Instarem vs Remitly: A Comprehensive Comparison of Services and Fees

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Overview of Remitly and Instarem

Remitly and Instarem are two popular online money transfer services that allow users to send money to friends and family overseas. Both services offer competitive exchange rates and low fees, making them a popular choice for many users.

Remitly was founded in 2011 and is based in Seattle, Washington. It allows users to send money to over 50 countries worldwide, with delivery options that include bank deposits, cash pickups, and home delivery. Remitly also offers a mobile app that allows users to track their transfers and receive notifications when their money has been delivered.

Instarem, on the other hand, was founded in 2014 and is based in Singapore. It allows users to send money to over 55 countries worldwide, with delivery options that include bank deposits, cash pickups, and mobile wallet transfers. Instarem also offers a mobile app that allows users to track their transfers and receive notifications when their money has been delivered.

Both Remitly and Instarem offer competitive exchange rates and low fees, making them a popular choice for many users. However, there are some differences between the two services that users should be aware of before choosing one over the other.

Services Offered by Remitly

Money Transfer

Remitly offers money transfer services that allow users to send money to over 50 countries worldwide. The company offers two types of money transfer services, including Express and Economy. Express transfers are completed within minutes, while Economy transfers take 3-5 business days to complete. Remitly also offers a variety of payment options, including bank transfers, debit cards, and credit cards.

Bill Payment

Remitly also offers bill payment services that allow users to pay bills in select countries. The service is currently available in the Philippines, India, and Mexico. Users can pay bills for utilities, credit cards, and more.

Mobile Recharge

Remitly offers mobile recharge services that allow users to recharge mobile phones in select countries. The service is currently available in the Philippines, India, and Mexico. Users can recharge mobile phones for themselves or for others.

Overall, Remitly offers a range of services that cater to the needs of people who want to send money, pay bills, or recharge mobile phones in select countries. The company’s services are fast, convenient, and reliable, making it a popular choice among people who need to transfer money internationally.

Services Offered by Instarem

Money Transfer

Instarem offers a range of money transfer services to individuals and businesses. Customers can send money to over 55 countries in different currencies. They offer competitive exchange rates and low fees, with some transfers coming with zero transfer fees. Instarem provides fast and secure transactions, with most transfers delivered within one business day. Customers can make transfers via the Instarem website or mobile app.

FX Options

Instarem provides customers with a range of FX options to help them manage their currency risks. They offer forward contracts, limit orders, and stop-loss orders. Customers can use these tools to lock in exchange rates and protect themselves from currency fluctuations. Instarem’s FX options are available to both individuals and businesses, and they provide competitive rates and low fees.

In summary, Instarem offers a range of money transfer services and FX options to customers. They provide fast and secure transactions, competitive exchange rates, and low fees. Customers can use Instarem’s website or mobile app to make transfers and manage their currency risks.

Remitly Fees and Pricing

Remitly offers a transparent fee structure, with fees varying based on the transfer amount, the destination country, and the delivery speed. The company offers two types of transfer options: Economy and Express. Economy transfers take 3-5 business days to complete, while Express transfers take just a few minutes.

Here’s a breakdown of Remitly’s fees for Economy transfers:

  • For transfers under $1000, the fee is $0.99.
  • For transfers between $1000 and $9999, the fee is $2.99.
  • For transfers over $9999, the fee is $4.99.

For Express transfers, the fees are slightly higher:

  • For transfers under $1000, the fee is $3.99.
  • For transfers between $1000 and $9999, the fee is $6.99.
  • For transfers over $9999, the fee is $9.99.

It’s worth noting that Remitly’s exchange rates are competitive, and the company offers a Best Exchange Rate Guarantee. If you find a better rate from a competitor, Remitly will match it.

Overall, Remitly’s fees and pricing are reasonable, especially for larger transfers. However, it’s important to keep in mind that fees can vary based on the destination country and delivery speed. Be sure to check the fees for your specific transfer before making a decision.

