SmallBizGenius Analysis
Instarem is a popular money transfer service, earning praise for its speed and competitive exchange rates. However, some users report issues with customer service and occasional delays.
Category Breakdown
Scores based on analysis of 276 recent reviews
Transfer Speed
8.5/10Many reviewers praise Instarem for its fast transfer speeds, with some reporting near-instant transactions. Several users compare it favorably to traditional bank transfers and other remittance services in terms of speed, with some transfers completing within minutes.
40 reviews mention thisExchange Rates & Fees
8.0/10A significant number of reviewers highlight Instarem's competitive exchange rates and low or no transfer fees, especially for smaller amounts. Many users state that Instarem consistently offers better rates than other services they have used, making it a cost-effective option for international money transfers.
30 reviews mention thisCustomer Service
4.0/10A recurring complaint is the difficulty in contacting customer service and the slow response times. Some reviewers report struggling to get assistance when issues arise, with some describing the support as "non-existent" or "slower than sloth."
25 reviews mention thisReliability
7.0/10While many users find Instarem reliable, a number of reviewers report issues with delayed transfers, funds being held, or problems with account activation. These issues can lead to frustration and uncertainty, particularly when large sums of money are involved.
20 reviews mention thisEase of Use
7.5/10Several reviewers mention that Instarem is easy to use, with a simple and straightforward transfer process. The app is generally described as user-friendly and easy to navigate.
10 reviews mention thisPoints Program
3.0/10Some reviewers express frustration with Instarem's points program, citing a lack of clear information on how to redeem points and issues with expired points.
3 reviews mention thisPros & Cons
What Customers Love
"Lightning fast transfers. Been using it for two years for my overseas money transfers and it never got delayed."
"Best exchange rates. I always check on 4-5 money transfer websites before making money transfer but no one could beat their exchange rates."
"Best part is Instarem does not charge any fees for transfer amount less than $500"
"Transfer was so simple with easy navigation and credited instantly. Loving it!"
"Have been using Instarem for last 5-6 years and have been very impressed by the speed of remittances. Definitely recommend everybody use Instarem"
Common Complaints
"If everything goes smoothly, it's perfect... but if there's any hiccup, forget trying to contact a human, ever."
"Transfer took very longer almost 5 days by the time the rate went up 40 cents or more that is too 4 days after debiting from bank account."
"I have had funds on hold with Instarem since 31 March. The system indicates this will only be resolved by 7 April, meaning my funds have been held for several days without resolution."
"Still cannot use my account to transfer money since a month as the support team is slower than sloth. They can’t even activate account faster, what hope can we keep about issue resolution if any tr..."
"A points program that doesn't provide clear information on how to redeem points; the summary page only shows redemption options, but there's no valid code for that purpose. It seems like misleading ad..."
Common Questions About Instarem
Answers derived from customer review patterns
Is Instarem legit and trustworthy?
The majority of Instarem users report positive experiences, citing fast transfers and competitive exchange rates. However, a significant minority of users have reported issues with delayed transfers, funds being held, and poor customer service. While most transactions appear to go smoothly, the risk of encountering problems and the potential difficulty in resolving them should be considered. Therefore, while Instarem is generally considered legitimate, users should be aware of the potential for issues and factor that into their decision.
Based on 45 reviewsDoes Instarem have good customer service?
Customer service is a significant point of contention in Instarem reviews. While some users report positive experiences with the chat function, many others complain about slow response times and difficulty reaching a human representative. Some reviewers describe the customer service as unhelpful or non-existent, particularly when problems arise with transfers or account activation. This inconsistency in customer service quality is a major drawback for some users.
Based on 25 reviewsIs Instarem worth it for small business?
Instarem can be a worthwhile option for small businesses needing to make international payments, particularly if speed and cost are primary concerns. The competitive exchange rates and low fees can offer significant savings compared to traditional bank transfers. However, the reported issues with customer service and potential for delays should be carefully considered. Small businesses that require reliable and responsive support may want to explore alternative options, while those comfortable with a potentially less hands-on approach may find Instarem a suitable choice.
Based on 35 reviewsWhat are the potential drawbacks of using Instarem?
The main drawbacks of using Instarem, according to user reviews, are the potential for delays in processing transfers, the risk of funds being held for extended periods, and the inconsistent quality of customer service. Some users have also reported issues with account activation and the points program. These issues can lead to frustration and uncertainty, particularly when dealing with large sums of money or time-sensitive payments.
Based on 40 reviewsLooking for Something Different?
Compare Instarem against 3 similar finance & legal options.
View Alternatives