Currencies Direct vs Instarem: Fees & Reviews Compared

Both Currencies Direct and Instarem are popular international money transfer services. But which one is better?

Below we compare them on their fees and reviews.

Fees

	Currencies Direct	Instarem
Homepage
Transfer Fee	No fee	Depends on the selected countries, the transfer amount, and the selected payment method.
Average Exchange Rate Markup	0.4% to 1.4%	0.3% – 0.6%
Minimum Transfer Amount	$1	$1 ($50 for India)
Maximum Transfer Amount	£25,000 through the mobile app £300,000 by placing a special request	Depends on the origin country and the selected payment method.

Reviews

	Currencies Direct	Instarem
Trustpilot Rating	4.9	4.4
Number of Trustpilot Reviews	9,400	8,000
iOS App Rating	3.5	3.7
Number of iOS App Reviews	100	530
Android App Rating	3.5	4.3
Number of Android App Reviews	500	7,800

Features

	Currencies Direct	Instarem
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	Yes	No
In-person Transfers	Yes	No
Available Countries	200	60
Number of Currencies	70	30
Payment Methods	Bank account Debit card Credit card Check	Bank account Debit card Credit card PayNow PayID POLi FPX Interac
Receiving Methods	Bank account	Bank account Alipay wallet in China Cash pickup in the Philippines
Cash Pickup Option	No	Only for the Philippines
Payments Flexibility	Web platform Mobile app Phone In person	Web platform Mobile app
Supported Languages	English, French, Spanish, Portuguese, Italian, Norwegian, Swedish, German, Chinese, and Korean	English
Transfer Speed	1-2 hours within Europe 1-2 days for overseas transfers	1-2 days
Dedicated Dealer	Yes	No
Instant Custom Quote	N/A	Yes
Business Features	Spot contracts Forwards contracts Limit orders Stop-loss orders Recurring transfers Digital multi-currency wallet Rate alerts API portal	Bulk Payments
Debit Card	Currencies Direct multi-currency debit card	amaze by Instarem
Cancellation Policy	N/A	Without a cancellation fee if the transfer hasn’t been processed. Contact customer services to discuss cancellation if the transfer has been processed.
Suitability	Large money transfers	Small money transfers

Company Comparison

	Currencies Direct	Instarem
Year Founded	1996	2014
Headquarters	London, UK	Singapore
Other Office Locations	Orlando (USA), Saint John (Canada), Mumbai (India), Albufeira (Portugal), 3 locations in South Africa, and 19 locations in Spain	Canada, the United States, the United Kingdom, Lithuania, India, Hong Kong, Japan, Malaysia, Indonesia, and Australia
Annual Trading Volume	£9.5 billion	$3 billion
Number of Employees	550	300
Number of Clients	430000	1 million
Regulatory Institutions	FinCEN in the USA FINTRAC in Canada FCA in the UK Bank of Spain in Spain and the EU ACPR in France FSB in South Africa	FinCEN in the USA FINTRAC in Canada FCA in the UK ASIC in Australia The Bank of Lithuania in the EU MAS in Singapore CED in Hong Kong Central Bank of Malaysia in Malaysia Bank of Indonesia in Indonesia Kanto Local Finance Bureau in Japan Reserve Bank of India in India
Awards	Credit Rating of Level 1 (Dun & Bradstreet Corporation, 2010) National Business Awards Finalist (National Business Awards, 2016) Most Positive Client Reviews (Money Transfer Comparison, 2017) Consumer Champion of the Year (Money Age Magazine, 2017) Money Transfer Provider of the Year (Money Age Magazine, 2016, 2017,2018, 2019, 2020, and 2021) Best Rated Money Transfer (Money Transfer Comparison, 2019, 2020, 2021)	Singapore Fintech Award (Singapore Fintech Festival, 2017) FinTech Rising Star Award (India FinTech Awards, 2017) Outstanding Digital Cross-Border Money Transfer Service (India FinTech Awards, 2017) Blockchain Innovator Award (Swell by Ripple, 2018) Excellence in Payments (Fintech Australia, 2018) Best Value International Money Transfer Provider Award (Mozo Experts Choice, 2020 and 2021)

Currencies Direct Pros & Cons

Currencies Direct Pros

• 4.9 out of 5 on Trustpilot based on over 8,000 reviews
• No transfer fees
• Free Amazon gift card for new paying customers
• Multiple payment options
• Amazing customer service
• Favourable exchange rates
• Extensive knowledge base
• Highly convenient
• Range of flexible solutions for everyone
• Global service coverage
• Solid currency coverage
• Local coverage
• Decades of experience
• Fast money transfers
• Exchange rate alerts option

Currencies Direct Cons

• Not focused on small money transfers
• Limited deposit options
• Limited smaller currency coverage
• No option for instant custom quotes
• Lack of cancellation policy
• Not available in some US states
• Mobile app has transfer limits

Instarem Pros & Cons

Instarem Pros

• A wide array of payment choices
• Exceptional customer service
• High rating on Trustpilot
• Instant, free quotes providing transparency and avoiding hidden costs
• Attractive foreign exchange rates
• Quick money transfers
• Exclusive amaze card
• Robust mobile app for easy access
• International service reach covering over 60 countries
• Broad currency coverage

Instarem Cons

• Not ideal for large financial transfers
• Limited support for multiple languages
• Limited support for less common, exotic currencies
• No cash pickup options (only available for residents in the Philippines)
• No hedging tools such as forward contracts or limit orders for businesses

See More Comparisons:

Currencies Direct vs Key Currency
Currencies Direct vs VertoFX
Currencies Direct vs Moneycorp
Currencies Direct vs Caxton
Currencies Direct vs Corpay