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Fact checked
Although Instarem is a relatively new player in the Australian money transfer scene, it has quickly made its name as one of the fastest and most reliable money transfer companies available.
Savvy can help you make the best choice by comparing money transfer providers. We give you clear comparison information so you can quickly see which service is best for your needs. Start the comparison process here with Savvy so you can get your transfer underway today.
*All product information is correct as of August, 2022.
Instarem – which is short for instant remittances – was founded in Singapore in 2014 to provide instant online money transfers. It is now the trading name of Nium Pty Ltd, which is a major innovator in the money remittance market. It provides transfer services to over 170 countries and moves more than AU $4 billion around the world annually.
Nium now offers money transfer services and solutions to individuals, as well as multiple business solutions for processing money internationally. Nium aims to ‘empower modern money movement’, so it offers a range of payment solutions including physical and virtual payment cards which can be used internationally.
Instarem offers a fast international money transfer service to the public through both an online platform and a mobile app. Once you’ve opened an Instarem account, you can transfer money almost anywhere in the world, either instantly or within a day.
Payment methods
You can pay for your Instarem transfer from your bank account with PayID, POLi or a debit or credit card. If you choose to use PayID, you’ll be sent a unique email ID that you will use to complete your transfer.
Minimum and maximum transfer limits
The minimum you can transfer with Instarem is $1 and the maximum when using a credit or debit card is $20,000. However, larger unlimited transfers are possible using a bank transfer, POLi or PayID. There may be transfer limits imposed by particular countries or banks which are out of Instarem’s control, so it’s worth checking if any limits apply to the particular country you wish to send money to.
Speed of transfers
Instarem will transfer your funds instantly if you pay for your transfer using PayID or a Poli transfer. All transfers should be received within a day, although if you’re using a debit or credit card to pay for your transfer, there may be delays caused by the speed at which your card provider processes payments.
Money transfer services for business
Instarem offers extensive business transfer options including MassPay, which is a platform that allows batch payments for companies who have a high volume of international payments. Batch payments can be scheduled to include multiple currencies. They offer a service called Rate Watch, which sends you an email when the exchange rate of a nominated currency reaches your nominated target rate against the Australian dollar. They also offer customised global payment solutions for businesses who frequently want to send and receive international payments.
Fees
The fees charged to transfer your funds will depend on the amount you wish to transfer and the destination and currency of the transfer. Fees are based on a percentage of the transfer amount, which Instarem says will be ‘up to’ 1%.
You’ll be given a quote when you first initiate your transfer so you can see exactly how much it will cost you before agreeing to the service. An additional fee of 0.3% of the transfer amount will be charged if you use a debit or credit card to pay for the transfer.
Instarem’s website warns that using your credit or debit card to pay for the transfer will be treated as a cash withdrawal by your card provider. This means that additional fees may be charged by your card provider on top of the 0.3% that Instarem charges for using a card.
Lock-in rate times
From the moment you’re given a quote for the exchange rate which will apply to your transfer, Instarem guarantees that rate for a set number of hours. These are:
If you make your transfer within these times, your exchange rate is guaranteed. If your transfer isn’t processed within these times, however, you’ll have to get another quote.
You can transfer money after first registering for an Instarem account via their website. The full process is as follows:
Instarem’s exchange rates are often the same as the mid-market rate, with no markup added to the rate you’ll receive for your transfer in certain currencies.
If you’re after a very fast international money transfer, Instarem may be worth looking at, as most of their transfers arrive instantly or the same day they’re sent.
Each time you use Instarem or refer friends, you earn InstaPoints. 100 InstaPoints can be redeemed for $2.50, which can be put towards reducing the cost of future transfers of more than $500.
If you’re after a service to deliver money in cash to be collected at the other end, Instarem isn’t for you, as they don’t offer a cash pickup service.
Instarem has a $20,000 transfer limit using a debit or credit card, but larger transfers can be arranged by using a bank transfer, PayID or POLi.
Although your transfer will usually be sent at the mid-market rate, this isn’t guaranteed by Instarem and a markup may be added for some more remote countries or currencies.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
