Instarem money transfer in the UK: a review of features, fees, and more

Regularly spend time abroad for work or travel, or have friends and family in other countries? You’ll need a reliable, safe, cost-effective and speedy way of moving money around the world.

There are quite a few ways of sending money internationally, including banks and specialist transfer services.

If you’re looking to move money from the UK, read on. We’re taking a look at Instarem, one of the latest money transfer solutions out there. In our complete Instarem review, we’ll cover how it works, all the key features and any fees or other costs you need to know about.

We also compare Instarem with Wise’s international money transfer option, a low-cost alternative with a fair exchange rate. Wise even offers a multi-currency account, which gives you the option to manage your money in 40+ currencies.

Key facts about Instarem money transfer

What is Instarem money transfer?

Instarem money transfer is an online platform which gives you a way to quickly, easily send and receive money around the world. Customers can use Instarem to send money, whether they have a traditional bank account or not.

What currencies Instarem supports?

The service Instarem offers supports a number of currencies.¹ International money transfers can be made from GBP to the following currencies:

Money can also be transferred back to GBP, using Instarem, from the following currencies:

• Australian Dollar (AUD)
• Canadian Dollar (CAD)
• Euro (EUR)
• Hong Kong Dollar (HKD)
• Indian Rupee (INR)
• Malaysian Ringgit (MYR)
• Singapore Dollar (SGD)
• US Dollar (USD)

How to transfer money from the UK using Instarem?

You’ll also want to know how to transfer your money using Instarem.

In the UK, you can sign up to use Instarem’s money transfer service as an individual or business, via their website. Once logged into your account you can select ‘submit a transfer’ and follow the guided steps to completion. This includes entering your recipient’s details.

From receiving your funds, it usually takes Instarem two working days to process the transaction, but do note that this could take longer depending on the country and payment method used.²

What are the transfer limits when sending money with Instarem?

When moving money around the world, you should be aware of transfer limits. With Instarem, these are dependent on the country you’re sending to.

Instarem has a table of international money transfer limits which they recommend referring to when using their service.³

Is Instarem money transfer safe?

It’s important to consider if Instarem is safe to use. Instarem has taken steps to ensure the security of their customers’ finances and data.

They keep money secure by using several robust verification processes, and they are regulated by 9 financial regulators around the world.⁴

Instarem money transfer fees and rates review

When you need to transfer money, you’ll naturally want to find an option that is low cost, as well as secure and speedy.

Instarem aims to keep their transfer fees low and transparent. But so that you have a clear picture, let’s review the costs you can expect to pay when using their service.

Instarem transfer fees

Instarem’s transfer fees vary depending on which country you wish to transfer your money to. The company says you can expect to pay between 0.25% - 1% of the amount being transferred.⁵

The fees are transparent, shown to you upfront before you proceed with your transfer. While it’s slower, choosing the bank transfer method rather than paying with a debit card will help you keep transfer fees to a minimum.

Instarem exchange rate

Instarem’s exchange rates are sourced from Reuters, and it offers a handy Rate Watch feature so that you can be notified at times when a competitive exchange rate is reached.

Instarem vs Wise (formerly Wise)

Both Instarem and Wise offer low-cost international money transfer services, but which is best for your needs? Here are a few key things to consider.

Instarem offers low transfer fees and competitive exchange rates. However, these rates are likely to include a mark-up on the mid-market exchange rate, whereas Wise only ever uses the mid-market rate. This could make your transfer with Wise cheaper overall.

Whereas Wise supports transfers across 160+ countries in 40+ currencies, Instarem is a little more limited in what it currently supports.

Wise has built up a solid customer base with 186,278 reviews on Trustpilot, of which 155,701 have five stars.⁷ This is compared to Instarem’s 7,771 reviews, of which 5,344 have five stars.⁸

With Wise you can also get a multi-currency account and international debit card to help with organising your finances on a global scale.

Sign up with Wise

How to contact Instarem?

Although there is no direct Instarem contact number, for customer support Instarem directs you to online support services.

It provides a help page which covers their most frequently asked questions, an Enquiries help desk which you can access when signed in to your account, and a 24/7 live chat support feature.

So, hopefully now you have a better idea of what Instarem money transfer is and what it offers. We’ve covered currencies supported, how you go about setting up a transfer, what fees to expect, as well as transfer limits and security measures.

We also compared the brand with long-standing international money transfer specialist Wise, so that you can see how they measure up. This should all help give you valuable information in your search for a good money transfer service.

Sources used:

Sources last checked on date: 13-Mar-2023