Instarem Referral Code gQfEDQ: Zero Fees First Transfer + Review

Instarem Review Singapore: Fees, FX Rates & amaze Card

Simplifying Payments Globally – It’s in Our DNA

Instarem is the trading name of NIUM Pte Ltd, a Singapore-headquartered fintech company offering digital cross-border money transfers to individuals and businesses.

NIUM Pte Ltd is regulated by the Monetary Authority of Singapore (MAS) as a Major Payment Institution under Licence No. PS20200276.

Is Instarem Worth It in Singapore?

Short answer: Yes — if you want lower FX costs than banks and a simple way to spend overseas.

Worth considering if you:

• Want better FX rates than banks without hidden fees
• Frequently send money to Malaysia or Asia
• Want a travel card (amaze) to avoid typical 3%+ bank FX fees, while accepting a small FX spread

InstaPoints (IPs): What They Are & How to Use Them

InstaPoints are Instarem’s reward points that can be:

• Used to offset remittance fees
• Converted into KrisFlyer miles (1,200 InstaPoints = 400 miles, minimum block applies, subject to terms)
• Redeemed as cashback (feature ceased from 10 March 2025)

Instarem Remittance: Features, Fees & Supported Countries

Why use Instarem for remittance?

• MAS-regulated entity
  • Instarem operates under a Major Payment Institution licence issued by MAS.
• Competitive FX rates
  • Instarem states that it offers zero-margin FX rates for selected currencies and time windows
  • Banks and some providers may include FX mark-ups and additional fees.
• Convenient onboarding
  • Sign up using email, with SingPass (MyInfo) enabling faster identity verification and onboarding.
• Fast transfers
  • Fast transfers to supported destinations, with many transfers completed instantly or within the same day (depending on corridor and payment method)
• Transparent pricing
  • Clear fees with no hidden charges disclosed at checkout.
• Fast transfers to Malaysia
  • Transfers are often completed quickly, with DuitNow support for near real-time transfers
  • Send funds using identifiers such as mobile number or passport number.
• Wide country coverage

Supported countries and corridors may change over time depending on regulatory requirements and payout methods. Refer to Instarem’s official website for the latest supported destinations.

• 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

Personal experience

My experience using Instarem for remittance:

• Funding via PayNow is straightforward.
• Transfers to Malaysia are typically very fast (sometimes within 1 minute).
• Supports payments to overseas businesses.
  • I used it to pay an Australian merchant >AUD 1,000 and avoided traditional bank telegraphic transfer fees
  • Not all remittance providers support business payments, which is a useful differentiator.

Instarem amaze card review: Features, Fees & FX Rates

“This smart travel card is a must-have for frequent travellers.”

The ‘amaze card’ is available as both a virtual and physical card that can link up to 5 Mastercard credit/debit cards, reducing the need to carry multiple cards.

Each time a transaction is made:

1. Instarem converts foreign currency (FCY) into SGD using its internal exchange rate
2. The SGD amount is charged to the selected linked card

Transactions are settled directly with the underlying card issuer.

Within the Instarem app, users can fund transactions via:

1. Linked Mastercard credit/debit cards
2. The ‘amaze wallet’

Why consider the amaze card?

• No annual or application fees
• Earn InstaPoints
  • Earn 0.5 InstaPoint per S$1 spent (only when using amaze wallet; spending via linked cards does not earn InstaPoints)
• Merchant promotions
  • Access partner deals via the ‘amaze card’
• Access to Mastercard World tier benefits (subject to Mastercard terms)
• Competitive FX rates with no FCY fee from banks
  • Transactions are converted to SGD before reaching your bank
  • Note: Rates are not spot (mid-market) rates
• Overseas ATM withdrawals supported
  • Typically up to S$1,000 per day (foreign currency equivalent), subject to limits and operator fees
• Google Pay support
  • Enables mobile payments and potential reward stacking
• Multi-currency support
  • Hold, convert and spend in 10 currencies (SGD, AUD, CAD, CHF, EUR, GBP, JPY, NZD, THB, USD)

Personal experience

I initially hesitated to link my credit cards due to concerns about Merchant Category Code (MCC) changes affecting rewards eligibility.

After checking with Instarem, MCCs are passed through to the underlying card issuer, so rewards eligibility is generally preserved.

Important fees to note

Caution when switching payment sources

The amaze card charges the selected funding card at the time the transaction is posted, not when it is authorised.

Example:
I selected a specific card for an Amazon.sg purchase, but the charge was posted the next day after I had switched cards. The transaction was billed to the new card instead, resulting in missed cashback.

Overseas FX comparison

Instarem’s FX rates are not mid-market (e.g. Google rates) and may include a spread.

In general, amaze transactions tend to offer better rates than typical bank credit cards (which often charge ~3%+ in foreign transaction fees).

Actual FX spreads vary depending on currency, timing, and market conditions. Always review the final rate shown in-app before confirming a transaction.

Important: Avoid Illegal Activities (Money Mule Scams)