Instarem vs Corpay: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	Instarem	Corpay
Homepage
Transfer Fee	Depends on the selected countries, the transfer amount, and the selected payment method.	£20 for transfers under £3,000 £0 for transfers above £3,000.
Average Exchange Rate Markup	0.3% – 0.6%	0.4% – 1.9%
Minimum Transfer Amount	$1 ($50 for India)	£1,000 (or currency equivalent)
Maximum Transfer Amount	Depends on the origin country and the selected payment method.	No limit

Reviews

	Instarem	Corpay
Trustpilot Rating	4.4	2.8
Number of Trustpilot Reviews	8,000	3
iOS App Rating	3.7	5
Number of iOS App Reviews	530	1
Android App Rating	4.3	N/A
Number of Android App Reviews	7,800	N/A

Features

	Instarem	Corpay
App Transfers	Yes	No
Online Transfers	Yes	Yes
Phone Transfers	No	Yes
In-person Transfers	No	No
Available Countries	60	200
Number of Currencies	30	145
Payment Methods	Bank account Debit card Credit card PayNow PayID POLi FPX Interac	Bank account Debit card Credit card
Receiving Methods	Bank account Alipay wallet in China Cash pickup in the Philippines	Bank account
Cash Pickup Option	Only for the Philippines	No
Payments Flexibility	Web platform Mobile app	Web platform Phone
Supported Languages	English	English
Transfer Speed	1-2 days	1-2 days
Dedicated Dealer	No	Yes
Instant Custom Quote	Yes	No
Business Features	Bulk Payments	Spot contracts Forwards contracts Market orders Limit orders Treasury and risk management
Debit Card	amaze by Instarem	Corpay Multi-Card
Cancellation Policy	Without a cancellation fee if the transfer hasn’t been processed. Contact customer services to discuss cancellation if the transfer has been processed.	If you choose to cancel your money transfer, the funds would be returned to the market. Keep in mind that canceling the transaction may result in additional charges, which you would be liable for.**
Suitability	Small money transfers	Large money transfers

Company Comparison

	Instarem	Corpay
Year Founded	2014	2001
Headquarters	Singapore	London, UK
Other Office Locations	Canada, the United States, the United Kingdom, Lithuania, India, Hong Kong, Japan, Malaysia, Indonesia, and Australia	The Netherlands, Spain, Cyprus, and Canada**
Annual Trading Volume	$3 billion	$74 Billion
Number of Employees	300	200**
Number of Clients	1 million	25000
Regulatory Institutions	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	FinCEN in the USA FINTRAC in Canada FCA in the UK ASIC in Australia Central Bank of Ireland in EU
Awards	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)	Profit Fast Track 100 (The Sunday Times, 2012) Best Small Companies to Work For (The Sunday Times, 2014) Best Company To Work For (Best Accreditation Standard, 2016) Best Forex Payment Technology Solution (UK Forex Awards, 2018) Best Currency Service Provider (Shares Awards, 2018) Gold Service Award (Feefo, 2019) Best New to Market Portugal (Department for International Trade Business Awards, 2019) Platinum Service Award (Feefo, 2021 and 2022) Best Payments Solutions Provider (Global Forex Awards B2B, 2022) Best Cross-Border Payments Service (Payments Awards, 2022) Overall Payment Solution of the Year (Electronic Money Award, 2022)

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

Corpay Pros & Cons

Corpay Pros

• Several payment methods are available
• Expert currency advisors on-hand
• Impressive online reviews
• No transfer fees for large transfers
• Attractive exchange rates
• No limit on the maximum transfer amount
• Broad international reach
• Support for a wide range of currencies
• Long-standing industry experience
• Prompt transfer service

Corpay Cons

• Not suitable for small money transfers
• Limited funding options
• Absence of a mobile app
• No option for instant custom quotes
• High minimum transfer limit

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