InstaReM vs TransferWise

With both services offering the mid-market rate, we compare their other features to find out which one comes out on top.

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InstaReM and TransferWise are two of the rare providers who offer their customers mid-market exchange rates, meaning there's no margin added onto it. But which is better overall? We compare all the factors, including fees and transfer speeds, to find out.

The fees and rates used in this comparison are accurate as of 2 May 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 - 2 days AUD 50.00 0.676 USD
6,728
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
Quick and simple international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction.
Go to site Show details

Compare up to 4 providers


The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary from the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

InstaReM vs TransferWise: Which has lower fees?

InstaReM

InstaReM fees change depending on the country and currency but typically vary from 0.25% to 1%.

TransferWise

TransferWise's fees vary from 0.35% to 2.04%, depending on the amount you're sending, how you pay and the exchange rate. An additional small flat fee, ranging from $0.50 to $2 depending on the currency, is also added on top. The TransferWise pricing calculator can tell you the exact fee amount before you commit.

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Winner: InstaReM

While both InstaReM and TransferWise offer percentage-based fees, InstaReM has lower fees across the board. InstaReM fees do not range above 1%, while TransferWise fees go as high as 2.04% on some currencies.

Let's crunch the numbers: Sending $1,000 and $10,000 to Italy

We will compare two transfer amounts, $1,000 and $10,000, to see the difference between the fees. Keep in mind that these fees will change depending on the currency.

Sending $1,000 to Italy
InstaReM TransferWise
Transfer fee $5 (0.5%) $5.12 (0.42% + $ 0.94 AUD)
Exchange rate 1 AUD = 0.623 EUR 1 AUD = 0.623 EUR
Transfer speed 1-2 days 1-4 days
Total euros received EUR€619.89 EUR€619.81
Receiver gets EUR€0.07 more EUR€0.07 less
Sending $10,000 to Italy
InstaReM TransferWise
Transfer fee $50 (0.5%) $45.79 (0.42% + $0.94 AUD)
Exchange rate 1 AUD = 0.623 EUR 1 AUD = 0.623 EUR
Transfer speed 1-2 days 1-4 days
Total euros received EUR€6,198.85 EUR€6,201.47
Receiver gets EUR€2.62 less EUR€2.62 more

When transferring the smaller amount of $1,000, it essentially works out the same, with InstaReM, beating TransferWise only by EUR€0.07. But while transferring a larger amount of $10,000, TransferWise beats InstaReM by EUR€2.62.

This means that the amount you are transferring impacts which provider you should use. In this case, InstaReM might be best for smaller amounts and TransferWise for larger. Remember that the currency you are exchanging will also impact how much the receiver gets.

Which offers better exchange rates?

InstaReM

InstaReM converts at the mid-market rate, meaning there won't be a margin on top of the exchange rate.

TransferWise

TransferWise also converts money at the mid-market rate, with no added margin.

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Winner: Tie

Both InstaReM and TransferWise are two of the rare providers that offer the mid-market rate. Keep in mind that their fees might be higher than other providers to compensate, so it's important to calculate all costs – exchange rate and fees – when comparing services.

Which is faster?

InstaReM

Most transfers with InstaReM take 1-2 business days. The exact time varies depending on what currency you are sending to and the banks involved. Be aware that your first transfer will take a bit longer, as you will need to go through the verification process.

TransferWise

Depending on the currencies involved and your payment method, it can take up to 4 days. It is a lot faster if you pay by card, with your money arriving immediately in many cases.

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Winner: Tie

Depending on how you pay, either can be quicker. If you pay by card, TransferWise offers the quickest service, but if you pay by bank transfer, InstaReM is likely to get your money there faster.

General features

Payment methods Receiving options Max and min Transfer speeds Currencies
InstaReM Bank transfer, POLi transfer Bank account Minimum: $200

Maximum: No limit

1 - 2 days 20+ currencies
TransferWise Bank transfer, POLi transfer, debit card, credit card Bank account Minimum: $1

Maximum: $1,800,000

1 - 2 days 45+ currencies

InstaReM

Once you have been verified, you sign in to your account and enter the recipient's details, how much you want to transfer and how you will pay for the transfer. You can pay with a bank or POLi transfer. InstaReM will let you know once it's completed.

TransferWise

To use TransferWise, you sign up for a free account. Once you are logged in, you enter how much you want to transfer, send your money to TransferWise, and then, TransferWise will convert it and send it to the nominated bank account.

Bottom line

InstaReM and TransferWise are fairly similar overall. Both providers offer you the mid-market rate but charge varied fees. There might be some currencies and amounts that TransferWise will give you a better deal on and some that InstaReM will.

Both are competitive services that work to make the process as easy as possible for you. However, if you want to transfer money immediately and are happy to do so using your card, TransferWise is the way to go.

Looking for more options?

You will be hard-pressed to find services that beat the mid-market rate, but it's worth checking the overall cost of other providers, including fees. Use our calculator below to see who really has the best offers overall.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 2 days AUD 9.00 0.655 USD
6,545
Transfer to over 99 countries via online banking, phone banking or through an ANZ bank branch. Go to site Show details
AUD 2,000 1 day AUD 0.00 0.674 USD
6,735
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 3,000 1 day GBP 20.00 0.674 USD
6,726
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.674 USD
6,735
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.674 USD
6,735
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.674 USD
6,735
$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.674 USD
6,735
BFX can help you send fee-free transfers to 30+ currencies. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.669 USD
6,694
Special offer: Pay zero fees on your first 5 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Within an hour AUD 3.99 0.668 USD
6,679
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 200 1 day AUD 0.00 0.671 USD
6,708
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. Go to site Show details

Compare up to 4 providers


The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary from the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

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Important Information*
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ANZ International Money Transfer

Transfer to over 99 countries via online banking, phone banking or through an ANZ bank branch.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.

Logo for Global Reach (formerly FC Exchange) International Money Transfers
Global Reach (formerly FC Exchange) International Money Transfers

Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.

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