Is InstaReM A Reputable and Cost Effective FX Provider?
InstaReM is a fairly new player in the FX market, starting operations in 2015, but have been making waves with its low costs solutions to exotic currencies like the Indian Rupee or Malaysian Ringgit.
They are transparent with their fees, which is nice to see from a remittance provider.
InstaReM has quickly been making moves to become a large scale operator, opening 8 offices around the world in only 4 years.
They are a low-cost provider, so you won’t get the same sort of support or guidance as a company like OFX, but they can be a cheap option for basic transfers.
Pros & Cons Of Using InstaReM
Fees & Rates
InstaReM have a flat 0.5% fee on transfers. This is great news for low volume transfers to places like India, which other providers will sometimes charge a premium.
InstaReM has very competitive rates for a remittance provider. They claim to charge clients at the interbank rate regardless of transfer size (although there is a $50 minimum).
Regardless of which FX provider I’m using, I’ll always have a quick Google of the interbank exchange rate before going ahead with any transfer, as sometimes they can differ slightly.
Safety & Reputation
InstaReM is a legitimate company, and are regulated by some of the major regulating bodies in their respective countries; such as ASIC in Australia, FINTRAC in Canada, and RBI in India.
They do however use the licenses of The Community Federal Savings Bank in The US, and in the UK they are licensed by the Bank of Lithuania.
Trustpilot customers have scored them a 7.7.
There are a few complaints that seem to pop up a bit from reading customer reviews. Customer support can be lacking, and difficult to get in contact with. It can also take some time to verify documents when registering your account.
Countries & Currencies
InstaReM has been opening multiple offices over the past few years. They now have offices in:
- Hong Kong
- United Kingdom
While InstaReM’s currency list if not very vast, it does focus its efforts on currencies that some other countries. These are the currencies that are currently available with InstaReM:
Keep in mind though, you’re not able to transfer to all of the above currencies from all countries. For example, sending money out of India is limited to only 6 different currencies. You’re able to see which currencies you can send from and to at the top of the InstaReM page here.
InstaReM Business Account
InstaReM does offer a business product designed for SMEs. Although it does seem like more of an add on product, rather than a main focus of theirs. They don’t have the features of some of the larger FX institutions that businesses may be looking for, but if you’re after a no-frills approach to business FX, then it could be right for you.
So what do they have for businesses…? Well aside from being a low-cost solution to your international payment concerns, they do offer a multiple transaction system. This can allow businesses to shoot out a number of payments in one go. This can save a lot of time for Payroll, or affiliate payments.
They also boast of an easy-to-reconcile system.
It all comes down to what you need from your business FX broker.
The Process For Signing Up For An InstaReM Account
InstaReM has a simple online registration form. Make sure you have some identification documents ready, such as a passport, or you won’t be able to complete your registration.
Head over to InstaReM to sign up.
First, you’ll be prompted to choose between an individual account or a business account, and they’ll ask for an email address and password, which you’ll use to login.
Fill in your standard personal or business details, including name, address, phone number, etc.
You may then have the option of electronically verifying your identity by filling in some details from your ID documents. You can skip this step, but you’ll then need to manually upload your identification documents on the next screen.
After this, you’re done. Easy!