InstaReM Referral Code: gQfEDQ (Referral Promo)
Fast, Seamless, Low Cost Overseas Money Transfers
Upgraded referral promotion: until 11 October 2021 2359 SGT. Benefits revert to normal after that.
After signing up with the referral link or referral code: gQfEDQ, you will receive the usual referral benefit of 475 InstaPoints (worth ~$6).
Next complete your first transaction with the promotion code: 310BONUS to get an additional bonus for future transactions. This promotion code is ONLY VALID for your first transaction.
See terms and conditions.
Why should I use InstaReM for remittance?
- Regulated by the Monetary Authority of Singapore (MAS). I wouldn’t advise to use any service not regulated by MAS.
- Better FX rates than banks.
- You can sign up conveniently using MyInfo
- Instant transfer to Visa debit cards
- Transparency, low remittance fee and zero hidden charges.
Large number of countries supported
With Instarem, you can send money to the following countries:
- Asia: Bangladesh, China, Hong Kong, India, Indonesia, Japan, Malaysia, Nepal, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Vietnam
- Europe: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, United Kingdom
- North America: USA, Canada, Mexico
- South America: Argentina, Chile, Colombia, Peru
- Oceania: Australia
Zero-Margin FX rates
Instarem also offers zero-margin* FX rates. According to them, many banks and Money Transfer Providers add a mark-up to the FX rates they offer to their customers for sending money abroad. Besides, there are other hidden charges which makes for an inefficient, international money transfer experience.
*applicable only for certain currencies and certain trading hours
- Signing in is convenient via Facebook and Google social accounts.
- Transfer of funds to Instarem can be via PayNow.
- My recipient received the money I remitted within 24 hours.
- Supports sending monies to foreign businesses.
I managed to sign up with my Facebook account and SingPass MyInfo, got verified, and transferred funds all at one go.
Paying to foreign businesses
I once purchased some goods from Australia and needed to pay the foreign business >$1000AUD. I was able to do this via Instarem rather than through a bank and thus saved some expensive TT fees.
Not every remittance service supports paying to businesses so I view this as a big plus point for Instarem.
- [April 2021]: I transferred SGD$1500 to Malaysia and the fees was SGD$5.25. This works out to only 0.35%.