5 Awesome Online Alternatives to InstaReM

InstaReM, based in Singapore is an up and coming Fintech that offers some of the best exchange rates online to send money home to friends and family but are there better alternatives? Here are 5 remittance companies that also have a global presence, strong online offering and most importantly, low fees!

 

5 Similar Sites to InstaReM

Below, we’ve listed 5 companies that competitors to InstaReM. We’ve taken their level of convenience, cost and security into consideration so you can decide who to use for your next remittance to friends or family.

1. WorldRemit

Customers that have used InstaReM are likely to feel comfortable using WorldRemit.

Both companies offer superior online experiences and appeal to people that like making their money transfers online. But the most important thing that InstaReM and WorldRemit have in common is the countries which you can send money to. Unlike companies like TorFX or WorldFirst, WorldRemit allow their customers to pay to most countries in Asia, Africa and the Middle East.

It's also important to know what makes them different. Here are the most important differences to think about

  • WorldRemit has transaction limits to most countries so it may be hard to send more than $10,000 overseas
  • InstaReM offer the best online exchange rate that you see online from Google or xe.com. WorldRemit offer an exchange rate that is close, but does include a margin which could be considered a hidden fee
  • WorldRemit offer other payment options like cash pick up or Airtime to certain countries

Learn more about WorldRemit

Fee Free Offer

The Currency Shop has partnered with WorldRemit to offer 3 fee free money transfers. Click on this offer, register your details and avoid paying a fee to transfer money overseas.

  • Zero fees on your first THREE money transfers
  • Send money with WorldRemit using the code '3FREE' and pay no fees on your first three money transfers
  • Valid until 31st March 2020
  • Bank transfers only. Does not apply to cash pick-up or airtime
  • Receiving or intermediary banks may charge fees on transactions

Learn More About WorldRemit

2. TransferWise

TransferWise is an online money transfer service. Widely regarded as one of the easiest ways to transfer money overseas, they have grown exceptionally fast and now have offices all across the world.

Here are some of the things that the 2 companies have in common.

  • Both offer the real exchange rate, based on the mid-market rate
  • Fees are based on a percentage of transfer amount.
  • Straightforward and easy to use online through their app.

Learn more about TransferWise

3. OFX

OFX is another good alternative to InstaReM. This Australian based company offers a number of great services and products for individuals and businesses.

They are worth considering if you are sending a larger amount overseas or have to send money overseas for a business.

It is important to consider a few things though:

  • OFX don't offer the same online rate as google, like InstaRem
  • They charge flat fees for smaller amounts under $10,000 but are fee free for larger transfers
  • OFX have excellent offline support

Learn more about OFX

4. XE

If you want to use a large and established company, XE could be the one for you. They are a really good option for making transfers online. Unlike InstaReM, XE do not charge any fees however their exchange rates are not as good..

Owned by Euronet and home to xe.com, the company has an incredibly wide reach. They are able to transfer money to bank accounts in many countries worldwide, and don’t charge fees no matter how much you’re sending.

Learn more about XE Money Transfers

5. PayPal

If you have a PayPal account, you may have considered making an international money transfer with them. They are one of the world’s most popular payment systems to purchase goods and pay for services. It is a convenient way to transfer money to people in the same country and internationally, if they also use PayPal.

If you’re thinking of using PayPal as an alternative to InstaReM, it’s important to keep a couple of things in mind. PayPal doesn’t offer cash pick up, and the person you’re sending money to must also have a PayPal account. Finally, know that PayPal isn’t necessarily cheaper than InstaReM.

  • They are good for sending money within the same country, but can be expensive internationally.
  • Accept a variety of payment methods.
  • If you’ve used them before, the process is very straightforward.

Learn more about PayPal

TransferWise Money Transfers Reviewed

TransferWise are one of the fastest growing online money transfer services in the world. But are they the right option for you? Read about the type of customers that like TransferWise to find out.

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Full Review of InstaReM

Our simple InstaReM review helps you learn all the important things about using InstaReM for international money transfers.