InstaReM vs TransferWise

With both services offering the mid-market rate, we compare their other features to find out which one comes out on top.

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InstaReM and TransferWise are two of the rare providers who offer their customers mid-market exchange rates, meaning there’s no margin added onto it. But which is better overall? We compare all the factors, including fees and transfer speeds, to find out.

The fees and rates used in this comparison are accurate as of 19 July 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 1 - 2 days CAD 90.00 0.756 USD
7,491
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

InstaReM vs TransferWise: Which has lower fees?

InstaReM

InstaReM fees change depending on the country and currency but typically vary from 0.25% to 1%.

TransferWise

TransferWise’s fees vary from 0.35% to 2.04%, depending on the amount you’re sending, how you pay and the exchange rate. An additional small flat fee, ranging from $0.50 to $2 depending on the currency, is also added on top. The TransferWise pricing calculator can tell you the exact fee amount before you commit.

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Winner: InstaReM

While both InstaReM and TransferWise offer percentage-based fees, InstaReM has lower fees across the board. InstaReM fees do not range above 1%, while TransferWise fees go as high as 2.04% on some currencies.

Let’s crunch the numbers: Sending $1,000 and $10,000 from Great Britain to Canada

We will compare two transfer amounts, $1,000 and $10,000, to see the difference between the fees. Keep in mind that these fees will change depending on the currency.

Sending $1,000 from Great Britain to Canada
InstaReM TransferWise
Transfer fee (payment by bank transfer)
£3.50 £4.78
Exchange rate 1 GBP = 1.63220 CAD 1 GBP = 1.63252 CAD
Transfer speed 1-2 days 1-4 days
Total Canadian dollars received CAD$1,626.49 CAD$1,624.72
Receiver gets CAD$1.77 more CAD$1.77 less
Sending $10,000 from Great Britain to Canada
InstaReM TransferWise
Transfer fee (payment by bank transfer)
$35 $45.10
Exchange rate 1 GBP = 1.63220 CAD 1 GBP = 1.63252 CAD
Transfer speed 1-2 days 1-4 days
Total Canadian dollars received CAD$16,264.87 CAD$16,251.57
Receiver gets CAD$13.30 more CAD$13.30 less

When transferring the smaller amount of $1,000, it essentially works out the same, with InstaReM, beating TransferWise only by CAD$1.77. While transferring a larger amount of $10,000, InstaReM once again takes the lead by a difference of CAD$13.30.

The amount you are transferring impacts which provider you should use, as does the currency you’re exchanging. In this case, InstaReM turned out to be the better provider for both small and large amounts. However, if you’re sending to a country other than Canada or exchanging a currency other than British Pound sterling, your result you be different.

Which offers better exchange rates?

InstaReM

InstaReM converts at the mid-market rate, meaning there won’t be a margin on top of the exchange rate.

TransferWise

TransferWise also converts money at the mid-market rate, with no added margin.

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Winner: InstaReM

Both InstaReM and TransferWise are two of the rare providers that offer the mid-market rate, although their fees might be higher than other providers to compensate. InstaReM appears to be more affordable than TransferWise, however that could change depending on the type of transfer being sent. Remember that it’s important to calculate all costs – exchange rate and fees – when comparing services.

Which is faster?

InstaReM

Most transfers with InstaReM take 1-2 business days. The exact time varies depending on what currency you are sending to and the banks involved. Be aware that your first transfer will take a bit longer, as you will need to go through the verification process.

TransferWise

Depending on the currencies involved and your payment method, it can take up to 4 days. It is a lot faster if you pay by card, with your money arriving immediately in many cases.

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Winner: Tie

Depending on how you pay, either can be quicker. If you pay by card, TransferWise offers the quickest service, but if you pay by bank transfer, InstaReM is likely to get your money there faster.

General features

Payment methods Receiving options Max and min Transfer speeds Currencies
InstaReM Bank transfer Bank account Minimum: $50

Maximum: $3,000

1 - 2 days 15+ currencies
TransferWise Bank transfer, debit card, credit card Bank account Minimum: $1

Maximum: $1,500,000

1 - 2 days 45+ currencies

InstaReM

Once you have been verified, you sign in to your account and enter the recipient’s details, how much you want to transfer and how you will pay for the transfer. You can pay with a bank transfer. InstaReM will let you know once it’s completed.

TransferWise

To use TransferWise, you sign up for a free account. Once you are logged in, you enter how much you want to transfer, send your money to TransferWise, and then, TransferWise will convert it and send it to the nominated bank account.

Bottom line

InstaReM and TransferWise are fairly similar overall. Both providers offer the mid-market rate but charge varied fees. There might be some currencies and amounts that TransferWise will give a better deal on and some that InstaReM will.

Both are competitive services that work to make the money transfer process as easy as possible. However, if a transfer needs to happen immediately and paying by debit or credit isn’t a problem, TransferWise is the way to go.

Looking for more options?

You will be hard-pressed to find services that beat the mid-market rate, but it’s worth checking the overall cost of other providers, including fees. Use our calculator below to see who really has the best offers overall.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 0.00 0.753 USD
7,529
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.752 USD
7,521
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
CAD 1 1 - 2 days CAD 90.00 0.756 USD
7,491
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
CAD 0 1 day CAD 0.00 0.753 USD
7,529
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
GBP 5,000 1 - 2 days CAD 0.00 0.753 USD
7,526
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate. Go to site Show details
CAD 2,000 1 day CAD 0.00 0.753 USD
7,529
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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