While transferring funds online, you must rely on the most trustworthy company, which is offering its services to millions of people. InstaReM and WorldRemit, both are such companies which are available for its customers worldwide. However, there is a difference in the offerings of both the companies and due to which the rates, fees and transfer price differ. So, to find which one is the best to have a close look at both the companies’ services:
Exchange Rate: InstaReM is among a few of the money remittance service providers who offer the existing mid-market rates without any margin. However, WorldRemit adds the margin to mid-market rates and this margin can range in between 0.7% to 3% depending on the currency.
Transfer Fees: Both companies charge the fees but in InstaReM, it depends on the country where you are sending money while in WorldRemit, it has a fixed rate ranging in between $2.99-$10. The fees will be less in WorldRemit when you send a larger amount and vis-à-vis. WorldRemit and InstaReM both have different fee structure but the WorldRemit fee is generally lower than InstaReM.
Transfer Speed: The first transaction with InstaReM takes longer time but later it delivers funds within 2-5 working days. While in WorldRemit, transfer time depends on the payout method, which is estimated under:
- Bank Transfers: These transfers generally take 1-3 business days.
- Cash Pick-up: These are available to collect instantly.
- Airtime top-up: Instant
- Mobile money: Available within 2-4 hours.
- Home delivery: Provided within 24 hours.
So, if you want to transfer money in an instant manner, select WorldRemit.