InstaReM is a Singapore based international money exchange service with licences in Singapore, Hong Kong and Australia with a focus on customer service and reduced service cost.
InstaReM is a Singapore based international money exchange service with licences in Singapore, Hong Kong and Australia with a focus on customer service and reduced service cost.
InstaReM money remittance services are available to individuals and businesses. InstaReM can transfer money from Australia to 24 countries, with same day or next day payments. Transactions are processed close to interbank rates making the service very cost effective whilst transfers can be booked via InstaReM’s website 24/7. You will be presented with the transfer rate whilst setting up the transfer. InstaReM hold an AFS License under ASIC regulation. Payments to your InstaReM account cannot be made from a third party.
KEY INFORMATION
Transfer Limits
Minimum transfer of $50, no maximum limit. The first transfer should not exceed $2,500.
Transfer Time
Transaction typically takes 1 business day to process from the time funds are received. The time for the beneficiary to receive the funds will depend on the receiving bank processing times.
Transfer Fees
No fees
MORE INFORMATION ABOUT Instarem
How a transfer can be made:
Before making a money transfer with InstaReM, you will need to create your InstaReM account. This can be done online and will take a few minutes to complete by entering basic personal information. You will need to provide supporting documentation, including your driving licence, passport and bank statement or utility bill. The documentation is required to verify your identity to comply with the Anti-Money Laundering and Counter-Terrorism Act 2006.
Your account can be approved within 36 hours of completing the account application and providing the supporting documents. When your account is approved, you are ready to make a payment. Select the amount and currencies before entering the payee’s bank details. Finally, initiate the bank transfer, including the reference number within the details of the transfer, and you’re done. For immediate transfers, select POLI rather than bank transfers.
PROS
- Cost Effective Service
- Competitive Rates
- Available 24/7
CONS
- Limited alternative forex services
