Instarem is a digital money transfer service known for offering competitive exchange rates and fast cross-border payments. While it’s available in Canada, users often report concerns about transfer delays, exchange markups, and limited customer service. Though Instarem has made a name for itself in Asia and emerging markets, Canadian users may find lower fees and better transparency with other providers. Whether you’re comparing Instarem vs Wise, or seeking alternatives with broader functionality like debit cards or multi-currency accounts, there are several trusted platforms worth exploring. In this guide, we’ll cover the best Instarem alternatives in Canada to help you choose the right option for secure, efficient money transfers.
What is Instarem?
Instarem is a digital money transfer service that enables individuals and businesses to send funds internationally with competitive exchange rates and low fees. Operating in over 60 countries, including Canada, Instarem offers a user-friendly platform accessible via web and mobile apps. Users can fund transfers through bank accounts or debit cards, and recipients receive funds directly into their bank accounts in local currencies.
A standout feature of Instarem is its transparent fee structure, ensuring users are aware of costs upfront. Additionally, customers can earn InstaPoints, a loyalty program that provides discounts on future transactions.
Instarem also offers the Amaze Card, a multi-currency debit card that allows users to link multiple Mastercard credit and debit cards, facilitating seamless spending and better FX rates.
While Instarem provides a secure and efficient service, it’s important to note that exchange rates may include a markup, and the Amaze Card is currently not available in Canada.
Is Instarem Available in Canada?
Yes, Instarem is available in Canada, offering international money transfers to over 60 countries. Canadian users can access Instarem’s services via its website and mobile app, benefiting from competitive exchange rates and transparent fee structures. Transfer fees start from 0.4%, varying based on factors like the destination country, transfer amount, and payment method .
While Instarem provides a user-friendly platform and loyalty rewards through InstaPoints, some users have noted that exchange rates may include a currency conversion margin . Additionally, the Instarem Amaze Card, a multi-currency debit card offering enhanced FX rates and cashback rewards, is currently not available in Canada.
For Canadians seeking alternatives with broader features or potentially lower fees, options like Wise, OFX, and CurrencyFair offer transparent pricing and robust international transfer capabilities. Exploring these Instarem alternatives in Canada can help you find the best fit for your international money transfer needs.
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8 Instarem Alternatives in Canada
Instarem allows users in Canada to send international money transfers with relatively competitive exchange rates and a user-friendly interface. It supports personal and business payments to over 60 countries. However, users often experience transfer delays, and while Instarem is safe, the platform’s fees and exchange rate margins can add up—especially when compared to other services. Moreover, the Instarem debit card is not currently available in Canada, limiting its use for everyday spending. Thankfully, several Instarem alternatives in Canada offer faster transfers, better fee transparency, and broader financial features for Canadian users.
Wise
Overview:
Wise (formerly TransferWise) is one of the most trusted platforms for Canadians who need to send money abroad quickly, transparently, and affordably. Unlike Instarem, Wise uses the real mid-market exchange rate without hidden markups. You pay a clearly displayed fee, typically ranging from 0.35% to 1.5%, depending on the currency and amount. Wise also offers a multi-currency account where you can hold, convert, and spend in over 50 currencies, and a debit card for international travel. It’s an ideal solution for freelancers, digital nomads, and frequent travelers looking to minimize transfer fees and maximize flexibility.
Key Features:
- Real mid-market exchange rate
- Low, transparent fees
- Multi-currency account + debit card
Why Choose Wise?
Choose Wise if you need low-cost international transfers and want full control over multiple currencies through a simple, secure, and globally trusted platform.
Skrill
Overview:
Skrill is a versatile digital wallet that enables Canadians to send and receive international money transfers, shop online, and even invest in cryptocurrency. It offers an easy-to-use mobile app and prepaid Mastercard, though the Skrill card is not currently available in Canada. Transfers within the Skrill network are instant, but sending to external accounts can involve higher fees than platforms like Wise. Skrill is especially popular with online gamblers and crypto users due to its flexibility and integration with various platforms. However, it applies a currency conversion markup of around 3.99%, which can be costly.
