Instarem vs Transferwise

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Introduction

In the past years, with the change in different spheres such as technology, access of people to the electronic and world and also entering the world in difficult times like Covid-19, people started to use different services and platforms that can help them in all situations, especially in the case of financial services and activities. However in this case, there are so many different options that are available and offering their services for customers around the world. In this short article, we want to write about Instarem and Transferwise as two important platforms among people and see what are the advantages and disadvantages of these services for users around the world.

Instarem & Its features

Instarem is one of the popular platforms among people that is providing mid-market exchange rates for their customers; this type of exchange rates are without any extra and additional fees for users. However Instarem exchange rates are just available for the specific trading hours and certain currencies. In addition, if we observe the instarem’s fees, it is depending on the country and the currency but in general it is between 0.25% to 1%. However in case of exchange rates, there is still not clear in which trading hours and with which specific currencies instarem is providing mid-market exchange rates. In case of speed, it depends on the currency and receiver bank however it usually takes 1-2 business days for instatem to make the transfers. Should be noted that it is supporting more than 15 currencies, the payment method with instarem is with Bank transfer and the receiving option is with a bank account. Users can minimum send 50$ and maximum 3000$ with this platform.

Transferwise & Its Services

Transferwise is another popular platform for people that is offering mid-market exchange rates without any additional fees. However in Wise, when we talk about fees it is depending on the amount of money, exchange rates and the country but it is usually between 0.35% to 2.04% for the customers; the Wise calculation in the platform can inform users about whole fees that need to be paid. Nevertheless at least in terms of exchange rates, Transferwise is totally providing users with mid-market rates and without any additional fees. In terms of speed, it usually takes 4 days for Wise to make transfers, depending on the currencies and payment methods. Should be noted that the payment options with Wise consist of Bank transfer and credit/debit cards. It is supporting more than 45 currencies in the world and customers can make transfers with Wise, minimum 1$ to maximum 1,500,000$.

Conclusion 

Definitely comparing these two popular services is not easy and simple, but with what said above we can see that in case of fees, Instarem can be a better option for users however in case of exchange rates, Transferwise is more useful for customers. Should be noted that in case of speed, both platforms almost have the same speed for their transactions.

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