preventing Scams (Singapore) – Blockchain Innovator Award (San Francisco) – Mozo Experts’ Choice award (Australia) |
| Security | SSL data encryption Biometric authentication on app |
| Online and Mobile Experience | Intuitive user experience on web and app App available on iOS and Android |
Instarem is licensed and regulated in 11 countries, so you can rest assured that your money transfers are worry-free.
To ensure the security of your information, Instarem uses end-to-end SSL encryption to establish a secure connection between your browser and their servers. Additionally, they store your passwords in an encrypted form on their servers.
To further enhance the security of your information, they regularly conduct vulnerability tests on their systems and engage third-party security experts to perform comprehensive security assessments.
Additionally, they constantly update their security practices to stay up to date with the latest industry standards and best practices, ensuring that your personal data remains secure and protected at all times.
If you’re using the Instarem mobile app, you can enable biometric authentication through fingerprint ID or facial recognition for an extra layer of protection apart from two factor authentication (2FA) that is enabled as soon as you log in from a new device.
All transactions are also protected by two factor authentication(2FA).
To find out more about their licensing information, click here.
Creating an Instarem account is completely free of charge for both individuals and businesses.
With Instarem, you can transfer money across the world without spending a fortune – choose your currency and find out which method suits you best.
Fees depend on the amount of money being sent, the currency chosen, the type of transfer method, and your destination.
Instarem prides itself on providing fees that are usually 2-3% lower than other providers!
They charge transfer fees up to CAD 1.5 on transactions of CAD 100. The best part is that they do not charge any transfer fees on transactions above CAD 100.
So, make sure to take advantage of Instarem’s great value when sending money overseas.
At Instarem, transparency is a core value. Every charge linked to your transaction is displayed on your receipt, so you can rest assured that you’ll know precisely how much your beneficiary will receive.
Creating an account with Instarem is just as easy as sending money with them.
Transfers via Interac e-transfer take up to 2 business days from the time Instarem receives the funds.
If you’re requesting a refund on your transfer, you can expect to receive your money back within 24-72 hours. However, please keep in mind that refunds may take longer during weekends and public holidays.
Customers can reach out via the company’s 24/7 live chat service or visit the Instarem Help Centre for any queries related to their accounts.
The company offers a selection of detailed FAQs and an interactive chatbot on its website and app to ensure that customers have answers to any queries they may have.
Additionally, Instarem regularly updates their blog with the latest trends in international money transfers, online shopping, security measures, and travel tips to keep customers informed.
Instarem offers customers an easy way to send money overseas at competitive rates. Most transactions are processed within 2 business days, but customers should review the company’s Terms and Conditions to ensure they are aware of any factors that may affect processing time.
The platform is designed to provide a hassle-free experience for customers, making it simple to transfer funds wherever they need to go. With Instarem, customers can rest assured that their transactions will be processed quickly and securely.
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