InstaReM Review

InstaReM has operations in Australia, Singapore, Hong Kong, and Canada. With competitive exchange rates and fast turnaround times, this company can be a solid financial platform for international transfers. Let's take a closer look at this company in this Instarem Review.

InstaReM, short for “Instant Remit”, started as a small Australia-based company with a single mission: to streamline the process of international money transfers. The company began operations in 2015 and has amassed over 20,000 customers.


InstaReM is great for clients who mainly want to transmit funds throughout Australasia. Although the company does not have a strong European base at this time, it could gain one. InstaReM provides a low-cost service with no hidden fees. Everything is plainly shown when you confirm your transfer.


The referral codes and bonuses provide extra incentive to use InstaReM and recommend the service to family, friends, and colleagues.

  • Special bonus for first-time transfer
  • Referral bonuses
  • Total fee transparency
  • Traditional bank-to-bank transfers
  • Website can be difficult to navigate
  • Account activation can take longer than promised
  • Phone support lacking

How It Works

To register an account, you need to have proof of identification, income, and residence. Navigate to the registration page and click on the “Sign Up” link. With all your documents handy, fill in the details exactly as they appear. Your name, address, and contact information must be up to date for verification purposes. Also, your documents must be verified by a recognized authority such as a court magistrate or notary public.


Alternatively, if you have an Australian driver’s license, you can provide the number and date, which InstaReM can use to verify your identity. Without a driver’s license, you can use a recent utility bill or bank statement. The addresses on these documents, again, must match your current provided address.


Your account should, if all documents are in order, validate within 24 hours. After your account is activated, you can send and receive payments through InstaReM.


Next, you should select your currency exchange and source of payment, whether it is a POLi service or direct debit from your bank account. POLi is an instantaneous transfer service operating within the Australia and New Zealand areas. For money going outside these areas, you will need to use traditional bank transfers.


Bear in mind that when setting your transfer amount, there is a transaction fee of 0.5%. This amount is deducted from the amount the payee receives. You will also need to provide the payee’s information, including contact information and bank account details.


Every transaction is linked to a unique Transaction ID Number, which you will need to confirm the payment. After submitting your payment, it takes approximately one business day from the time your bank clears the payment to InstaReM.


The minimum transfer amount is AUD 50. There is no maximum transfer except the first, which cannot exceed AUD 2,500. IF you’re working with another currency, use a currency converter to learn your equivalent amount.


First-time users receive an AUD 5 bonus on signup and activation, provided they enter the promotion code. Also, by providing their referral code to friends and family to sign up, they receive an AUD 20 bonus for each signup.

How Safe Is It?

InstaReM follows all financial compliance regulations as dictated by the Australian Securities and Investments Commission (License 464627) to provide you with a secure means of transferring money. The website is fully encrypted to lessen the likelihood of a data breach. Funds are transmitted to a separate account specifically for international transfers.


InstaReM also follows the regulations of the Hong Kong Customs Excise Department, the Monetary Authority of Singapore, and the Financial Transactions and Reports Analysis Centre in Canada.


Payment is secure as long as you use direct bank transfers. Using POLi, while faster, also subjects you to greater risk. POLi does not have an ASIC license and is therefore not guaranteed as completely secure.


InstaReM also has a strict policy against third-party transfers. Only someone who is listed on a bank account can make transfers to or from the account for security purposes.

How Much Does It Cost?

Currently, InstaReM charges a 0.5% fee for international transfers from Australia and Hong Kong. In Singapore, the rate is lowered to 0.25%. On the transaction details page, you can see all associated fees. There are no hidden fees.


This gives InstaReM an advantage over large banks, which add higher service fees to increase their profit margins on overseas transfers


What Exchange Rate Will I Get?

InstaReM offers some of the most competitive exchange rates in the foreign exchange industry. By using the calculator on the website or downloading the Android or iOS app, you can see live exchange rates tied directly to the market value. Exchange rates are subject to change. Forward contracts, or locking in an exchange rate for future use, are not possible.

How Do I Send or Receive Money from Overseas?

When conducting international money transfers, the funds move from your bank to InstaReM within a single business day. Then they transfer into the recipient’s bank account. The amount of time it takes depends on the bank and whether any discrepancies occur in the transaction.


You can expect the recipient to have the money available in 2 – 3 business days on average

How Do I Pay?

As mentioned, POLi transfers and direct bank account transfers are the only two payment methods accepted. The receiver must also have a bank account into which to deposit funds; cash disbursals are not offered

What Currencies Can I Transfer?

InstaReM deals primarily in the Australia dollar (AUD), Hong Kong dollar (HKD), and Singapore dollar (SGD). Currently, it converts Australian dollars to the Indian rupee (INR), the Vietnam dong (VND), the British pound (GBP), Indonesian rupiah (INR), the United States dollar (USD), the euro (EUR), and several other minor currencies.


As the InstaReM service expands, it will add new currencies to the list, including that of Malaysia.

What Services Do They Offer for Businesses?

The primary service InstaReM offers for businesses is the mass pay platform. It allows corporate entities to configure how and when payments are disbursed to multiple recipients at once. It is useful for payrolls or to pay for large multinational product orders. The exact details of the utility are proprietary.

Compare money transfer services like InstaReM

The best deal for you

TransferwiseRead ReviewTotal (AUD)$14,031.38Exchange Rate1.4095Transfer Fees$45.42Transfer Time1-2 DaysLearn MoreTotal (AUD)$14,031.38Rate Updated less than 1 min ago
So, sending 10,000 USD to Australia comes to $14,031.38 including $45.42 in fees
So, sending 10,000 USD to Australia comes to $14,031.38 including $45.42 in fees

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review


  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products


  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated less than 1 min ago
XERead ReviewTotal (AUD)$14,027.74$3.64 more expensive Exchange Rate1.4028 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,027.74$3.64 more expensive GO TO SITE
So, sending 10,000 USD to Australia comes to $14,027.74 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review


  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.


  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
TorFXRead ReviewTotal (AUD)$14,024.92$6.46 more expensive Exchange Rate1.4025 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,024.92$6.46 more expensive GO TO SITE
So, sending 10,000 USD to Australia comes to $14,024.92 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.


  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options


  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
WorldFirstRead ReviewTotal (AUD)$14,010.83$20.55 more expensive Exchange Rate1.4011 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,010.83$20.55 more expensive GO TO SITE
So, sending 10,000 USD to Australia comes to $14,010.83 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review


  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments


  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
OFXRead ReviewTotal (AUD)$13,884.05$147.33 more expensive Exchange Rate1.3891 Transfer Fees$5.00 Transfer Time1-3 DaysGet discounted rate $13,884.05$147.33 more expensive GO TO SITE
So, sending 10,000 USD to Australia comes to $13,884.05 including $5.00 in fees

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.


  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service


  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
Take into account that we have not compared absolutely every bank and company in Australia. We compare the large, safe and reputable banks and foreign exchange companies that we have already researched, tested and approved. We also may receive a referral fee if you choose one of these banks or companies, but that wont affect the exchange rates or fees you get.