Key Features:
- Digital wallet with crypto support
- Instant Skrill-to-Skrill transfers
- Loyalty rewards and online shopping perks
Why Choose Skrill?
Skrill is great for Canadians who value digital wallet convenience, crypto options, and fast peer-to-peer transactions, but it’s best to review fees before large transfers.
EQ Bank
Overview:
EQ Bank, a digital subsidiary of Equitable Bank, offers Canadians a high-interest savings account with no monthly fees and access to international transfers powered by Wise. This unique partnership gives you the same low-cost, transparent global transfer system of Wise but directly from your EQ Bank account. The bank also includes free bill payments, free Interac e-Transfers, and a hybrid chequing/savings account. For users who want to consolidate their savings and global sending into one platform, EQ is a smart pick. Transfers to over 80 countries are available, and funds usually arrive within 1–2 business days.
Key Features:
- High-interest account
- Wise-powered international transfers
- No monthly banking fees
Why Choose EQ Bank?
Perfect for Canadians who want to combine modern digital banking with the convenience and affordability of global money transfers, all from one account.
PayPal
Overview:
PayPal is a well-known payment platform trusted worldwide for fast, secure online and peer-to-peer transactions. In Canada, it’s widely used for sending funds domestically and internationally with just an email. However, the fees for global transfers can be significant—typically 3.9% plus a 2.5%–4% currency exchange markup. Still, PayPal offers buyer and seller protection, making it ideal for freelancers, online shoppers, and eCommerce sellers. It’s not the cheapest option, but its convenience, global reach, and integration with platforms like eBay and Shopify make it hard to ignore.
Key Features:
- Fast global transfers
- Trusted brand with strong security
- Buyer/seller protection
Why Choose PayPal?
Use PayPal if you value trust, security, and speed for small-to-medium transfers—especially for online purchases, digital services, or international invoicing.
Interac e-Transfer
Overview:
Interac e-Transfer is Canada’s most widely used tool for sending money domestically. It’s supported by nearly all Canadian banks and allows users to send funds instantly via email or SMS. Although not suitable for international transfers, it remains the top choice for local payments such as rent, bill splitting, and casual peer-to-peer transactions. Interac is secure, real-time, and often included for free in personal banking packages. You won’t be able to use it to send money abroad, but for Canadians transferring funds within Canada, there’s no more reliable system.
Key Features:
- Instant domestic payments
- Integrated with Canadian banks
- No setup required
Why Choose Interac e-Transfer?
Ideal for Canadians who need fast, reliable, and bank-backed transfers within Canada—especially for everyday transactions between friends, family, or landlords.
OFX
Overview:
OFX is designed for Canadians and businesses that need to send large sums internationally without paying high fixed fees. Unlike Instarem, OFX does not charge transfer fees and applies a low currency margin, generally between 0.4%–1.5%. It’s especially suited for transactions like property purchases, tuition payments, or cross-border business deals. Transfers can take 1–3 business days, and 24/7 customer support is available. OFX doesn’t offer instant transfers like some app-based competitors, but its reliability and service make it ideal for high-value or recurring transfers.
Key Features:
- No transfer fees
- Great for large or business transactions
- 24/7 phone support
Why Choose OFX?
Choose OFX if you’re sending larger amounts abroad and want low currency exchange costs, support from real humans, and secure, compliant transfers.
Neo
Overview:
Neo Financial is a rising Canadian fintech known for its reward-rich credit cards, high-interest savings, and modern app experience. It doesn’t offer built-in international transfer services like Wise or Instarem, but it can be used alongside platforms such as PayPal or Wise for sending money abroad. Neo is most attractive for those seeking to maximize rewards on daily spending while maintaining full digital control over their finances. Their products include up to 5% cashback at partner merchants and no monthly banking fees. It’s not a direct Instarem competitor, but still relevant for modern Canadian users.
