Sending money from one country to another is no longer as complicated or time consuming as it was two to three decades ago. However, with a number of overseas money transfer companies vying for your attention, determining which one is best for you can become a daunting task. If you, like several others, are unsure about using InstaReM or TransferWise for your next international money transfer, reading this in-depth comparison is in your best interest.
Looking at what customers of both companies have to say about their services serves as a good starting point. In taking the TransferWise vs. InstaReM comparison to Trustpilot, you will see that while the former averages at 9.6 out of 10, the latter gets an average score of 8.1 out of 10. However, various other factors are at play, so delving deeper is suggested.
Determine if you should use the services of TransferWise or InstaReM after addressing these aspects:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Whether you select InstaReM or TransferWise, you will need to pay transfer fees, although how much you end up paying may vary.
- TransferWise charges a percentage of the transfer amount as fees.
- Transfer fees depend on the amount you wish to transfer and the destination country.
- Check the TransferWise fee breakdown table to determine how much your transfer might cost.
- With the TransferWise Borderless account, you pay no fees for receiving money or adding funds. You pay fees
- when you withdraw money into your bank account or convert funds between currencies.
- Where you live has a bearing on the fees you need to pay.
- Transfers initiated from Singapore attract 0.25% of the transfer amount as fees.
- If you send money from Australia or Hong Kong, you will pay 0.5% of the transfer amount as fees.
Ease of Use
Signing up is easy whether you choose TransferWise or InstaReM because both let you register using your existing Facebook or Google account. Both verify your identity before letting you transfer money.
- TransferWise serves individual and businesses.
- Other than English, website access comes in French, Spanish, Italian, Russian, German, Portuguese, Hungarian, and Japanese.
- You may make your payment using an electronic bank transfer, a debit card, or a credit card.
- The TransferWise Borderless account comes with receiving accounts in U.S. dollars, British pounds, and euros.
- You may use TransferWise apps with devices that run on Android or iOS.
- You may register as an individual or a business.
- Contact customer service via email, online chat, or over the phone.
- The InstaReM Masspay platform gives businesses access to virtual multi-currency accounts, and they may use it to make bulk payments.
- The least you need to transfer is $50.
- The company accepts payments via electronic fund transfers and POLi.
- It provides apps for Android and iOS.
Regular Overseas Payments
Turning to either InstaReM or TransferWise will not do you much good if you want to schedule transfers because both companies do not offer this functionality yet. However, you may use the services of alternatives such as OFX, TorFX, Currencies Direct, and HiFX.
- Which is better, TransferWise or CurrencyFair?
- Get more insights from TorFX Review.
- Check out insider’s insight on TransferWise review.