Are you looking for a fast 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. Read on for a full runthrough of what it has to offer...
Rates and fees verified as correct at 20 September, 2017. 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 aims to keep rates as close to the interbank rate as possible (unlike major banks who have a reputation for increasing their margins on the exchange rates they offer), you get 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!
|Currency||At today's InstaReM Rate, 1 AUD buys*||For 10,000 AUD recipient will get|
|United States Dollars (USD) USD||USD 0.7978||USD 7,978||Go to site |
|Euros (EUR) EUR||EUR 0.6651||EUR 6,651||Go to site |
|Great Britain Pounds (GBP) GBP||GBP 0.5906||GBP 5,906||Go to site |
|Canadian Dollars (CAD) CAD||CAD 0.9845||CAD 9,845||Go to site |
|Chinese Yuan (CNY) CNY||CNY 5.2728||CNY 52,728||Go to site |
|Danish Krone (DKK) DKK||DKK 4.9688||DKK 49,688||Go to site |
|Hong Kong Dollars (HKD) HKD||HKD 6.2262||HKD 62,262||Go to site |
|Indian Rupee (INR) INR||INR 51.3078||INR 513,078||Go to site |
|Indonesian Rupiah (IDR) IDR||IDR 10580.9744||IDR 105,809,744||Go to site |
|Japanese Yen (JPY) JPY||JPY 89.3656||JPY 893,656||Go to site |
|Malaysian Ringgit (MYR) MYR||MYR 3.3445||MYR 33,445||Go to site |
|New Zealand Dollars (NZD) NZD||NZD 1.0948||NZD 10,948||Go to site |
|Norwegian Krone (NOK) NOK||NOK 6.2488||NOK 62,488||Go to site |
|Philippine Peso (PHP) PHP||PHP 40.6453||PHP 406,453||Go to site |
|Saudi Riyal (SAR) SAR||SAR 3.0039||SAR 30,039||Go to site |
|Singapore Dollars (SGD) SGD||SGD 1.0745||SGD 10,745||Go to site |
|South African Rand (ZAR) ZAR||ZAR 10.6732||ZAR 106,732||Go to site |
|Swedish Krona (SEK) SEK||SEK 6.3691||SEK 63,691||Go to site |
|Swiss Francs (CHF) CHF||CHF 0.771||CHF 7,710||Go to site |
|Thai Baht (THB) THB||THB 26.3822||THB 263,822||Go to site |
|UAE Dirham (AED) AED||AED 2.9421||AED 29,421||Go to site |
Is InstaReM right for you? Here’s a snapshot of the key details:
Delivery times: As we mentioned earlier, it 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 a limit on how much you can transfer, InstaReM has a $50 minimum policy.
Zero fees: The good news is if you transfer money overseas using InstaReM you won't be charged a fee. Instead a margin may be applied to the exchange rate.
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.
Whether you’re an everyday Aussie or running your own business, InstaReM can process small international money transfers to those on a much larger scale.
To recap, here are the benefits of choosing this fast-growing company for all your IMT needs:
Visit InstaReM websiteGo to site
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 site 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.