Which scores better when comparing InstaReM vs DBS? See how each provider scores and who wins when comparing their services, fees, supported countries and customer service.
InstaReM
Overall score:
63
63
DBS
Overall score:
60
60
Personal Features
Business Benefits
Fees & Exchange Rates
Ease of Use
Support & Countries
Trust & Transparency
50
50
InstaReM provides reliable international money transfers services for personal customers from several countries.
67
67
Singapore-based DBS Bank gives personal customers from different countries an easy means to carry out online overseas money transfers through the digibank Remit service. Customers can also carry out DBS money transfers by visiting any of the bank's branches.
44
44
Small and mid-sized businesses may benefit by using InstaReM's services.
78
78
Small, mid-sized and large businesses can use DBS money transfer services as well as other forex-related services.
34
34
The transfer fee you need to pay depends on the currencies being traded, the transfer amount and the mode of payment.
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.
17
17
DBS applies a markup/margin on existing interbank exchange rates, which can be up to 5%. You stand to get preferential rates for transfers that exceed SG $50,000 or its currency equivalent.
If you send money online using the digibank Remit platform to any of the digibank Remit-supported locations, you pay no transfer fees.
If you send money to countries where digibank Remit is not available, handling and third party fees apply.
If you carry out a regular overseas money transfer through DBS, you need to pay cable/telex charges of SG $20. A handling commission might also apply.
If you set up an overseas DBS money transfer at a branch, a minimum fee of SG $30 will apply.
72
72
Create a new account easily by using the InstaReM app or website.
Available for iOS and Android.
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.
43
43
Signing up - Existing DBS account holders don't have to create new accounts to send money overseas.
Transfer methods - Online, digibank Mobile app and DBS iWealth app.
Transfer speed - Transfers to digibank Remit supported countries go through on the same day. Most other transfers take 2 - 4 business days.
Payment options - Make your payment directly through your DBS bank account.
DBS mobile app - DBS provides apps for Apple and Android users. The DBS app you need to download depends on your country of residence.
Daily transfer limits - The default maximum daily transfer limit stands at SG $500. However, you may request for an increase via digibank. Destination-country based daily sending limits also apply.
75
75
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.
Supported registration countries - InstaReM currently accepts customers from the US, Canada, the UK, Euro Zone countries, Australia, Hong Kong, India, Malaysia and Singapore.
63
63
Registration countries - DBS provides overseas money transfer services in Singapore, Hong Kong, mainland China, Indonesia, Taiwan and India.
Digibank Remit supported countries - You may use the online digibank Remit platform to set up same-day transfers to Australia, Canada, Eurozone, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, mainland China, Myanmar, New Zealand, Philippines, Thailand, UK, USA and Vietnam.
Other supported destination countries - DBS lets you send money in over 20 currencies, to more than 150 countries.
Customer service - Provided via chat, email, phone and social media platforms.
Multilingual website - You can use the DBS websites in English and Chinese (traditional and simplified).
50
50
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.
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.
44
44
Regulated - DBS is licensed by regulatory bodies of different countries.
Exchange rate transparency - Customers need to carry out their own research if they want to find out how much they pay as exchange rate margins.
Trustpilot - There are very few DBS Bank reviews on Trustpilot as of now. With just 4 reviews, it gets an average score of 7.4 out of 10.
WinnerWhile 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.
