Instarem is a cross-border payments platform that provides a faster, cheaper, and more convenient solution for sending money internationally.
Using its proprietary technology, Instarem connects banks and financial institutions around the world, enabling better exchange rates and lower fees compared to traditional methods such as wire transfers and Western Union. The platform boasts a user-friendly interface, making online money transfers a breeze.
Headquartered in Singapore, Instarem was founded in 2014 by Prajit Nanu and Michael Bermingham, who recognized the need for a simpler international money transfer service. The founders created Instarem to simplify the difficult and time-consuming process of cross-border money transfers, and it ultimately resolved the problem for numerous people and companies worldwide.
In this review, we’ll delve into Instarem’s range of services, security strategy, and general advantages and disadvantages to help you decide if it will meet your particular money transfer needs.
Table of Contents
Products and Services
Intending to streamline international remittances, Instarem adopted a digital-first strategy, utilizing technological improvements to provide quicker, more accessible services. The platform eliminates the red tape and exorbitant costs sometimes associated with banks and traditional money transfer services, allowing users to send and receive money globally with only a few clicks.
Three goals guide Instarem’s work: to facilitate international money transfers; to greatly speed up the procedure; and to promote transparency. Based on these pillars, the business remains steadfast and guarantees that every transaction is simple, swift, and transparent in terms of costs and exchange rates.
Who can use Instarem’s services is not subject to any limitations. The company provides services to both small and medium-sized enterprises (SMEs) and bigger corporations, giving them the necessary tools to effectively manage international payments. The variety of its clientele has allowed Instarem to create a sizable global market presence.
International Money Transfers
Despite having its origins in Asia, the company has grown to extend its operations in North America, Europe, and Australia, reaching over 55 countries and covering a wide range of currencies. This makes it a flexible tool for private citizens and companies with international financial demands.
One notable feature of Instarem is its competitive exchange rates. The platform’s pricing closely aligns with the interbank rate, the rate at which banks exchange currencies with one another. This sets Instarem apart from many traditional banks and other money transfer services that apply significant markups to the market rate. With Instarem, customers receive the best value for their money when making transactions.
In addition to favorable exchange rates, Instarem maintains openness in its charge schedule. Depending on factors like the source and destination of the transfer, the costs might range from 0.25% to 1% of the transfer amount. Unlike some other service providers that impose hidden fees, this straightforward pricing policy is a welcome change.
Instarem excels in providing fast transfers, including same-day options. Transfers can be completed within one business day, depending on the destination country and currency. Even the standard international bank transfer process takes no more than two business days, which is relatively quick. The platform’s reliability is highly regarded by users, as the majority of transactions are completed without any issues.
Borderless Multi-Currency Accounts
In addition to international money transfers, Instarem offers borderless multi-currency accounts. These accounts serve as a convenient tool for managing finances abroad. Setting up an account is quick and easy, requiring only essential documents and basic personal information.
One primary advantage of Instarem’s borderless accounts is competitive currency conversion rates, similar to those in their international money transfers. This means users do not need to withdraw funds from their accounts to convert money at competitive rates within their accounts.
Instarem’s borderless accounts can be integrated with various platforms, including PayPal, Amazon, and Shopify, enhancing their versatility. This feature especially benefits digital nomads dealing with multiple currencies and multinational e-commerce companies.
Instarem has a user-friendly website for those who prefer a more traditional approach, where they can conveniently access their accounts and perform various transactions. The website offers a seamless experience for international money transfers, allowing users to initiate an electronic funds transfer by inputting the necessary details, such as the recipient’s bank account information.
Instarem also accommodates users who prefer mobile applications with its user-friendly app, available for download on the Google Play Store. The app provides a convenient and secure way of sending money internationally, giving users a smooth and hassle-free experience.
In addition to individual services, Instarem offers MassPay to meet the demands of businesses. This end-to-end payment network allows businesses to send money to multiple beneficiaries in different countries, all in their local currencies. With this feature, Instarem becomes a comprehensive solution for cross-border money management, facilitating quick and seamless international transactions.
Security and Customer Service
Instarem operates as a qualified fintech operator supervised by several financial regulators, including the Monetary Authority of Singapore and the Financial Conduct Authority in the UK. It also complies with the General Data Protection Regulation’s (GDPR) specifications, committing to adhere to strict data privacy and protection laws. Users can rest assured that Instarem maintains the highest levels of integrity and security due to these compliances.
Customers’ opinions of Instarem’s support services have been divided, though. While it guarantees rapid responses with its email and online chat help, some users have voiced their dissatisfaction with some of its solutions. However, overall user feedback has been predominantly positive. Instarem holds a rating of 4.2 out of 5 on Trustpilot, indicating that the majority of users find the service reliable and satisfactory. These user reviews highlight Instarem’s reputation as a trustworthy provider in the international money transfer industry.
Notwithstanding the mixed customer service experiences, Instarem has shown commitment to addressing and resolving customer concerns, a vital aspect of any thriving service-based business. The company’s willingness to make necessary improvements following customer feedback proves its commitment to providing high-quality services. Hence, despite the occasional dissatisfaction, the majority of user sentiment attests to Instarem’s dependability and trustworthiness in the international money transfer landscape.
Strengths and Weaknesses
Instarem offers a range of user-friendly features that give it a competitive edge. International money transfers are now more accessible and affordable because of the platform’s favorable exchange rates, which closely resemble the mid-market exchange rate. The borderless multi-currency account is easy to set up and manage, providing users with a simple solution for handling multiple currencies. The ability to interface with numerous well-known platforms provides yet another level of simplicity and raises Instarem’s appeal in the international money transfer market.
Users also benefit from zero transfer fees and the convenience of wire transfers for quick and secure transactions. Instarem ensures transparency by offering users access to their bank statements and clearly outlining any applicable fixed fees. Instarem proves to be a versatile and reliable option for international money transfers. Furthermore, the platform offers a competitive mid-market rate and zero margin FX rate, guaranteeing users the best value for their transactions.
However, despite its numerous advantages, Instarem still has room for improvement. It should consider widening its geographical reach to increase accessibility for a larger demographic. Customer care is central to addressing user concerns efficiently and fostering customer satisfaction, therefore, improving its quality is also crucial. Addressing occasional transfer delays during peak periods also merits improvement to ensure consistent service speed regardless of fluctuations.
Also, by enhancing the convenience and security of the Instarem app, users can enjoy a hassle-free money transfer experience, solidifying Instarem’s position as a trusted and reliable provider for sending money overseas and saving on financial transactions across multiple countries.
Instarem’s Position in Global Remittances
Instarem’s combination of transparent pricing, extensive service offerings, and unique features reinforces its position in the international remittance industry. The borderless multi-currency account functionality makes managing various currencies simple and appealing, especially for international e-commerce companies looking to optimize their financial operations as well as people traversing numerous currencies.
While occasional transfer delays and mixed customer service experiences warrant consideration, Instarem remains a suitable solution for individual users and SMEs seeking an effective and affordable international money transfer platform. By capitalizing on its strengths, such as competitive pricing, diverse services, and user-friendly features, and addressing weaknesses through continuous improvement, Instarem provides a straightforward, quick, and transparent system for managing international money transfers.