InstaReM vs Wise money transfer differs mainly because InstaReM only supports a few currencies, while Wise supports more than 750 currencies and more than 4 million customers.
When sending money online to another country, you may wonder about the reliability, cost-effectiveness, speed, and suitability of a money transfer provider on your particular transfer corridor. You may find yourself comparing one provider with another, looking for features they have in common and their special features.
We’ve compared two money transfer giants: InstaReM vs Wise.
We rank both InstantReM and Wise among the industry’s top providers of cross-border money transfers. These both offer zero-margin exchange rates, which means your transfer will be processed at the mid-market rate. We examined factors like transfer speeds, fees, sending and disbursing network coverage, transfer, and pay-out options, and user sentiment for this review.
InstaReM is a Singapore-based fintech company that offers low-cost money transfer solutions across 150 transfer corridors.
With slightly over five years of experience in the business, that offers low-cost money transfer solutions across 150 transfer corridors. Now manages bulk payments in different currencies to multiple beneficiaries.
Despite the wide disbursing network coverage, InstaReM on that offers low-cost money transfer solutions across 150 transfer corridors. Customers are thus limited in the amount of money they can comfortably send to other family members. Africa, in particular, has been excluded from the sending countries, with a focus on Europe and Asian markets instead.
With over 4 million customers and 750 currency routes, Wise is a London-based company. The company facilitates approximately $4 billion in transfers each month. A team of 1900+ professionals ensures customer service through email, online chat, and phone.
As well as offering mid-market exchange rates, the company also charges low transfer fees and has begun rolling out mobile wallet pay-out solutions in some markets. Considering that many customers previously had to use bank transfers as their only pay-out option, this is a huge improvement.
Which one has the lowest fees?
Wise’s fees are based on how much you send and how you pay. In most cases, your quote for your transfer includes a variable fee of 0.35% plus a fixed fee. For sending $100 to India, you will be charged $2.07, and for sending $100 to Hong Kong, you will be charged $1.98.
InstaReM charges transfer fees based on a percentage of the amount transferred. This percentage varies based on the market you are transferring to. Some transfer corridors are more expensive than others. Fees range from 0.25% to 1% on average. If you pay via direct debit or wire transfer for $100 from the US to India, you will be charged $1.99. If you send the same amount to Hong Kong, you will only be charged $0.5.
Comparing InstaReM and Wise, InstaRem charges less for the same transfer payment methods. You can find the cheapest way to send money abroad using our simple guide to find the lowest fees.
Which brand offers the best exchange rate?
Wise processes its rates at the mid-market rate, which is the exchange rate you would see if you were to search it on Google. Rates are guaranteed for up to 48 hours.
InstaReM shows you the conversion rate through its transfer widget, and once you confirm a transfer, the rate holds until it is completed and is also at the mid-market rate.
Both providers charge an exchange rate markup on currency pairs, so this is a tie. Discover how to find the best exchange rates in our simple guide.
In which market does a brand have more locations?
You can open an online money transfer account with Wise from more than 200 countries and territories. However, according to its website, it disburses funds to only 59 countries and 50 currencies.
Signing up for an account on InstaReM gives you the option of choosing from a drop-down list of 38 countries, most of which are located in Europe, the Americas, and Asia. Its disbursement network covers 29 countries. You cannot open an account if you live in an African country.
Winner: Wise has more options
With InstaRem vs. Wise, Wise has the stronger sending and disbursing network.
Which one is faster?
It is not clear from Wise’s website how long it takes, but estimates from its transfer widget suggest some transfers are delivered instantly, while others take a few hours and others take up to four days. In Bangladesh, for instance, it takes four days to transfer $1000. Using a credit card is much faster.
InstaReM provides some of the quickest and easiest transfer services to most of the markets it serves. The recipient receives the money within one to two business days.
The majority of transfers are delivered within one business day or the same day for both InstaReM and Wise, so it is fair to say that the two are tied. Find the fastest provider for sending money internationally with our simple guide.
Which brand offers the greatest range of payment options?
With Wise, customers can pay for their transfers by bank transfer, debit card, or credit card. Where there was once only the option to transfer funds to bank accounts, there are now options to transfer funds to digital wallets in Bangladesh (bKash), Ghana (MTN Mobile Money), Indonesia (DANA, GoPay, and OVO), and the Philippines (PayMaya).
As a payment method, you can only use bank transfers, and as a receiving method, you can deposit into a bank account.
Considering InstaRem vs. Wise, Wise has more transfer payment and pay-out options, which may be crucial for some people.
What do users think about each brand?
There are 79,830 reviews on Trustpilot for Wise; 68,000+ have a rating of 5 stars. The following are some of the most frequently mentioned positives:
Transfers that are faster
Transfers of both small and large amounts are affordable
Ease of navigating the platform
High-level security measures at critical stages with a highly secure platform
Rates are excellent
Unsatisfied customers cited the following concerns:
Some routes experience transfer delays
Some routes charge higher fees
Mobile app queries resulted in a bad customer experience
InstaReM has 3,976 reviews on Trustpilot, 2,400 of which are 5 stars. A few of the positive experiences include:
Transfers that are faster
Transfer platform that is easy to use
The best exchange rates
Customer support is helpful
Approximately 9% of the reviewers rated the company as either ‘Poor’ or ‘Bad’ on the following accounts.
Transfers on some routes are delayed.
Once funds are deposited, it takes longer to evaluate transactions.
