InstaReM vs TransferWise

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

Updated May 2, 2019

Fact checked

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.

Quick verdict

Lower fees:
InstaReM

Exchange rates:
TransferWise

Fast transfers:
Tie

I want to send

	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	Compare	Show details	Details Minimum transfer amount AUD 200.00 Transfer methods Online, Phone, 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, MYR, NPR, PHP, PKR, SGD, THB, USD, VND Go to site Read the full review
	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.		Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account 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 Read the full review

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

	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 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.

The mid-market rate is the baseline that can be used to measure what your money's actually worth on the global market. It is also known as the interbank rate and it's the midpoint between the "buy" and "sell" prices of two currencies. Banks use the mid-market rate to transfer amongst themselves.
You should always compare the rate you are given by any provider to the mid-market rate to see how much the margin is and if you are getting a fair rate.

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 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.

Read review: InstaReM
Read review: TransferWise

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.

I want to send

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	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Forward contracts Customer service Phone, Email Available currencies AED, AUD, BGN, BHD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, JPY, KES, KWD, MXN, MYR, NOK, NZD, OMR, PHP, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Chat, Email Available currencies AED, AUD, BBD, BGN, BHD, BWP, CAD, CHF, CLP, CNY, COP, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HRK, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KRW, KWD, LKR, MAD, MUR, MXN, MYR, NOK, NPR, NZD, OMR, PEN, PHP, PKR, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TND, TRY, TTD, TZS, UGX, USD, VND, XCD, ZAR Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount AUD 250.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, AZN, BGN, BND, CAD, CHF, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XOF, XPF, ZAR Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount GBP 3,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Chat, Email, Branch Available currencies AED, AUD, BBD, BGN, BHD, BSD, CAD, CHF, CZK, DKK, EUR, GBP, GHS, HKD, HRK, HUF, ILS, JPY, KES, KWD, KYD, MUR, MXN, NOK, NZD, PLN, RON, RUB, SDG, SEK, THB, TRY, UGX, USD, XCD, ZAR Go to site Read the full review
AUD 1	1 day	N/A	N/A	N/A	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	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, EUR, GBP Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, CAD, EUR, GBP, HKD, IDR, INR, JPY, KRW, LKR, MYR, NPR, NZD, PHP, SGD, THB, USD, VND, ZAR Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount AUD 0.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies ARS, AUD, BDT, BGN, BOB, BRL, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, GHS, GTQ, GYD, HNL, HRK, HTG, HUF, IDR, INR, JMD, KES, KMF, KRW, LKR, MAD, MXN, MYR, NGN, NIO, NPR, PEN, PHP, PKR, PLN, PYG, RON, RWF, THB, TND, TRY, TZS, UGX, USD, UYU, VND, XAF, XOF, ZAR Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account Transfer options One off payments, Market orders Customer service Phone, Email Available currencies AED, AMD, AUD, BAM, BBD, BDT, BGN, BHD, BND, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EUR, FJD, GBP, GEL, GTQ, HKD, HNL, HRK, HUF, ILS, JMD, JOD, JPY, KES, KRW, KWD, KZT, LKR, LSL, MAD, MKD, MUR, MWK, MXN, MYR, NAD, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SZL, THB, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, VUV, WST, XCD, XPF, ZAR Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount AUD 200.00 Transfer methods Online, Phone, 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, MYR, NPR, PHP, PKR, SGD, THB, USD, VND Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount AUD 5.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR Go to site Read the full review
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	Compare	Show details	Details Minimum transfer amount AUD 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, ANG, 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, LBP, LKR, LRD, LSL, MAD, MDL, MGA, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RUB, RWF, SCR, SEK, SGD, SLL, SOS, SRD, THB, TJS, TND, TOP, TRY, TZS, UAH, UGX, USD, UYU, VND, WST, XAF, XCD, XOF, ZAR, ZMW, BYN Go to site Read the full review

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.

Thank you for your feedback!

Isabel Sandercock-Brown

Isabel Sandercock-Brown is an international money transfers writer at Finder. She's written for a number of organisations, from the Salvos to Bumble. She has a Bachelor of Arts in Communications from the University of Technology, Sydney.

Maybank exchange rates Suncorp exchange rates

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.

More info

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.

More info

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.

More info

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.

More info

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InstaReM vs TransferWise

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

Quick verdict

Compare up to 4 providers

InstaReM vs TransferWise: Which has lower fees?

InstaReM

TransferWise

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

Sending $1,000 to Italy

Sending $10,000 to Italy

Which offers better exchange rates?

InstaReM

TransferWise

What's the mid-market rate?

Which is faster?

InstaReM

TransferWise

General features

InstaReM

TransferWise

Bottom line

Looking for more options?

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