Where you live might have a bearing on whether you may select InstaReM or SingX. This is because the latter only accepts customers from Singapore, whereas the former has a slightly wider reach. Other than that, both companies provide highly dependable overseas money transfer services at rather competitive prices.
Online reviews written by customers of both companies give you an indication of where the SingX vs. InstaReM comparison stands in the real world. InstaReM averages at 7.5 out of 10 on Trustpilot, a review-based website. SingX reviews on Facebook result in an average score of 8.6 out of 10.
If you wish to use the services of either SingX or InstaReM, pay attention to these aspects before arriving at a decision:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
This section of the InstaReM vs. SingX comparison tilts the balance in favor of the latter.
- The country from where you initiate a transfer and the desired mode of payment affect InstaReM fees.
- If you send money from Singapore, expect to pay around 0.25% of the amount you transfer as fees.
- Transfers initiated from Hong Kong attract around 0.3% as fees.
- Sending money from Australia requires that you pay around 0.6% as fees.
- You may check how much you transfer might cost by using the InstaReM online currency calculator.
- The only fee you pay is the markup on mid-market rates that the company charges.
- The company manages to do away with charging fees by relying on a peer-to-peer system.
- You may determine the cost of your transfer by using the online SingX fair exchange calculator.
Ease of Use
Using the services of either SingX or InstaReM is fairly straightforward. Both provide apps for devices that run on iOS and Android.
- You may register an individual or a business.
- The minimum transfer amount is U.S. $50 or its equivalent in another currency.
- Depending on where you live, the company accepts payments via debit cards, credit cards, and POLi.
- Business clients get access to online multi-currency accounts.
- The InstaReM Masspay system gives businesses easy means to make mass payments.
- You may sign up as an individual or a business.
- You may use SingX to transfer up to SGD $1 million, unless restrictions from the destination country apply.
- The company accepts payments via bank account transfers.
Regular Overseas Payments
Turning to either InstaReM or SingX will not work for you if you wish to scheduled transfers because both do not provide this functionality yet. If you wish to set up regular transfers, some of the companies you may consider using include TorFX, OFX, HiFX, and WorldFirst.
- Check out insider’s insight on TransferWise review.
- Find MoneyGram alternatives.
- Learn more about FrontierPay fee free transfers.