We only list companies that are trustworthy and appropriately licensed. Our aim is to give you a comprehensive view of the regulated money transfer marketplace.
We only list companies that are trustworthy and appropriately licensed. Our aim is to give you a comprehensive view of the regulated money transfer marketplace.
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MoneyTransfers aims to help users find the best money transfer provider for their needs. To support our free service, we may earn a commission from some of the providers listed in our search results. The commission may also impact the ordering of the providers shown. Our reviews are independent from this and are based on our editorial policy, research and testing of dozens of remittance providers on the market.
Table of contents
The main difference between Instarem and Wise is that Instarem only allows sending in a few currencies while Wise serves over 4 million customers and supports 750+ currency routes.
When sending money online to other countries some of the biggest questions you may ask yourself revolve around the reliability, cost-effectiveness, speed, and suitability of a money transfer provider on your specific transfer corridor. You may find yourself comparing one provider to another, looking at the features common in both and the special additions they may have.
In this comparison, we’ve looked at two money transfer giants; Instarem vs Wise, formerly Transferwise.
Below are the live fees and rates for Wise and Instarem for various transfer amounts.
It's clear that overall, Instarem is cheaper for major currencies and small amounts, however, once you get into higher amounts or more exotic currencies, Wise clearly becomes the winner.
Instarem and Wise are ranked among the top cross-border money transfer providers in the industry.
Both offer exchange rates with zero margins, meaning your transfer is processed at the mid-market rate. In this review, we're considering factors such as transfer speeds, fees, sending and disbursing network coverages, transfer and payout options, and user sentiment for each brand.
About Instarem
Instarem is a fintech company headquartered in Singapore and offers businesses and individuals across 150 transfer corridors low-priced money transfer solutions. With slightly over 5 years of experience in the business, the company has grown to a staff of around 100 people. Through its InstaReM MassPay solution, the company now manages bulk payments in different currencies to multiple beneficiaries.
Despite the wide disbursing network coverage, Instarem only allows sending in a few currencies; these include AUD, CAD, EUR, HKD, GBP, INR, MYR, SGD, and USD. This limits the number of customers who can comfortably send money to their families. Africa, in particular, has been excluded from the sending countries, with a focus on Europe and Asian markets instead.
About Wise
Based in London, Wise serves over 4 million customers and supports 750+ currency routes. On average, the company facilitates transfers of approximately $4 billion per month. With a team of 1900+ professionals, the provider ensures that its customers are attended to through mail, online chat and phone.
While the company is known for its mid-market exchange rate policy, it also charges low transfer fees and has begun rolling out mobile wallet pay-out solutions in some of the markets. This is a huge improvement and a relief to its customers, many of whom were restricted to using bank transfers as the only pay-out solution.
Which brand has lower fees?
When comparing Instarem vs Wise, Wise has much lower charges for the same transfer payment methods.
Wise's fees depend on the amount you are sending and how you pay. Most transfers will include a 0.35% variable fee plus a fixed fee, which is included in the quote for your transfer.
Here's a table of live rates from Wise for various amounts, assuming you are sending USD abroad.
You can use the dropdown to add or change currencies.
In general, Instarem will charge you transfer fees based on a percentage of the amount transferred. The percentage changes depending on the market you are transferring to. Some of the transfer corridors are expensive while others are relatively cheaper.
On average, the fees range from 0.25% to 1%.
Here's a table of live rates from Instarem for various amounts, assuming you are sending EUR abroad.
You can use the dropdown to add or change currencies.
Wise processes their rates at the mid-market rate, which is the exchange rate you would see if you were to look it up on Google. It offers guaranteed rates for up to 48 hours.
This is how much you can expect to receive with Wise based on their exchange rates (at the mid-market rate).
Instarem shows you the conversion rate through its transfer widget and once you commit to a transfer, the rate holds until the transfer is complete and is also at the mid-market rate.
Wise allows you to open an online money transfer account from 200+ countries and territories. However, its disbursing network covers only 59 countries and 50 currencies, as listed on its website.
Instarem
When signing up for an account, Instarem gives the option of choosing from a dropdown list of 38 countries, most of which are from Europe, the Americas, and Asia. If you are based in an African country, you cannot open an account. Its disbursing network covers 29 countries.
