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InstaReM vs TransferWise

We compare important features to find out which company comes out on top.

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We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .

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. However, InstaReM's rates are applicable only for certain currencies and certain trading hours. With this in mind, which company 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 0.705 USD
7,019
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.706 USD
7,030
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. 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.

Trophy icon
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
InstaReMTransferWise
Transfer fee$5 (0.5%)$5.12 (0.42% + $ 0.94 AUD)
Exchange rate1 AUD = 0.623 EUR1 AUD = 0.623 EUR
Transfer speed1-2 days1-4 days
Total euros receivedEUR€619.89EUR€619.81
Receiver getsEUR€0.07 moreEUR€0.07 less
Sending $10,000 to Italy
InstaReMTransferWise
Transfer fee$50 (0.5%)$45.79 (0.42% + $0.94 AUD)
Exchange rate1 AUD = 0.623 EUR1 AUD = 0.623 EUR
Transfer speed1-2 days1-4 days
Total euros receivedEUR€6,198.85EUR€6,201.47
Receiver getsEUR€2.62 lessEUR€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 for some currencies currencies and during certain hours. The company doesn't make it clear which currencies and hours this applies to.

TransferWise

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

Trophy icon
Winner: TransferWise

Both InstaReM and TransferWise are two of the rare providers that offer the mid-market rate, but only TransferWise offers it at all times for all currencies. Keep in mind that the 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.

Trophy icon
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 methodsReceiving optionsMax and minTransfer speedsCurrencies
InstaReMBank transfer, POLi transferBank accountMinimum: $200

Maximum: No limit

1 - 2 days20+ currencies
TransferWiseBank transfer, POLi transfer, debit card, credit cardBank accountMinimum: $1

Maximum: $1,800,000

1 - 2 days45+ 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, but TransferWise offers the mid-market rate at all times while InstaReM only offers it for some currencies and during certain hours. 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 2,000 1 day AUD 0.00 0.703 USD
7,034
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 2,000 1 day AUD 0.00 0.703 USD
7,034
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 2,000 1 day AUD 0.00 0.703 USD
7,034
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 250 1 - 2 days AUD 0.00 0.703 USD
7,034
$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
GBP 3,000 1 day AUD 0.00 0.703 USD
7,034
Global Reach will match any competitor's exchange rates. Conditions apply.
Get no fees for both business and personal transfers when you send your money overseas with Global Reach.
Go to site Show details
AUD 1 1 day AUD 52.00 0.703 USD
6,990
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
AUD 0 Same day AUD 2.99 0.698 USD
6,982
Special offers like free transfers and better exchange rates available for new customers.
Affordable transfers around the world with both express and economy options. Express transfers delievered in as little as 10 minutes for an extra fee.
Go to site Show details
AUD 1 Same day AUD 0.00 0.703 USD
7,027
Get fast transfers with no fees and a range of foreign currency tools. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.705 USD
7,019
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.
Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.699 USD
6,990
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Same day AUD 3.99 0.698 USD
6,975
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
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.

Related Posts

International Money Transfer Offers

Important Information*
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 SendFX International Money Transfers
SendFX International Money Transfers

SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.

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.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.

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