In this post, we will cover the two options: the quickest and most reliable in sending money internationally i.e Instarem vs Remitly. Sending money to your loved ones internationally has always been on a priority list for people living abroad. And with so many options available, people might wonder whether they’re reliable. Also, in recent times, people have preferred the fastest money-sending method along with the safest.
When sending money to friends, family, or colleagues back home, deciding which money transfer service might be challenging, to ensure a pleasant user experience, reliability, and the fastest service, you would also want to ensure the best rate and quickest transfer time.
Choosing the right fit for your needs and lifestyle is best accomplished by comparing the best options. So for this article, we have selected the two most trustworthy options for money transfers, i.e., Remitly and Instarem. Our comparison of Instarem and Remitly is based on their features and benefits.
Instarem vs Remitly head to head Comparison:
Let’s start with taking a quick overview of both money transfer options. Among the comparisons, we will make the fees they charge, the payment methods they accept, and so forth. So let’s begin comparing the two below:
Instarem Overview
The InstaReM service is a quick, low-cost, and secure method of transferring money. It charges a low commission rate rather than a fixed price for transfers. For senders who need to send small amounts, InstaReM could be a viable option.
Remitly Overview
With this service, you can transfer money faster, more accessible, and cheaply. Money can be sent via smartphone, tablet, or computer with Remitly’s online money transfer service.
Now, let’s move on to their payment methods respectively:
Instarem’s Payment Methods
Funding your transfer with InstaReM is easy. Senders are required to pay a fee depending on where they are sending from and how much they are sending. A bank transfer is usually the most convenient way to fund your transaction. Paying in USD with SWIFT allows you to make an international bank transfer. Australians can make payments through the POLi system.
Remitly’s Payment Methods
The following methods are available through Remitly for sending money: Individual users can send up to $999 daily, but regular transactions are impossible.
Provide Remitly with more information, such as why you are sending the money or proof of how the funds will be paid. This will enable you to send more money.
Suppose the recipient wants to get their money. In that case, there are several options, including transferring it to a bank account, putting it in a digital wallet, or picking it up from one of our local business partners who offer money transfers. You can use the Express option to transfer money quickly if you need to send money immediately.
Keep continuing. Let’s talk about each option fee they charge.
Instarem Fees
InstaReM lets you decide how much you want to send to make your first transfer. This way, you can keep track of exchange rates and costs. However, the currency rate you see is only valid for a limited period. Failure to provide funds on time will terminate your transaction.
Sending money to another country and using a different currency has a different transfer charge. There is a chance that you will receive anywhere from zero to one percent of the total transfer amount.
Remitly’s fees
Here are some factors, including determining money transfer fees at Remitly.
The Economy and Express options are available through Remitly. The economy will cost you less (and there won’t be any fees on your first transfer), but the receiver will take longer to receive the money.
In addition, Remitly does not charge a fee if you send more than $500, but if you transfer less than $500, the fee is $2.99.
Customers who need money sent quickly tend to use express transfers for various reasons. However, they come with additional costs that can pile up over time if you use this method to send money frequently.
Exchange Rates
Now let’s compare the exchange rates of each respectively:
Instarem’s rates
The company states that sending through InstaReM can save you up to 8 times compared to sending through a bank or other service. Their claimed benefits are competitive exchange rates, inexpensive costs, and no surprises.
Keeping a slight premium over mid-market rates makes InstaReM money. The fees range between 0.25 and 0.5 percent of the transfer amount. This service has a low margin compared to most others, making it highly competitive.
Some situations, such as sending money to a recipient in another country, may include additional fees with Remitly.
Remitly’s rates
With exchange rates often between 0.5 and 2 percent below market rates, Remitly’s rates are competitive with other online money transfer services.
Remitly imposes additional fees and lower exchange rates to generate profits for the corporation.
User-friendliness
Finally, let’s talk about which option provides the best user interference.
Ease of Use with Instarem
To send money, most people use the InstaReM website. A mobile app is available for the service, as with many other money transfer services. You can install this app on both iOS and Android devices. With these applications, you can track and send transactions wherever you are.
User-Friendly Features of Remitly
With Remitly’s web-based platform, you can send money anywhere from your PC, tablet, or smartphone. Also available on Android and iPhone, the Remitly app allows users to send money internationally. Customers highly regard the ease of use and user-friendliness of all Remitly platforms.
Conclusion
In concluding this post, we have covered both money transferring methods, each with its pros and cons. Each transfer has several factors, such as the time required, the currency used, and the countries involved. Whichever company you choose to use, it’s worth comparing. InstaReM often offers promotional codes for first-time money transfers, so keep an eye out for them.
Consider your specific needs before selecting one. Despite Remitly’s lack of fees, it compensates more than adequately in other ways. The ease of use of Remitly’s web and mobile applications, quick transfers, various ways to receive money, and excellent customer service make it a popular choice for people who want a trustworthy money transfer service.