Registration - Remitly has a smooth account creation process. The website and mobile app are easy to use.
ID Verification - ID verification is not required for Tier 1 membership but this lowers the account sending limits. Tier 2 and 3 require increased proof of identification and source of funds. This can be a slower process.
Transfer speed - Generally between 2 - 3 days upon payment.
Low minimum transfer limits - Send under $5
Low maximum transfer limits - Transfer limits are tiered based on your ID verification. Even with tier 3 ID verification.
Low maximum sending limits - After full ID verification, you may only send up to $60,000 within 180 days. That’s low!
What InstaReM does well
Create a new account easily by using the InstaReM app or website.
- 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.
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.
InstaRem scores better in the Ease of Use category.