InstaReM review: Is it cheap? How does it work?

Yumiko Kijima

This guide will walk through how to use InstaReM in Malaysia, including a review of the key features and fees. We’ll cover:

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.

💡Wise: Send money to 70+ countries from Malaysia with the real exchange rate

Before you decide to place your international payment with InstaReM, compare the cost and service available fromWise, a real-exchange rate international transfer provider.

Example: Sending 10,000MYR(including a transfer fee) to a GBP account in England

Provider Transfer fee Exchange rate Recipient gets...
instarem-logo InstaReM¹ 45 MYR Exchange rate with a minimal markup (1 MYR = 0.1868 GBP) 1,859.59 GBP
tw-logo-my Wise² 55.74 MYR Real exchange rate (1 MYR = 0.187173 GBP) 1,861.30 GBP Send money

(6 July 2020 at 18:17 (GMT+2))

Both InstaReM and Wise are pretty cheap, especially compared to Malaysian banks and PayPal.

However, it’s important to look at both transfer fees and exchange rates. In the case above, InstaReM has a lower transfer fee, but with exchange rates considered, Wise actually ends up cheaper. Your recipient will get more with Wise, for no extra cost to you.

It’s also good to know that Wise has more currencies available than InstaReM, with transfers available to 53 different currencies. So if you don’t find your target currency in InstaReM, check out the options available with Wise. You might find you can get the service you need, with the real exchange rate.

Send money to 70+ countries with the real exchange rate🚀

InstaReM’s fees and exchange rates

Here’s what you need to know about the fees and exchange rates applied to InstaReM international transfers.


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. Usually the upfront admin fees range from 0% to 1% of the transfer amount³, plus any markup added to the exchange rate used.

Exchange 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.³ The markup is - in effect - an extra fee.

InstaReM states that the rates used are typically better than bank rates³, with transparent fees so you’ll know exactly what your recipient will get. 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’s available currencies

From MYR, you can send an InstaReM payment in 18 currencies¹:

  • Australian dollars
  • Indian rupees
  • US dollars
  • Bangladeshi taka
  • Korean won
  • Vietnamese dong
  • Canadian dollars
  • Sri Lankan rupees
  • Chinese yuan
  • Nepalese rupees
  • Euros
  • Philippine pesos
  • British pounds
  • Pakistani rupees
  • Hong Kong dollars
  • Singapore dollars
  • Indonesian rupiah
  • Thai baht

An alternative: Wise

If you want a different way to send your international payment, try Wise for transfers which can be up to 4x cheaper than Malaysian banks.

With Wise, you can send money to 70+ countries with low, transparent fees and the mid-market exchange rate.

Moreover, you can receive money to a Wise multi-currency account from the UK, U.S., Australia, New Zealand and any Eurozone country, just as if you had a local bank account in those countries. Hold your money in 50+ different currencies, and switch it using the mid-market rate whenever you want to.

To send money with Wise,

  1. Create a free account
  2. Choose an amount to send
  3. Add recipient’s bank details
  4. Verify your identity
  5. Pay for your transfer by bank transfer or debit/credit card

And that is it! You can track your transfer in your account and your recipient will also be notified when a transfer reaches them.

Join 8 million customers and enjoy a cheaper, faster and transparent way to send money abroad with the “real” exchange rate.

How Wise works

Wise has bank accounts all over the world and uses them to send money abroad more efficiently.

You pay money to the Wise account in your home country when you want to make an international transfer - so in this case, you’ll likely pay MYR to the Malaysian Wise account. Clever tech then instructs the equivalent amount to be paid out to your recipient, from the Wise account in the country you’re sending to. This cuts the costs, and can be quick, too.

Is it safe to use InstaReM?

InstaReM is safe and fully licensed in all the countries it operates in. Here in Malaysia that means InstaReM is regulated by Bank Negara Malaysia (BNM), to make sure your money and your payments are secure.⁴

InstaReM money transfer: How to do it

Here’s how to get started with InstaReM.⁴

  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 wire transfer, ETF 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

InstaReM offers international payments to a number of different currencies and countries from Malaysia.

The exchange rates used tend to be better than a bank transfer, but can still 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. Take a look at the cross border payments available from Wise to see if you can save.

Join 8 million people who get the real exchange rate🌏

Wise for sending money


  1. InstaReM
  2. Wise
  3. InstaReM Frequently Asked Questions
  4. InstaReM | Help & Support

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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