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Instarem Review: Is it legit, safe and trustworthy for UAE citizens and residents?

It is essential that you be familiar with the charge structure and exchange rate pricing that Instarem employs before you attempt to send money through the platform. The amount that you are transferring and the nation of origin both play a role in the calculation of the fees that Instarem levies. You will be required to pay a fee of around 0.5 percent of the amount that you are sending when transferring money from Hong Kong or Australia, for example. When you send money from the United Kingdom or Hong Kong, on the other hand, your percentage cost is significantly reduced to 0.25 percent. Visit Instarem Website.

The real-time interbank rate is what is used by Instarem. This indicates that they do not add any margin to the rates that they provide. You will receive exactly what you see.


Instarem does not impose any extra fees other from the expenses associated with transferring funds. On the other hand, banks on both the sending and receiving ends may assess fees on your transaction. These costs may vary anywhere from $25 to $50.

The World Bank has identified Instarem as a provider of remittance services in Australia that is efficient with regard to cost. This recommendation is a reflection of the various features that the firm has integrated into its product offering during the course of its existence.

Transfer Fees That Are Extremely Reasonable The percentage transfer fees that Instarem charges its customers range anywhere from 0.25 percent to 1 percent. This brings down the cost of the transfer.

When you transfer money using the Instarem platform, you are always assured to receive the best exchange rate available. There are no margins added to the exchange rates. You will always do business at the same rate as the interbank market, and the supplier will never charge you any margins.

The Dedicated Support Team at Instarem is available to assist customers by phone, email, and online chat around the clock. It operates out of dedicated physical offices and phone lines in the following countries: Australia, Hong Kong, Singapore, Malaysia, India, Lithuania, the United States of America, and the United Kingdom. They may also be found on many platforms used for social networking.
Tweets by getinstarem Transparency is maintained by the fact that Instarem displays the costs associated with the transaction before you send them any of your monies. You will not be confused about any additional costs if they are presented to you in this manner. The only expenses you need to be concerned about are bank processing fees and landing fees, both of which you should check about from both the sending and receiving institutions.

The InstaPoints Reward Program allows you, as a customer of Instarem, to earn points whenever you complete a transaction on the Instarem platform. These points may then be redeemed for discounts that cut the costs associated with your transactions.

Coverage Is Restricted: Unfortunately, if you live in either Africa or the Middle East, you won't be able to utilize Instarem because it isn't available in those areas.

Account Activation Takes More Time The Instarem account activation procedure for both company and individual accounts comprises a rigorous verification process. As a result, the account activation process takes more time. At some time, a mobile verification code will be issued to you in order to authenticate the phone number you provided. Because of this process, initial transfers may be delayed.

Does not support the use of credit cards as a method of transferring funds. Nevertheless, you have the option of using a wire transfer, ACH, or a debit card.

The only two methods of sending money to a recipient's bank account that are supported by Instarem are electronic funds transfers and wire transfers. Even if you are only mailing a very little amount, they do not offer a cash pickup option on their website. This strategy was established in response to the high caliber of corporate and individual customers that the provider serves.

Through the use of Instarem, there is no upper limit placed on the amount of money that may be transferred. You must, however, verify with the bank that will be receiving the funds to see whether or not they have a restriction on the amount that may be transferred in a single transaction or on a daily basis.

Instarem, also known as Instant Remittance, is well-known for its ability to do instant transactions. However, the time it takes to transfer cash can range from one to five business days. This is because the amount of time it takes depends on the currency pair being used, the destination country, and the method of payment being used.

Paying with a debit card will expedite the transfer of funds. Instarem is able to access the cash practically immediately, which enables the process of transferring them to begin.

You may transfer cash at any time, 24/7, via the digital platform provided by Instarem, or you can utilize the app. Your provider gives you the ability to see the history of your transactions, update your payee list in the event that there are any changes, and track your transactions so that you may have peace of mind.

