Instarem Malaysia review - how does it work and is it the cheapest transfer in town?

Instarem¹ is a popular, safe and simple way to send money from Malaysia to bank accounts in 60+ countries. Set up your transfer online or in the Instarem app, to send money to friends and family around the world.

This guide will walk through how to use Instarem in Malaysia, including a review of the key features and fees. Plus, to help you find the best provider for your requirements, we will also take a look at an alternative as a comparison - low cost international payments with Wise. Learn more about Instarem and check you’re getting the best available deal, here.

What is Instarem?

Instarem is a digital money transfer service which lets customers in Malaysia, as well as countries and regions including the UK, Eurozone, Singapore and Australia, send money overseas. Most transfers are deposited in bank accounts, but Instarem does also offer payments to e-wallets and for cash pick up in destinations like the Philippines.

Instarem is founded by the same people who are behind NIUM - a Singapore based business transfer company.

When you send money with Instarem Malaysia, you set up your transfer online or in the Instarem app, pay with bank transfer or FPX, and then you can simply sit back and wait for your money to be deposited. Eligible transfers earn InstaPoints² which you can then use for discounts against future payments if you’d like to.

Is Instarem safe?

Yes. In Malaysia Instarem is the trading name of NIUM which is regulated by the Central Bank of Malaysia. It’s a safe service to use. Usually your money is sent immediately to your recipient when you use Instarem - but if there’s any delay, your funds are held in a separate account to Instarem’s own operating capital, for safeguarding purposes.

Instarem available currencies

You can send money with Instarem Malaysia to 60+ countries, in currencies including EUR, SGD, USD, CAD, HKD, SGD and AUD. For some destination countries you can only send the official currency of that country, but there are many destinations where you can also send major currencies like USD alongside the country’s primary currency.

Is the Instarem Amaze card available in Malaysia?

If you’re a Singapore resident you’re able to apply for an Amaze card from Instarem. This is a payment card which lets you pay from linked cards when you’re overseas, earning InstaPoints. However, this product is not marketed for Malaysian customers.

How to make an international transfer with Instarem

If you’re sending money to a bank account overseas it makes sense to check out a few providers to make sure you get the best deal in terms of both cost and convenience. Here’s a roundup of how to send money with Instarem, what it’ll cost and what exchange rate you get

Instarem rates

The exchange rates used by Instarem are decided by taking the mid-market exchange rate you’ll find on Google, and adding a small markup. The markup is - in effect - an extra fee.

Instarem rates may include a smaller markup than that used by a bank. However, as with any service, it’s well worth comparing a few different providers to make sure Instarem offers the best value for your particular currency route.

Instarem fees

When you start to use Instarem you’ll first model your transfer which will allow you to see the fees and exchange rate which will be used. Instarem fees vary depending on which currency you’re sending, and the destination country. Promotional offers may reduce or waive the fee you pay to transfer - at least at first. Bear in mind though, that exchange rate markups still apply, which can push up the costs overall.

Instarem delivery times

Instarem payments can take a day or two to arrive in your recipient’s account. Ultimately, the processing time depends on the currency and country you’re sending to - but 2 business days is around the average you can expect.

Steps to make an Instarem transfer

Ready to send money overseas? Here’s how to get started with Instarem.

1. Create an account using your email, Facebook or Google ID
2. Complete the Know Your Customer checks by providing your email, mobile number, and documents to prove your identity and address
3. Once your account is up and running you can model the payment you want to make to see the fees and exchange rates on offer
4. If you decide to go ahead, follow the onscreen prompts to enter your recipient’s details
5. Pay Instarem for the transfer, using a bank transfer or FPX
6. Your recipient will receive the payment directly into their bank account - processing time can vary depending on the destination country and bank

Promotional offers apply frequently to new users which can lower the transfer costs. However, exchange rates include a markup on the mid-market rate you’ll find on Google. That’s why it’s important to check out several providers before you decide which to use for your international transfer. We’ll highlight an alternative option - Wise - next.

An international transfer alternative: Wise

Before you send your transfer, compare the fees and exchange rate offered by Instarem against Wise.

While Instarem adds a markup to the exchange rate used for international transfers, Wise uses the mid-market rate - the one you get from Google - and splits out any fees so they’re easy to see and compare. Currency conversion with Wise can be as little as 0.33%.

Send money to 160+ countries with Wise, with fast or even instant deposits to bank accounts. Set up your payment online or in the Wise app, pay using FPX, bank transfer or your card, and your money will be on the way in no time.

Looking for more? Wise also offers accounts which support 40+ currencies for holding and exchange and the Wise card for spending and withdrawals in 150+ countries around the world. Whenever you need to convert from one currency to another you get the mid-market exchange rate with a low conversion fee from 0.33% - usually cheaper than using your bank card for online and in person spending in foreign currencies.

🚀 Get started with Wise

Summary

Shopping around is good practice before you send a payment overseas. After all you need to check your provider is safe, reliable and the very best deal out there. This guide walks through how Instarem works and what their costs are so you can decide if it’s right for you. Before you confirm your transfer, look at what instarem will cost you for your transfer compared to alternate providers like Wise to make sure you’re getting the lowest fee and the fastest delivery time available.