InstaReM vs. WorldRemit

The best deal depends on how much you're sending — and how fast you it needs to get there.

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We compare two international money transfer services, InstaReM and WorldRemit, to see which provider will save you money and get your money there fast.

The fees and rates used in this comparison are accurate as of April 26, 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1 Within an hour USD 3.99 0.891 EUR 4,454 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. 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.

Which has lower fees?

InstaReM

InstaReM fees range from 0.25% to 1% depending on the currency and amount. For example, sending in currencies such as the Canadian dollar or British pound incurs a 0.5% fee. But you’ll pay a 0.75% fee to send to China.

WorldRemit

WorldRemit charges a fee, but the amount depends on how much you’re sending, where you’re sending it to and the type of transfer. The lowest fees are on bank transfers and sit around $2.99–$3.99.

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Winner: WorldRemit

While both providers’ fees vary depending on currency and amount, WorldRemit’s bank transfer fee often beats InstaReM’s percentage. But it depends on how much you’re sending and where you’re sending it.

Let’s crunch the numbers: Sending $1,000 and $10,000 to the UK

To help you compare, we’ll look at two transactions side-by-side to see whether InstaReM or WorldRemit has lower costs. These are all the details that you should keep in mind when you’re deciding on a provider.

Sending $1,000 to the UK
InstaReM WorldRemit
Transfer fee $5 $2.99
Exchange rate 1 USD = 0.757 GBP 1 USD = 0.760 GBP
Transfer speed 1-2 days 1 day
Total British pounds received GBP£753.22 GBP£757.73
Receiver gets GBP£4.51 less GBP£4.51 more
Sending $5,000 to the UK
InstaReM WorldRemit
Transfer fee $25 $0.01
Exchange rate 1 USD = 0.757 GBP 1 USD = 0.760 GBP
Transfer speed 1-2 days 1 day
Total British pounds received GBP£3,766.08 GBP£3,799.99
Receiver gets GBP£33.91 less GBP£33.91 more

While InstaReM’s exchange rate is slightly better, its higher fees mean that you’ll save more using WorldRemit on this transfer to the UK. But on countries where InstaReM charges lower fees, it may be the better option.

Which offers better exchange rates?

InstaRem

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

WorldRemit

In addition to fees, WorldRemit adds a margin to the mid-market exchange rate. This margin changes depending on the currency, but generally sits in the 0.7% to 3% range.

For example, if you want to send money to Australia:

  • Mid-market exchange rate: 1 USD = 1.400 AUD
  • WorldRemit’s exchange rate: 1 USD = 1.416 AUD

Making it a margin of 1.1%.

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Winner: InstaReM

You can’t beat the mid-market rate.

Which is faster?

InstaRem

After your first transaction, which will take a little longer as you go through the verification process, most transfers with InstaReM take between one and two business days depending on the currency and banks involved.

WorldRemit

The WorldRemit transfer time changes depending on the payment method and country receiving the money. Here are some estimates based on payment method:

  • Bank transfer. Instant transfers to selected banks, but a processing time of one to three business days for other transactions.
  • Cash pickup. Available to collect instantly.
  • Mobile money. Instant or near-instant.
  • Airtime top-up. Instant or near-instant.
  • Home delivery. 24 hours to 7 days.

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Winner: WorldRemit

If you want money fast, WorldRemit is the way to go. Due to the multiple payment methods, you can transfer money instantly, while with InstaReM you’ll have to wait one to two business days for the transfer to clear.

General features

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

Maximum: No limit

12 days 20+ currencies
WorldRemit Bank transfer, credit card, debit card Bank transfer, cash pickup, mobile wallet, airtime top-up, home delivery Minimum: $1

Maximum: $9,000

Within an hour 100+ currencies

InstaReM

Sign up to get verified, then once that’s done, sign in. Enter all the transfer details, including the recipient’s full name and account details, how much you’re transferring and how you’ll pay. Once that’s done, InstaReM will do the conversion and transfer.

WorldRemit

After you’ve signed up for a free account, you’ll then need to provide the transfer details. This includes the currency, the amount you want to send, as well as who you’ll be sending it to. WorldRemit offers a number of ways for you to pay them. Once you have, your money will be converted and sent.

Bottom line

InstaReM offers mid-market exchange rates, while WorldRemit often offers smaller fees and faster transfers. Which one is best for you will depend on how much you’re sending and where you’re sending it to.

To get the best deal, compare other transfer providers before getting started.

Looking for more options?

If you’re not happy with InstaReM or WorldRemit, there are other providers. Use the calculator below to compare, but remember to get a final quote that takes into account fees and exchange rates before you commit.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 0 1 - 2 days USD 0.00 0.892 EUR 4,458 Offering no maximum and no minimum limit transfers with $0 fees. Go to site Show details
USD 1 1 - 2 days USD 40.00 0.895 EUR
4,440
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
USD 1 Within an hour USD 3.99 0.891 EUR 4,454 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
GBP 1,000 1 - 2 days USD 0.00 0.886 EUR 4,431 Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.
Go to site Show details
USD 1,000 1 day USD 0.00 0.886 EUR 4,431 No-maximum limit transfers with competitive exchange rates for 100+ currencies. Go to site Show details
USD 5,000 1 day USD 0.00 0.886 EUR 4,431 Venstar will support you through the entire process of your international transactions, from start to finish. 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.

Frequently asked questions

Image source: Supplied, Photographer: WorldRemit, InstaReM
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