CurrencyFair vs Instarem

CurrencyFair provides online cross-border payments and foreign-exchange services through web, iOS, Android, and an API for approved business and institutional partners. Users can send and receive money to and from more than 150 countries in more than 20 currencies, with bank recipients and same-day transfer speed listed. Quick Trade supports instant exchanges; Marketplace Trades let users set a desired rate and wait for a match. Users can also set rate alerts, track transfers, and schedule them. Business customers can pay overseas workers, suppliers, and contractors, or receive international payments. UK-based business customers can hold more than 20 currencies and convert when market conditions suit them. CurrencyFair lists a free plan. Charges include €3 a month for international transfers, billed at €3 or currency equivalent when sending or transferring out after exchange, plus an exchange margin. Personal and business accounts list a €3, paid once charge per send or transfer out after exchange. Identity verification is required and may involve identification and up to two proofs of address. The company is based in Dublin and was founded in 2010.

Instarem provides international money transfers for individuals and cross-border payments for businesses. Personal users can send money to more than 60 countries, see fees upfront, and track transfers in real time. Fees vary by sending amount, currency, payment method, and destination and receiving method. Transfers are typically processed instantly or the same day after funds arrive, but can take up to two business days depending on destination and payment method. The service is available on Android, iOS, and the web; the mobile app includes Quick Send for frequent recipients and support by query or live chat. Businesses can pay overseas suppliers or employees across more than 160 countries. They can upload Excel payment and recipient details for up to 1,000 transactions in one go in listed markets. Business accounts also offer virtual cards with spending limits and real-time expense tracking. Instarem says it is licensed and regulated in 11 jurisdictions and uses encryption in transit and at rest, vulnerability assessments, external penetration tests, and AWS Cloud security controls. Personal and business account registration is free, but transaction fees apply.