MoneyGram vs Instarem: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	MoneyGram	Instarem
Homepage
Transfer Fee	Depends on the location, the sending amount, and the payment method. Can be as low as $0-$15 and as high as $100.	Depends on the selected countries, the transfer amount, and the selected payment method.
Average Exchange Rate Markup	1% to 5%	0.3% – 0.6%
Minimum Transfer Amount	£50	$1 ($50 for India)
Maximum Transfer Amount	$10,000 per online transfer for most countries (with a $10,000 as a monthly cap) $25,000 for online transfers to 42 select countries from the US.	Depends on the origin country and the selected payment method.

Reviews

	MoneyGram	Instarem
Trustpilot Rating	4.5	4.4
Number of Trustpilot Reviews	34,800	8,000
iOS App Rating	4.9	3.7
Number of iOS App Reviews	422,000	530
Android App Rating	4.6	4.3
Number of Android App Reviews	88,000	7,800

Features

	MoneyGram	Instarem
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	No
In-person Transfers	Yes	No
Available Countries	200	60
Number of Currencies	60	30
Payment Methods	Bank account Debit card Credit card Cash	Bank account Debit card Credit card PayNow PayID POLi FPX Interac
Receiving Methods	Online wallet Bank account Cash pickup Home delivery	Bank account Alipay wallet in China Cash pickup in the Philippines
Cash Pickup Option	Yes	Only for the Philippines
Payments Flexibility	Web platform Mobile app In person	Web platform Mobile app
Supported Languages	English, Spanish, French, German, Italian, Portuguese, Danish, Norwegian, Arabic, Russian, Ukrainian, Japanese, Czech, Turkish, Hungarian, Polish, Romanian, Indonesian, Thai, Korean, Malaysian, and Chinese	English
Transfer Speed	Within minutes (cash transfers) 1-3 days (bank and debit card transfers)	1-2 days
Dedicated Dealer	No	No
Instant Custom Quote	Yes	Yes
Business Features	N/A	Bulk Payments
Debit Card	None	amaze by Instarem
Cancellation Policy	Cancellations are possible as long as the money hasn’t been claimed by the recipient.	Without a cancellation fee if the transfer hasn’t been processed. Contact customer services to discuss cancellation if the transfer has been processed.
Suitability	Small money transfers	Small money transfers

Company Comparison

	MoneyGram	Instarem
Year Founded	1940	2014
Headquarters	Dallas, TX, US	Singapore
Other Office Locations	Denver (Colorado, US), Minneapolis (Minnesota, US), Brussels (Belgium), São Paulo (Brazil), Vancouver (Canada), Shanghai (China), Hong Kong (China), Mumbai (India), Jakarta (Indonesia), Dublin (Ireland), Rome (Italy), Mexico City (Mexico), Warsaw (Poland), Singapore, Madrid (Spain), Istanbul (Turkey), and London (UK)	Canada, the United States, the United Kingdom, Lithuania, India, Hong Kong, Japan, Malaysia, Indonesia, and Australia
Annual Trading Volume	N/A	$3 billion
Number of Employees	2500	300
Number of Clients	150 million	1 million
Regulatory Institutions	New York State Department of Financial Services in the USA FINTRAC in Canada FCA and HMRC in the UK National Bank of Belgium in EU	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	Best Cash Innovation and Best Comeback Story (PYMNTS Innovator Awards, 2016 and 2017) Technology Innovation Award (Asian Bankers, 2017) Money Transfer Awards (Mobex Africa Innovation, 2018) Top 100 Places to Work (The Dallas Morning News, 2021) Top Workplaces USA Award (Top Workplaces, 2022) Best Use of Blockchain in FinTech (FinTech Breakthrough Awards, 2023)	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)

MoneyGram Pros & Cons

MoneyGram Pros

• A vast range of payment methods
• Outstanding customer support
• Impressive rating on Trustpilot
• Diverse options for receiving funds
• Availability of cash pickup
• Extensive global presence, covering over 200 countries and territories
• Robust currency portfolio including 58 different major currencies
• A top-rated mobile application
• Extensive industry experience
• Swift money transfer services
• Loyalty rewards program

MoneyGram Cons

• Less ideal for handling large financial transfers
• Limited maximum transfer amounts
• A possibility of substantial transfer fees
• Above-average exchange rate markups
• Lack of hedging options for businesses

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

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