USA IND

₹ 77.20

UK IND

₹ 97.21

USA PHL

₱ 51.98

UK PHL

₱ 65.45

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
₹77.20*
Exchange Rate Type
Locked-in
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.

USER REVIEWS

Ashwin
Posted on May 22, 2022, 06:25 pm

Have been using Instarem for the past 8 months. Very good exchange rates and mostly is transferred in 1 day. I used to transfer using Remitly before but once I started using Instarem, I never went back to Remitly. Did not face any issues during transfer with Instarem

 
Aroon K
Posted on April 08, 2022, 04:56 pm

My transfer was cancelled by their system due to them not getting fund on time. I have been n touch with customercare since money is debited from account and transferred to their nium account.. This is for transfer above 3000+$. Customer support staff can't locate my fund. Its transferred to the account they wanted me to sent. Not sure which agency I have to contact to get money back. I'm not sure if this some kind of error for sure of its something others have gone through.. just wanted to alert others and hear if this is a common theme..

 
Marius
Posted on March 15, 2022, 07:55 am

If you want to transfer money like 20 years ago, yes, it's ok. They can transfer in up to 2 business days. If you want to transfer faster, search for something else. Short story: i'm repeating the transfer process a few times per year. Same source account and same destination account, even the amount is almost the same. BUT now, they need more time to analyse . . .

 
Chandru
Posted on January 20, 2022, 11:38 pm

WorseTransferServiceEver

 
Guruprasath Ramamoorthy
Posted on December 19, 2021, 08:38 am

Good service and awesome transfer rate. I have already transferred twice using Instarem , it is slow 3-4 days but I never had a problem. Transfers were smooth even though they say the don't transfer on the weekends my last two transfers were completed on weekends only.

 
Terry
Posted on November 30, 2021, 03:13 pm

Not happy. Taking way too long and money still not received yet. If you have an emergency, do NOT us this lousy service!!! Tried chatting with their live agent, their dumb bot kept asking me to log in first when I was ALREADY logged in!!!

 
Krish
Posted on November 15, 2021, 12:20 pm

Excellent.. as committed..

 
Anoop
Posted on July 22, 2021, 11:51 am

Worst service. Initiated a transfer. got a call asking for the phone number registered with my bank. also chatted with live agent and shared some details and said that verification is complete. then they again called me they want to know my email registered with my bank. Whole process looked suspicious to me and I cancelled my transaction.

 
Prat
Posted on July 01, 2021, 11:05 am

Best rates and fast service..!!

 
Priya
Posted on May 26, 2021, 03:54 pm

I loved how easy it was to sign up and send money with Instarem. I got a great rate and money reached without any hassle. I recommend this to others.

 

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