OFX vs Instarem: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	OFX	Instarem
Homepage
Transfer Fee	AU$15.00 under $10,000 (Australia) CAD $15.00 under $10,000 (Canada) HK $60.00 under $50,000 (Hong Kong) NZD $15.00 under $10,000 (New Zealand) No fee for the rest of the world.	Depends on the selected countries, the transfer amount, and the selected payment method.
Average Exchange Rate Markup	0.4% – 1.9%	0.3% – 0.6%
Minimum Transfer Amount	$1000 in the US £100 in the UK €2 in the EU $150 in Hong Kong and Singapore AU$250 and its currency equivalent in the rest of the world.	$1 ($50 for India)
Maximum Transfer Amount	No limit	Depends on the origin country and the selected payment method.

Reviews

	OFX	Instarem
Trustpilot Rating	4.3	4.4
Number of Trustpilot Reviews	6,200	8,000
iOS App Rating	4.9	3.7
Number of iOS App Reviews	2,400	530
Android App Rating	4.5	4.3
Number of Android App Reviews	3,700	7,800

Features

	OFX	Instarem
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	No
In-person Transfers	No	No
Available Countries	190	60
Number of Currencies	55	30
Payment Methods	Bank account	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	Web platform Mobile app
Supported Languages	English	English
Transfer Speed	1-4 days	1-2 days
Dedicated Dealer	Yes	No
Instant Custom Quote	No	Yes
Business Features	Spot contracts Forwards contracts Limit orders Rate alerts Risk calculator	Bulk Payments
Debit Card	None	amaze by Instarem
Cancellation Policy	Each individual transfer’s cancellation can be discussed upon contacting an OFX representative.	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

	OFX	Instarem
Year Founded	1998	2014
Headquarters	Sydney, New South Wales, Australia	Singapore
Other Office Locations	London (UK), Dublin (Ireland), Auckland (New Zealand), Hong Kong, Singapore, Toronto (Canada), and San Francisco (USA)	Canada, the United States, the United Kingdom, Lithuania, India, Hong Kong, Japan, Malaysia, Indonesia, and Australia
Annual Trading Volume	$21.5 billion	$3 billion
Number of Employees	650	300
Number of Clients	1 million	1 million
Regulatory Institutions	FinCEN in the USA FINTRAC in Canada FCA in the UK ASIC and AUSTRAC in Australia Central Bank of Ireland in EU MAS in Singapore CED in Hong Kong DIA in New Zealand	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	Named one of the Fast 50 (Deloitte, 2005 – 2011) Named one of the Fast 500 Asia Pacific (Deloitte, 2005 – 2011) Named one of the BRW Fast 100 (The Australian Financial Review, 2005) Becoming a New Investors Award Finalist (UK Trade and Investment International Business Awards, 2006) Receiving the Australian Growth Company of the Year award (Australian Growth Company Awards, 2013) Receiving the Fraud Prevention Award (Digital Identity Summit, 2016) Scoring Outstanding Value in Money Transfers (Canstar, 2016, 2017, 2018, and 2019) Decorated as an Excellent Brand of Forex Services (Hong Kong Leader’s Choice Award, 2021) Proclaimed the Best International Money Transfer Provider (Finder Customer Satisfaction Awards, 2021/2022)	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)

OFX Pros & Cons

OFX Pros

• Versatile solutions for businesses
• Exceptional customer support
• Quick money transfer process
• Attractive exchange rates
• Option for alerts on exchange rates
• Worldwide service coverage extending to more than 190 countries.
• Robust currency support with over 55 currencies and counting
• Lenient cancellation policy
• Comprehensive knowledgebase
• Highly rated mobile app

OFX Cons

• Not ideal for transferring small amounts of money
• Limited choices for funding transactions
• Transfer fees
• No real-time custom quotes option

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:

OFX vs Key Currency
OFX vs VertoFX
OFX vs Moneycorp
OFX vs Caxton
OFX vs Corpay