TorFX vs Instarem: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	TorFX	Instarem
Homepage
Transfer Fee	No fee	Depends on the selected countries, the transfer amount, and the selected payment method.
Average Exchange Rate Markup	1.9% – 2.7%	0.3% – 0.6%
Minimum Transfer Amount	£100 (or currency equivalent) (£500 for recurring money transfers).	$1 ($50 for India)
Maximum Transfer Amount	No limit (£10,000 for recurring money transfers).	Depends on the origin country and the selected payment method.

Reviews

	TorFX	Instarem
Trustpilot Rating	4.9	4.4
Number of Trustpilot Reviews	6,800	8,000
iOS App Rating	1.8	3.7
Number of iOS App Reviews	6	530
Android App Rating	4	4.3
Number of Android App Reviews	270	7,800

Features

	TorFX	Instarem
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	Yes	No
In-person Transfers	No	No
Available Countries	120	60
Number of Currencies	40	30
Payment Methods	Bank account Debit card Credit card Check	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 Phone In person	Web platform Mobile app
Supported Languages	English	English
Transfer Speed	0-2 days	1-2 days
Dedicated Dealer	Yes	No
Instant Custom Quote	No	Yes
Business Features	Spot contracts Forwards contracts Market orders Limit orders Stop-loss orders Recurring transfers Rate alerts	Bulk Payments
Debit Card	None	amaze by Instarem
Cancellation Policy	Transfer cancellations are possible depending on the status of the transfer and the contract type. Cancellation and refund costs may incur.	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 and large money transfers	Small money transfers

Company Comparison

	TorFX	Instarem
Year Founded	2004	2014
Headquarters	Penzance, Cornwall, UK	Singapore
Other Office Locations	the UK, Australia, Europe, Singapore, South Africa, and the USA	Canada, the United States, the United Kingdom, Lithuania, India, Hong Kong, Japan, Malaysia, Indonesia, and Australia
Annual Trading Volume	£10 billion	$3 billion
Number of Employees	550	300
Number of Clients	425000	1 million
Regulatory Institutions	FCA in the UK AUSTRAC in Australia	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	Top 100 Companies with Fastest Sales Growth (Sunday Times Virgin Fast Track 100 – 2nd place in 2008 and 28th place in 2010) Best European Currency Broker (Overseas Living Magazine – 2010 and 2011) Most Dynamic Growth Business (Cornwall Business Awards – 2014) Winner of Winners (Cornwall Business Awards – 2016) Employer of the Year (Cornwall Business Awards – 2016) Customer Focus ((Cornwall Business Awards – 2016 and 2017) Best Value International Money Transfer (Mozo Gold Experts Choice Awards – 2016, 2017, and 2022) International Money Transfer Provider of the Year (Moneyfacts Consumer Awards – 2016, 2017, 2018, 2019, 2020, 2021, and 2022) Best Customer Service (Moneyfacts Consumer Awards – 2016, 2017, 2019, 2020, 2021, and 2022) 5-Star Rating for Outstanding Value International Money Transfers (Canstar – 2018, 2019, 2020, 2021, and 2022) Highly Commended Best Business FX Provider (Business Moneyfacts Awards – 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)

TorFX Pros & Cons

TorFX Pros

• A range of payment options for those with a UK bank account
• Top-notch customer service
• Excellent Trustpilot score
• Zero transfer fees
• Extensive global reach
• Significant industry experience
• Quick international money transfers
• Exchange rate alerts option
• Suitable for all kinds of money transfers
• Unlimited maximum transfer amount
• Numerous industry accolades

TorFX Cons

• Higher exchange rates compared to some competitors
• Low limits on regular payment transfers
• Limited support for uncommon currencies
• Absence of instant 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

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