TorFX vs InstaReM

See how TorFX and InstaReM compare on cost, speed and other features.

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TorFX is known for its $0 fees and rate-matching guarantee, while InstaReM offers no margin on its exchange rates. Let's see how they compare on cost and which is faster.

The fees and rates used in this comparison are accurate as of 27 March 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 day AUD 0.00 0.704 USD
7,038
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 0.707 USD
7,034
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?

TorFX

TorFX doesn't charge any fees for its money transfers and opts instead to take a margin on the exchange rates it offers customers.

InstaReM

InstaReM's fees will vary depending on how much money you're sending and where you're sending it. It could be as low as a single cent for a $1 transfer, or over $100 for a $20,000 transfer.

Trophy icon
Winner: TorFX

TorFX keeps its fees at $0 for all transfers, which is tough to beat. However, keep in mind that exchange rates can make a big difference in cost, which we'll go into more below.

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

The tables below show how much it would cost to send $1,000 and $10,000 to Canada with TorFX and InstaReM. This is so you can see how the costs would vary between the two services when you factor everything in and across different amounts.

Sending $1,000 to Canada
TorFX InstaReM
Transfer fee $0 $5
Exchange rate 1 AUD = 0.9279 CAD 1 AUD = 0.9514 CAD
Transfer speed 1-2 days 1-2 days
Total Canadian dollars received CAD$927.90 CAD$946.65
Receiver gets CAD$18.75 less CAD$18.75 more
Sending $10,000 to Canada
TorFX InstaReM
Transfer fee $0 $50
Exchange rate 1 AUD = 0.9374 1 AUD = 0.9514 CAD
Transfer speed 1-2 days 1-2 days
Total US dollars received CAD$9,374 CAD$9,466.45
Receiver gets CAD$92.45 less CAD$92.45 more

In both cases, InstaReM gives a cheaper transfer than TorFX, even with its higher fees. This is because InstaReM is one of the few providers to offer mid-market exchange rates on its transfers.

Even when you're paying $50 in fees instead of $0, this can still save you CAD$92.45 on a $10,000 transfer or almost CAD$20 on a $1,000 transfer.

On these transfers, you're doing much better with 0% margin exchange rates than you would with $0 fees.

Which offers better exchange rates?

TorFX

TorFX's exchange rates vary from around 0.3% to 2.5% above the mid-market rate, depending on how large your transfer is. It offers better rates for larger transfers.

Here's an example of AUD to GBP:

  • If the mid-market rate is 1 AUD = 0.5388 GBP
  • TorFX's exchange rate might be 1 AUD = 0.5307 GBP

This ends up being a margin of 1.5%.

InstaReM

InstaReM doesn't take any margin on its exchange rates.

So for the same example of AUD to GBP:

  • If the mid-market rate is 1 AUD = 0.5388 GBP
  • TorFX's exchange rate is also 1 AUD = 0.5388 GBP

This is a margin of 0%.

Trophy icon
Winner: InstaReM

InstaReM doesn't take any margin on its exchange rates. This is tough, if not impossible, to beat.

Which is faster?

TorFX

TorFX transfers will typically take one to two days, although this will vary depending on where you're sending money to and where your bank is based. It will typically be longer than one to two days when sending money to more exotic destinations.

InstaReM

InstaReM also offers typical transfers within one to two days, but certain locations will take longer. Your money will typically take longer to reach more far-flung destinations.

Trophy icon
Winner: Tie

Both will take a similar amount of time to arrive, with similar variation in different locations.

General features

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

Maximum: No limit

1 day 40+ currencies
InstaReM Bank transfer Bank account Minimum: $200

Maximum: No limit

1 - 2 days 20+ currencies

TorFX

To send money with TorFX, you'll need to create an account. It's free to sign up, but you'll need to be verified and TorFX will often need to contact you. Once the verification is sorted, you can send money. You may also need to provide some personal details such as your name and address.

InstaReM

To send money with InstaReM, you'll likewise need to create an account. This is usually a relatively quick process, but you'll still need to wait to be verified the first time. Once you've been verified, you can start sending money overseas with InstaReM.

Bottom line

Between TorFX and InstaReM, you can choose whether you want to pay $0 in fees or pay 0% margin on exchange rates. While both are tempting, when you run the numbers you'll likely find that 0% margins is often the way to go.

Looking for more options?

If you're after other options, such as faster transfers, you may want to use the calculator below to look at other money transfer services.

Just enter the currency you want to send and the amount you want to send, and it will crunch the numbers to show you what a range of services offer.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 day AUD 0.00 0.704 USD
7,038
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 0.704 USD
7,041
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider. Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.704 USD
7,042
$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 1 1 - 2 days AUD 45.00 0.707 USD
7,038
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details
AUD 250 1 day AUD 0.00 0.704 USD
7,040
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 200 1 day AUD 0.00 0.703 USD
7,033
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.701 USD
7,005
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 0.699 USD
6,982
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 3,000 1 day AUD 0.00 0.702 USD
7,021
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 1 1 day AUD 0.00 0.7 USD
6,999
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 200 1 - 2 days AUD 50.00 0.707 USD
7,034
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.

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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.

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Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.

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