When it comes to choosing a payment solution for business or personal needs, many people find themselves weighing the options between Instarem and Wise. This article aims to provide a comprehensive overview of both services, comparing their prices and features to help you determine which one best suits your requirements.
A quick overview on Instarem and Wise
What is Instarem?
Instarem is a Singapore-based financial technology company specializing in cross-border money transfers. It supports over 60 currencies and is designed for both personal remittances and business payments, including payroll and invoice settlements.
Instarem offers competitive exchange rates with minimal markups, low transaction fees, and transparent pricing. Use cases include individuals sending money to family or friends abroad, students paying for overseas education, and businesses managing international payroll and supplier payments.
What is Wise?
Wise is a British financial technology company that specializes in international money transfers and multi-currency accounts. It allows users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees.
Wise is unique for its multi-currency accounts and local bank details in multiple countries, enabling users to receive payments like a local. Individuals use Wise for sending money internationally and managing funds in different currencies, while businesses utilize it for paying international suppliers and managing global payroll.
Pricing of Instarem and Wise
Instarem offers competitive pricing with transaction fees starting from 0.4% for personal accounts and 0.65% for business accounts. The platform is known for its transparent pricing, displaying all costs upfront. However, fees can vary based on the destination country and payment method, which may affect the overall cost for users.
Wise operates on a transparent fee structure with no fee to open a personal account and a one-time setup fee of £45 for business accounts. Sending money incurs a fee starting from 0.33%, and holding money in your account is free. However, receiving USD wire and Swift payments incurs a fixed fee of $6.11 per payment.
Wise generally offers better pricing due to its lower starting fees and transparent structure.
Features of Instarem and Wise
Instarem features
Instarem offers a range of unique features that cater to both individual and business users, making it a versatile choice for international money transfers:
- Competitive Exchange Rates: Instarem provides exchange rates with minimal markups, ensuring users get more value for their money.
- Low Transaction Fees: The platform charges low fees starting from 0.4% for personal accounts and 0.65% for business accounts.
- Fast Transfer Times: Most transactions are processed instantly or within the same day, making it a quick solution for urgent transfers.
- Transparent Pricing: All costs are displayed upfront, eliminating any hidden charges and providing clarity to users.
- InstaPoints Reward System: Users earn points for each transaction, which can be redeemed for discounts on future transfers, a feature that sets Instarem apart from many competitors.
Wise features
Wise offers a range of unique features that cater to both individual and business users, making it a versatile choice for international money transfers:
- Multi-currency account: Hold and manage over 40 currencies, simplifying international transactions.
- High-speed transfers: Over half of transfers are completed in under 20 seconds, ensuring quick access to funds.
- Low fees: Transparent fee structure with a fee calculator to estimate costs upfront.
- Wise card: Spend and withdraw cash globally with minimal fees, ideal for frequent travelers.
- Local bank details: Receive payments like a local in multiple countries without needing a physical presence.
Comparing Instarem, Wise and OneSafe
Why choose one over the other?
- Why Choose Instarem Over Wise: Instarem offers a reward system through InstaPoints, which can be redeemed for discounts on future transfers, providing added value for frequent users. Additionally, Instarem's competitive exchange rates with minimal markups and low transaction fees starting from 0.4% make it a cost-effective choice for both personal and business transfers.
- Why Choose Wise Over Instarem: Wise provides a multi-currency account that allows users to hold and manage over 40 currencies, making it ideal for those who need to operate internationally. Furthermore, Wise's transparent fee structure and the ability to receive payments like a local in multiple countries without needing a physical presence offer significant advantages for global businesses and frequent travelers.
Considering OneSafe vs Instarem and Wise
- Why Choose OneSafe Over Instarem and Wise: OneSafe offers seamless USD to USDC conversion on Polygon, enabling instant, borderless transactions that are ideal for Web3 companies. Additionally, OneSafe provides end-to-end expense and payroll management, making it a comprehensive solution for businesses operating in the digital asset space.
What are the customers saying?
Instarem reviews
Customer reviews of Instarem highlight a mix of experiences. Users often mention issues with account verification delays, difficulties in contacting customer support, and occasional delays in fund transfers. Check out more Instarem reviews here.
Wise reviews
Customer reviews of Wise highlight a mix of experiences. Users often mention issues with account access, document verification, and occasional delays in transfers. Some have also expressed concerns about the level of customer support and increasing fees. Check out more Wise reviews here.
OneSafe reviews
Customer reviews of OneSafe highlight the platform's exceptional customer support, ease of payroll processing, and ability to simplify complex banking tasks for Web3 companies. Users consistently praise the platform for its reliability and the seamless integration of traditional and digital asset management.
Some standout testimonials include:
- - "OneSafe has the best customer support I've ever experienced from a bank." - Amit Chu, Investments @ Celo Foundation
- - "OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it." - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Instarem, Wise, or OneSafe: Which is the best platform for you?
In conclusion, while Instarem and Wise offer robust solutions for international money transfers, OneSafe stands out with its seamless USD to USDC conversion, exceptional customer support, and comprehensive expense and payroll management. Each platform has its strengths, but for businesses operating in the digital asset space, OneSafe provides a unique blend of traditional and digital financial services. We recommend giving OneSafe a try for a more integrated and efficient banking experience.
