Common perception suggests that using the services of a specialist international remittance company is better than turning to a bank. This is mainly because of the cost factor and speed. However, if you take a close look at this InstaReM vs. DBS comparison, you will notice that both come with their share of pros and cons. So, which of two might work better for you?
According to online reviews written by customers of both service providers, both rate well when it comes to customer service. Other aspects that need your attention in selecting DBS or InstaReM include:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
One service provider does better than the other in this section of the DBS vs. InstaReM comparison, especially when it comes to carrying out one-off online transfers.
- The currencies involved and the payment method have an effect on InstaReM transfer fees.
- The company charges around 0.25% as fees if you send money from Singapore.
- Transfers initiated from Australia and Hong Kong attract around 0.5% as fees.
- The online currency calculator provided by InstaReM gives you easy means to determine the cost of your transfer.
- Online transfers initiated via DBS Remit are fee-free.
- Regular overseas transfers and transfers initiated in person come with cable/telex charges as well as handling commission.
- Incoming transfers credited to your foreign currency fixed deposit account come with no fees.
- The bank charges a S$10 commission when crediting incoming transfers to your SGD or foreign currency current account.
- You may check how much your transfer might cost online.
Ease of Use
This section of the InstaReM vs. DBS comparison rates both service providers well.
- You may use the services of InstaReM as an individual or a business.
- The minimum transfer amount is U.S. $50 or its equivalent in another currency.
- Acceptable payment methods, depending on where you live, include bank account transfers, debit cards, and POLi.
- Making mass payments is easy if you use the InstaReM Masspay system.
- Businesses get access to online multi-currency accounts.
- You may transfer money online or by visiting a DBS branch.
- The bank lets its customers receive money from overseas.
- The bank may increase the default daily transfer limit of S$1,000 to up to S$200,000.
- While typical overseas fund transfers may take two to four business days, you may carry out same day transfers using DBS Remit.
- You may view cut-off times for same day transfers online.
Regular Overseas Payments
This section of the InstaReM vs. DBS comparison tilts the balance in favor of the latter. This is because DBS lets you schedule transfers easily, but InstaReM is yet to start offering the functionality.
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