USA IND

₹ 74.55

UK IND

₹ 96.91

USA PHL

₱ 48.71

UK PHL

₱ 63.51

HIGHLIGHTS

Founded in 2014, InstaReM (short for Instant Remittance) is a Singapore-headquartered Fintech company providing fast, secure and cost-efficient digital cross-border money transfer services for individuals and businesses.

The company is currently licensed in Singapore, Australia, Hong Kong, Canada, Malaysia, India, European Union/United Kingdom and the United States. With InstaReM, businesses and individuals in these markets are able to reach out to 3.21 billion people in over 55+ countries worldwide.

In January 2015, InstaReM raised an initial US$500,000 in seed capital from Rocket Internet. In March 2016, InstaReM successfully raised a US$5 million Series A round led by Vertex Ventures, with participation from Fullerton Financial Holdings and Global Founders Capital.

In July 2017, InstaReM received another US$13 million investment of Series B funding, led by GSR Ventures, with participation from SBI-FMO Emerging Asia Financial Sector Fund, Vertex Ventures, Fullerton Financial Holdings and Global Founders Capital.

WHY INSTAREM?

InstaReM is a disruptor to traditional remittance firms. Here’s why:

  • Transparency: InstaReM’s transaction charges are shown before you make the remittance, unlike banks or traditional remittance firms which charge an FX spread (the difference between the inter-bank currency conversion rate and the rate quoted by the bank or money transfer company) in addition to the transaction fee.
  • Comparative transaction charges: InstaReM offers transparent Zero-Margin FX rates*. The company charges a nominal fee (between 0.25-1%) to cover the costs of processing the transactions. InstaReM ranks as the most cost-effective money transfer service in a number of corridors originating from Asia-Pacific in the World Bank’s Remittance Price Worldwide database. *Applicable only for certain currencies and certain trading hours.
  • Speed of transaction: InstaReM is able to transfer funds typically within 24 hours in Asia, compared to the average two to four days transfer by banks.
  • Wide reach: InstaReM can send funds to over 3.21 billion people in their local bank accounts across the globe. Businesses and individuals from Australia, Hong Kong, Singapore, Malaysia, India, EU and the US are able to remit money to 55+ countries worldwide.
  • Bulk payments: Corporations/SMEs use InstaReM's MassPay platform to manage and control their high-volume remittances to multiple beneficiaries in multiple currencies via a seamless process.

FAST FACTS

  • Reaching over 3.21 billion people across 55+ countries
  • Partner network of 8000+ banks globally
  • Growing team of 150 employees across eight global offices

 

*Daily limit for new users is $1,500.

FEATURES (Currently showing rates for USA to IND change )

Today's Rate
$ Amount
₹ Exchange Rate
$50 - $3000
₹74.55*
Exchange Rate Type
Indicative
Transfer Fee
Bank Account
$ Amount
Fee
Up to $3000
0.00
Transfer Time
Bank Deposit
2 Days
Transfer Type
  • Online Transfer
  • ACH Transfer
  • Wire Transfer
Daily Transfer Limit
NA
Customer Service Info
+1 888-409-3307
Company Headquarter
Singapore
Company Type
Remittance Providers
Mobile App
Company Established
2014
Text Update (SMS)
Yes
Email Updates
Yes
Provider's FAQs
Referral Program
Yes
Key Feature
---
Document Requirements
Either SSN or Following Docs- Passport, Utility Bill, Bank Statement, Driving License.

EDITORIAL REVIEW

No review available.

USER REVIEWS

Ashish
Posted on August 07, 2020, 05:38 am

I have been using Instarem for maybe couple of years now and it has been great so far. One of the best competitive rates I have seen so far (even with the fees they charge per transaction, it's not hidden though). Earn bonus points if you sign up using below link. https://www.instarem.com/invite/zxgEfH

 
Jan waseem
Posted on April 27, 2020, 05:28 pm

Started using instarem few months back and this is so far one of the best digital money transfer services considering transfer time, mobile app and the currency rate.

 
InstaReM PTE Limited
Posted on April 27, 2020, 06:42 pm
Hi Jan, We are thrilled to hear that you had a wonderful experience while remitting with InstaReM. Also, thank you for finding the time to share your positive experience with others!
Aditya Bhujle
Posted on March 30, 2020, 11:46 am

The worst experience I have ever had. These guys intentionally cheat the customers. First, they won't complete the transaction in their advertised times. Then they will promise a full refund. Then delay the refund endlessly. And out of nowhere, arbitrarily deduct a random amount as their "refund charges" so that they can profit at your expense. Avoid dealing with them. Their advertised rates and marketing materials are simply the bait to hook you in and then take you for a ride. I would give negative stars, if it was possible. I am certainly escalating this matter with the concerned officials.

