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Instarem vs Wise (TransferWise)
With both services offering the mid-market rate, we compare their other features to find out which one comes out on top.
Instarem and Wise are two of the rare providers who offer their customers mid-market exchange rates, meaning there’s no margin added onto it. However, Instarem’s rates are only applicable for certain currencies and certain trading hours. With this in mind, which company is better overall? We compare all the factors, including fees and transfer speeds, to find out.
The fees and rates used in this comparison are accurate as of 2 May 2019.
Instarem vs Wise: Which has lower fees?
Instarem fees change depending on the country and currency but typically vary from 0.25% to 1%.
Wise’s fees vary from 0.35% to 2.04%, depending on the amount you’re sending, how you pay and the exchange rate. An additional small flat fee, ranging from $0.50 to $2 depending on the currency, is also added on top. The Wise pricing calculator can tell you the exact fee amount before you commit.
While both Instarem and Wise offer percentage-based fees, Instarem has lower fees across the board. Instarem fees do not range above 1%, while Wise fees go as high as 2.04% on some currencies.
Let’s crunch the numbers: Sending $1,000 and $10,000 to Italy
We will compare two transfer amounts, $1,000 and $10,000, to see the difference between the fees. Keep in mind that these fees will change depending on the currency.
Sending $1,000 to Italy
|Exchange rate||1 SGD = 0.6548 EUR||1 SGD = 0.5872 EUR|
|Transfer speed||1-2 days||1-4 days|
|Total euros received||EUR€654.80||EUR€587.20|
|Receiver gets||EUR€67.60 more||EUR€67.60 less|
Which offers better exchange rates?
Instarem converts at the mid-market rate, meaning there won’t be a margin on top of the exchange rate for some currencies currencies and during certain hours. The company doesn’t make it clear which currencies and hours this applies to.
Wise also converts money at the mid-market rate, with no added margin.
Both Instarem and Wise are two of the rare providers that offer the mid-market rate, but only Wise offers it at all times for all currencies. Keep in mind that the fees might be higher than other providers to compensate, so it’s important to calculate all costs – exchange rate and fees – when comparing services.
Which is faster?
Most transfers with Instarem take 1-2 business days. The exact time varies depending on what currency you are sending to and the banks involved. Be aware that your first transfer will take a bit longer, as you will need to go through the verification process.
Depending on the currencies involved and your payment method, it can take up to 4 days. It is a lot faster if you pay by card, with your money arriving immediately in many cases.
Depending on how you pay, either can be quicker. If you pay by card, Wise offers the quickest service, but if you pay by bank transfer, Instarem is likely to get your money there faster.
|Payment methods||Receiving options||Max and min||Transfer speeds||Currencies|
|Instarem||Bank transfer, POLi transfer||Bank account||Minimum: $200|
Maximum: No limit
|2 days||20+ currencies|
|Wise||Bank transfer, POLi transfer, debit card, credit card||Bank account||Minimum: $1|
|1 - 2 days||45+ currencies|
Once you have been verified, you sign in to your account and enter the recipient’s details, how much you want to transfer and how you will pay for the transfer. You can pay with a bank or PayNow transfer. Instarem will let you know once it’s completed.
To use Wise, you sign up for a free account. Once you are logged in, you enter how much you want to transfer, send your money to Wise, and then, Wise will convert it and send it to the nominated bank account.
Instarem and Wise are fairly similar overall. Both providers offer you the mid-market rate but charge varied fees, but Wise offers the mid-market rate at all times while Instarem only offers it for some currencies and during certain hours. There might be some currencies and amounts that Wise will give you a better deal on and some that Instarem will.
Both are competitive services that work to make the process as easy as possible for you. However, if you want to transfer money immediately and are happy to do so using your card, Wise is the way to go.
Looking for more options?
You will be hard-pressed to find services that beat the mid-market rate, but it’s worth checking the overall cost of other providers, including fees. Use our calculator below to see who really has the best offers overall.
The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary from the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.
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