6 Instarem Alternatives In Canada

Whether you're sending money to your family overseas or doing international business transactions, having alternatives always helps for convenience and flexibility of financial operations. In this article, we explore the top alternatives to Instarem available in Canada.

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Pesa: The Best Platform for Free International Transfers

When it comes to sending money internationally, Pesa prioritizes, security, transparency, speed, and affordability, making it an excellent choice for sending funds to your loved ones.

Pesa transfer charges are $0, which saves you money on every transaction. Sending money anywhere should be a simple process. So, if you want ease, get started with a free Pesa(formerly Pesapeer) account! Simply download the app on IOS or Android and sign in with a few clicks and gain access to over 40 countries for sending money abroad.

Plus, you can see live rates and automatically convert your currency with ease and at a competitive rate. So, enjoy making all your local and international money transfers in Canada at no extra cost in transfer fees, hidden fees, or monthly fees. Sign in with Pesa.

Pros:

- Access to mid-market exchange rates without hidden fees or surprises

- Provides a multi-currency account. Easy and reliable currency conversion

- Account registration is free of charge

- Fast and secure payment transactions

- Conveniently make cross-border transfers on the go

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Cons:

- No debit card (yet)

- No option for cash pickups

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Other Instarem Alternatives in Canada

Western Union

Western Union is another safe alternative for international transfers, and they have been facilitating such transactions for over 100 years. Covering over 200 countries, Western Union offers both in-person and online transfer options. Western Union allows you to send cash within Canada or globally. They also provide convenient tracking options for your transfers. It's important to know that Western Union generates income through the difference in exchange rates when they buy and sell foreign currencies. International transfers through Western Union typically take 1 to 5 business days to complete.

Simplii Financial

With your Simplii account, you can send up to 75,000 CAD to over 130 countries worldwide and transfer money from your CAD account to a country's local currency or USD, which is helpful for international transactions.

Simplii Financial Global Money Transfer offers several advantages for Canadian customers, including access to special offers for your first international transfer, the ability to open various accounts such as USD or student accounts, and multiple transfer methods available such as Alipay, debit and credit cards, and cash pickup, all without any transfer fees.

On the flip side, there are some limitations to consider, such as Simplii not providing international wire transfers and having different transfer limits for different countries, like a maximum of 3,000 CAD when sending money to China. Additionally, transfers may take up to 3 business days to reach the recipient, and there's a 2.5% markup over the mid-market exchange rate for currency conversion.

Skrill

Skrill is a popular choice for Canadians looking to send and receive money online. It offers a digital wallet that supports over 40 currencies and facilitates transfers to overseas bank accounts for both individuals and businesses.

While there are several advantages, such as no transfer fees and advanced payment solutions through Skrill Business, there are also certain disadvantages. VIP Skrillers may enjoy benefits like higher limits and lower fees, but regular members may face limitations like not having access to multiple currency accounts.

Additionally, Skrill transfers may take up to 72 hours to reach the recipient, and the platform imposes a 3.99% markup on all currency conversions, which is quite expensive for the senders.

PayPal

PayPal is a widely used global money transfer service, offering various ways for Canadians to use the platform. Whether sending money to loved ones abroad or other international transactions, PayPal provides flexibility and convenience. They offer fast payments and access to helpful features like PayPal Business in Canada. Still, users may encounter high currency conversion fees and need a PayPal account to receive money.

Wise

Wise is a go-to alternative for international bank transfers, with a user-friendly interface and unbeatable cost savings. Its growing popularity speaks for itself. Wise is often regarded as one of the cheapest options for sending money abroad. Similar to Instarem, Wise processes transfers to several foreign currencies globally.

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Whether you're sending money to your loved ones or for business transactions, Pesa offers a fast and convenient way to get your money where it needs to go.

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Create a PESA account today - and start sending and receiving money globally.

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