Both InstaReM and Singx are big players for international money transfers in Singapore. Which service wins overall and why? Read how each can benefits the individual and businesses.
InstaReM
Overall score:
63
63
SingX
Overall score:
55
55
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.
34
34
SingX gives individuals a quick and simple way to send money overseas. iCompareFX’s SingX review has found that it offers a variety of services for individuals outside of international bank transfers.
44
44
Small and mid-sized businesses may benefit by using InstaReM's services.
11
11
Business services provided by SingX are very basic. Business clients may carry out only spot transfers. SingX business customers can take advantage of their low and transparent exchange rates but not additional services that benefit a business.
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.
50
50
SingX exchange rates and fees are very straightforward. SingX Money Transfer has a transparent fee structure that is clearly shown during the money transfer process.
Exchange rate margin fee - SingX uses the mid-market/real exchange rate and applies a margin of 0.25% for frequently traded currencies to 1% for exotic currencies. During iCompareFX’s review for this SingX comparison, it was noted that on average the cost was approximately 0.5%. This is a very competitive price compared to many of their competitors.
There is no fee other than the exchange rate margin.
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.
54
54
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.
56
56
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.
63
63
Winner
