Personal Features

InstaReM

50

50

InstaReM provides reliable international money transfers services for personal customers from several countries.

What InstaReM does

  • International money transfers.
  • Cash pick-up in the Philippines.
  • Multi-currency travel cards.

What InstaReM doesn’t do

  • Regular transfers.
  • Digital wallets.
  • Personal account managers.
  • Hedging tools.
  • Cash pick-up, other than the Philippines.

DBS

67

67

2-3 days to transfer

Regular payments allowed

Online only through their website or app


InstaReM wins!

InstaReM scores better in the Personal Features category.

DBS
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Winner

Business Benefits

InstaReM

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44

Small and mid-sized businesses may benefit by using InstaReM's services.

What InstaReM business account offers

  • Company-branded travel cards.
  • Multi-currency accounts.
  • Batch payments.
  • Higher send limits than personal accounts.

What InstaReM business account doesn’t offer

  • Hedging tools.
  • Digital wallets.
  • Accounting integration.
  • Online seller solutions.
  • Business specialists.

DBS

78

78

DBS provides services in foreign exchange among many other banking services.


InstaReM wins!

InstaReM scores better in the Business Benefits category.

DBS
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Fees & Exchange Rates

InstaReM

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34

InstaReM fees

The transfer fee you need to pay depends on the currencies being traded, the transfer amount and the mode of payment.

  • Transfer fees increase in direct proportion to increases in transfer amounts.
  • Debit card payments come with higher fees than bank account transfers.

InstaReM exchange rates

InstaReM uses Reuter market rates to process transfers and adds an FX margin that is typically below 1%. This essentially depends on the currencies being traded.


DBS

17

17

Exchange Rates

Rates fluctuate according to existing market rates.

Transfers of over S$50,000 come with preferential rates.

You can target preferred rates when transferring more than S$1,000.

Check prevailing rates using the DBS online currency calculator.
 

Fees

Online transfers initiated via DBS Remit are fee-free.

Regular overseas transfers and transfers initiated in person come with cable/telex charges as well as handling commission.

Incoming transfers credited to your foreign currency fixed deposit account come with no fees.

The bank charges a S$10 commission when crediting incoming transfers to your SGD or foreign currency current account.


InstaReM wins!

InstaReM scores better in the Fees and Exchange Rates category.

InstaReM
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Winner

Ease of Use

InstaReM

72

72

What InstaReM does well

Signing up

Create a new account easily by using the InstaReM app or website.

Payment options

  • Bank account transfers from all countries.
  • ACH Pull payments from the USA.
  • Debit card payments from the European Union and the UK.
  • POLi payments from Australia.
  • FPX payments from Malaysia.

Mobile app

Available for iOS and Android.
 

Where InstaReM could improve

Speed - Some InstaReM reviews on Trustpilot suggest that transfers can take longer than the stipulated 1 - 2 business days.

Limits - Minimum transfer limits vary based on the sender's location. Maximum transfer limits vary depending on where the sender and recipient live. 

Phone transfers - You can not carry out transfers over the phone as a personal customer.


DBS

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43

You can transfer money online or by visiting a DBS branch.

The bank lets its customers receive money from overseas.

The bank may increase the default daily transfer limit of S$1,000 to up to S$200,000.

While typical overseas fund transfers may take two to four business days, you can carry out same day transfers using DBS Remit.

Cut-off times for same day transfers can be viewed online.


InstaReM wins!

InstaReM scores better in the Ease of Use category.

InstaReM
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Winner

Support & Countries

InstaReM

75

75

What InstaReM does well

Supported destination countries - InstaReM lets you send money to a number of countries across North America, Europe, Asia and Oceania. However, the list of supported destination countries might vary based on the sender's location.
 

Where InstaReM could improve

Supported registration countries - InstaReM currently accepts customers from the US, Canada, the UK, Euro Zone countries, Australia, Hong Kong, India, Malaysia and Singapore.


DBS

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63

DBS lets its customers send money to more than 150 countries in over 20 currencies.

The bank provides same day fee-free transfers to the U.S., Canada, the UK, Eurozone countries, India, Australia, Hong Kong, Malaysia, Indonesia, Thailand, the Philippines, China and Japan.


InstaReM wins!

InstaReM scores better in the Support and Countries category.

InstaReM
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Winner

Trust & Transparency

InstaReM

50

50

What InstaReM does well

Regulated - InstaReM Pte. Ltd. (now known as NIUM Pte. Ltd.) is licensed by regulatory bodies of different countries.

Safety of funds - Uses segregated bank accounts to hold client money.

Trustpilot - Rating of Excellent.
 

Where InstaReM could improve

Transparency - Unless you carry out research on your own, you won't find out how much you pay as exchange rate margins.

Addressing customer concerns - A reasonable number of InstaRem reviews on Trustpilot and Google Play Store complain about delayed transfers and poor customer service.


DBS

44

44

DBS is registered with and regulated by the Monetary Authority of Singapore (MAS).

In Hong Kong, it is regulated by the Hong Kong Monetary Authority.

In the UK, it is authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA).


InstaReM wins!

InstaReM scores better in the Trust and Transparency category.

InstaReM
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Winner

The Result

Winner ribbon iconWinner

 InstaReM

While neither provider scores exceptionally well, InstaReM does get across the line on most occasions.  The exception is for business services in which DBS as a bank has an advantage.  On all the other sections InstaReM proves it offers better and cheaper money transfer services.