Which scores better when comparing InstaRem vs eRemit? See how each provider scores and who wins when comparing their services, fees, supported countries and customer service.
InstaReM
Overall score:
63
63
ERemit
Overall score:
43
43
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.
33
33
Malaysia-based eRemit gives individuals from the country an easy means to carry out international money transfers.
44
44
Small and mid-sized businesses may benefit by using InstaReM's services.
11
11
eRemit provides rather basic services for business customers.
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
eRemit exchange rates come with margins/markups that the company adds on top of existing mid-market rates. The markup can be over 2% for some currencies.
Additional eRemit fees depend on the destination country, the payout method and the transfer amount. You find out how much you need to pay as the eRemit service charge in advance.
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.
64
64
You can sign up using the eRemit website or eRemit app. While creating a new account is simple, the verification process might take some time.
Make payments via FPX (direct deduction from your bank account) or by using your Merchantrade Money Prepaid Visa Card.
Face-to-face document verification
Online document verification
Business customers
Business customers can carry out transfers of up to RM 10 million per day.
Bank account transfers to most countries go through in 1 - 2 business days. Transfers to cash pickup locations can go through almost immediately.
eRemit provides apps for Android and Apple. eRemit reviews on Google Play Store have largely positive things to say about the app's usability, although a few customers highlight problems surrounding the app not working with particular devices. There are few eRemit reviews on the Apple App Store.
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.
38
38
Supported registration countries - eRemit accepts customers only from Malaysia.
Supported destination countries - Lets you send money to more than 200 countries.
Supported countries for cash transfers - Philippines, Indonesia, Sri Lanka, Bangladesh, Nepal, Myanmar and Vietnam.
Customer service - Provided over the phone and via email.
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.
56
56
Licensed - Merchantrade Asia Sdn. Bhd. owns and operates eRemit. Merchantrade has a license to operate as a money services business in Malaysia.
eRemit reviews - There are just around 25 eRemit reviews on Trustpilot. With a score of 9.4 out of 10, the company rates as Excellent. eRemit also rates well on the Google Play Store, averaging at 4.4 out of 5, with over 1,800 reviews. However, some concerns raised by customers on this platform are left unanswered by eRemit.
WinnerWith a tie across InstaReM and eRemit's individual services the race is on against the other scoring categories. InstaReM has taken out all the categories except for Trust and Transparency. The stand out wins are within their business services and also their cheaper fees and exchange rates,
