Instarem Money Transfer Review? Are you looking for a simple and reliable way to send money abroad? Instarem is here to make your life easier when it comes to sending money internationally.
Whether you need to send money to your family living overseas or pay your international suppliers for your business, Instarem makes your transactions easier and more affordable. With its easy steps and low costs, Instarem is transforming the way we send money across borders.
In this guide, we’ll walk you through everything you need to know about Instarem Money Transfer Review.
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Instarem Money Transfer Review
Instarem Overview
Instarem is a renowned international money transfer service provider that offers fast, reliable, and cost-effective solutions for sending money abroad.
It was founded in 2014 and has gained recognition for its innovative approach to money transfers by using cutting-edge technology to simplify the process for individuals and businesses.
How Does Instarem Works?
- Sign Up: Creating an account with Instarem is quick and easy. Simply provide some basic information, and you’ll be ready to start sending money abroad in no time.
- Choose Your Destination: Select the country you want to send money to and enter the recipient’s details.
- Transfer Funds: Enter the amount you want to send and choose your preferred payment method.
- Track Your Transfer: Easily track the status of your transfer through Instarem user-friendly platform.
- Recipient Receives Funds: Once processed, your recipient will receive the funds directly into their account.
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How to Sign up with Instarem
- Visit Instarem’s website or download the app and click on “Register”.
- Provide basic personal details and verify your identity by uploading necessary documents.
- Complete the account setup process, including linking your bank account for funding transfers.
- Activate your account once verified, which may take 1-2 days.
- Start making transfers conveniently via the website or mobile app.
Instarem Money Transfer Review: Fees & Exchange Rates
Instarem’s fee structure and exchange rate methods play a crucial role in determining its efficiency within the money transfer landscape.
Fees
- No Fixed Transfer Fees: Instarem generally does not apply fixed transfer fees, making it an affordable option, particularly for smaller transfers.
- Card Processing Fee: For card payments, a small processing fee of around 2-3% is applicable.
Exchange Rates
- Variable Exchange Rate Margins: Instarem employs variable exchange rate margins, which can vary based on factors such as currency pair, transfer size, and destination country.
- Transparency Concerns: While Instarem’s lack of fixed fees may seem beneficial, the absence of transparent pricing regarding exchange rate markups raises doubts among users.
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Instarem Money Transfer Review: Ease of Use
Account Opening
- Fully online process with a 5-step setup including ID verification
- Verification typically takes 1-2 days
- Requires extensive personal details during signup
Initiating Transfers
- Simple dashboard interface is available on the website and mobile apps.
- Simple process for entering recipient details and transferring information.
- Option to save recipient details for future transfers.
Funding Transfers
- Diverse funding options, including bank transfers, cards, and cash deposits.
- Availability of funding via linked bank accounts varies by country.
Tracking Transfers
- Transfer timeline with status updates easily accessible.
- Email and SMS notifications are provided for transfer status updates.
- Reference numbers facilitate easy identification of transfers.
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Instarem Money Transfer Review: Customer Support
Channels Available
- Live chat is the only direct support option, available 24/7.
- In-platform support ticket system offered.
- Email and social media support are available with slower response times.
- Basic FAQs and guides are available in the help center.
Overall Quality
- Excellent for general inquiries with fast response times.
- Limited for complex issues with unclarified responses at times.
- Options like phone support and messaging are unavailable.
Instarem Money Transfer Review and Ratings
Trustpilot
- Rated 4.4 out of 5 stars based on over 7,000 reviews.
- Positive reviews highlight smooth processes and low fees, while negative reviews mention slow transfers and poor customer service.
App Store
- Rated 3.5 to 4.1 stars out of 5 across different regions.
- Reviews commend low fees and fast transfers, with the occasional mention of payment issues.
Google Play Store
- Rated 4.3 out of 5 stars with over 7,000 reviews.
- Positive reviews for affordability and speed, with some complaints about functionality and transfer delays.
Who Should Use Instarem?
Suitable Users
- Individuals sending smaller amounts below $1000.
- Customers focusing on major corridors like US-India.
- Expats requiring fast and convenient transfers.
- Small business owners seeking multi-user access and mass payment capabilities.
- Individuals valuing simplicity and straightforward processes.
Users to Reconsider
- Individuals sending large amounts over $10,000.
- Those in need of cash pickup options.
- Customers prioritizing extensive customer service support.
- Users requiring transfers in less common corridors.
- Individuals with concerns regarding variable pricing and transparency.
Pros and Cons of Using Instarem
Pros:
- Competitive exchange rates
- Wide coverage: Send money to 55+ countries
- Convenient online and in-app transfers, available 24/7
- Reward points system for cost-saving opportunities
- Regulated and well-rated by customers
Cons:
- Exchange rate markups are applied
- Transfers may take up to 2 working days
Trustworthiness of Instarem
Instarem, established in 2014 and headquartered in Singapore, is regulated by multiple global authorities.
As a licensed provider, Instarem ensures compliance with strict regulatory standards, including safeguarding customer funds and maintaining sufficient capital reserves.
Conclusion
Instarem is a trusted and affordable solution for sending money internationally. It caters to the diverse needs of users across the globe.
The platform is easy to use, and the pricing is transparent. Instarem is committed to ensuring the security of its users, making it a preferred choice for those looking for a convenient remittance service.
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FAQS
Is Instarem safe for money transfer?
The global ISO body has certified Instarem as a safe provider.
How long does Instarem take to transfer money?
Instarem usually processes transactions within two business days.
Is Instarem a real thing?
Instarem holds licenses to operate in 9 countries across the world.
Does Instarem charge fees?
Instarem charges a small fee that typically ranges between 0.25% and 1% of the transaction amount.