Key Features:
- Cashback rewards
- Digital-first experience
- High-interest savings
Why Choose Neo?
Neo is a great pick for Canadians seeking tech-forward banking, spending perks, and savings features—especially when paired with a dedicated transfer app.
KOHO
Overview:
KOHO is a Canadian financial app that blends banking, budgeting, and spending features in one platform. Though KOHO doesn’t handle international transfers directly, it can be paired with services like Wise for that purpose. Users get access to a prepaid Visa card, real-time budget tracking, and optional credit-building services. KOHO’s Extra plan ($9/month) even removes foreign transaction fees, making it a great choice for international travelers. While it doesn’t compete directly with Instarem on cross-border payments, KOHO’s money tools are perfect for managing and controlling your finances domestically.
Key Features:
- Prepaid Visa with cashback
- Budgeting and savings tools
- Credit-building program
Why Choose KOHO?
Choose KOHO if you’re looking for a smart, app-based platform to manage your money efficiently in Canada, with flexibility to integrate external transfer solutions.
Comparing the Best Instarem Alternatives for Canadians
While Instarem is a convenient platform for international transfers, Canadians now have access to a wide range of alternatives offering lower fees, better exchange rates, and added financial tools. Whether you’re looking for fast peer-to-peer payments, high-interest savings, or advanced budgeting features, there’s a service tailored to your needs. This comparison table outlines the most important details — helping you evaluate which platform is the best fit depending on whether you’re sending money domestically, transferring funds to the U.S., or managing your overall finances more efficiently.
| Alternative Name | Best For | Cost to Send Money in Canada | Cost to Send Money to the U.S. | Extra Perks |
| Wise | Transparent global transfers | ~0.5% | 0.35%–1.5% | Mid-market FX, multi-currency account, debit card |
| Skrill | Digital wallet & crypto | 1%–2% + FX markup | ~3.99% FX markup | Prepaid card (limited in Canada), rewards, crypto access |
| EQ Bank | Banking + low-cost transfers | Free | 0.35%–1.5% via Wise | High-interest savings, Wise integration, no monthly fees |
| PayPal | Online payments & freelance invoices | Free (bank-funded) | ~3.9% + 2.5%–4% FX | Buyer/seller protection, global reach, platform integration |
| Interac e-Transfer | Local Canadian transactions | Free or up to $1.50 | Not available | Fast local transfers, no bank details needed |
| OFX | Large or business transactions | N/A | ~0.5%–1.5% FX markup | No fixed fees, 24/7 support, business services |
| Neo | Cashback & digital banking | Free | FX fees apply on card usage | Cashback, interest-earning savings, modern app |
| KOHO | Budgeting & prepaid Visa | Free (standard); KOHO Extra $9 | 0% FX with KOHO Extra | Real-time budgeting, credit-building tools, no FX fees w/ upgrade |
FAQ
Does Instarem work with Canadian banks?
Yes, Instarem works with most major Canadian banks by allowing you to fund transfers via bank account or debit card. You can link your Canadian bank account during the setup process and verify it through micro-deposits. While it supports outgoing transfers to international destinations, keep in mind that Instarem doesn’t offer a local Canadian wallet or account, and certain features available in other regions (like its debit card) are not yet accessible in Canada.
How long does Instarem take to transfer money from Canada?
Instarem transfers from Canada typically take 1 to 3 business days, depending on the destination country, currency, and method of delivery. Bank holidays, weekends, and delays in recipient banks can sometimes extend processing times. However, popular corridors (like Canada to India or the U.S.) are often processed faster, sometimes within 24 hours. Make sure to verify recipient details to avoid delays and track your transaction in real-time via the Instarem app or website.
Is Instarem safe and legal in Canada?
Yes, Instarem is both safe and legal in Canada. It operates under the regulatory framework of FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and uses industry-standard encryption to protect your data. Funds are processed through licensed partners and banking institutions, and you can track your transaction from initiation to delivery. While fees may not always be the lowest, Instarem remains a legitimate and secure choice for Canadians sending money abroad.
