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5 Things You Need To Know About InstaReM Before Opening An Account For Your Overseas Money Transfer

Here’s what you need to know about using InstaReM, a new entrant to the digital remittance scene.

InstaReM is a Singapore headquartered digital cross-border payments company that was started in 2014, with presence across Asia-Pacific, North America and Europe. Essentially, InstaReM allows you, as an individual or business entity, to make money transfers internationally at a significantly lower cost than what it normally costs you via banks or traditional remittance companies.

There are numerous different money transfer companies that have entered the scene over the past few years. Besides InstaReM, there are also companies such as WorldFirst and TransferWise.

Here are 5 things you need to know about InstaReM before deciding to transfer your money overseas through their platform.

Read Also: Complete Guide To Getting The Best Foreign Exchange Rates At The Money Changers In Singapore

#1 InstaReM Is One Of The First Companies To Announce Its Plans To Apply For A Digital Bank License

InstaReM is licensed under the Money-changing and Remittance Businesses Act (Cap. 187) to carry out remittance business. InstaReM was one of the first remittance providers to offer digital customer onboarding without requiring in-person verification.

Earlier in June, the Monetary Authority of Singapore (MAS) announced that they will be issuing up to five new digital bank licenses and will begin taking applications this August. Companies such as Singtel, Grab and Razer have expressed their interest in this digital bank license.

InstaReM announced that they will be applying for the digital bank license offered by the MAS, just one day after the announcement.

#2 InstaReM Allows You To Transfer Money To More Than 30 Countries

You can send money overseas through InstaReM from these countries:

  • Australia
  • Europe (All countries within EU)
  • Hong Kong
  • India
  • Malaysia
  • Singapore
  • USA
  • Indonesia (by Dec 2019)
  • Japan (by Dec 2019)

You can nevertheless send money to more than 55 countries across the world such as Thailand, South Korea and Canada.

The recipient does not need to open an InstaReMaccount (only you do, as a sender, does). The money you transfer goes from your bank account to InstaReM’s client money account, and subsequently to the recipient’s bank account, making it cashless and convenient for both parties.

#3 What Are InstaRem’s Rates And Fees?

Many Banks and Money Transfer Operators (MTOs) add margins to their FX rates, in addition to charging customers various fees when transferring money overseas.

InstaReM provides customers with mid-market FX rates sourced directly from Thomson Reuters, with absolutely no margins added. Moreover, recipient gets the exact amount as specified.

With no margins added to the rates, how does InstaReM make money?

InstaReM charges a nominal fee (between 0.25% to 1%) to cover the cost of processing your transaction and they will give you an accurate and transparent breakdown of your transfer. Such transparency and up-front pricing will allow you to see exactly how much you will be transferring and how much the recipient will receive.

The time period when you decide to transfer your money has an impact on the foreign currency exchange rate. You can set rate alerts to notify you on the exchange rates. For example, you can select a currency pair and InstaReM will email you daily alerts to notify you to take advantage of a specific exchange rate when it is available, mitigating risk of currency fluctuations.

Read Also: Changing Money For Your Overseas Trip? Here Are 5 Tips To Get The Best Foreign Currency Exchange Rates

#4 Who Would Benefit From Using InstaReM?

Regardless of the reason why you are sending money overseas, both individuals and businesses can enjoy competitive mid-market exchange rates and a secure service through InstaReM.

For individuals: From people working and studying overseas (such as expatriates and foreign domestic workers), to those buying properties aboard, using InstaReM makes financial sense as it allows you to transfer your money 24/7 at low cost, and even via a mobile app.

You also earn bonus InstaPoints upon joining, referring and each time you make a transfer. These InstaPoints can be redeemed for your future transactions.

For businesses: In today’s global age, many businesses have staff located in many different countries. Businesses can use InstaReM to pay employees and freelancers that are based overseas.

Businesses can also use InstaReM to pay their overseas vendors, suppliers and service providers. With InstaReM’s batch and multi-currency payments features, businesses can make payments to multiple beneficiaries at one go in their respective local currencies.

In support of the Belt & Road Initiative, InstaReM enables payment to China in both CNY and USD.

Read Also: Expats’ Guide To Migrating To Singapore: Here’s What You Need To Know Before Moving

#5 What Are InstaReM’s Limitations?

InstaReM sets a minimum transfer amount for each of the countries that their users can transfer from. For example, to make transfers out of Singapore, you need to transfer a minimum of SGD$200.

There is also a maximum amount you can transact when you transfer from countries such as India, Malaysia and USA. This is largely due to the regulations in receiving countries that impose limits on the maximum inward remittances that can be made to local individuals and companies there.

You can refer the full list of InstaReM’s International Money Transfer Limits here.

Read Also: 7 Useful Apps And Services Every Savvy Singaporean Should Already Be Using To Save Money

Get Started With InstaReM

To send money across to another bank account, you will first need to open an account with InstaReM. You can choose to open an account as an individual or as a business, depending on your requirements. Singapore Citizens and Permanent Residents signing up as individuals can be done in an instant using MyInfo.

Exclusive For DollarsAndSense Readers: If you’re interested to try InstaReM, use the promo code DNS15 during sign-up to receive $15 in bonuses when you make an initial transfer of at least SGD$500. Promotion applies from now till 31 December 2020.


Transactions through InstaReM are relatively fast, with the recipient typically getting the money in 1-2 business days. In receiving countries which support real-time payment such as India, transfer could be completed within minutes.

With zero exchange rate margins and no hidden charges, you can make the most of the money you send overseas. For those that send money frequently, you can earn bonus InstaPoints for each transfer you make – this can be redeemed for future transactions.