Instarem – The Best International Money Transfer Apps for 2024

Millions of people have figured out probably the most convenient way to pay for things they need daily. With just a few clicks on the smartphone, you can make secure payments for your groceries, pay bills and even make international transfers. The word’ Digital Remittance’ has gained popularity in the past few years. Although digital remittance may typically mean immigrant workers sending money back to their homeland, the scope of international transfers has broadened, thanks to digitisation.

With a myriad of international money transfer apps now available in the market, choosing the best one may be confusing. Hence, in the below article, we shall help you make an informed decision by highlighting the benefits of using Instarem and how it can be the best money transfer app for your needs.

Did You Know?

• The global remittance market has grown from USD 36 billion in 1980 to USD 714 billion in 2020[1][2][3].
• According to Marketresearch.biz (a leading market research and analysis company), the market size of global money transfer services is expected to cross around US$ 110.8 billion by 2032 by registering a CAGR of 15.8% from 2023 to 2032[4].
• Statista Market Insight projected that the number of users in the digital remittance market to reach 18.6m by 2027[5].

Instarem vs other money transfer service

Transferring funds abroad is a common practice for many. Hence, choosing the right international money transfer app to send money becomes crucial. Here’s how Instarem stands out amongst its competitors on various parameters for both personal and business transfers.

Fees

Transfer speed

Number of locations supported

Unique Selling Points (USPs) 

Key benefits of using Instarem

Transferring money from one country to another is no longer a hassle. With just a few clicks, you can send money to your loved ones for their needs. Apart from being one of the trusted names in the market, Instarem is also one of the highest-rated## international money transfer apps.

• If you are looking for competitive exchange rates, Instarem is the go-to app to send money overseas. We offer bank-beating rates, which are sourced directly from Reuters (only a small markup is added as a cost).
• With a low transaction fee, no hidden charges and full transparency, your loved ones get the most out of the amount you transfer.
• For fast* international transfers, opt for Instarem. The transfer time is usually within a day, depending on the currency, time zone, information provided, any global event, etc.
• Convenience is one of the most essential things today’s customers ask for. Our user-friendly money transfer app is easy to navigate, tracks your transactions and allows you to set up your transfer in just a few clicks.
• To ensure secure transactions, Instarem uses advanced encryption technology to protect your sensitive data, making it one of the safest money transfer apps.
• You can earn rewards on each Instarem transaction. Your earned InstaPoints can be redeemed as discounts in future transactions. Moreover, the larger the transaction amount, the bigger the discount will be. 
• Instarem serves more than 60 locations worldwide and is licensed and regulated in 11 countries. By adhering to the domestic and international regulatory framework, Instarem is one of the safest money transfer apps. It has also secured a rating of 8.5 by MoneyTransfers.com (as of 01st Nov 2023) for safety and trust. To learn more about our security measures, click here.

Instarem’s user experience

Ease in usage is the first aspect that you look out for. This is where Insatrem scores brownie points. Here’s a look at how Instarem serves an excellent user experience, making it the best remittance app.

• Choice of  payment methods: Sending money overseas becomes even easier if your service provider offers your preferred payment method. With Instarem you can make payments through wire transfer, direct debit, debit and credit cards, and using ‘Instarem as Payee’ method. ‘Instarem by Payee’ method allows your online bank account to set up external transfer pay to your Instarem account. This method is available only for selected countries including the US. By following the regulations and standards of the industry, Instarem ensures every payment method is equally secure.
• User-friendly money transfer interface: Instarem has an intuitive interface, guiding the user easily through the payment process. With minimal clicks, clear labels, uncluttered text and elements, and responsiveness to adapt to various screen sizes, using the Instarem app is hassle-free.
• Security and privacy: IAs a regulated provider, Instarem is fully committed to keeping customer information private and secure, thus relying on best-in-class and advanced encryption technology. Moreover, users are granted the option to control their privacy settings and undergo an authentication process. You can also register for Biometric  Authentication services for enhanced security. 
• Performance optimisation: Various surveys, reviews, suggestions, feedback received, and continuous testing; any bugs or glitches found are catered to immediately. The app is continuously monitored for issues arising from processing aspects, device compatibility and network connectivity.
• Update and innovation: Instarem always believes in staying updated with the latest trends in technology, thus offering its customers improved features and services. Moreover, embracing innovation to make the app more customer-centric helps them stay ahead of the competition.