Instarem Fees and Pricing

Instarem charges a low commission rate for its transfers instead of a fixed price. The commission varies depending on the country you are sending money to and the amount you are sending. Instarem’s fees are generally lower than those of traditional banks and other money transfer services.

Instarem offers two types of transfers: Standard and Express. The Standard transfer option is the most cost-effective, with fees ranging from 0.25% to 1% of the transfer amount. The Express transfer option is faster but comes with higher fees, ranging from 0.5% to 1.5% of the transfer amount.

Instarem also offers a rate lock feature that allows you to lock in an exchange rate for your transfer. This feature can be useful if you are concerned about fluctuations in the exchange rate.

Overall, Instarem’s fees and pricing are competitive and transparent. The company clearly displays its fees and exchange rates on its website, so you can easily compare them with other money transfer services.

Speed of Money Transfer – Remitly

Remitly offers both economy and express delivery options for money transfers. Economy delivery takes 3-5 business days, while express delivery takes 1-3 business days. However, the delivery time may vary depending on the recipient’s location and the payment method used.

Remitly also offers an instant delivery option called “Express” for select countries, including the Philippines, India, and Mexico. This option allows recipients to receive money within minutes. However, this option comes with higher fees compared to the economy and express delivery options.

Overall, Remitly’s delivery times are competitive with other money transfer services. However, it’s important to note that delivery times may vary depending on the recipient’s location and the payment method used.

Speed of Money Transfer – Instarem

Instarem offers fast money transfers with its “Zero-Margin FX Rates” feature. This means that the exchange rates used are mid-market rates with no mark-up. This feature helps to ensure that transfers are completed quickly and at a low cost.

Instarem also offers a “Fast and Secure” service that guarantees same-day transfers in certain countries. This service is available for selected currencies and is subject to certain conditions.

The speed of transfers with Instarem depends on several factors, including the destination country, the payment method, and the amount of the transfer. For example, transfers to the United States can take up to 2 business days, while transfers to India can be completed within a few hours.

Overall, Instarem offers a fast and efficient service for international money transfers. However, it is important to note that the speed of transfers may vary depending on the specific circumstances of each transfer.

Customer Support – Remitly

Remitly offers several ways for customers to get in touch with their support team. They have a 24/7 customer service hotline that customers can call for assistance. Additionally, they have an online chat support feature that allows customers to connect with a support agent in real-time.

Remitly also has a comprehensive FAQ section on their website that covers a wide range of topics related to their service. This section includes answers to common questions about fees, exchange rates, and transaction limits, among others.

Overall, Remitly’s customer support team is known for being responsive and helpful. They have received positive reviews from customers who have praised their professionalism and willingness to go above and beyond to resolve issues. However, some customers have reported longer wait times when calling their customer service hotline, which can be frustrating for those who need immediate assistance.

Customer Support – Instarem

Instarem offers customer support through email, phone, and live chat. Their customer support team is available 24/7 to answer any questions or concerns. They also have an extensive FAQ section on their website, which covers most common issues.

When it comes to response times, Instarem is known for being relatively quick. Most customers report receiving a response within a few hours of submitting a query. This is particularly impressive given that they offer support around the clock.

In terms of customer satisfaction, Instarem has received positive reviews on Trustpilot, with an overall rating of 4.6 out of 5. Customers have praised their customer support team for being knowledgeable, helpful, and responsive. However, some customers have reported issues with their transfers, which can be frustrating.

Overall, Instarem’s customer support is reliable and responsive. If you have any issues or questions, their team is available to assist you around the clock.

User Experience – Remitly

Remitly offers an easy-to-use platform with a simple and intuitive interface. Users can quickly sign up, verify their identity, and start sending money to their loved ones with just a few clicks. The platform is available on desktop and mobile devices, making it convenient for users to access it from anywhere.

Remitly offers various payment options, including bank transfers, debit cards, and credit cards. Users can also choose from different delivery options, such as bank deposits, cash pickups, and home deliveries. The platform provides real-time updates on the status of the transaction, giving users complete transparency throughout the process.

