Instarem vs Wise
Instarem
instarem.com
Wise
wise.comSide by side
| Figure | Instarem | Wise |
|---|---|---|
| Price from | Free | Free |
| Free plan | Yes | Yes |
| Free trial | — | — |
| Open source | — | — |
| Web | Yes | Yes |
| iOS | Yes | Yes |
| Android | Yes | Yes |
| Plans published | 2 | 1 |
| Spec score · Money Transfer Apps | 8.7 (#12) | 8.9 (#5) |
| Exchange-rate model | markup | mid_market |
| Upfront fee display | Yes | Yes |
| Founded | 2014 | 2011 |
| Free plan | No | Yes |
| Headquarters | Singapore | London, United Kingdom |
| Mobile platforms | both | The Wise app is available for iOS through the Apple App Store and for Android through Google Play. |
| Purpose | Instarem provides international money transfers for individuals and cross-border payments for businesses. | The Wise app lets people send money, receive payments from abroad, check exchange rates, pay bills, and send money to loved ones. |
| Regulation | Instarem states that it is licensed and regulated in 11 jurisdictions. | Wise states it is authorised by the UK Financial Conduct Authority for issuing electronic money and works with a local bank partner to offer inward remittance service to India with RBI approval. |
| Scheduled transfers | Yes | Yes |
| Security | Instarem says it uses encryption in transit and at rest, regular vulnerability assessments, external penetration tests, and AWS Cloud security controls. | Wise says it safeguards customer money separately from its own and uses two-step authentication to protect accounts and transactions. |
| Support | Personal app users can submit a support query or start a live chat through the Help Centre. | Wise says its customer support is available by email, live chat, and phone, 24/7 in English and in 14 other languages. |
| Transfer speed | instant | On many popular routes, transfers can arrive within one day, the same day, or instantly. |
| Transfer tracking | Yes | The app shows the list and current status of transfers users have set up. |
Plans
In their own words
Instarem
Instarem provides international money transfers for individuals and cross-border payments for businesses. Personal users can send money to more than 60 countries, see fees upfront, and track transfers in real time. Fees vary by sending amount, currency, payment method, and destination and receiving method. Transfers are typically processed instantly or the same day after funds arrive, but can take up to two business days depending on destination and payment method. The service is available on Android, iOS, and the web; the mobile app includes Quick Send for frequent recipients and support by query or live chat. Businesses can pay overseas suppliers or employees across more than 160 countries. They can upload Excel payment and recipient details for up to 1,000 transactions in one go in listed markets. Business accounts also offer virtual cards with spending limits and real-time expense tracking. Instarem says it is licensed and regulated in 11 jurisdictions and uses encryption in transit and at rest, vulnerability assessments, external penetration tests, and AWS Cloud security controls. Personal and business account registration is free, but transaction fees apply.
Wise
Wise is a money app for sending money, receiving payments from abroad, checking exchange rates, paying bills, and sending money to loved ones. It sends to bank accounts in over 140 countries; delivery on many popular routes is within a day, the same day, or instant. Wise says it uses the mid-market exchange rate and displays fees before payment. Signing up is free, with no subscription; sending and conversion fees vary by currency and start from 0.33%. Sending to another Wise account has no sending fee, though conversion fees may still apply. Transfers can be funded with Apple Pay, Google Pay, cards, or bank transfer. Users can track and schedule transfers, repeat previous transfers, and receive live exchange-rate notifications. Wise says it safeguards customer money separately from its own and uses two-factor authentication to protect accounts and transactions. Photo ID may be required for some currencies or large transfers. The app is available on Android, iOS, and web.