Instarem is changing the way we send money across the globe. It’s a big name in digital money transfer services. Started in 2014, it has helped move over $6 billion for more than a million users worldwide.
Its mobile app is easy to use. It lets you send money to over 60 countries fast. You get good exchange rates and low fees. Instarem also promises clear costs, so you don’t face surprise fees like with old-school money transfer services.
Even with its many good points, Instarem faces strong competition. Names like Wise and Currencies Direct are also big players. This review looks at Instarem’s features, what users say, and how it stacks up against others.
If you need to send money abroad quickly and easily, Instarem is worth checking out. Visit their app page to learn more.
Overview of Instarem and Its Features
Instarem is a top choice for online money transfers. It lets users send money to over 60 countries. This makes sending money across borders easy. It supports many currencies like EUR, SGD, USD, CAD, HKD, and AUD.
Instarem is known for its good exchange rates. These rates are close to the real market rate, with just a small markup. This means users get a better deal than what banks offer. Plus, Instarem keeps fees low, which is great for those watching their spending.
The Instarem app is easy to use, making transactions smooth. Money usually gets to the recipient in 1 to 2 business days. This quick delivery is important for those who need money fast. Instarem also focuses on security, following strict rules in 11 countries.
Instarem has a loyalty program called InstaPoints. Users can earn points by sending money and inviting friends. This adds a fun element for those who use Instarem often. For more details, see this guide.
- Fast Transfers: Generally processed within 1-2 business days.
- Security and Regulation: Licensed and regulated in 11 countries.
- Low Costs: Competitive foreign exchange rates and low transaction fees.
- Transparency: No hidden charges; all costs are presented upfront.
- Loyalty Rewards: Earn InstaPoints for discounts on future transactions.
Instarem has many benefits, but it’s not perfect. Wise offers more, like holding multiple currencies and a digital card. Yet, Instarem is a solid choice for those looking for quick and easy money transfers.
Review of Instarem for Foreign Exchange and Transferring Money Internationally
Instarem is a strong contender in the foreign exchange and international payments field. It lets users send money to over 65 countries easily. The online platform and mobile app make starting transfers quick, perfect for those who value speed.
Looking at Instarem’s fees is key. It charges variable transfer fees, sometimes as low as $0 for small amounts. Exchange rate markups range from 0.3% to 1.9%. This might be compared to Wise, which offers mid-market exchange rates and lower fees starting at 0.4%.
Instarem also has a limitation: it doesn’t let users hold or receive foreign currency. This is unlike Wise, which does offer such features. This could be a big deal for those needing flexible international transaction solutions.
To better understand the differences, here’s a comparison table between Instarem and other digital payment services:
| Feature | Instarem | Wise |
|---|---|---|
| Supported Countries | 65 | Over 150 |
| Transfer Fees | $0 – $2 | 0.4% – 3% |
| Exchange Rate Markup | 0.3% – 1.9% | Mid-market rate |
| Foreign Currency Holding | No | Yes |
When it comes to international payments, efficiency and cost are key. Instarem is praised for its safety and trustworthiness. Yet, users should compare their needs with what other services offer. For example, alternatives to Instarem might show other good options in the market.
User Experience and Customer Feedback
Instarem’s user experiences are mixed, showing both good and bad points. It has an average rating of 4.4 stars from over 8000 reviews. Many users like how fast and easy it is to use.
They also mention how simple it is to set up and how quickly money is sent. This makes Instarem a great choice for quick online money transfers.
But, there are some issues with customer service. About 9% of users gave it a 1-star rating. They often complain about slow responses and communication problems.
Despite this, many users like the good exchange rates and clear fees. But, some have faced unexpected fees and slow help. They suggest looking at Xoom or Remitly for better service.
In summary, Instarem has its good points like easy transfers and reliability. But, it needs to work on its customer service. Users should think about these points, mainly if they need fast money transfers. This way, they can choose wisely based on different reviews and feedback.