Which is faster?
Wise, in general, is one of the fastest money transfer companies, with most transfers delivered in minutes.
Instarem transfers can range from minutes to hours, which gives Wise a slight edge.
Wise is not very clear on its website on how long it takes but estimates from its transfer widget show that some transfers are delivered instantly while others take a couple of hours and some take up to 4 days. For instance, if you transfer $1000 to Bangladesh, it takes 4 days. If you pay using a card, it is much faster.
Instarem
Instarem has some of the fastest and easiest transfer services to most of the markets it serves. Within 1 to 2 business days, the recipient gets the money transferred.
Which brand offers more transfer & payment options?
Between Instarem vs Wise, Wise has more transfer payment and payout options, which may be a crucial factor in many people's decision-making.
Wise allows customers to pay for their transfers using bank transfer, debit card and credit card. For the receiving options, where there was once only the option to transfer-to-bank accounts, there is now the option to transfer to digital wallets in Bangladesh(bKash), Ghana (MTN Mobile Money), Indonesia (DANA, GoPay, and OVO) and the Philippines (PayMaya).
Instarem
Instarem only allows bank transfers as the payment method and deposit into a bank account as the receiving option.
What do users have to say about each brand?
In Wise vs Instarem comparison, Wise is the winner here with more positive reviews overall.
Wise has a total of 79,830 reviews on Trustpilot; 68,000+ of these award 5 stars.
Below are some of the positive points frequently mentioned:
Faster transfers
Ease of navigating the platform
Affordable for both small and large transfers
Highly secure platform with security measures at the critical stages
Excellent rates
The areas of concern cited by dissatisfied customers included:
Transfer delays on some routes
Bad customer experience relating to the mobile app queries
Higher fees on some routes
Instarem
On Trustpilot, Instarem has 3,976 reviews, 2,400 of which are 5 stars.
The following are some of the positive experiences:
Faster transfers
Best exchange rates
An easy-to-use transfer platform
Helpful customer support
Lower fees
About 9% of the reviewers rated the company as either ‘Poor’ or ‘Bad’ on the following accounts.
Delayed transfers on some routes
Poor customer experience, especially when dealing with refunds
Longer time to evaluate transactions once funds are deposited
What brand offers better ease of use, accessibility & security?
Wise is more accessible due to the website translation capabilities, is licensed in more countries than Instarem and implements lots of security layers.
Wise has a vibrant customer support function available on phone, chat and email.
In addition, its website supports a total of 12 languages, which are English, Spanish, German, Portuguese, Romanian, Japanese, Polish, Russian, Italian, Hungarian, French, and Turkish.
Using the Wise app, that is available on both the iOS and Android platforms, you can send money, pay for your transfers, track your transfers, view historical transfers, and do so much more.
The company is licensed and regulated in the following markets Belgium and the European Economic Area (EEA), Australia, Canada, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, the United Kingdom and the European Economic Area (EEA), and the United States.
The company uses Transport Layer Security (TLS) for data security, has a two-step authentication system, and is ISO/IEC 27001 compliant for information security.
Instarem
Instarem offers 24/7 customer support through phone, chat, and email. The website is available only in English.
With the InstaReM App available on both Google Play and App Store, you can send money on the go, track your transfers, and view your transaction history.
The provider is licensed in 8 markets (Australia, Singapore, Hong Kong, Malaysia, India, the US, the EU, and Canada) and has robust verification processes to ensure the safety of client funds and information.
For instance, if you sign up for an account, the provider gives you 36 hours to upload documents and verify your account failure to which they close it.
Additional Features
Wise has lots of solutions, both for personal and business, compared to Instarem.
Wise has several solutions for businesses, these include:
Multi-currency account – This is a free business account allowing you to send and receive payments in multiple currencies
Batch Payments – You can make batch payments to employees, suppliers, or vendors. It can send up to 1,000 payments with a single click
Xero Integration – You can easily sync your business activity with Xero on the Wise platform. This helps in business accounting
Open API Payment Automation – You can automate recurring orders and simplify expense reporting, as well as place standing orders through this solution.