 
InstaReM PTE Limited
Posted on March 31, 2020, 05:25 pm
Hi Aditya, Thank you for taking the time to share your positive feedback! We are sincerely pleased to hear that your experience with InstaReM has been pleasurable thus far. We hope that your future transactions with InstaReM are as smooth and swift as possible. Please be informed that we constantly work on improving our procedures in order to make your transactions as convenient and as swift as possible. We hope that in the near future we will be able to complete almost every transaction instantly.
P. Patel
Posted on March 30, 2020, 08:11 am

booked transaction at for 1$= 76+ and rates get lower later. My account and documents are verified already and it's ACH bank transfer. Insata Rem cancelled my transaction later stating internal review and not giving any reason in name for internal review. now rates are lower so I loose good rates without explanation. This is my first time using it and got disappointed.

 
InstaReM PTE Limited
Posted on March 31, 2020, 05:26 pm
Hi, Thank you for taking the time to share your feedback. All transactions that come through InstaReM are subject to internal review and sometimes we are unable to process certain transactions due to internal policies.
PPatel
Posted on March 27, 2020, 02:11 pm

Not good experience. My account and documents were verified and are in good standing. I booked ACH transaction and waiting for to be done seamlessly but to my surprise I found that transaction cancelled due to Instraem Internal Policy. I tired but not getting right answer for what that is. only thing I see is rate went down 10% day after I book the transaction. not a good experience.

 
Udaykiran
Posted on March 12, 2020, 04:39 pm

Very very bad experience with Instarem. Instarem is not a good option to transfer instantly. I have initiated the transaction on 03/08.The status shows waiting for Payment.I came to know that the transaction will be completed by 03/17.Please decide how much instant it is.The customer care people also not confident in such a way that it will be completed by atleast 03/17.They are trying to hold the money to make the more delays.i never go for this again. very very bad experience. Priority wise. 1)Remitly 2)Ria 3)Remit2india

 
InstaReM PTE Limited
Posted on March 15, 2020, 08:41 pm
Hi Udaykiran, We appreciate you taking the time to share your feedback with us. We regret to hear that you had a less pleasurable experience with InstaReM. Our general processing time frame for USA is 24 - 48 business hours. We will update you once the funds are received and processed.
ANKIT JAIN
Posted on March 11, 2020, 06:34 pm

Very time Bad experience....time of 2 days of transfer are just to make you fool...be careful.... If you call customer care...you would be lucky enought to get connected... On Chat response is poor..so be safe ..its your maoney and may be yu need to chase istarem for ontime transfer....

 
InstaReM PTE Limited
Posted on March 15, 2020, 08:49 pm
Hi Ankit, We appreciate you taking the time to share your feedback with us. We regret to hear that you had a less pleasurable experience with InstaReM. If you faced any delays or poor customer service, please let us know. We will make sure to take the necessary actions to ensure that such inconveniences never happen again.
Mano
Posted on March 11, 2020, 04:45 pm

Stupid questions are being asked for first time transfers. Long delays in first-time account setup and customer support. Had to cancel the transactions

 
InstaReM PTE Limited
Posted on March 15, 2020, 08:51 pm
Hi Mano, We appreciate you taking the time to share your feedback with us. We regret to hear that you had a less pleasurable experience with InstaReM. Please be informed that due to our internal policies, at times we require our customers to upload certain documents or provide additional information. This information enables us to validate your identity and ensure the security of your transaction.
Pawan
Posted on March 09, 2020, 09:09 am

InstaRem uses Yes Bank to process transfers in India. Yes, you heard me right about Yes Bank, the bank that busted few days ago. If your transfer is showing "In Processing" status for more than few days, cancel the transaction or ask these folks to expedite the transfer. This is a non-competent untested and unreliable service that is attracting Indian's by offering slightly higher exchange rate. Stay away from this service at all costs, I will be filing a report with BBB.org sharing that they are asking for too much consumer details and have a broken process. Also, they will ask for your bank statement for processing a refund which is stupid and ridiculous per my experience with other remittance companies.

 
InstaReM PTE Limited
Posted on March 09, 2020, 06:17 pm
Hi Pawan, we are working with our partner bank to identify these affected payments and will notify you about the status of your payment request as soon as we receive an update from the Bank. We request you to bear with us till that time. Please be assured, the transactions will be refunded or paid successfully.
Pawan
Posted on March 09, 2020, 09:04 am

InstaRem uses Yes Bank to process transfers in India. Yes, you heard me right about Yes Bank, the bank that busted few days ago. If your transfer is showing "In Processing" status for more than few days, cancel the transaction or ask these folks to expedite the transfer. This is a non-competent untested and unreliable service that is attracting Indian's by offering slightly higher exchange rate. Stay away from this service at all costs, I will be filing a report with BBB.org sharing that they are asking for too much consumer details and have a broken process. Also, they will ask for your bank statement for processing a refund which is stupid and ridiculous per my experience with other remittance companies.

 
InstaReM PTE Limited
Posted on April 06, 2020, 06:54 pm
Hi Pawan, We are thrilled to hear that you had a wonderful experience while remitting with InstaReM. Also, thank you for finding the time to share your positive experience with others!

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