Today, sending money is as easy and convenient as sending a text message. One of the reasons for this convenience is money transfer service providers. Among these popular providers are InstaReM and Xoom (a PayPal service).
Learn about the differences between InstaReM and Xoom as this article examines their features, fees, transfer speeds, and overall user experience.
An Overview of InstaReM and Xoom
InstaReM
Founded in 2014, InstaReM (now known as Nium) focuses on providing low-cost international money transfers. It is renowned for its transparent pricing model, which appeals to personal and business users. InstaReM operates in different countries and supports a variety of currencies. It is an ideal choice if you frequently send money globally.
Xoom
Launched in 2001 and acquired by PayPal in 2015, Xoom offers rapid money transfers, bill payments, and mobile reloads. The platform is top-rated among users who need to send money to family and friends in different countries. Xoom’s integration with PayPal also makes it a convenient option for existing users, allowing seamless transfers and transactions.
Key Features Comparison
Supported Countries and Currencies
InstaReM
Supports transfers to over 55 countries and offers competitive exchange rates for numerous currencies. Users can send money to countries in Asia, Europe, North America, and Australia, making it a strong contender for international transfers.
Xoom
Supports money transfers to more than 130 countries, with a wide range of currencies. Xoom’s extensive network allows users to send money almost anywhere in the world, making it a good choice for those with diverse transfer needs.
Transfer Methods
InstaReM
Users can transfer money using bank transfers or credit/debit cards. InstaReM typically emphasizes bank transfers, as they are more cost-effective for both the sender and receiver. The process requires users to set up an account, verify their identity, and initiate the transfer.
Xoom
Offers multiple transfer methods, including bank transfers, credit/debit cards, and cash pickups in some locations. This flexibility allows users to choose the method that best suits their needs, whether they require immediate access to funds or prefer a more traditional bank transfer.
Fees and Exchange Rates
InstaReM
One of InstaReM’s biggest advantages is its transparent fee structure. The service charges a low percentage fee on each transfer, typically between 0.5% and 2%, depending on the destination and amount sent. Moreover, InstaReM does not mark up the exchange rate. Users get the mid-market rate for currency conversions.
Xoom
Xoom charges fees based on the payment method and the destination country. Fees can range from $4.99 to $39.99 or more, depending on whether you use a bank account, credit card, or debit card. Additionally, Xoom may apply a markup on the exchange rate. It is recommended that users compare the transaction fees using Xoom with other services to ensure they get the best deal.
Transfer Speed
InstaReM
Transfers via InstaReM are typically processed within one to three business days, depending on the destination and payment method. While this timeframe may seem longer than some competitors, the service prides itself on ensuring that transfers are safe and secure.
Xoom
Xoom is known for its speed, with many transfers being completed within minutes. If the recipient has a bank account and both parties are in countries where Xoom operates, funds can often be available almost instantly.
User Experience
Mobile App and Website
InstaReM: InstaReM offers a user-friendly mobile app and website, allowing users to navigate the platform and manage their transfers easily. The app provides real-time tracking of transfers, helping users stay informed about the status of their transactions.
Xoom: It also provides a highly-rated mobile app that integrates seamlessly with PayPal. Users appreciate the straightforward interface, allowing quick transfers and easy access to transaction history. The app also supports multiple languages, catering to a diverse user base.
Customer Support
InstaReM: Customer support is accessible via email and online chat. Users can find help through the extensive FAQ section on the website, which covers common queries regarding fees, transfer times, and account management.
Xoom: Xoom offers customer support through phone, email, and live chat, providing multiple channels for assistance.
Conclusion
While both InstaReM and Xoom have their merits, many users may find that RemitBee is the best option for international money transfers. RemitBee is designed for Canadians sending money to various countries, offering low fees, competitive exchange rates, and a user-friendly interface. RemitBee stands out by providing reliable and cost-effective solutions tailored to meet the needs of its users.
When you use RemitBee's services, you'll get the best rates. Plus, you can even send money for free when you remit over 500 CAD. Sign up now.