Mastercard Branded Debit Card – This card gives you the convenience of shopping online and offline, and also allows you to withdraw money directly from an ATM
Instarem
Aside from sending money overseas, Instarem offers solutions that enable global expansion of businesses.
Through its payment solution, you can pay employees, freelancers, and associates overseas fast and easy.
The greatest product it has for businesses is the multicurrency payment solution. It targets small businesses that make payments to suppliers, vendors, and service providers in 55+ countries.
With a single payment, Instarem can facilitate multicurrency transfers in local currencies. They also have branded business cards to help you showcase your brand.
Bottom Line - who is better?
Wise has established itself as a go-to cross-border money transfer company with lots of solutions targeted at both individuals and businesses.
Instarem has also quickly taken up the challenge despite it being a recent entrant into the industry. However, looking at all the variables at play, Wise carries the day.
Wise
I suggest using Wise if you need to make:
Domestic Payments - Wise supports domestic payments in both EUR and USD. Instarem only supports international payments
Business Payments - While both Wise and Instarem have business payment solutions, Wise is more invested
Large Transactions - Wise is best for large transactions of up to USD 1 million, GBP 1 million, and EUR 1.2 million in addition to other currencies. Instarem limits vary depending on the market
Disbursing Network Coverage – Wise serves 59 countries compared to Instarem, which supports 29 countries
Instarem
On the other hand, if you need to make small transfers of around $1000 to major currencies, Instarem is also a good option.
Wise is the clear winner compared with Instarem, but now you might be wondering what alternative transfer services offer even more value. Of course, the answer depends on what you are looking for. Customers looking for business transfer will enjoy the benefits of Airwallex and Sokin.
That is because business-orientated money transfer services provide customized payment systems that are handy for businesses. This includes spot contracts, market orders, and mass international payments. These are designed to save business money when sending funds internationally.
Do money transfer providers offer different deals?
Yes, the quality of the deal that different money transfer providers offer can vary widely. For example, one company might match the mid-market rate for currency conversions while another will have a markup percentage of around 1.5%. When converting currencies, this is an added fee that can add up over time.
You can even spot promotional codes for companies like Xe, a top-tier money transfer company. These will provide savings on fees and other benefits. However, these promotional deals do not last long, so take advantage of them while they last.
How to use Instarem for money transfers?
Start the Instarem money transfer process by registering for an account or login with your credentials. Next, you can check the currency conversion rates and fees using the website calculator. This enables you to compare the cost of sending money upfront, which shows the service is transparent.
You need to click the send money button and enter the recipient details. The specific information to enter depend on the selected transfer method. Enter the amount and currency you wish to send. Finally, confirm the transaction, and you will receive notifications indicating progress.
Is Instarem the same as Wise?
Instarem and Wise share many similarities because they are both money transfer companies. For example, they both offer competitive international pricing and offer highly rated mobile apps that customers love using for sending money abroad.
However, there are also a lot of differences between the two companies. Wise offers domestic payments, more affordable smaller transactions, high transfer caps, and a more extensive network of countries.
Can you use more than one money transfer company?
Yes, you can use more than one money transfer company at a time. Furthermore, there are no limits on the number of companies you can register with. Therefore, you can use various companies to enjoy a variety of benefits.
For instance, use Wise when you want currency conversions that match the mid-market rate. Of course, no company is perfect, but you can enjoy the best deals of several to have the best money transfer experience.
Who is safer, Instarem or Wise?
The security protocols at Instarem and Wise are excellent, so there is no distinction between them. You can enjoy strong encryption when using their mobile app and official website. Also, they have dedicated professionals working behind the scenes to ensure that scammers and hackers do not negatively affect your money transfer experience.
Additionally, both companies are regulated by the Financial Conduct Authority. This is an excellent sign that these companies have sound financial practices that customers can rely on for a safe experience.
April Summers is an experienced Senior Financial Content Editor who combines a wide range of professional skills with her academic background in English literature and journalism. Her professional background includes key positions at the Daily Star, LBB Online, and Entertainment Daily UK, which have sharpened her financial and journalistic expertise.
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