People living in different parts of the world carry out overseas money transfers for various reasons, and they use the services of different companies. There is no hard and fast rule that makes one company better than the other, as is the case when it comes to selecting either InstaReM or MoneyGram.
For instance, if you want the recipient to collect cash from a physical location, turning to InstaReM will do you no good. However, InstaReM rates better on the customer service front. Reviews from people who have used the services of these companies offer some insight into where the MoneyGram vs. InstaReM comparison stands in the real world. On Trustpilot, InstaReM gets an average score of 7.5 out of 10. However, the average scores of MoneyGram U.S. and MoneyGram UK leave considerable room for improvement. Given that both companies differ in their operations, select MoneyGram or InstaReM after paying attention to these facets.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
The fees you end up paying through InstaReM or MoneyGram may vary depending on different factors.
- The country of your residence and how you wish to pay may affect transfer fees.
- If you initiate a transfer from the U.S., you pay around 0.5% of the transfer amount as fee.
- From India, you pay around 0.75% as fees.
- Sending money from Singapore attracts around 0.25% as fees.
- Paying using a card tends to come with additional fees.
- The InstaReM currency converter lets you check how much you might need to pay as fees.
- Factors that might affect transfer fees include the currencies you wish to trade, the payment method, and the transfer method.
- Paying using bank account transfers is typically more cost effective when compared to payments made via debit or credit cards.
- Transfers to cash pickup centers are usually more expensive than bank account transfers.
- The MoneyGram online calculator lets you check how much you will need to pay as fees in advance.
Ease of Use
You may use the MoneyGram or InstaReM app to initiate transfers through your mobile device. Registering with both requires that you provide documents to verify your credentials.
- Sign up as an individual or a business.
- Your country of residence may affect minimum and maximum sending limits.
- The company accepts payments via bank transfers, debit cards, FPX, and POLi. However, where you live may have an effect on available payment methods.
- Businesses may use the Masspay platform to simplify how they make mass payments.
- Business customers may benefit by getting online multi-currency accounts.
- The company operates region-specific multilingual websites.
- Region-specific payment methods include bank account transfers, debit cards, credit cards, and cash.
- Depending on where the recipient lives, you may transfer money to a bank account or an agent location.
- In some countries, it facilitates topping off mobile phone accounts and mobile wallets.
Regular Overseas Payments
Both companies falter in this section of the InstaReM vs. MoneyGram comparison because they do not offer this feature yet. Some of the alternatives you may turn to if you wish to set up scheduled transfers include WorldFirst, TorFX, HiFX, and OFX.