InstaReM only offers zero-margin transfers for some currencies and during certain hours. The company doesn’t make it clear which currencies and hours this applies to.
Its rates can be very difficult to beat, but transfer options are also limited and it may not have the currency you’re after. If you need a company with different transfer options, check out some of its top competitors.
Wise 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 Wise.
Why pick Wise 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
- Percentage-based fees add up on large transfers
- Transfer speeds will sometimes be slower
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 on transfers above $10,000
- Over 50 currencies on offer
- Fast transfers
- Competitive rates with options like forward contracts and limit orders
- $15 fee on transfers under $10,000
- Higher margin added to the exchange rate than most money transfer services
- You can’t see the rates unless you have an account
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 pickup available
- Can pay with card
- Near-instant transfers available
- Has agents all around the world
- Wide range of currencies available
- Typically more expensive than services like InstaReM
- Can’t send more than $10,000
- Express transfers cost more
XE is a well-known company in the currency space. It typically doesn’t charge transaction, commission or ongoing feess, opting to take a cut of the exchange rate instead. However, a nominal fee of 3USD (and its equivalent) applies to transfers below USD500 and its equivalent in other currencies.
Why pick XE Money Transfers instead?
- Low fees
- Offers market orders
- Less-competitive exchange rates than InstaReM
- Transfer times can vary
Still looking for other options?Alternatively, learn more about InstaReM in our review.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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