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Western Union vs. InstaReM

Compare one of the oldest and one of the newest money transfer services side by side.

Andrew Munro

Updated Oct 23, 2019

Fact checked

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.

I want to send

	Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
	$50	1 - 2 days	USD 0.00	0.821	EUR 4,105	InstaReM offers quick and simple international money transfers with the ability to earn loyalty points.		Compare	Show details	Details Minimum transfer amount 50.00 Transfer methods Online, Bank Account to Bank Account Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, BDT, CAD, CNY, EUR, GBP, HKD, IDR, INR, KRW, LKR, MXN, MYR, NPR, PHP, PKR, SGD, THB, USD, VND Read the full review
	$1	3 - 5 days	USD 20.00	0.805	EUR 4,010	The biggest name in money transfers can get your funds to friends, family, or businesses in almost every corner of the globe.		Compare	Show details	Details Minimum transfer amount 1.00 Transfer methods Online, Phone, Agent, Bank Account to Bank Account, International Money Order Transfer options Regular payments, One off payments Customer service Phone, Chat, Email, Branch Available currencies AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CUP, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GGP, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, IMP, INR, IQD, IRR, ISK, JEP, JMD, JOD, JPY, KES, KGS, KHR, KMF, KPW, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SDG, SEK, SGD, SHP, SLL, SOS, SPL, SRD, STD, SYP, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TVD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VEF, VND, VUV, WST, XAF, XCD, XDR, XOF, XPF, YER, ZAR, ZMW Read the full review

Compare up to 4 providers

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

Lower fees:
InstaReM

Exchange rates:
Tie

Fast transfers:
Western Union

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.

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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.

The mid-market rate is the current official exchange rate that the banks use to buy and sell different currencies. It is so called because it’s the middle average of current buy and sell prices on global currency markets.
If you want to check the exchange rate margin on a transfer, you can search online for the current mid-market rate and see how far away from that your quote is. The margin is a lot like a hidden fee.

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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.

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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.

Read review: Western Union
Read review: InstaReM

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.

I want to send

Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
GBP 1,000	1 - 2 days	USD 0.00	0.818	EUR 4,088	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	Compare	Show details	Details Minimum transfer amount GBP 1,000.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Chat Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
$1	Same day	USD 0.00	0.822	EUR 4,111	XE offers fast transfers with no fees and a range of foreign currency tools.	Go to site	Compare	Show details	Details Minimum transfer amount 1.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CUC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GGP, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, IMP, INR, IQD, IRR, ISK, JEP, JMD, JOD, JPY, KES, KGS, KHR, KMF, KPW, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SDG, SEK, SGD, SHP, SLL, SOS, SPL, SRD, SVC, SYP, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TVD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VEF, VND, VUV, WST, XAF, XCD, XDR, XOF, XPF, YER, ZAR, ZMW, ZWD, BYN Go to site Read the full review
$10	Within an hour	USD 1.99	0.809	EUR 4,046	Special offers like free transfers and better exchange rates available for new customers. Quick, affordable transfers around the world with both express and economy options.	Go to site	Compare	Show details	Details Minimum transfer amount 10.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies ALL, AMD, ARS, AZN, BAM, BDT, BGN, BIF, BOB, BRL, BSD, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, EUR, FJD, GEL, GHS, GMD, GNF, GTQ, GYD, HNL, HRK, HTG, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KZT, LKR, LRD, MAD, MDL, MGA, MKD, MMK, MWK, MXN, MYR, NGN, NIO, NPR, PAB, PEN, PHP, PKR, PLN, PYG, RON, RSD, RUB, RWF, SLL, SRD, SVC, THB, TJS, TND, TRY, TZS, UAH, UGX, USD, UYU, UZS, VND, XAF, XOF, ZAR, ZMW, BYN Go to site Read the full review
$1	1 - 2 days	USD 40.00	0.826	EUR 4,097	Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.	Go to site	Compare	Show details	Details Minimum transfer amount 1.00 Transfer methods Online Transfer options Regular payments, One off payments Customer service Phone, Chat, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Go to site Read the full review
$1	Within an hour	USD 3.99	0.822	EUR 4,109	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	Compare	Show details	Details Minimum transfer amount 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Email Available currencies AED, ALL, AMD, AOA, ARS, AUD, BAM, BBD, BDT, BGN, BHD, BIF, BOB, BRL, BWP, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, KES, KGS, KHR, KMF, KRW, KWD, KYD, KZT, LAK, LKR, LRD, LSL, MAD, MDL, MGA, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PHP, PKR, PLN, PYG, RON, RUB, RWF, SCR, SEK, SGD, SLL, SOS, SRD, THB, TJS, TND, TOP, TRY, TZS, UGX, USD, UYU, VND, WST, XAF, XCD, XOF, ZAR, ZMW, BYN Go to site Read the full review