Wise vs Instarem Singapore: 2025

The important bits

Both Wise and Instarem are great providers which can suit a variety of customer needs. To help you pick which may be best for your unique situation, here’s a summary of some important factors to consider:

*Correct at time of writing - 20th January 2025

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

Wise pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Rates: Wise uses the mid-market rate for all conversion, Instarem may add a variable markup

Fees: Neither of the providers have ongoing account fees, but they do have transaction fees based on your account use

Speed: Wise overseas payments can be instant, with 90% arriving in 24 hours. Instarem payments may be in real time or may take several days, depending on the destination

Service: Wise has service online, in-app and by phone, Instarem service is online and in app, with the option for a call back if you need it

Safety: All providers are fully licensed and regulated.

Reviews: Wise gets a 4.3 star, Excellent rating, from 246,000+ reviews on Trustpilot; Instarem gets a 4.1 star, Great rating, from 8,000+ reviews

Pros and cons

The verdict: Which is better: Wise or Instarem?

Wise and Instarem have overlapping services, but they’re not quite the same in scope.

Wise has personal accounts to hold and exchange 40+ currencies, receive payments in 8+ currencies, and spend with a linked card in 150+ countries. You can also send money to 160+ countries, and currency exchange uses the mid-market rate. Wise Business customers get the same benefits, plus some extras like batch payments and accounting integrations, for a one time fee.

Instarem also offers international payments but while business customers can send to 160+ countries, personal customers have a choice of only 60 countries. On the other hand, personal customers can order an Amaze card for spending which is linked to a digital wallet for 11 currencies - not a product marketed for business. In our comparisons, Instarem was cheaper than Wise for our selected international transfer examples, because of strong new customer promotional discounts.

Which wins for you depends a lot on the services you need. Compare both using his guide to help you decide the best choice for your specific situation.

How do they work?

To use Wise or Instarem you’ll need to create an account, and provide some ID for verification. This is an important security requirement to keep your account and money safe.

Once you have created an account and been verified, you can start to transact. Using both Wise and Instarem is easy, and can be done with a phone or laptop. If you need to send money you can enter the value and currency to transfer, and follow the on screen prompts. You’ll also be able to use your app to order a card if you want one and view updates and transactions relating to your account.

Wise vs Instarem fees

Different providers have their own approach to fees, which can make it tricky to compare services. To give a flavour of the fees you may pay for different transaction types, here’s a summary of some key fees from Wise vs Instarem:

Wise vs Instarem: which is cheaper for international transfers?

Using a specialist service like Wise or Instarem can be the cheapest option available for international transfers. However, as different providers have their own fees and exchange rates, comparing a few is important to make sure you get the right deal. As we'll see in a moment, you may also benefit from new customer promotions or other offers which makes one or other provider better for your specific payment.

To see how much an international transfer really costs, it helps to compare the amount your recipient will get in the end. Here we’ve looked at several different payments and different values to see which may work best for the transfers:

*Rates and fees correct at time of research - 20th January 2025</small>

As you can see, in these comparisons Instarem was a bit cheaper than Wise. However, it’s helpful to know that Instarem quote includes a fee waiver for new customers. If you’re a returning customer you may not benefit from this, which can change the cheaper provider for your specific needs. In fact, in these transfer examples, Wise had a lower fee than Instarem in all but one payment. This means it's crucial to compare every time you transfer to make sure you get the right provider each time.

Wise Vs Instarem exchange rates

Wise uses the mid-market exchange rate for currency conversion - the one you can find on Google. If you’re sending a payment, converting in your account or spending with your card, the rate is the same.

If you need currency conversion with Instarem your SGD will be converted with the Instarem rate which can include a fee. You can see the applicable rate for your transfer in the Instarem app.

Wise Vs Instarem: which is faster?

About 45% of Wise payments arrive instantly, and 90% are there in 24 hours. Instarem payments can vary in speed. In the examples we looked at earlier, the predicted delivery times were 3 - 5 days depending on the route and value of the transfer.

With all providers, delivery times depend on many factors including the destination country, and the recipient’s own bank. While you're shown a delivery estimate before your payment is processed, in some cases payments take longer than you expect.

Wise vs Instarem international transfer limits

Wise and Instarem both have limits on the value of payments available. However, they’re not necessarily set in the same way. In both cases, limits may vary depending on the country you’re sending to and the way you choose to pay.

With Wise, you can send up to 2 million SGD per transfer, depending on how you pay. If you pay by card, the limit is 16,000 SGD. Some other limits may apply based on the country you send to.

