When it comes to choosing a payment solution for personal or business needs, many people find themselves weighing the options between Instarem and Remitly. This article aims to provide a comprehensive overview of what Instarem and Remitly offer, compare their pricing and features, and help you determine which service best meets your requirements.
A quick overview on Instarem and Remitly
What is Instarem?
Instarem is a financial technology company that offers international money transfer services for both personal and business needs. The platform supports over 60 currencies and allows users to send funds directly to recipients' bank accounts, making it suitable for personal remittances and business payments like payroll and invoice settlements.
Instarem stands out with its competitive exchange rates, low transaction fees, and a rewards program called InstaPoints. Common use cases include individuals sending money to family abroad, students paying for overseas education, and businesses managing international payroll. The service is known for its fast transfer times and transparent pricing.
What is Remitly?
Remitly is a digital remittance service that enables individuals to send money internationally. It supports various payment methods for senders, such as bank accounts, debit cards, and credit cards, while recipients can receive funds through bank deposits, cash pickups, mobile wallets, or home delivery.
Remitly is particularly beneficial for individuals who need to send money to family or friends abroad. Its key strengths include a straightforward platform, competitive exchange rates, multiple delivery options, and the ability to choose transfer speeds, including an express option for near-instant transfers.
Pricing of Instarem and Remitly
Instarem offers competitive exchange rates with minimal markups and low transaction fees, starting from 0.4% for personal accounts and 0.65% for business accounts. The platform ensures transparent pricing by displaying all costs upfront, allowing users to be aware of any charges before proceeding with a transaction. This transparency helps users avoid unexpected fees and makes budgeting easier.
Remitly's pricing structure includes fees that vary based on the destination country, transfer amount, payment method, and chosen transfer speed. For instance, sending money to India may incur a fee of $3.99 for amounts less than $1,000, with no fee for amounts over $1,000. Additionally, Remitly applies a 3% fee for some transfers sent by credit card from the U.S. Exchange rate margins typically range between 1% and 3.7% above mid-market rates.
Instarem generally offers better pricing due to its lower transaction fees and minimal markups on exchange rates.
Features of Instarem and Remitly
Instarem features
Instarem offers a range of unique features that cater to both personal and business users:
- Competitive Exchange Rates: Provides minimal markups on exchange rates, ensuring users get more value for their money.
- Low Transaction Fees: Charges start from 0.4% for personal accounts and 0.65% for business accounts, making it a cost-effective option.
- Fast Transfer Times: Most transactions are processed instantly or within the same day, ensuring quick delivery of funds.
- Transparent Pricing: Displays all costs upfront, allowing users to be aware of any charges before proceeding with a transaction.
- InstaPoints Rewards System: Users earn points for each transaction, which can be redeemed for discounts on future transfers, setting it apart from many competitors.
Remitly features
Remitly offers a range of unique features that cater to the needs of individuals sending money internationally:
- Multiple Delivery Options: Users can choose from bank deposits, cash pickups, mobile wallets, or home delivery, depending on the recipient's location.
- Competitive Exchange Rates: Provides favorable exchange rates with transparent fee structures, ensuring users understand costs upfront.
- Real-Time Transfer Tracking: Allows users to monitor the status of their transfers in real-time, providing peace of mind.
- On-Time Delivery Guarantee: Promises timely delivery of funds or a refund of fees, setting it apart from many competitors.
- Advanced Security Protocols: Utilizes high-level encryption and security measures to protect users' financial information.
Comparing Instarem, Remitly and OneSafe
Why choose one over the other?
- Why Choose Instarem Over Remitly: Instarem offers lower transaction fees and minimal markups on exchange rates, making it a more cost-effective option for frequent transfers. Additionally, the platform's transparent pricing and InstaPoints rewards system provide added value, especially for users who prioritize cost savings and loyalty benefits.
- Why Choose Remitly Over Instarem: Remitly provides multiple delivery options, including cash pickups and home delivery, which can be more convenient for recipients in certain regions. The ability to choose transfer speeds, including an express option for near-instant transfers, makes Remitly a better choice for those who need flexibility and speed in their transactions.
Considering OneSafe vs Instarem and Remitly
- Why Choose OneSafe Over Instarem and Remitly: OneSafe offers seamless USD to USDC conversion on Polygon, making it ideal for Web3 companies needing instant, borderless transactions. Its end-to-end expense and payroll management tools, combined with exceptional customer support, provide a comprehensive solution for businesses handling both traditional and digital assets.
What are the customers saying?
Instarem reviews
Customer reviews of Instarem highlight several recurring issues. Users frequently report delays in account verification and fund transfers, which can be frustrating. Additionally, there are mentions of difficulties in contacting customer support, with some users finding it challenging to get timely assistance. Check out more Instarem reviews here.
Remitly reviews
Customer reviews of Remitly highlight several recurring issues. Users frequently report delays in transactions, which can be inconvenient. Additionally, there are mentions of difficulties with the initial verification process and challenges in contacting customer support, with some users finding it hard to get timely assistance. Check out more Remitly reviews here.
OneSafe reviews
Customer reviews of OneSafe highlight the platform's exceptional customer support, ease of payroll processing, and ability to simplify complex banking tasks for Web3 companies. Users appreciate the seamless USD to USDC conversion on Polygon, which facilitates instant, borderless transactions, and the end-to-end expense and payroll management tools that streamline financial operations.
Notable feedback includes:
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Instarem, Remitly, or OneSafe: Which is the best platform for you?
In conclusion, whether you choose Instarem, Remitly, or OneSafe, each platform offers unique benefits tailored to different needs. However, for businesses, especially those involved in Web3 and cryptocurrency transactions, OneSafe stands out with its seamless USD to USDC conversion, end-to-end expense management tools, and exceptional customer support. We recommend giving OneSafe a try for a comprehensive and efficient financial solution.
