Instarem Reviews

Instarem is a global digital cross-border payments platform that enables individuals and businesses to send, spend, and receive money internationally. The mission is to simplify the complexities of cross-border transactions. Instarem provides innovative solutions that empower SMEs and individuals to transcend traditional financial boundaries.

The platform offers a wide range of payment services grouped into three categories: Send, Spend and Receive. It was initially designed to offer expats a cost-effective way of sending money home. Later, in October 2019, Instarem became a part of Nium, an embedded finance platform.

Instarem uses competitive rates for currency exchange. It allows customers to make international payments direct to bank accounts in 55 countries around the world. The setup for the transfer can be done online or in the Instarem app. Once the money is received by Instarem, it’s deposited in the recipient’s account in their local currency.

One interesting feature of Instarem accounts is that users can earn reward points when they send money. These points can be redeemed on a future transaction. Users also get points when they open their account in the first place, and whenever they refer a friend to the service.

In addition to personal payments, business services are also available, including payments to 170+ countries and multi-currency holding accounts. The platform is the go-to solution for SMEs that need to move money quickly, reliably, and at a lower cost than traditional methods. So, whether you’re an individual looking to send funds overseas or a business in need of an efficient low-cost payment solution, Instarem has got you covered.

Instarem has received several awards and accolades for its services, including the Singapore Fintech Award, FinTech Rising Star Award, Outstanding Digital Cross-Border Money Transfer Service, Blockchain Innovator Award, Excellence in Payments, and Best Value International Money Transfer Provider Award.

Please note that the effectiveness of these features may vary based on individual needs and preferences.

Pros of Instarem:

• Competitive Exchange Rates: Instarem offers bank-beating exchange rates, making it a cost-effective option for international money transfers.
• Quick Transfers: Transfers are generally completed within 1-3 business days, which is faster than many traditional banks.
• User-Friendly Platform: The website and mobile app are easy to use, providing clear information about transactions.
• Global Coverage: Instarem serves over 60 countries, making it a versatile option for international money transfers.
• Reward Points: Customers can earn points on transfers, which can be redeemed for future transactions, adding a loyalty program element.
• Business Services: Instarem offers global receiving accounts for businesses, making it suitable for corporate transactions.

Cons of Instarem:

• Limited Payout Options: Instarem primarily offers bank deposits, with limited cash pickup options.
• Hidden Fees: Some users have reported hidden fees, although these are usually disclosed upfront.
• Transfer Delays: Delays can occur due to due diligence checks, bank verification, or incorrect recipient details.
• Customer Service Issues: Customer support can be inconsistent, with some users experiencing late responses or template replies.
• Limited Country Coverage: Compared to larger players, Instarem has fewer country options for transfers.
• Lack of Transparency: The pricing model can be opaque, with all costs baked into the exchange rate markup rather than clearly disclosed.