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.

SingX

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.

What SingX offers individuals

  • International money transfers
  • Same day transfers to some countries
  • Cash pay-outs in the Philippines
  • Mobile top-ups of Indian, Indonesian, Malaysian, and Filipino phone numbers from Singapore
  • Rate alerts
  • SingX mobile app

What SingX does not offer individuals

  • Personal account manager
  • Regular transfers
  • Travel cards
  • Cash pick-up in countries other than the Philippines

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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.

SingX

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.

What SingX for business offers

  • Transfers to over 30 countries
  • No deductions from recipient's bank account

What SingX for business doesn’t do

  • Unique customer multi-currency accounts
  • Xero or Quickbooks integration
  • FX optimized card
  • Risk management tools for business

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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.


SingX

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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.

SingX exchange rate

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.
 

Are there additional SingX fees?

There is no fee other than the exchange rate margin.


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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.


SingX

54

54

What SingX does well

  • Sign up process - Quick and simple.
  • ID verification - Needs a photo or scanned copy of your ID document, and typically takes up to one working day to activate your account.
  • Transfer speed -  Same day to two days for most countries.
  • Mobile app - Check live exchange rates, make transfers and manage your account.

Where SingX could improve

  • Payment options - Accepts payments only via local bank transfers.

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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.


SingX

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56

What SingX does well

  • Supported destination countries - SingX supports transfers to the USA, Canada, the UK, countries in the European Union, Australia, New Zealand, India, Pakistan, China, Hong Kong, Japan, Malaysia, Singapore, Indonesia, Philippines, Thailand, Vietnam, Sri Lanka, Nepal, and Bangladesh. The list varies slightly based on the country where you initiate your transfer.
  • Country-specific websites - The company operates dedicated websites for Singapore, Hong Kong and Australia.
  • Local settlement accounts - Local settlement accounts in Singapore, Hong Kong and Australia help customers reduce the cost of their transfers.
  • Customer support - Provides over the phone customer service in Singapore, Hong Kong and Australia, as well as support via email.

Where SingX could improve

  • Customer sign-up countries - SingX currently accepts customers only from Singapore, Hong Kong and Australia.
  • Languages - Customer service and website access is only in English.

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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.


SingX

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63

What SingX does well

  • Regulated by - SingX is licensed by regulatory authorities in Singapore, Hong Kong and Australia.
  • Client funds - Holds client money in segregated bank accounts.
  • Transparency - SingX is very clear and transparent with their fee structure. It is a margin fee percentage on top of the real time exchange rate. Margin fee percentages are low for most popular currency transactions.
  • SingX Google reviews - Singx Google reviews rates SingX Money Transfer as 4.6/5 by 1264 people. TrustPilot does not have enough SingX reviews to score them.

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The Result

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 InstaReM