Are you looking for a fast and safe way to send money overseas but also want to do so at a highly competitive exchange rate? Meet InstaReM, otherwise known as Instant Remittance. It’s one of the few providers on the Mozo database that can transfer funds into a bank account outside Australia in typically one business day. It’s also an award winner - taking out Mozo Experts Choice Awards for best value International Money Transfer provider in 2020 and 2018. Read on for a full run through of what it has to offer.
Rates and fees verified as correct at 05 August, 2020. Other information correct at the time of writing.
One of the first things to check when comparing international money transfer providers is how competitive exchange rates are. Well, you’ll be glad to hear that because InstaReM offers live interbank rates (unlike major banks who have a reputation for increasing their margins on the exchange rates they offer), you get better value for money.
TIP: Punch in how much you want to send into our calculator below, choose your currency - and it will crunch the numbers for you on how much the person at the other end of your transfer will receive!
|Currency||At today's InstaReM Rate, 1 AUD buys*||For 10,000 AUD recipient will get|
|United States Dollars (USD) USD||USD 0.7103||USD 7,103|
|Euros (EUR) EUR||EUR 0.6141||EUR 6,141|
|Great Britain Pounds (GBP) GBP||GBP 0.558||GBP 5,580|
|Canadian Dollars (CAD) CAD||CAD 0.9574||CAD 9,574|
|Chinese Yuan (CNY) CNY||CNY 4.9976||CNY 49,976|
|Danish Krone (DKK) DKK||DKK 4.5929||DKK 45,929|
|Hong Kong Dollars (HKD) HKD||HKD 5.5062||HKD 55,062|
|Indonesian Rupiah (IDR) IDR||IDR 10408.3875||IDR 104,083,875|
|Japanese Yen (JPY) JPY||JPY 76.4997||JPY 764,997|
|Malaysian Ringgit (MYR) MYR||MYR 3.0209||MYR 30,209|
|Norwegian Krone (NOK) NOK||NOK 6.5405||NOK 65,405|
|Philippine Peso (PHP) PHP||PHP 35.0978||PHP 350,978|
|Saudi Riyal (SAR) SAR||SAR 2.6771||SAR 26,771|
|Singapore Dollars (SGD) SGD||SGD 0.9843||SGD 9,843|
|South African Rand (ZAR) ZAR||ZAR 11.7614||ZAR 117,614|
|Swedish Krona (SEK) SEK||SEK 6.3343||SEK 63,343|
|Swiss Francs (CHF) CHF||CHF 0.6635||CHF 6,635|
|Thai Baht (THB) THB||THB 22.4547||THB 224,547|
|UAE Dirham (AED) AED||AED 2.6217||AED 26,217|
Is InstaReM right for you? Here’s a snapshot of the key details:
Delivery times: As we mentioned earlier, InstaReM will transfer your funds fast (unlike some providers who take up to three days, or even charge extra for an express service).
Transaction restrictions: While there isn’t any limit on how much you can transfer, InstaReM has a $50 minimum policy.
Low transfer fees: When you transfer money overseas via InstaReM, you won't be charged high transfer fees. InstaReM charges a transaction fee that can differ depending on what currencies and countries you're dealing with, ranging from 0.25% to 1%.
Complete Transparency: When you set up your transaction, you’ll be able to see complete details of your FX rate, transaction fees and the amount to be received by the beneficiary.
Customer support: Just like several other boutique IMT specialists we help you compare here at Mozo, InstaReM doesn’t have physical branches you can simply stroll into. But if you need help or have any q’s, you can call its hotline on weekdays from 9am to 11.30pm and over the weekend from 10am to 2pm (AEST).
$10 bonus credit: New customer? Enter the coupon code “MOZOINSTA” when prompted online and $10 will get credited towards your first InstaReM transfer.
InstaReM solely focuses on international money transfers. It is committed to making the process of transferring money to contacts overseas more simple, quick and cost-effective for individuals and businesses.
For corporates and SMEs, InstaReM offers a MassPay platform that helps them make bulk payments to multiple beneficiaries in multiple currencies through a seamless global payments process.
To recap, here are the benefits of choosing this fast-growing company for all your IMT needs:
Whether you want to send cash to family or buy property overseas, it’s really quite easy doing it through InstaReM. Let’s run through the process...
Setting up your account
1. Register. Build your customer profile on InstaReM’s website by typing in your name, address, birth date and employment status.
2. Identity check. Next you’ll be prompted to provide your passport number and upload a snap of your driver’s licence, bank statement or utility bill (keep in mind that residential addresses detailed on your personal documents must reflect where you live).
3. Approval. InstaReM will review your application and if you’re successful the new account will open within a 36 hour period.
After those three small steps above have been completed you can start sending money overseas! This is how you do it:
1. Sign into your online account using the details InstaReM has provided you.
2. Type in the amount and currency you want your funds converted into along with the recipient’s bank details.
3. Make a POLI payment (a third party payments provider) or bank transfer (which may take longer).
Note: If you pick the POLI option, you’ll be redirected to its official site and complete the transaction there. Alternatively, opting for a bank transfer involves you manually typing in a reference number, plus InstaReM’s BSB and account number as you normally would with your day-to-day online banking.
4. Submit your order, then you’ll be issued a receipt that you can keep for reference. Your transfer will typically take one business day from the time InstaReM receives the money.