If you wish to send money overseas and are wondering if you should select Xoom or InstaReM, going through this page in its entirety might be in your best interest. While both companies provide reliable cross-border fund transfer services, there are differences you need to know about.
If you take the InstaReM vs. Xoom comparison to Trustpilot, you get a fair indication of how previous customers of both companies rate their services. While InstaReM gets an average of 7.5 out of 10, Xoom rates better, at 9.4 out of 10.
Whether you should select InstaReM or Xoom requires that you consider different factors.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Transfer fees you need to pay when you send money through Xoom or InstaReM vary depending on multiple factors.
- Transfer fees depend on the transfer amount, the destination country, and the mode of payment.
- Card payments tend to attract higher fees than payments made via bank accounts.
- You may benefit through fee-free minimum limits when sending money to some countries.
- You may check how much you need to pay as fees by using Xoom’s online calculator.
- Transfer fees depend on your country of residence, the destination country, and the payment method.
- If you send money from Singapore, you need to pay around 0.25% as fees.
- Transfers from Australia and Hong Kong attract around 0.5% as fees.
- You may check the cost of your transfer by using the InstaReM online currency calculator.
Ease of Use
Registering with InstaReM or Xoom takes little time. Using their services to send money overseas is fairly straightforward. Both companies provide apps for devices that run on iOS and Android.
- You may register with Xoom only as an individual.
- You may use the Xoom website in English, French, Spanish, Portuguese, Vietnamese, and Chinese.
- The company accepts payments only in U.S. dollars.
- Depending on where the recipient lives, you may send money to a bank account or an agent location.
- The company lets you top off mobile airtime in some countries.
- Residents of the United States may use Xoom to pay overseas bills.
- You may register with InstaReM as an individual or a business.
- The company has a minimum transfer limit of U.S. $50 or its equivalent in another currency.
- You may make payments via bank account transfers, debit cards, or POLi, depending on where you live.
- The InstaReM Masspay platform gives businesses the ability to make bulk payments conveniently.
- Businesses get access to online multi-currency accounts.
Regular Overseas Payments
Both companies falter in this section of the InstaReM vs. Xoom comparison because they are yet to start offering this service. Some of the other popular overseas money transfer companies that let you schedule transfers include WorldFirst, OFX, FC Exchange, Frontierpay, and Currencies Direct.
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