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Instarem
2.4 from 98 reviews

Some times delay, overall ok

Sometimes the payment is delayed even though overseas holidays are not there, don't know the reason and the transfer fee is very high.
Again, overall it is ok and mostly the exchange rate is competitive.


Fraudsters

They are a fraud time wasting company.
Will initiate transfer take money then delay asking more documentation.

Please stay away and you will do yourself a favour i hope they close down soon.

1 comment
We apologize for any inconvenience caused. As you aware InstaReM is a regulated service provider and maintains internal policies. All transactions that come through Instarem are subject to internal review and in some transactions , further details are requested. We would request you to confirm your registered email ID with Instarem so we can identify the issue and connect with you on priority.

I Want My Money back!

I transferred nearly $1,300 Australian Dollars into InstaReM's account 3 days ago (Transaction IN47446835) so far they have done everything possible to delay the overseas transfer. They have emailed me every day, sometimes twice a day asking for further information, clearly a good delaying tactic.

I've supplied my Driver's Licence, bank Statement and proof of the deposit twice. I've spoken to two different "Customer Service" staff and both have promised to speak to their Manager and call me back. I'm still waiting. I've written requesting my money back and you guessed it...I'm still waiting.

Avoid this company at all costs, they don't do what they say they will. I now have an overseas supplier that thinks I'm unreliable as I have not paid their bill, I'm now likely to incur late payment fees as a result of this delay.

3 comments
Hi Lindsay, we sincerely apologize for any inconvenience caused. InstaReM is a regulated service provider and maintains internal policies. We see that you have been informed the reason due to which we were unable to process the transaction and refund has been initiated for the same on priority.Thanks for advising I will receive a refund. Sad that no one from your "Customer Service" team could bother to call and inform me of your decisionHi Lindsay, we tried calling multiple times but it was not connected. However, we see that you spoke to one of the manager and same has been informed. We sincerely apologize for all the inconvenience this may have caused to you.

Fraudulent Transfer service. Do not go

every time I do the transfer, they hold my money for invalid reasons (asking for clarification again and gain, and taking 24-36 hours to read and respond the statements)..deliberately holding the money for long so they can get interest out of it.

worse thing is when i requested for a "refund, so i can see other services", they have not responded at all, but "we are verifying it / we are reviewing it etc"....every time they my money for a week or more. Stealing the interest of it every time in he name of reviewing..

Please do not, never every go to them. They may appear little bit cheaper on their exchange rates, but, its a fraudulent company.

2 comments
Dear Jana, we apologize for any inconvenience caused. As you aware InstaReM is a regulated service provider and maintains internal policies. All transactions that come through Instarem are subject to internal review and in some transactions , further details are requested. We would request you to confirm your registered email ID with Instarem so we can identify the issue and connect with you on priority.First teach / tell your customer care team to start talking "facts" (and not lies) and start giving some respects to customers. I had one girl from your customer care team was lieing to me, and when i pointed out, she cut the call abruptly !! Lies and dishonest does not long way in business....

Waste of time just to sign up

Trying to sign up for their service as an Australian business. They let me sign up and told me that a representative would call me to complete the registration process. It never happened.

After some days, I rang them. I've got a strong feeling that I was taken to a call centre in India. The operator took me 15 minutes just to locate my account, using my phone number, my email address (it's pretty hard since they preferred pronounce such as D for Dick, R for Rod... etc), although I had clearly mentioned that I was trying to sign up. She finally recognised that she needed to look into "inactive" accounts. And the resolution was... she would get someone on the Australian team to call me.

Finally, got a call from someone with an Aussie accent, who didn't even have any idea why he had to call me, just that he got a note to call me and that's it! When I told him my story, he literally said something like this "ahhh, I'll send you an email with required documents and someone else to contact, don't reply to my email, contact that person!" And when he found out that I was trying to register for my Business operating through my family Trust. As soon as he heard the word "Trust", he told me that they wouldn't deal with Trust, and that's it! So unorganised are they!

Just a waste of time!


Pathetic service

No eta for money being credited to the payee account.Service is really pathetic as in digital world still they delay without any reason , smells like scam.Either they should make it very clear why the money is getting delayed or close the business, they cannot keep on saying its a technical issue.This needs to be stopped and also stop giving the wrong commitments.


nice if representatives could speak clear english

tried to register over a two week period after phoning them at least a half dozen times and getting answered by a person who said he was from India who could hardly speak clear English and spoke at such a fast speed that it was impossible to have an intelligent conversation. I gave up and signed up with torfx and was all done witiin 24 hours. What a waste of time trying to go through instarem.

