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Alternatives to InstaReM

Find the best alternatives to InstaReM for online money transfers.

InstaReM is one of very few money transfer services to offer its customers the mid-market currency exchange rate, but it only does so for some currencies during certain trading hours.

When offering the mid-market, its rates are very difficult to beat, but transfer options are also limited and it may not have the currency you’re after. If you’re after something similar but different, take a look at some alternatives below.


TransferWise logo Image: Supplied

TransferWise

TransferWise is one of the only other money transfer services to offer the mid-market rate. While it has a wider range of currencies to choose from than InstaReM, it can also take longer for some transfers to arrive. If you want mid-market rates, but also want to see if you can get even lower fees, it could be worth comparing InstaReM and TransferWise.

Why pick TransferWise instead?

  • Has a different fee structure to InstaReM, with the same mid-market rates
  • Offers a wider range of currencies
  • Could be cheaper for some currencies

Downsides

  • Percentage-based fees add up on large transfers
  • Transfer speeds will sometimes be slower


CurrencyFair logo Image: Supplied

CurrencyFair

CurrencyFair takes a flat fee of the equivalent of EUR€3 for each transfer, plus it adds a small margin to the exchange rate. It’s a peer-to-peer marketplace, so if you’re able to be matched with someone, it can be quite cost-effective.

Why pick CurrencyFair instead?

  • Competitive rates and fees
  • Small minimum transfers
  • Special offers can help cut costs even more

Downsides

  • Limited range of currencies
  • Slower transfers
  • Bank transfers only
  • If you can’t match with someone else, CurrencyFair itself will exchange your money for a higher fee


OFX Logo Image: Supplied

OFX

OFX is known for having a wide range of currencies and forex tools available, while InstaReM is still somewhat limited.

Why pick OFX instead?

  • No fees
  • Over 50 currencies on offer
  • Fast transfers
  • Competitive rates with options like forward contracts and limit orders

Downsides

  • Only bank transfers
  • Higher margin added to the exchange rate than most money transfer services
  • You can’t see the rates unless you have an account


MoneyGram logo Image: Supplied

MoneyGram

MoneyGram has an exceptionally wide range of currencies and destinations to choose from compared to InstaReM, as well as a lot of flexibility in transfer and payment methods. But this comes at a cost.

Why pick MoneyGram instead?

  • Cash payments and pick-up available
  • Can pay with card
  • Near-instant transfers available
  • Has agents all around the world
  • Wide range of currencies available

Downsides

  • Typically more expensive than services like InstaReM
  • Can’t send more than €7,000
  • Express transfers cost more


WorldFirst Image: Supplied

WorldFirst

WorldFirst doesn’t charge any fees but it adds a margin to the exchange rate instead. It’s focused mostly on large, quick transfers to a wide range of destinations.

Why pick WorldFirst instead?

  • No fees
  • Lets you set up regular payments
  • Offers limit orders and forward contracts
  • No maximum transfer limit

Downsides

  • Less-competitive exchange rates than InstaReM
  • High €1,000 minimum transfer
  • Bank transfers only


XE logo Image: Supplied

XE Money Transfers

XE is a well-known company in the currency space. It doesn’t charge fees, opting to take a cut of the exchange rate instead.

Why pick XE Money Transfers instead?

  • No fees
  • Offers market orders

Downsides

  • Less-competitive exchange rates than InstaReM
  • Transfer times can vary


Still looking for other options?

Use the calculator below to help find the best money transfer service for your next transfer.

Enter the amount you want to send in your chosen currency and you’ll be able to see how much it will cost with a range of providers.

Name Product Minimum Transfer Transfer Time Transfer Fee
XE Money Transfers - Ireland
EUR 1
1 day
EUR 0
TransferWise - Ireland
EUR 1
1-2 days
Varies
CurrencyFair - Ireland
EUR 5
1-2 days
Varies
Azimo - Global
Azimo - Global
GBP 10
1 day
Varies
TorFX International Money Transfers - Ireland
TorFX International Money Transfers - Ireland
EUR 100
1-2 days
EUR 0
WorldRemit - Ireland
EUR 1
Same day
Varies
WorldFirst - Ireland
EUR 1,000
1-4 days
EUR 0
OFX - Ireland
EUR 100
1-2 days
EUR 0
CurrencyTransfer - Ireland
CurrencyTransfer - Ireland
GBP 5,000
1-2 days
EUR 0
InstaRem - Ireland
EUR 200
1-2 days
0.25-1%
Remitly - Ireland
Remitly - Ireland
EUR 0
1-5 days
EUR 2.99

Compare up to 4 providers

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