Refunds are handled poorly, especially when dealing with customers.
Wise has more positive reviews overall compared to InstaRem in this comparison of Wise vs. InstaRem.
Which brand offers the best ease of use, accessibility, and security?
1. Customer service at Wise is available by phone, email, and chat. Furthermore, its website is available in 12 languages, including English, Spanish, German, Portuguese, Romanian, Japanese, Polish, Russian, Italian, Hungarian, French, and Turkish. 2. On both the iOS and Android platforms, you can use the Wise app to send money, pay for transfers, track transfers, historical view transfers, and so much more. 3. It 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. 4. Data security is ensured by Transport Layer Security (TLS), a two-step authentication system, and compliance with ISO/IEC 27001 for information security.
1. At InstaReM, customer support is available 24×7 via phone, chat, and email. Using 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 website is only available in English. 2. Providers are licensed in eight markets (Australia, Singapore, Hong Kong, Malaysia, India, the US, EU, and Canada), and their verification processes ensure the safety of client funds and information. When you sign up for an account, for example, the provider gives you 36 hours to upload documents and verify your account, failing which they close it.
Because of the website translation capabilities, Wise is more accessible than InstaReM and offers more security layers.
The following features are included:
Wise- Businesses can choose from several solutions from Wise, including:
Account Borderless – A free business account that allows you to send and receive payments in multiple currencies
You can make batch payments to employees, vendors, or suppliers. One click can send up to 1,000 payments.
Integration with Xero – The Wise platform makes it easy to sync your business activity with Xero. Business accounting becomes easier as a result.
Through Open API Payment Automation, you can automate recurring orders, simplify expense reporting, and place standing orders.
Debit card branded by MasterCard – This card allows you to shop online and offline and withdraw money from an ATM.
InstaReM provides solutions that enable the expansion of businesses globally and send money overseas. With its payment solution, you can pay your employees, freelancers, and associates abroad quickly and easily.
Its greatest product for businesses is its multi-currency payment solution. The company targets small businesses in 55+ countries that make payments to suppliers, vendors, and service providers.
With InstaReM, multi-currency transfers in local currencies can be made with a single payment. They also offer branded business cards that help you promote your brand.
In comparison to InstaReM, Wise offers more personal and business solutions.
Comparing InstaRem and Wise in the US-Singapore corridor, here are a few examples of typical transfers.
Wise charges 2.67 USD for sending $200 to Singapore via bank debit, with the recipient receiving 267.52 SGD within 1 – 3 working days. The credit card fee increases to 9.51USD, while the debit card fee would be 4.35USD.
With Wise, sending $1,000 by bank transfer to Australia would cost $8.63 USD, while sending it by credit card would cost $42.83. The recipient would receive 1,379.06 SGD.
By bank debit, sending this amount would incur a fee of 150.33, with this amount increasing all the way up to 834.38 USD by credit card. The transaction may take up to five working days.
With InstaReM, your recipient would receive a total of 262.68 SGD when paying by direct debit. Transfer fees would be 0, and the exchange rate at the time of writing would be USD/SGD1.3134 SGD.
With this amount, you would get the same fees and exchange rate as above, leaving your recipient with 1,347.3 SGD once the transfer is processed.
There are no fees associated with sending this amount, and at the time of writing, the conversion rate is USD/SGD 1.3473 SGD. The recipient would receive 26,946 SGD.
Winner: Wise has better rates
With this InstaRem vs. Wise comparison, we can see that the recipient receives more of your funds through Wise than with InstaReM, with the differences only increasing as the transfer amount increases. However, keep in mind that this may vary depending on the currency pair you are converting between.
Conclusion: who is better?
Payments to domestic entities: Wise supports both EUR and USD for domestic payments. InstantReM only supports international payments
A business payment consists of: Even though both Wise and InstaReM offer business payment solutions, Wise is more focused
Small Transactions: Wise is much better suited to smaller payments. Payments start at $1, while InstaReM starts at $50
Transactions of large sizes: In addition to other currencies, Wise is best suited for large transactions of up to USD 1 million, GBP 1 million, and EUR 1.2 million. The instaReM limit varies by market.
Coverage of disbursing networks: According to Wise, 59 countries are supported compared to 29 supported by InstaReM.
Paying overseas: Both Wise and InstaReM offer competitive pricing for international payments.
Even though it is new to the industry, InstaReM has also been up to the challenge. The company has established itself as a go-to cross-border money transfer service with a range of solutions aimed at both individuals and companies. The results of all the variables indicate that Wise wins.
InstaReM vs. TransferWise: which is better?
Conclusion: Wise wins Comparing Wise vs. InstaRem, Wise has more positive reviews overall.
XE or Wise: which is better?
Wise is the winner With Wise, you always get the mid-market rate. Despite XE’s lower rate, Wise’s fees may end up costing you more. Comparing a transfer with your specific sending destination and the preferred amount is easy with the table above.
InstaReM makes money in what ways?
The cost of processing your transaction will be covered by a nominal fee (between 0.25% and 1%), and you will be given a breakdown of your transfer that is accurate and transparent. Additionally, the recipient receives the exact amount as specified. InstaReM’s rates do not include margins. How does it make money?
InstaReM is a wire transfer?
Instarem only supports electronic funds transfers or wire transfers to the recipient’s bank account. Even if you are sending relatively small amounts, they do not have a cash pickup option.
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