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Western Union vs. InstaReM
Compare one of the oldest and one of the newest money transfer services side by side.
Western Union has been sending money since 1871. But InstaReM was built in a digital age, founded in 2014 to move money online. See what a difference this makes to fees, exchange rates and transfer speeds by comparing Western Union and InstaReM side by side.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Which has lower fees?
Western Union
Western Union fees start at $0, but often run up to over $10 for standard transfers. In certain situations, such as when paying for a large transfer to certain destinations with a credit card, the fees could even exceed $100.
InstaReM
InstaReM fees range from 0.25% to 1% depending on the currency and amount. For example, you’ll pay a 0.5% fee to send money to Canada or a 0.75% fee to send to China.
Winner: InstaReM
InstaReM’s fees are lower than Western Union’s fees across almost all transfers.
Let’s crunch the numbers: Sending $500 and $5,000 to Indonesia
Here’s how much it may cost to send $500 and $5,000 to Indonesia with Western Union and InstaReM. The Western Union fees and rates assume you’re using a debit card and paying slightly more to send for a cash pickup within minutes, rather than a slower transfer which can take up to two business days.
Sending $500 to Indonesia
| Western Union | InstaReM | |
|---|---|---|
| Transfer fee | $42 | $2.50 |
| Exchange rate | 1 USD = 13,419 IDR | 1 USD = 14,245 IDR |
| Transfer speed | Within minutes | 1-2 business days |
| Total rupiah received | IDR6,145,902.00 | IDR7,086,887.50 |
| Receiver gets | IDR940,985.50 less | IDR940,985.50 more |
Sending $5,000 to Indonesia
| Western Union | InstaReM | |
|---|---|---|
| Transfer fee | $165 | $25 |
| Exchange rate | 1 USD = 13,419 IDR | 1 USD = 14,245 IDR |
| Transfer speed | Within minutes | 1-2 business days |
| Total rupiah received | IDR64,880,865 | IDR70,868,875 |
| Receiver gets | IDR5,988,010 less | IDR5,988,010 more |
Across both transfer sizes, InstaReM has lower fees and far better rates. On a transfer of $500, you’d end up getting almost IDR950,000 more with InstaReM, equivalent to around $65. On a $5,000 transfer, this grows to over a US$400 difference.
Western Union fees are lower on slower transfers, but not enough to make them a more affordable option. For example, sending $5,000 to a bank account in Indonesia would give your recipient INR69,095,000 — which still works out to about US$125 less than they’d get with InstaReM.
Which offers better exchange rates?
Western Union
Western Union’s exchange rate margins vary widely depending on the currency, but can range from about 1% to over 10% in some situations.
Here’s an example of USD to GBP:
- If the mid-market rate is 1 USD = 0.7672 GBP
- Western Union’s exchange rate might be 1 USD = 0.7187 GBP
InstaReM
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.
Winner: Tie
Although Western Unions exchange rates are generally weaker than most competitors, InstaReM’s unclear rates make this category a tie. 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.
Which is faster?
Western Union
Western Union can offer transfers within minutes when you pay a little bit extra for a cash pickup on the recipient’s end. Otherwise, it usually takes 1–2 business days for a bank transfer.
InstaReM
InstaReM aims to consistently offer 1–2 day speeds for its transfers.
Winner: Western Union
Cheaper transfers are equally fast with both Western Union and InstaReM, but Western Union’s express transfer options allow your money to arrive within minutes.
General features
| Payment methods | Receiving options | Minimum and maximum transfers | Transfer speeds | Currencies | |
|---|---|---|---|---|---|
| Western Union | Cash payment, credit card, debit card, bank transfer | Cash pickup, bank transfer, mobile wallet | Minimum: $1 Maximum: $5,000 | Within minutes for cash pickup 3–5+ days for bank transfers | 95+ currencies |
| InstaReM | Bank transfer | Bank transfer | Minimum: $50 Maximum: No limit | 1–2 days | 15+ currencies |
Western Union
To send money online with Western Union, sign up for an account and then follow the steps to send your money. You can skip getting an account by visiting one of the many Western Union branches all over the world or paying over the phone.
InstaReM
You can only send money online with InstaReM, which requires creating an account. Once you create an account you can enter the recipient’s details and then send your money by making a bank transfer.
Bottom line
Western Union can get your money to its destination faster, albeit at extra cost. But to get the best deal on an overseas transfer, compare other transfer providers before getting started.
Looking for more options?
Use the calculator below to find providers in your area, and see how much it could cost to use each. Enter the details of your transfer to get started.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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