1 comment
Dear Brian, we regret the inconvenience caused and would request you to confirm your emails address or Customer identification number with Instarem for us to check and connect with you on priority.

Their customer service is PATHETIC!!!

I have 2 very bad experience with their customer support recently!

First, when my transaction was duplicated due to connection issue and I contacted them to cancel my one transaction. I at least had to make 10 calls to get it done. Every-time I call, I had to explain it to their staff and I was getting the same answer but nobody actioned until I chased them for a week!!

2nd incident, my identity document was expired and my account was suspended. I uploaded the document and called them to speed up the verification as I had to transfer the money urgently. Even after 7 phone calls, no help!!

2 comments
Dear Jyoti, we regret any inconvenience caused. We would request you to confirm your customer identification number with Instarem for us to identify the issue and connect with you on priority.Thanks, but not required! Urgency means, I wanted to transfer the money that day or latest by next day. No point of fixing the issue after 3 weeks!!

The processing time from 1 to 2 working days delayed to further 5 working days.

No good. They just delayed the payment to beneficiary without solid reason and simply says technical issue. Keep on calling n chat with them but nobody can help me. The money still pending to be credited. Whenever i call they will say the money will be in the acc today...Feel frustrated. It has been delayed for almost 5 working days.

1 comment
Hi Rowan, Thank you for writing to us. Please assist us with your registered email ID for us to check the details and assist you immediately

Used to be a good app,but not anymore

I was using Instarem for around 3-4 years and it was really good initial days,but this all changed over the last 2 years. Now their rates are not competitive and also they have introduced additional charges for transactions. It seems like they have discontinued the use of POLI transfer option as well. There is no consistency for the time required for transfer and sometimes it's takes more than 3-4 working days. I am going to close down the account and will never use them again.

1 comment
Hi Aron, Thank you for your review, we appreciate your feedback. As per a recent communication to all our clients, we are now offering you Zero-Margin FX rates. What this means, you are receiving absolute transparency on the rates. We are providing you with mid-market rates sourced directly from Reuters. We don’t add any margins on FX at all, unlike most other banks and money transfer services. You may read more about it here (https://www.instarem.com/blog/compare-instarem-fx-rates/). Our average processing time is 1 -2 business days however all transactions are subject to internal review and from time-to-time we will require additional information to verify the source of the funds being transferred. The frequency of the requests depends on Instarem's internal review policies. We request you to confirm your registered email with Instarem for us to check and assist you with your transaction.

Scam company , never ever use them

Ladies and gentlemen, this company is running a scam, the try to keep your money for as long as possible to earn interest, and when you start complaining they ask you for all your personal documents while you have already given them your passport details your drivers license detail your bank account detail , scan or screenshot of everything.

Horrible experience, please save your time and money and never use them.

1 comment
Hi Alex, We regret the delay and inconvenience caused. Could you please assist us with your registered email ID with Instarem to check the issue and get back to you.

Great rates and user experience

It's easy to to get lost in the options this segment provides. There are many ways to remit money securely. And we often lose sight of the ease of transaction over the rates. I have been using Instarem for a few years now.

Instarem's rates are very very competitive. Rates are tied to the market and it is in the sender's interest to spot the right time to remit. The ease of using their app (and also web) is personally a highlight for me. You may find (after hours of scouring) another provider who give you a marginally better rate (i'm speaking of $1-2 for every $1000) on that day but Instarem is consistent with their rates and the hassle of a 'hit and miss' search is far too much compared to the user experience their app/web provides. Quick and convenient. I also like how their POLI option interfaces with my bank account.

While not a concern or a criticism, there is opportunity to make the remittance time consistent. Some transactions take 1-2 days while some have taken 5-6 days. I hope they continue to provide good services like they have and are available to support a customer in the event something goes wrong.

1 comment
Hi Ramesh, Thank you for your valuable review and we acknowledge the feedback around timelines. We constantly endeavour to exceed customer expectations and place our every efforts in ensuring a smooth and efficient remittance experience.

Used to be good, but not anymore

I was using instarem blindly for past 2 years assuming they give the best rate. Actually, they were giving best rates at some point in past. But, not anymore (after the real time FX rates change they did)..

Nowadays, whenever I try to initiate the transfer I check with other providers (like WU, TransferWise, etc). And, instarem has always let me down. Clearly, some other competitors have moved up to which Instarem couldn't live up to.

