Xoom vs Instarem for Online Money Transfer? How is Instarem Better Than Xoom?

Updated on: 2023-02-18 - 2 mins read

Xoom and Instarem are two popular online platforms for sending money internationally. Both platforms allow users to transfer money to friends and family in other countries quickly. Still, some critical differences between the two are worth considering when choosing which platform to use.

Instarem is better than Xoom in the following key aspects:

  1. Instarem is available in more countries than Xoom, making it more accessible for users who need to send money to countries that Xoom does not support.
  2. Instarem offers a fixed exchange rate at the transaction time, while Xoom's exchange rate may fluctuate. This means that with Instarem, users know exactly how much money the recipient will receive, whereas, with Xoom, the amount they receive could be affected by changes in the exchange rate.
  3. Instarem charges lower fees compared to Xoom for money transfers.
  4. Instarem also offers multi-currency accounts, forex cards, and business payment solutions, which can be helpful for users who frequently send money to different countries or for business purposes.
  5. Instarem transfer time is usually within 24 hours, while Xoom typically takes 1-3 business days to process a transfer, which means that Instarem might be a better option for people who need to send money urgently.

One significant difference between Xoom and Instarem is the number of countries in which they are available. Xoom is available in around 70 countries, while Instarem is available in more than 150 countries. If you're looking to send money to a country that Xoom doesn't support, Instarem is the better option.

Another critical difference between the two platforms is the exchange rate. Xoom's exchange rate may fluctuate, while Instarem offers a fixed exchange rate at the transaction time. This means that with Instarem, you know exactly how much money the recipient will receive, whereas with Xoom, the amount they receive could be affected by changes in the exchange rate.

Fees are also an important consideration when choosing a money transfer platform. Xoom charges a higher fee compared to Instarem for money transfers. Instarem also offers a higher transfer limit than Xoom, meaning you can send more money in a single transaction.

In addition to these differences, Xoom offers cash pickup at select locations and bill payments; Instarem also offers multi-currency accounts, forex cards, and business payment solutions.

Xoom and Instarem have received positive user reviews regarding customer service and ease of use. However, it's always a good idea to read reviews and customer feedback to get a sense of the experience other users have had with each platform.

In addition to the differences mentioned above, both Xoom and Instarem offer a variety of payment methods for users to choose from. Xoom allows users to pay for their transfers using a debit or credit card, bank account, or PayPal account. Instarem also offers these payment options, but in addition, it also allows users to pay using a multi-currency account. This means that users can hold and transfer funds in multiple currencies, which can be especially useful for people who frequently send money to different countries.

Another important consideration is the speed of the transfer. Xoom typically takes 1-3 business days to process a transfer, while Instarem's transfer time is usually within 24 hours. If you need to send money urgently, Instarem may be a better option.

It's also worth noting that both platforms have mobile apps available for iOS and Android, which makes it easy for users to transfer money on the go. Both apps have received positive reviews, but it's worth checking out the app store ratings and reviews to get a sense of the user experience.

Another thing to consider is the platform's security; both Xoom and Instarem use robust security measures to protect their users' personal and financial information. Both platforms are licensed and regulated by relevant authorities and comply with anti-money laundering and know-your-customer regulations.

See the quick comparison of Xoom and Instarem to help you determine which service is best for your needs:

Factors Xoom Instarem
Security Xoom prioritizes the security of its users' personal and financial information. They use advanced encryption technology and comply with relevant regulatory requirements to ensure their users' data is safe and secure. Instarem prioritizes the security of its users' personal and financial information. They use advanced encryption technology and comply with relevant regulatory requirements to ensure their users' data is safe and secure.
Exchange Rate Xoom's exchange rate may fluctuate. With Xoom, the amount they receive could be affected by changes in the exchange rate. Instarem offers a fixed exchange rate at the transaction time. This means that with Instarem, users know exactly how much money the recipient will receive
Transaction Fee Higher Fees. Lower Fees.
Transfer Time Transfer Time Xoom typically takes 1-3 business days to process a transfer. Instarem transfer time is usually within 24 hours. Instarem might be a better option for people who need to send money urgently.
Additional Features No additional features. Instarem also offers multi-currency accounts, forex cards, and business payment solutions, which can be helpful for users who frequently send money to different countries or for business purposes.
Payment methods Xoom also provides a range of payment options, including debit or credit cards, bank transfers, and PayPal. The availability of payment methods may vary depending on the destination country and the currency used. Instarem offers a variety of payment methods, including bank transfers, debit or credit cards, and local payment options. Instarem also allows users to pay using a multi-currency account.
Customer service Xoom has received positive reviews regarding its customer service. They offer support via phone, email, and live chat, and they have dedicated teams to assist users with any questions or issues. However, it's always a good idea to read reviews and customer feedback to get a sense of the experience other users have had with each platform. Instarem has received positive reviews regarding its customer service. They offer support via phone, email, and live chat, and they have dedicated teams to assist users with any questions or issues. However, it's always a good idea to read reviews and customer feedback to get a sense of the experience other users have had with each platform.
Global Outreach and Accessibility Xoom is available in a select few countries only. Instarem is available in more countries than Xoom, making it more accessible for users who need to send money to countries that Xoom does not support.

In summary, Xoom and Instarem are great options for sending money internationally, but they have different strengths and weaknesses. Xoom is available in fewer countries and has a fluctuating exchange rate, but it offers cash pickup and bill payments. Instarem is available in more countries and provides a fixed exchange rate and lower fees, but it also offers multi-currency accounts and forex cards. Ultimately, your best choice will depend on your specific needs and preferences. It's worth researching both options and comparing them based on fees, exchange rates, transfer limits, available countries, security, and customer service.