Other money transfer providers, such as OFX, WorldFirst, Currencies Direct, and TorFX, come within the same price range as Instarem, with the exception of a few features that are exclusive to Instarem, such as the InstaPoints and the Instarem MassPay.

When it comes to making the payment for your Instarem transfer, you have a few different alternatives available to you depending on the location in which you are transferring money from. You have the option of utilizing electronic money transfer, wire transfers, or bank transfers. You may pay for your shipment using POLi if you are sending it from the EU, or you can use a debit card if you are sending it from Australia.

Transferring money to Instarem may be done by bank transfers or ACH Pull for customers in the United States, while FPX is the method of choice for customers in Malaysia. It is not possible to transfer money to or from Instarem using a bank account that belongs to another individual, and cash deposits are not accepted. Make sure that your name appears on the account information as one of the account holders if you are going to be utilizing a joint account to pay for your transfer.

When transferring money with Instarem, individuals and companies alike may take advantage of its streamlined process, in addition to its attractive foreign exchange rates, regardless of the purpose for their transaction. The examples that follow are some of the most effective ways to put Instarem to work.

By using Instarem, you may send payments to workers and freelancers who are located in foreign countries.

Through the use of the Instarem platform, you will have an easier time settling invoices and making additional payments to vendors thanks to the multicurrency and batch payment capabilities.

One of the most important contributors to the Belt and Road Initiative is Instarem. Instarem enables you to pay in the country's native currency for a variety of services, including paying contractors or credit facilities in China and the United States.
Transfers on a Personal Level

Repatriating Income and Profits - If you work overseas and wish to transfer your earnings back to your home country, Instarem can provide you with the most favorable exchange rates and the lowest possible costs.

Investing in Real Estate Abroad You will pay modest costs when transferring significant sums to brokers, lawyers, and property owners when using the Instarem platform, and you will have access to favorable foreign exchange rates around the clock.

Sending Money Home Whether you are making payments on a loan, sending money for tuition, or supporting your family, Instarem gives you the ability to make mass payments, which may save you time, prevent errors, and cut down on costs.

However, if you discover that Instarem does not meet your requirements, we have compiled a guide that will assist you in locating the method that is most suitable for sending money internationally.

Prajit Nanu and Michael Bermingham launched Instarem, a privately held firm, in August of 2014 and incorporated it under their names. The Monetary Authority of Singapore (MAS) has granted Instarem Pte Ltd the authority to operate as a remittance provider in Singapore.

In September 2017, the Reserve Bank of India granted the firm regulatory license to operate as an international remittance provider from within India. This approval allowed the company to begin operations in India. The following are some of the additional regulatory approvals that the firm has been granted:

In Australia, Instarem does its business under the name Instarem PTY Ltd, which is subject to the oversight of the Australian Securities and Investments Commission (ASIC)
In Hong Kong, the Customs and Excise Department is in charge of overseeing Instarem Ltd's business operations.
Canada Instarem is incorporated in Canada under the name Instarem Canada Corp., and the company abides by the guidelines established by the Financial Transactions and Report Centre of Canada in its day-to-day operations (FINTRAC).
Instarem Malaysia Sdn Bhd is subject to the regulations imposed on all other financial institutions in Malaysia by the country's Central Bank.
Lithuania The Bank of Lithuania oversees Instarem's operations, which are conducted under the name UAB Instarem EU.
Instarem USA Corporation is backed financially by the Community Federal Savings Bank in the United States of America. The Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency work together to provide joint oversight for both (OCC).

The regulations stipulate that Instarem must keep the money belonging to its customers separate from the money belonging to the company. As part of the wider General Data Protection Regulation, it is also needed to observe information privacy regulations with respect to client data (GDPR).



The firm has achieved ISO certification, namely ISO/IEC 27001. This indicates that Instarem has met the requirements set out by the Joint Technical Committee of the International Electrotechnical Commission and the International Organization for Standardization with regard to the dangers posed to information security.

