Given the number of international remittance companies that have arrived on the scene in the last couple of decades, people no longer have to rely on banks to send money overseas. Typical advantages the new players offer include increased cost-effectiveness and quicker turnaround times. No matter whether you select InstaReM or eRemit, you can be sure of receiving dependable services. However, which one might work better for you?
Customer reviews of both companies give you some indication of where the eRemit vs. InstaReM comparison stands in the real world. InstaReM gets an average score of 9 out of 10 on Trustpilot, a review based website. The average review-based Trust Pilot score for eRemit, is 9 out of 10.
There is more to selecting eRemit or InstaReM than looking at what other customers have to say because individual needs tend to vary. For instance, one of the two accepts customers only from Malaysia. Before making a decision, take time to consider these aspects.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
This section of the InstaReM vs. eRemit comparison does not have a clear winner because both companies follow different pricing models.
- Where you and the recipient live as well as the payment method have a bearing on the fees you need to pay.
- Transfers initiated from Singapore attract around 0.25% of the transfer amount as fees.
- If you send money from Hong Kong or Australia, you will end up paying around 0.5% of the transfer amount as fees.
- The InstaReM currency calculator gives you an easy way to check how much your transfer might cost.
- Factors that might affect the cost of your transfer include the transfer amount, the destination country, and the desired mode of payment.
- You get to know of all applicable fees before finalizing your transfer.
Ease of Use
Using the services of eRemit or InstaReM is fairly straightforward. You may initiate transfers using their websites or apps.
- InstaReM provides services for individuals and businesses.
- The least you may transfer is U.S. $50 or its equivalent in another currency.
- Depending on your country of residence, you may pay via a bank account transfer, a debit card, or POLi.
- Businesses that wish to make mass payments may use the InstaReM Masspay platform.
- If you register as a business, you get access to online multi-currency accounts.
- You may pay through a bank account transfer or by cash.
- You may carry out up to 15 transactions in a 30-day period.
- You may transfer up to RM 50,000 per day.
- eRemit provides online and over-the-counter money exchange services.
- It lets you send money to cash pickup locations.
- Businesses may use the company’s Ozopay payment gateway designed for e-commerce platforms.
Regular Overseas Payments
This section of the InstaReM vs. eRemit comparison shows that both companies leave some room for improvement, given that they are yet to start offering this facility. If you wish to set up scheduled transfers, consider using the services of companies such as WorldFirst, OFX, TorFX, or HiFX.
- Who is better, TransferWise or InstaRem?
- Check out insider’s insight on TransferWise review.
- Should one consider InstaRem or are there better alternatives?