InstaReM vs WorldRemit

Exchange rates, fees and transfer times – which is better value for your next transfer?

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We compare two international money transfer services, InstaReM and WorldRemit, to see which provider will save you money and get your money there fast.

The fees and rates used in this comparison are accurate as of 4 March 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 Within an hour AUD 3.99 0.665 USD
6,647
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 - 2 days AUD 50.00 0.673 USD
6,700
Exclusive: Finder customers receive $15 off their first transaction. T&Cs apply.
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 to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Which has lower fees?

InstaReM

InstaReM fees range from 0.25% to 1% depending on the currency and amount. For example, currencies such as the US dollar or British pound have a 0.5% fee. However, transferring to South Korea includes a 0.25% fee and transferring to Indian rupee includes a 0.6% fee.

WorldRemit

WorldRemit charges a fee, but the amount depends on how much you're sending, where you're sending it to and the type of transfer. The lowest fees are on bank transfers and sit around $3.99.

Trophy icon
Winner: WorldRemit

While both providers' fees vary depending on currency and amount, often WorldRemit's $3.99 bank transfer fee beats InstaReM's percentage. It is completely dependant on where you're transferring money to, and how much, but when looking at popular currencies like the US dollar, often WorldRemit's fees are lower.

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

To help you compare, we'll look at two transactions side-by-side to see whether InstaReM or WorldRemit has lower costs. These are all the details that you should keep in mind when you're deciding on a provider.

Sending $1,000 to the UK
InstaReM WorldRemit
Transfer fee $5 $3.99
Exchange rate 1 AUD = 0.5351 GBP 1 AUD = 0.5277 GBP
Transfer speed 1-2 days 1 day
Total British pounds received GBP£532.42 GBP£525.61
Receiver gets GBP£6.81 more GBP£6.81 less
Sending $10,000 to the UK
InstaReM WorldRemit
Transfer fee $50 $3.99
Exchange rate 1 AUD = 0.535 GBP 1 AUD = 0.528 GBP
Transfer speed 1-2 days 1 day
Total British pounds received GBP£5,322.26 GBP£5275.09
Receiver gets GBP£47.17 more GBP£47.17 less

Transferring with InstaReM will put more money in the receiver's pocket, both on small transfers and large transfers. While InstaReM's fee may seem higher, the exchange rate they offer is much better, saving you money overall.

Which offers better exchange rates?

InstaRem

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

WorldRemit

In addition to fees, WorldRemit adds a margin to the mid-market exchange rate. This margin changes depending on the currency, but generally sits in the 0.7% to 3% range.

For example, if you want to send money to the United States:

  • Mid-market exchange rate: 1 AUD = 0.708 USD
  • WorldRemit's exchange rate: 1 AUD = 0.703 USD

Making it a margin of 0.7%.

Trophy icon
Winner: InstaRem

You can't beat the mid-market rate.

Which is faster?

InstaRem

After your first transaction, which will take a little longer as you go through the verification process, most transfers with InstaReM take between one and two business days depending on the currency and banks involved.

WorldRemit

The WorldRemit transfer time changes depending on the payment method and country receiving the money. Here are some estimates based on payment method:

  • Bank transfer: Instant transfers to selected banks, but a processing time of one to three business days for other transactions.
  • Cash pick-up: Available to collect instantly.
  • Mobile money: Instant or near-instant.
  • Airtime top-up: Instant or near-instant.
  • Home delivery: 24 hours to 7 days.

Trophy icon
Winner: WorldRemit

If you want money fast, WorldRemit is the way to go. Due to the multiple payment methods, you can transfer money instantly, while with InstaReM you'll have to wait one to two business days for the transfer to clear.

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
WorldRemit Card (debit, credit and prepaid), bank transfer, Poli, Interac, iDEAL, ACH, Sofort, Android Pay, Apple Pay, Trustly Bank transfer, cash pick-up, Mobile Money, Airtime top-up, home delivery Minimum: $1

Maximum: $50,000

Within an hour 100+ currencies

InstaReM

Sign up to get verified, then once that's done, sign in. Enter all the transfer details, including the recipient's full name and account details, how much you're transferring and how you'll pay. Once that's done, InstaReM will do the conversion and transfer.

WorldRemit

After you've signed up for a free account, you'll then need to provide the transfer details. This includes the currency, the amount you want to send, as well as who you'll be sending it to. WorldRemit offers a number of ways for you to pay them. Once you have, your money will be converted and sent.

Bottom line

InstaReM offers mid-market exchange rates, while WorldRemit often offers smaller fees. We recommend comparing the currency you're transferring as it differs currency to currency, but WorldRemit is a good option across the board.

Looking for more options?

If you're not happy with InstaReM or WorldRemit, there are other providers. Use the calculator below to compare, but remember to get a final quote that takes into account fees and exchange rates before you commit.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 3,000 1 day AUD 0.00 0.67 USD
6,704
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 0.67 USD
6,702
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 day AUD 0.00 0.67 USD
6,700
Sign up through Finder and get a $50 Myer gift card when you send $10,000 or more. T&Cs apply.
SendFX guarantees to match any competitor's exchange rate. Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.67 USD
6,700
$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 200 1 day AUD 0.00 0.67 USD
6,696
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 200 1 - 2 days AUD 50.00 0.673 USD
6,700
Exclusive: Finder customers receive $15 off their first transaction. T&Cs apply.
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
AUD 1 1 day AUD 0.00 0.666 USD
6,663
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.666 USD
6,662
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 0.665 USD
6,647
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 0.668 USD
6,677
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 to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Frequently asked questions

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Global Reach (formerly FC Exchange) International Money Transfers

Global Reach will match any competitor's exchange rates. Conditions apply.
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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 SendFX International Money Transfers
SendFX International Money Transfers

Sign up through Finder and get a $50 Myer gift card when you send $10,000 or more. T&Cs apply.
SendFX guarantees to match any competitor's exchange rate. Fee-free transfers in 30+ currencies to over 200 countries.

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$0 transfer fees for Finder customers.
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