More than 35,000 individual and corporate customers have had their transfer needs met by Instarem across its network of more than 55 countries served. Since they first began conducting business, they have moved around $5 billion in total.

Instarem received an investment of half a million dollars from Global Founders Capital, a venture capital firm, in January of 2015. Additional funding in the amount of $5 million was provided to the firm by Global Founders Capital, Fullerton Financial Holdings, and Vertex Venture Holdings in the month of March 2016. Instarem has also received funding from a variety of other investors, including SBI-FMO Ventures and GSR Ventures. The amount of faith these firms have in Instarem is demonstrated by this fact.

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Because to the hard effort of the staff members based in the six different locations across the world that make up the Instarem network, the business completes more than half a million transactions annually.

Positive feedback and high ratings have been expressed by Instarem users across a variety of platforms, including Trustpilot and social media. For example, they have received ratings of "Excellent" and "Great" from 28 percent of their customers on Trustpilot. The following comments were left by satisfied customers on their experience with Instarem:

The Best Rates - Instarem provides competitive rates for all of the different types of transfers, and they do not add any margin.
Transfers at an Affordable Price Because Instarem facilitates transfers at such a cheap cost, companies and individuals are now able to send and receive even the smallest sums without experiencing any financial strain.
Remarkable Service - The customer support team puts the needs of the customers first and makes sure their demands are dealt with in a professional manner.
The few delays were noted by the few customers who gave the firm a rating of poor or unsatisfactory as the cause for their displeasure with the company. There were some customers who were unable to use the promo code properly. The majority of these problems were fixed, as can be seen in the comments to the reviews that were given.

Instarem was awarded first place at the Singapore Open in 2017. During the same year, the firm was presented with the Fintech Rising Star Award in Mumbai. In 2018, the business was honored with both the Network Accelerator Award and the Outstanding Digital Cross-border Money Transfer Service Award, continuing its run of success from the previous year.

On the Instarem platform, you have the option of signing up as either a company or an individual customer. The actions that need to be taken are as follows.

The first step is to sign up, during which individual clients will be required to submit an email address and their location. When registering a business for the first time, the company must supply their email address, phone number, registered business name, and the nation in which the firm is registered.
Step 2: Verify Your Account On Instarem, you may choose between two different types of account verification: mobile verification and document verification. When you opt to utilize mobile verification, a verification number will be sent to your phone and must be entered in order to confirm your identity. It is necessary for the process of verifying your documents that you have your identification on hand. You might also use a recent bank statement, a utility bill, or your driver's license as an alternative. The time required to verify a business account is limited to no more than twenty-four hours.
Step 3 is "Setting Up the Transfer," and this is where you will input the specifics of the recipient as well as the amount of money you wish to transfer.
Instarem gives you the option to pay for your transfer using either a bank transfer or a debit card when you get to Step 4 (Paying for Your Transfer).
Step 5: Tracking the Transfer You will be able to monitor the progress of your transfer on Instarem up until the point at which it is received by the intended recipient. As the transfer continues, you are going to get alerts at regular intervals.

The recipient's bank account will receive the money, which will be deposited immediately by Instarem. As a result, there is no procedure that must be followed in order to have access to the money.

The Instarem mobile app may be downloaded for nothing on the iOS and Android operating systems respectively. The application is loaded with a ton of features that let you do things like:

Send money to more than 55 countries from any location, at any time.
Keep an eye on your transactions.
Look at the record of transactions.
You may add and manage the recipients here.

Over one hundred thousand people have rated and reviewed the app on Google Play, giving it an average score of 4.5 out of 5. The app has been downloaded by more than one hundred thousand consumers. The app now has 122 ratings and an average score of 3.5 stars out of 5 available on the App Store. There are geographical constraints imposed on both the downloading and using of applications.

If you need to cancel a transfer, you may get in touch with the Client Service Team at Instarem by sending an email, giving them a call, or chatting online. It is essential to be aware that after a monetary transaction has been completed, the transaction cannot be canceled under any circumstances.

 

 

Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.