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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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 200 2 days SGD 50.00 0.735 USD
7,317
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details
SGD 1 1 - 2 days SGD 45.00 0.741 USD
7,379
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Instarem vs Wise: Which has lower fees?

Instarem

Instarem fees change depending on the country and currency but typically vary from 0.25% to 1%.

Wise

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.

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Winner: Instarem

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
InstaremWise
Transfer fee$3$4.88
Exchange rate1 SGD = 0.6548 EUR1 SGD = 0.5872 EUR
Transfer speed1-2 days1-4 days
Total euros receivedEUR€654.80EUR€587.20
Receiver getsEUR€67.60 moreEUR€67.60 less

Which offers better exchange rates?

Instarem

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

Wise also converts money at the mid-market rate, with no added margin.

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Winner: Wise

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?

Instarem

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.

Wise

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.

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Winner: Tie

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.

General features

Payment methodsReceiving optionsMax and minTransfer speedsCurrencies
InstaremBank transfer, POLi transferBank accountMinimum: $200

Maximum: No limit

2 days20+ currencies
WiseBank transfer, POLi transfer, debit card, credit cardBank accountMinimum: $1

Maximum: $1,000,000

1 - 2 days45+ currencies

Instarem

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.

Wise

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.

Bottom line

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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 0 Same day SGD 4.99 0.733 USD
7,328
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
SGD 250 1 day SGD 0.00 0.738 USD
7,383
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
SGD 2,000 1 day SGD 0.00 0.738 USD
7,383
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details
SGD 1 Same day SGD 3.99 0.738 USD
7,376
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
SGD 250 1 day SGD 0.00 0.738 USD
7,383
Send guarantees to match any competitor's exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
SGD 1 1 - 2 days SGD 45.00 0.741 USD
7,379
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
SGD 5 1 - 2 days SGD 3.00 0.737 USD
7,371
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day SGD 43.00 0.741 USD
7,381
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
SGD 200 2 days SGD 50.00 0.735 USD
7,317
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details

Compare up to 4 providers


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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