Instarem limits depend on the way you want to pay. Usually you’ll find the following limits:

• PayNow or linked bank account: 200,000 SGD per day

• Bank transfer: No sending limit

• Debit or credit card: 20,000 SGD

Sending large amount transfers

Wise and Instarem both offer large value transfer services. These are useful for business payments or if you need to send a large personal payment - to buy a house or cover overseas education costs for example. Here’s how each works:

Wise high amount transfers

From your bank you can send up to 2 million SGD per transfer - lower limits apply to some other payment methods.

Wise also offers volume discounts on fees. If you send more than the currency equivalent of 20,000 GBP (about 33,000 SGD) a month you could get an automatic discount of up to 0.17%. There’s no need to pre-arrange the fee. Here’s how the Wise high value payment discounts break down:

Instarem high amount transfers

If you want to send a very high value payment from SGD with Instarem you can do so by bank transfer. Instarem does not advertise better exchange rates or lower fees for high value payments, but you may want to give them a call if you’re sending money frequently or in high amounts to see if there’s a better deal to be had.

Wise vs Instarem: Payment methods

You’ll need to use a bank account or card to add money to your account or to fund payments with both providers. Here’s how you can do that.

Wise Singapore customers can pay with:

• PayNow

• Bank Transfer

• Debit Card

• Existing Wise balance

Instarem Singapore customers can pay with:

• PayNow

• Bank Transfer

• Debit Card

• Credit Card

Wise vs Instarem card: Where can you use them?

You can use the Wise card in 150+ countries. The card is on either the Visa or Mastercard network which are both very widely accepted.

You can use your Instarem card whenever you see the Mastercard logo.

Wise vs Instarem business

Both Wise and Instarem offer business services for Singapore customers. You can send and receive payments, and there are no ongoing fees. However, the options available do vary a little.

With Wise you’ll pay a one time fee for full account access including holding, exchanging, spending, sending and receiving foreign currencies - plus perks like accounting integrations and batch payments. Instarem has no fee to pay for opening an account but doesn’t market card services for businesses, or offer quite as many time saving perks like accounting integrations. Instarem Singapore integrates with QuickBooks, while Wise supports QuickBooks, Xero, NetSuite and many more.

Ease of use

• Creating an account: Both Wise and Instarem accounts can be opened online or using the provider’s app.

• Making a transfer:  Both Wise and Instarem international payments can be made online or in the company app.

• Ways to send money:  Wise transfers can be funded by bank transfer, PayNow, Wise Balance, or debit card.  Instarem lets you pay using PayNow, Bank Transfer, Debit Card and Credit Card

• Languages:  Wise and Instarem both offer multi-lingual support online, using the app, and by phone

• Minimum & maximum amounts:  Wise limits for payments funded from bank accounts is 2 million SGD/transfer.  Instarem has no limit when you pay with a bank transfer

Supported currencies

Wise: Wise accounts can hold 40+ currencies and come with local and SWIFT account details for 8+ currencies.

Instarem: Instarem personal customers can send to 60+ countries and hold 11 currencies.

Are they safe to send money with?

Yes. Wise has industry level security features built into the app, including manual and automatic anti-fraud tools. To safeguard customer funds, when you hold a balance with Wise it is set aside from Wise’s own operating capital in a top tier bank, so you know your money is safe and accessible at all times.

Instarem is part of Nium which is a huge global payment provider, and keeps customer funds safe in cooperation with regulated financial institutions and tier 1 banks worldwide. Instarem also has security measures in its app, and essay access to help if you need it.

Are they regulated in Singapore?

Wise is licensed by the Monetary Authority of Singapore as a Major Payment Institution, and also has a Capital Market Services Licence for Dealing in Capital Market Products.

Instarem Singapore is operated by Nium and its subsidiaries globally. In Singapore, Nium is regulated by the Monetary Authority of Singapore as a Major Payment Institution.

Wise vs Instarem customer service

Get in touch with Wise through an in app chat, 24/7. If you need to speak to a specific team due to the type of question you have, you’ll be connected or passed the details for contacting the best person to support you.

With Instarem you can open and in app chat or raise a customer service ticket and wait for a call back.

Conclusion: Comparing Wise and Instarem

Both Wise and Instarem offer handy services for people in Singapore who need to send or spend in foreign currencies. Wise has more breadth in terms of currencies, with 40+ supported for holding and exchange and options for both personal or business customers to send to 160+ countries. You can also get debit or expense cards no matter whether you’re a personal or business customer.

Instarem has a few limitations, including personal payments to only 60 countries and no card services for business customers. However, they offer new customer discounts which can make payments very good value if you’re new to the service.

Compare both options to see which is the best fit your own specific requirement.