Instarem vs Key Currency: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	Instarem	Key Currency
Homepage
Transfer Fee	Depends on the selected countries, the transfer amount, and the selected payment method.	No fee
Average Exchange Rate Markup	0.3% – 0.6%	0.2% – 1%
Minimum Transfer Amount	$1 ($50 for India)	$1
Maximum Transfer Amount	Depends on the origin country and the selected payment method.	No limit

Reviews

	Instarem	Key Currency
Trustpilot Rating	4.4	4.9
Number of Trustpilot Reviews	8,000	1,600
iOS App Rating	3.7	N/A
Number of iOS App Reviews	530	N/A
Android App Rating	4.3	N/A
Number of Android App Reviews	7,800	N/A

Features

	Instarem	Key Currency
App Transfers	Yes	No
Online Transfers	Yes	Yes
Phone Transfers	No	Yes
In-person Transfers	No	No
Available Countries	60	N/A
Number of Currencies	30	37
Payment Methods	Bank account Debit card Credit card PayNow PayID POLi FPX Interac	Bank account
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 Limit orders Market analysis Recurring transfers Rate alerts
Debit Card	amaze by Instarem	None
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.	Customers must get in touch with the company to cancel transfers once they’ve been confirmed. Refunds are subject to Key Currency’s approval and granted on a case-by-case basis.
Suitability	Small money transfers	Large money transfers

Company Comparison

	Instarem	Key Currency
Year Founded	2014	2016
Headquarters	Singapore	Truro, Cornwall, the UK
Other Office Locations	Canada, the United States, the United Kingdom, Lithuania, India, Hong Kong, Japan, Malaysia, Indonesia, and Australia	The Netherlands, Portugal, and Spain
Annual Trading Volume	$3 billion	£2 billion
Number of Employees	300	42
Number of Clients	1 million	50000
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 FCA in the UK Bank of Spain in Spain
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)	Best Currency Exchange Service (ADVFN – each year from 2016 to 2023) Best Currency Provider (Online Personal Wealth Awards – 2016 and 2017)

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

Key Currency Pros & Cons

Key Currency Pros

• Great customer service
• Impressive Trustpilot score
• Zero transfer fees
• Attractive exchange rates
• Personalized support from dedicated account managers
• No limits on transfer amounts
• Flexible currency hedging options
• Wide-reaching service coverage
• Extensive industry experience
• Quick money transfers

Key Currency Cons

• Not optimal for smaller transfers
• Limited funding methods
• Lack of support for less-common currencies
• No option for instant personalized quotes
• Services not accessible for residents in the US
• Absence of a mobile app

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