George M.

Lost USD5000 with Instarem

On Dec 3 2019 I send USD5000 to Malaysia via Instarem and Instarem promptly did the transfer within a couple of days (very reasonable turnaround).
On Jan 6 2020 I wired USD5000 to Instarem to send money to Malaysia using the exact same wire instructions.
On Jan 8 2020 I called Instarem and they asked me to email the wire instructions from my bank. I emailed the wire instructions to Instarem on Jan 8 2020.
On Jan 13th when I called Instarem they said they are still researching. Same day I called my bank and my bank said the wire was sent successfully and provided me with an IMAD tracer number (IMAD: *******QMGFT*******).
I send this IMAD Tracer number to Instarem both via email and their online chat and was told they will look into it.
On Jan 15th 2020 on Chat when I enquired, they said they are looking into it (it has been 6 workdays since they received wire details and 2 days since they received the IMAD number) and have send to higher authority' and I should hear back in 24 hours.
On Jan 16th 2020 I went to their online chat and enquired (it has been 24 hours since they said they will update me).
It is sad, I am retiring to Malaysia and was planning to use Instarem as my primary company to transfer money to Malaysia on a regular basis. Especially this first year the transfer amount would have been in the USD160K range as I need to purchase a residence in Malaysia initially. That is about $800 in fees that Instarem lost plus about $100 annually at least for the next 20 years or so. Now that my experience has been horrific, I will take my business elsewhere and be sure to warn my friends of the terrible experience and lose of my money.
Avoid this company