Instarem fees and pricing

When you look for a money transfer service provider, you always consider the security of your funds, the time taken to transfer the money, ease of payment and the cost incurred as a few important parameters. Fees and pricing are surely one of the important aspects to consider before making a decision.

With Instarem, you experience transparent pricing with no hidden charges. The exchange rates offered are the current market rates (sourced directly from Reuters) with minimum or low margins, thus offering you bank-beating rates on your overseas transfers. Moreover, the transaction fee charged is between 0% to 1% of the transfer value. This largely depends on the payment method you choose, the transfer amount and the currency.

Instarem has secured its place amongst the best international money transfer apps in 2024. The company’s Exchange Rates and Fees have secured a rating of 9.4 from Monito (a leading comparison platform for international money transfers). This means Instarem offers a competitive exchange rate and low transaction fees compared to their peers.

User reviews and testimonials

According to BigCommerce (a NASDAQ-listed ecommerce company), 72% of consumers feel they trust a brand or a business more, which has garnered positive reviews and testimonials. Additionally, around 88% of consumers place their trust in online reviews as much as personal recommendations.

Instarem, one of the best money transfer apps, enjoys some excellent reviews and ratings from independent comparison agencies and users alike. At Trustpilot, Instarem has around 8,0444 reviews with a 4.3-star ranking. Out of this, 69% of the customers have rated Instarem as a 5-star money transfer service provider, making it the best remittance app.

Here’s looking at some of the recent reviews on Trustpilot.

Instarem’s mobile app

Whether you want to send money back home to your loved ones or a small business that wants to pay your vendors overseas, Instarem is one of the best international money transfer apps in 2024. The app, with its latest update, has enhanced user experience, enabling you to send money internationally on the go. Some highlighting features:

• Effortless and intuitive navigation for easy-to-access information
• The Estimated Time of Arrival (ETA) feature provides estimated date and time of arrival of funds to the recipient
• Monitor exchange rates and track your preferred currencies
• Set alerts on your rate monitoring feature
• Get access to competitive rates and earn InstaPoints

Future trends in money transfer apps

The future of the digital remittance industry depends mainly on digitisation and innovations, which may lead to faster and cheaper transfers with convenient processes. Let us look at future trends in the money transfer industry.

• AI and big data: Although some players already use AI and big data analytics to optimise exchange rates, fees and service offerings, the usage is expected to increase in the coming years.
• Biometrics and other digital identity: This technology will speed up the onboarding process and enhance security.
• User Experience design: A more intuitive app design focusing on local context will attract more consumers.
• Cryptocurrency and blockchain: With improved solutions and reduced volatility, cryptocurrency may gain mainstream popularity among tech-savvy users.
• Mergers and acquisitions: With the growth in the industry, merger and acquisition instances may increase with more prominent players taking over smaller companies.

Conclusion

The cross-border digital remittance industry has seen growth and rapid change over the years. With numerous players offering overseas transfer facilities, Insatrem has gained popularity recently. The company, which also has mobile apps enabling secure, affordable# and fast* international transfers on the go, is counted among the best international money transfer apps in 2024.

Try Instarem for your next transfer.

Download the app or sign up here.

Disclaimers:

This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with products or vendors mentioned.

* Fast meaning 75% of our transactions are completed in 15 minutes. Depending on the funding method. #When it comes to affordable exchange rates and fees, it’s worth noting that the cost will vary depending on how you choose to fund your transactions. Credit card funding and bank transfer fees can differ significantly.

##Rating by MoneyTransfers.com: 8.1 and Rating by Monito: 8.1, taken on 01st November 2023.

Citations:

[1]https://www.nasdaq.com/articles/how-digital-assets-are-changing-the-global-remittance-market-and-how-to-invest-in-it

[2]https://www.migrationpolicy.org/programs/data-hub/global-remittances-guide

[3]https://rethinkq.adp.com/story-of-global-remittances-in-6-charts/

[4]https://marketresearch.biz/report/money-transfer-services-market/

[5]https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-remittances/worldwide