Instarem vs Wise Business: Which is better for your business?

When you first kick-start your business, what’s the first thing you do? Most business owners would first jump to set up their business bank account. Once you have the money in your business bank account, you are ready to send money to your recipient.

 

Before you know it, you realise that whenever you send money internationally, hidden fees and exchange rates rack up.

 

For small businesses, these transfer fees and unfavourable exchange rates can eat into your profits and affect your cash flow.

 

​That’s why it is important to look for a service provider for your overseas transfers. The right business account can significantly impact how you manage your finances.

 

Today, we’re comparing Instarem business and Wise Business, focusing on their features, pricing, business card options, and more, to help you decide which one helps you save money.

Summary of business accounts: Instarem vs Wise

	Instarem	Wise Business
Features	Hold and exchange multiple currencies, send money in real-time. Secure transactions, process up to 1,000 payments, and fund transactions seamlessly with Visa or Mastercard® credit cards	Multi-currency accounts, international payments, accounting integrations, batch payments
Pricing	No monthly fees and no fees for cross currency payments	One-time setup fee, no monthly fees, transparent transaction fees
Business Cards	Virtual prepaid Mastercard® with FX savings and customised spending controls	Physical and virtual cards, team management features, ATM withdrawals

Instarem vs Wise Business: Key Features

	Instarem	Wise Business Account
Supported Currencies	Pay in 40+ currencies	Hold and send in 40+ currencies
International Payments	Pay up to 160+ countries	Send to 70+ countries
Accounting Software Integration	Not available	Integrates with QuickBooks, Xero, and more
Business Debit Cards	Virtual prepaid card with FX savings	Physical and virtual cards available
App	Mobile-web compatibility	Mobile app available

 

Both options offer robust features. Instarem stands out with its real-time payments and the ability to fund your transfer with a credit card, while Wise excels in accounting software integrations and comprehensive card options. Ultimately, the best choice depends on your company’s specific needs.

Hidden costs for international transfers

	Instarem	Wise Business
Account Opening Fee	No fees	One-time fee of 31 USD
Monthly Subscription	No fees	No fees

Exchange rates and currency conversion fees when you transfer money

	Instarem	Wise Business
Currency Exchange Fees	Mid-market rate; no fees	Fees starting from 0.57%
Money Transfer Fees	$0 fees for cross-currency payments	Variable fees starting from 0.57%
FX Fees	Mid-market rate; no fees	Uses mid-market exchange rates

 

Instarem offers a competitive structure with no account opening or monthly fees, and competitive exchange rates. Wise charges a one-time setup fee of $31 but also has no monthly fees and offers transparent transaction fees starting from 0.43%. Consider your transaction volume and funding methods to determine which pricing structure is more cost-effective.

Other services outside of money transfer

Instarem vs Wise Business: Business Cards

	Instarem	Wise Card
Physical Card	Soon	Available
Virtual Card	Available for Google pay and Apple pay	Available
Custom Card	Not available	Not available
ATM Withdrawal	Soon	Free up to 100 USD/month; thereafter $1.50 + 2% per withdrawal

 

Both Instarem and Wise offer business card functionalities, including virtual cards. However, Instarem’s physical cards are coming soon, while Wise provides both physical and virtual cards with team management features and a clear ATM withdrawal policy.

See how Instarem compares to other business tools

Forget about googling “Instarem money transfer”. Here are the facts you need.

 

	Instarem
Features	Hold and exchange multiple currencies, send real-time payments, secure payments, process up to 1,000 payments, and fund payments seamlessly with Visa or Mastercard® credit cards
Pricing	No monthly fees and no fees for cross currency payments
Business cards	Virtual prepaid Mastercard® with FX savings and customised spending controls

How to make international payments with Instarem Business account?

1. Click here to get apply for a free Instarem business account

2. Enter your company details and provide onboarding documents

3. Once approved, add beneficiary details, saved for future transfers

4. Select a payment method and we’ll show you rates and fees upfront

Register with Instarem business today

Take control of your business finances with Instarem. Enjoy competitive exchange rates, streamlined payments, and fast & secure transfers.

 

Sign up

Frequently asked questions

Can Instarem send money for batch payments?

Instarem can do batch payments of up to 1,000 payments at one go to overseas suppliers or vendors via an excel file. The feature is available for customers in Singapore, Australia, Hong Kong, Malaysia, Indonesia, the US, the UK and Europe.

Can you link your accounting software to Instarem?

Currently, this service is unavailable on Instarem.

What are the different currencies available for Instarem Business account?

Businesses based in Singapore, Australia, Malaysia, Hong Kong, India, or Indonesia, can collect funds in eight currencies, including SGD, USD, GBP, EUR, AUD, HKD, NZD, and JPY.