I come across this online foreign money changer InstaRem recently. I find it is fast and safe on using InstaRem to send money from Singapore to Malaysia. Most attractively, it is offering a highly competitive exchange rate compared to Bank and other online money changer providers.
Let’s take a look at the exchange rate of MYR that InstaRem offers you compared to DBS bank and TranserWise. The screenshot is taken at the same time.
You get RM3045.77 if you transferred using the DB bank. No fees incurred.
You get RM3047.90. The rate is much higher than the DBS bank offers. However, due to the fees charged, you only get slightly higher than the bank.
How was the rate offers by InstaRem?
You get RM3055.59. The conversion rate is slightly lower than TranserWise. However, due to the lower fees charges. You get the highest among others.
How to send money using InstaRem?
Register an account from InstaRem. Remember to use my referral code ax20yk and you will earn 400 insta points and me too. These points can be redeemed when you make a transfer. This can be offset the fees.
Enter your recipient details, there are two types of payment mode, Pay Now or Bank Transfer. For your information, TransferWise allows more options on payment mode eg. Credit Card, but take note the service charges will be very high.
Once you make the payment, you will be receiving an email confirmation. It is quite instant after I made the bank transfer within a few seconds, I received the payment confirmation email.
How long does it take to receive?
Lastly, as you can see I requested around 7.30 pm. I received the money the next day. If you request in the morning it could be received on the same day.
Overall, I am happy with InstaRem, will continue using it. Feel free to share your experiences in the comment.