Instarem vs VertoFX: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	Instarem	VertoFX
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%-0.6%
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	VertoFX
Trustpilot Rating	4.4	3.9
Number of Trustpilot Reviews	8,000	500
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	VertoFX
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	No
In-person Transfers	No	No
Available Countries	60	200
Number of Currencies	30	51
Payment Methods	Bank account Debit card Credit card PayNow PayID POLi FPX Interac	Bank account Debit card Credit card Online wallet
Receiving Methods	Bank account Alipay wallet in China Cash pickup in the Philippines	Bank account Online wallet
Cash Pickup Option	Only for the Philippines	No
Payments Flexibility	Web platform Mobile app	Web platform Mobile app
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	FX solutions Currency marketplace Market orders Local and global accounts Corporate cards Treasury management Digital multi-currency wallet API integration
Debit Card	amaze by Instarem	Multi-Currency Corporate 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 your transfer hasn’t been completed, you can request a cancellation and refund. Once a transfer has been finalized and the money has been sent to the recipient, it’s generally not possible to cancel the transaction.
Suitability	Small money transfers	Small and large money transfers

Company Comparison

	Instarem	VertoFX
Year Founded	2014	2017
Headquarters	Singapore	London, UK
Other Office Locations	Canada, the United States, the United Kingdom, Lithuania, India, Hong Kong, Japan, Malaysia, Indonesia, and Australia	India, Kenya, South Africa, etc.
Annual Trading Volume	$3 billion	$4 billion
Number of Employees	300	100
Number of Clients	1 million	3000
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 De Nederlandsche Bank in the EU Central Bank of Kenya in Kenya FSCA in South Africa
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 Cross-Border Payments Infrastructure (Payment Awards, 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

VertoFX Pros & Cons

VertoFX Pros

• Diverse payment methods
• Exceptional customer support
• Excellent Trustpilot score
• Zero transfer fees
• Competitive foreign exchange rates
• Comprehensive informational resources
• Peer-to-peer currency trading marketplace
• Digital wallet supporting multiple currencies
• Worldwide service reach spanning over 200 countries
• Robust currency offerings with 51 global currencies
• A plethora of business FX options
• Fast money transfer services
• Flexibility with no set lower or upper transfer limits

VertoFX Cons

• Relatively new in the international money transfer market
• Not ideal for individual money transfers
• Extensive verification documentation needed
• No iOS-compatible mobile application
• Lack of real-time custom quotes

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