They got a 'Compare' link on their homepage and its a joke. When I try to check the rate from that link, its all fake not the realtime. From what I have seen, they try to keep their rate (excl fee) close to market rate and it changes every now and then.. Weird thing is, if market rate goes down, they bring down their rate immediately. But, if rate goes high, takes long time to update their rate..

Just compare the rates with other providers(WU or TW) before you initiate from InstaRem and you will see the result - can easily save $3/1000. And with the time they take to complete the transfer (usually 2 working days), its not worth anymore.

1 comment
Thank you for your review, we appreciate your feedback. As per a recent communication to all our clients, we are now offering you Zero-Margin FX rates. What this means, you are receiving absolute transparency on the rates. We are providing you with mid-market rates sourced directly from Reuters. We don’t add any margins on FX at all, unlike most other banks and money transfer services. You may read more about it here (https://www.instarem.com/blog/compare-instarem-fx-rates/)

An update on my instarem review. A turn for the better

A few weeks ago I posted a scathing review regarding an issue I had with an instarem transfer, the situation was pretty bad. I followed through with reporting the company to the regulators & the Monetary Authority of Singapore were by far the most efficient department to deal with my case, they immediately passed on the details of Instarems CEO, to whom I sent a detailed report outlining my grievances. Within twenty minutes I'd received a phone call from one of the companies upper management who was very thorough in taking the details of my grievances, in particular the delay in returning my funds. It would seem that a problem lay within the way that the compliance department chose to operate. I was assured that this was being looked at & that the cause of my problem would be eradicated through the review of the current process.
I am confident that the member of management which I spoke with was sincere in his concern & in his assurances that the processes will be remedied.
The communication & service that I've received since has been most certainly above & beyond expectation, I hope that it has set in place an improved system of communicating with the customer that will propel this company to the leader in its field.
At this stage, a great outcome in which I wish to replace my previous review & reinstate Instarem with the 5 star rating it deserves.
I recommend you give them a try.

1 comment
Dear Marc, we regret the inconvenience previously caused and have shared feedback with relevant team. We always endeavour to exceed our Clients expectations and are constantly placing our efforts in every possible manner to assist all our clients with quick, efficient and user friendly remittance experience.

Waste of time and money with Instarem

The system with instarem is very poor. No proper customer support. No proper response from support even after writing number of times they just follow their time line 24 to 36 hours. They take long time to receive funds. This total waste of time and money.

1 comment
Dear Jay, we regret any inconvenience caused. We constantly endeavor to exceed our clients expectation. Can you please assist with your customer identification number or alternately write to support@instarem.com which will enable us to investigate and get back to you on top priority with a resolution.

Perfect for me

I am using this application for the last 1.5+ years and experience till now is excellent... Support team is very good and never failed me... I think this application gives the best exchange rates but it takes 1-3 days to credit and I do suggest this to my friends...

1 comment
Thank you for your great feedback! We’re thrilled that we have made your money remittance process a happy experience. That’s our goal and it’s great to hear when we accomplish it!

"Instarem" the Best Option

I have been transacting with Instarem for almost close to an year. Initially, i used to check with various other Money Transferring players on their exchange rate, processing fee etc., but they never gave me a better deal than Instarem.
I came to a conclusion that Instarem is the best on any given day when compared to the competition. I strongly recommend Instarem to my friends and relatives when it comes to overseas transfers.
The minimum transaction limit increase to A$ 200 from A$ 50 is giving a bit discomfort sometimes.

1 comment
Thank you for your great feedback! We’re thrilled that we have made your money remittance process a happy experience. That’s our goal and it’s great to hear when we accomplish it! For transaction limit we would definitely place your suggestion to our relevant team.

Good

This Instaream services are good. I have reffereing my friends to use this application because of good service provided by Instarem Team.

1 comment
Thank you for your review, we always endeavour to exceed our Clients expectations

Simple and easy to transact

Easy to use with regular email alerts. Responsive support team for any issue
Sometimes alerts were not triggered to my email may be a bug

1 comment
Thank you for your review, we always endeavour to exceed our Clients expectations. We will definetely check on alerts issue with our technical team. Thanks for highlighting. It will helps us imporve our service

Instarem experience

Using instarem is a great experience and the processing time is really quick. The status update in the dashboard is accurate.

1 comment
Thank you for your review, we always endeavour to exceed our Clients expectations

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