Western Union vs Instarem: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	Western Union	Instarem
Homepage
Transfer Fee	Based on the sender’s location, transfer amount, and payment method. Usually, there’s a fee that’s as low as $0-$15, but some can be as high as $100 if sending to an exotic location or paying by credit card.	Depends on the selected countries, the transfer amount, and the selected payment method.
Average Exchange Rate Markup	1% – 5%	0.3% – 0.6%
Minimum Transfer Amount	$1	$1 ($50 for India)
Maximum Transfer Amount	Depending on the sender’s country: $50,000 if identity verified $3,000 if identity isn’t verified	Depends on the origin country and the selected payment method.

Reviews

	Western Union	Instarem
Trustpilot Rating	3.9	4.4
Number of Trustpilot Reviews	50,800	8,000
iOS App Rating	4.8	3.7
Number of iOS App Reviews	630,000	530
Android App Rating	4.6	4.3
Number of Android App Reviews	28,000	7,800

Features

	Western Union	Instarem
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	Yes	No
In-person Transfers	Yes	No
Available Countries	200	60
Number of Currencies	130	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 Phone In person	Web platform Mobile app
Supported Languages	English, Spanish, French, Danish, Norwegian, Turkish, German, Italian, Russian, Swedish, Chinese, Dutch, Polish, Ukrainian, Portuguese, Japanese, and Finnish	English
Transfer Speed	Within minutes for cash or debit card transfers 1-3 days for transfers between bank accounts	1-2 days
Dedicated Dealer	No	No
Instant Custom Quote	Yes	Yes
Business Features	N/A	Bulk Payments
Debit Card	Western Union® Netspend® Prepaid Mastercard	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

	Western Union	Instarem
Year Founded	1851	2014
Headquarters	Denver, CO, United States	Singapore
Other Office Locations	Brazil, Sweden, Australia, New Zealand, Poland, Austria, Canada, France, Germany, Italy, China, Japan, Malaysia, Malta, Singapore, Switzerland, South Korea, United Kingdom, etc.	Canada, the United States, the United Kingdom, Lithuania, India, Hong Kong, Japan, Malaysia, Indonesia, and Australia
Annual Trading Volume	$300 billion	$3 billion
Number of Employees	10500	300
Number of Clients	150 million	1 million
Regulatory Institutions	State licensing in the USA FINTRAC in Canada 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	Digital Edge 25 Awards (2016) Payments Innovation of the Year (2016) Candidate Experience Award (Talent Board, 2017, 2018) “Way to Go” Champion Award (Denver Regional Council of Governments, 2019) Regional Partner Award (Education for Employment, 2019) Humanitarian Logistics Award (American Logistics Aid Network, 2020) Consumer Payments Innovation Award (FinTech Breakthrough Awards, 2021)	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)

Western Union Pros & Cons

Western Union Pros

• Diverse payment methods
• Availability of cash pickup locations
• High rating on Trustpilot
• Excellent mobile application
• An abundant industry experience
• Comprehensive information repository
• Exceptional convenience
• Worldwide service reach
• Robust currency handling
• Rapid fund transfers
• Fee and rate prediction tool
• Beneficial rewards scheme

Western Union Cons

• Not optimal for substantial money transfers
• High transaction fees
• High markups on exchange rates
• Absence 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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