Remitly’s customer support team is available 24/7 to assist users with any questions or concerns they may have. The platform also offers a comprehensive FAQ section that covers most of the common queries users may have. Remitly’s fees and exchange rates are competitive, and the platform provides users with complete transparency on the total cost of the transaction, including the exchange rate and fees.

Overall, Remitly offers a user-friendly platform that is easy to use and provides users with complete transparency throughout the transaction process. The platform’s competitive fees and exchange rates, along with its excellent customer support, make it a popular choice among users who want to send money to their loved ones abroad.

User Experience – Instarem

Instarem’s website is user-friendly and easy to navigate. The registration process is straightforward and can be completed in a few minutes. Once you have registered, you can start sending money immediately.

Instarem offers a mobile app for both iOS and Android devices, which makes it easy to send money on the go. The app is well-designed and user-friendly, with a simple interface that makes it easy to navigate.

Instarem offers a range of payment options, including bank transfers, debit cards, and credit cards. The payment process is straightforward, and you can track your transfer in real-time.

Instarem’s customer support team is available 24/7 via email and live chat. The support team is responsive and helpful, and they can assist you with any questions or issues you may have.

Overall, Instarem offers a seamless user experience, with a user-friendly website and mobile app, a range of payment options, and responsive customer support.

Security Measures – Remitly

Remitly takes security seriously and uses a range of measures to protect its users. Here are some of the security features offered by Remitly:

  • Encryption: Remitly uses 256-bit SSL encryption to protect user data and transactions.
  • Two-factor authentication: Remitly offers two-factor authentication to add an extra layer of security to user accounts.
  • Fraud detection: Remitly uses a range of fraud detection tools to identify and prevent fraudulent transactions.
  • Regulation: Remitly is regulated by various financial authorities, including the Financial Conduct Authority (FCA) in the UK and the Financial Crimes Enforcement Network (FinCEN) in the US. This means that Remitly is required to follow strict regulations and guidelines to ensure the safety and security of its users.

Overall, Remitly takes security seriously and offers a range of measures to protect its users’ data and transactions.

Security Measures – Instarem

Instarem is committed to ensuring the safety and security of its users’ data and transactions. Here are some of the security measures that Instarem has in place:

  • Encryption: Instarem uses 256-bit SSL encryption to protect users’ data and transactions. This is the same level of encryption used by banks and other financial institutions.
  • Two-Factor Authentication: Instarem requires users to set up two-factor authentication to add an extra layer of security to their accounts. This means that users have to provide a second form of identification, such as a code sent to their mobile phone, in addition to their password to access their account.
  • Regulatory Compliance: Instarem is regulated by financial authorities in the countries where it operates. This means that it has to comply with strict regulations and standards to ensure the safety and security of its users’ data and transactions.
  • Fraud Detection: Instarem has a dedicated team that monitors transactions for suspicious activity and takes action to prevent fraud.

Overall, Instarem’s security measures are designed to protect users’ data and transactions from unauthorized access, fraud, and other security threats.

Remitly vs Instarem: Final Comparison

When it comes to comparing Remitly and Instarem, there are several factors to consider. Here is a brief summary of how the two services stack up against each other.

Fees

Both Remitly and Instarem charge fees for their services. However, Instarem tends to have lower fees overall, especially for larger transactions. Remitly’s fees vary depending on the country you are sending money to, while Instarem offers a flat fee structure.

Exchange Rates

Exchange rates are a crucial factor to consider when sending money overseas. Both Remitly and Instarem offer competitive exchange rates, although Instarem tends to offer slightly better rates overall.

Supported Countries

Remitly supports a wide range of countries, including many in Asia, Africa, and South America. Instarem, on the other hand, supports fewer countries overall, but does offer services to many popular destinations like India, the Philippines, and Europe.

User Experience

Both Remitly and Instarem offer easy-to-use platforms for sending money online. However, Remitly’s platform is generally considered more user-friendly and intuitive.

Overall, both Remitly and Instarem offer reliable and affordable services for sending money overseas. Choosing between the two will ultimately depend on your specific needs and priorities.

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