XE vs InstaReM

Exchange rates, transaction fees and transfer speeds compared: Who comes out on top?

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If you need to send money overseas, XE and InstaReM both offer quick and convenient online transfer services. But which one should you use for your next international transfer?

To find out, let's compare the exchange rates, fees and transfer speeds offered by XE and InstaReM.

The fees and rates used in this comparison are accurate as of 29 March 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 1 day AUD 0.00 0.679 USD
6,786
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 0.685 USD
6,817
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 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?

XE

XE doesn't charge any fees on international money transfers.

InstaReM

InstaReM's transfer fees vary depending on where you are sending your money and the amount you want to transfer. The fee amount is generally 0.25-1% of your transaction amount. For example:

  • If you send $1,000 to India, the fee is $6
  • If you send $10,000 to India, the fee is $60

Trophy icon
Winner: XE

With zero transfer fees, XE takes the win in this category. However, this doesn't necessarily mean that XE offers cheaper transfers than InstaReM. You'll need to also consider the exchange rate when calculating the total cost of your transaction, which we'll explain in more detail further down the page.

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

To get a better idea of how XE and InstaReM compare in the real world, let's take a look at the example of sending a $1,000 transfer from Australia to the UK.

Sending $1,000 to the UK

XE InstaReM
Transfer fee $0 $5
Exchange rate 1 AUD = 0.53967 GBP 1 AUD = 0.5422 GBP
Transfer speed 1 working day 1-2 working days
Total pounds received GBP£539.67 GBP£542.20
Receiver gets GBP£2.53 less GBP£2.53 more

As you can see, there's little to separate XE and InstaReM in this example. While using XE will save you $5 on transfer fees, InstaReM's slightly higher exchange rate allows you to send an extra GBP£2.53 (roughly $4.64) to your recipient.

Which offers better exchange rates?

XE

XE adds a margin on top of the mid-market exchange rate. This margin varies depending on the currency you're sending, but it's typically between 0.4% and 1%. For example, if you wanted to send a transfer to the United States:

  • If the mid-market rate is 1 AUD = 0.707838 USD
  • XE's rate might be 1 AUD = 0.70453 USD

InstaReM

InstaReM offers its customers the mid-market rate, which means it doesn't add any margin when exchanging your AUD for foreign currency. Using the same example as we did for XE, if the mid-market rate is 1 AUD = 0.707838 USD, that's what you'll get for your transfer.

Trophy icon
Winner: InstaReM

XE offers competitive exchange rates but these simply can't match the mid-market rate. InstaReM's higher exchange rates mean that more of the money you send ends up in your recipient's bank account.

Which is faster?

XE

XE completes most international money transfers on the same business day. However, the process can take longer in some cases, so you'll need to allow 1-4 working days for your transaction to be completed.

InstaReM

Transfer times vary depending on where you're sending money and the banks involved in the transaction. However, most transactions are completed within 1-2 working days, but the process can take longer when sending to some countries.

Trophy icon
Winner: Tie

It's too close to call based on each company's claimed transfer times, so this one is a tie.

General features

Payment methods Receiving options Minimum and maximum transfer amounts Transfer speeds Currencies
XE Bank transfer, BPAY Bank account Minimum: $1

Maximum: $500,000

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

Maximum: No limit

1 - 2 days 20+ currencies

XE

To send funds, you'll need to sign up for a free account and then specify the amount you want to transfer and where it will be sent. Once you've reviewed the exchange rate on offer and submitted your transaction, you'll receive an email/SMS notification when the transfer has been completed.

InstaReM

You'll need to register for a free account to send a transfer, and you can submit a transfer request either online or via the InstaReM app. The funds are deposited into your recipient's bank account and you can pay for the transaction via bank transfer, BPAY or POLi payment.

Bottom line

It's hard to pick a clear winner between XE and InstaReM. While XE's fee-free transfers make it seem like a better option than InstaReM's percentage-based fee system, we found that InstaReM's higher exchange rates meant that transaction costs often evened out between the two providers.

With this in mind, it's worth comparing quotes from both XE and InstaReM to work out which company offers a better deal for your specific transaction needs.

You'll also need to compare XE and InstaReM with a range of other transfer services to find the best value for money.

Looking for more options?

Use our calculator below to see how the exchange rates, fees and transfer speeds offered by XE and InstaReM compare to those of other international money transfer services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 2 days AUD 9.00 0.664 USD
6,634
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 0.683 USD
6,827
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 0.683 USD
6,818
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 0.683 USD
6,827
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 0.683 USD
6,827
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 0.683 USD
6,827
$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 0.683 USD
6,827
BFX can help you send fee-free transfers to 30+ currencies. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.679 USD
6,785
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 0.677 USD
6,770
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 0.68 USD
6,800
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.

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Important Information*
Logo for ANZ International Money Transfer
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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