Personal Features

InstaReM

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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.

ERemit

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33

eRemit provides online and over-the-counter money exchange services.

Transfer complete in 1-2 days

Does not allow regular payments

Mobile app 

Minimum transfer 1 MYR


InstaReM wins!

InstaReM scores better in the Personal Features category.

InstaReM
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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.

ERemit

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11

Designed for small to medium businesses.

Businesses may use the company’s Ozopay payment gateway designed for e-commerce platforms.

Same day payments in selected countries.


InstaReM wins!

InstaReM scores better in the Business Benefits category.

InstaReM
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Winner

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.


ERemit

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Exchange Rates

Rates tend to fluctuate according to existing market rates. 

You can check prevailing rates by using the eRemit online calculator.

You know the guaranteed rate before confirming your transaction.
 

Fees

Factors that might affect the cost of your transfer include the transfer amount, the destination country and the desired mode of payment.

You know of all applicable fees before finalizing your transfer.

 


InstaReM wins!

InstaReM scores better in the Fees and Exchange Rates category.

InstaReM
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Winner

Ease of Use

InstaReM

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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.


ERemit

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64

You can pay through a bank account transfer or by cash.

You may carry out up to 15 transactions in a 30-day period.

Maximum transfer is RM 50,000 per day for personal, RM 10 million for business.

It lets you send money to cash pickup locations.


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.


ERemit

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Supported Countries

eRemit accepts customers only from Malaysia.

It lets you send money to more than 200 countries.
 

Customer Service

The average review-based Trust Pilot score for eRemit, is 9 out of 10.


InstaReM wins!

InstaReM scores better in the Support and Countries category.

InstaReM
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Winner

Trust & Transparency

InstaReM

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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.


ERemit

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Merchantrade Asia Sdn. Bhd. owns and operates eRemit.

Merchantrade has a license to operate as a money services business in Malaysia.


InstaReM wins!

InstaReM scores better in the Trust and Transparency category.

ERemit
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Winner

The Result

Winner ribbon iconWinner

 InstaReM

With 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,