OFX vs InstaRem

Transferring money has become easier than ever. Whether you want to send money to someone in another country or domestically, the process only involves a few clicks here and there to credit the money in the receiver’s account. But which platform should you trust when it comes to overseas money transfer? Here are a few factors you need to consider while choosing a money-transferring mobile app or website.

  1. 24 x 7 customer assistance
  2. Transparent fee structure
  3. Easy registration process
  4. Multiple transfer options
  5. Competitive exchange rates
  6. Global Reach

What is OFX?

Many people know OFX as OzForex. It provides money transfer services to other platforms, such as Xero, Macquarie International Money Transfers, ING Direct, MoneyGram, and Travelex. Apart from sending money overseas through these apps, OFX also helps you transfer money to individuals by only using their account details. Regulated in the United Kingdom by the Financial Conduct Authority (FCA), OFX is one of the largest companies in the world specializing in international payments and foreign exchange, offers the following benefits:

  • Multiple transfer options
  • Competitive exchange rates
  • 24 x 7 customer service

Some of the types of money transfer method that OFX allows are one-off payments, online transfer, recurring transfers, market orders, bank-to-bank transfers, forward contracts, and spot transfer. You will need to link your bank account with OFX. It does not take payments through credit or debit cards. Also, it doesn’t provide cash pick-up services, which many people consider as a drawback.

What is InstaRem?

InstaRem or Instant Remittance provides low-priced currency transfers within a few seconds. You hardly have to wait for minutes, like in online bank transfers. It is a highly popular medium of money transfer in Asian countries. With InstaRem, you can send money from more than 60 countries to over 25 countries. You can register on this app as an individual or a business. Apart from that, here are a few more reasons why users love InstaRem:

  • Transparent fee structure
  • Easy registration process

Most people think that InstaRem is only useful for transferring small amounts of money. However, you can use InstaRem MassPay to send bulk payments in multiple currencies to multiple beneficiaries. Established in 2014, this company shot to fame because of its transparent fee structure. It received awards in the India Fintech and Singapore Fintech Festival in 2017.

InstaRem vs OFX Transfer Fees and Exchange Rates

Transfer fees and exchange rates often bother both the receiver and the sender. For example, you want to send $100 from the USA to India using a money transfer company. The company charges 5% and 3% as transfer fees to the receiver and sender, respectively. That means the receiver only gets $95, and the sender has to pay $103. This is often not convenient for small businesses or individuals. They may not be able to afford such high transfer fees. Fortunately, OFX has a lot of leeway when it comes to transferring fees. For example, you only have to pay $5 fees for a $5000 minimum transfer amount. Similarly, there are transfer fee rates for other available currencies also. OFX, undoubtedly, provides the best exchange rates. The exchange rate is as low as 0.4%. All you need to do is agree with their exchange rate and register on their website. This will help to lock that rate permanently. You will also know the precise amount received by the beneficiary. OFX also allows users to check their fee details in the OFX currency exchange converter. Usually, intermediary banks don’t charge any fees during the conversion process. However, OFX doesn’t provide any guarantee in respect of receiving money eg if there are deductions from the receiver’s bank. The receiver may get a slightly reduced amount. But OFX is not responsible for such deductions. For example, ZAR and JPY have local laws due to which the banks may charge a small amount while receiving payments through OFX. InstaRem, on the other hand, has a different fee structure for various countries. For example, it charges 0.25% if you transfer from Singapore, 0.5% if you send funds from Australia and Hong Kong, 0.25% to 1% in India, depending on the country you are transferring money. Apart from transfer fees, InstaRem also provides details on live exchange rates. It continually updates its live midmarket rates so that you have an idea about the live market prices for transferring money to another country. However, the exchange rates are higher than what the banks charge. On the one hand, InstaRem has a higher exchange rate than regular banks, but it also transfers money in a flash. This is a conflict that often puts users in a dilemma. It also provides rate alerts depending on the currency from time to time. Fortunately, InstaRem does not have any other additional fees. Its transparent fee structure helps you understand the amount that your beneficiary receives. Unlike OFX that doesn’t allow payment through debit or credit cards, InstaRem doesn’t have such limitations. However, you may have to pay slightly more because of the charges of the credit or debit card company.


Transparency in the fee structure and payment method plays a significant role in deciding the best money transfer company. Comparing InstaRem vs OFX, both are pioneers when it comes to disclosing transfer fees and exchange rates. OFX never charges any hidden fees. Many customers, using other money transfer services, often complain that they don’t understand the breakup of their transaction history. For example, you are expecting a payment of $100. You know that you will get $95 after transfer fee deductions. But you receive $94.5. Where did $0.5 go? You see the breakdown of the transaction, but it does not reflect that small transfer amount. Usually, most people ignore these things, but you shouldn’t. Your service provider may have hidden fees that eat up small amounts like these. Thankfully, OFX has an excellent record of providing transparent transactions. It will show in detail the amount you expect to receive. The transaction history will have details about transfer fees and every other deduction along the way. This helps the user get a clear picture instead of staying in the dark. But a few banks may deduct service charges during these transfers, especially when you are sending money to another country. You should get in touch with your bank to know the details about the service charges. OFX also provides all your transactions on its dashboard. You can check your transfer history from your profile page. OFX also sends email and SMS both to the send and the receiver after every transaction. InstaRem also doesn’t have any hidden fees. Your beneficiary will be able to see the amount that you send during the transaction. The transaction details will specify the accurate amount of transfer fees and exchange rates so that you get a clear picture. InstaRem will not deduct any additional amount apart from the specified fees. You can track all your receipts and payments directly from InstaRem’s home page. It also allows you to track transactions by providing your registered mobile number and transaction number. You will also get to know the time by when the amount will get credited in your beneficiary’s account.

Transfer speed

OFX and InstaRem transfer money faster than almost any other company. You hardly have to wait for your transaction to get processed. OFX provides both online transfers and bank-to-bank transfers. But there is a difference in time within which the money gets transferred. Moreover, the currency and country also play a significant role in the transfer speed. Bank-to-bank transfers usually take longer in any money transferring company. OFX, however, ensures that you get your money within 2 to 5 business days for bank transfers. That’s the fastest among other service providers. Online transfers, on the other hand, are quicker. It will only take one or two business days to credit your money. This is the same for both international and domestic payments. However, OFX does not provide instant transfer services like many of its competitors. InstaRem has variable transfer time, depending on the country. Both the sender and the recipient’s country come into play here. It usually takes only 24 hours to send money across Asia. However, it may take approximately two to four business days if you want to transfer money to any country outside Asia. InstaRem has already partnered with more than 8,000 banks in different countries. It has over 3.25 million users, transferring funds in more than 60 countries. InstaRem, like OFX, does not provide instant transfer facilities. The debate about OFX v InstaRem and which one is better will never cease to exist because different users have different opinions and preferences. But it all depends on which factors you prioritize for international money transfers. If you want to send money within Asia, InstaRem is better. However, if you want fast transfers with lower fees, then you should go with OFX. Both are reliable and transparent money transfer platforms that facilitate quick fund transfers