Western Union international transfer fees in Singapore - a cheap option to send money abroad?
We reviewed Western Union trasfer fees in Singapore: ✓Exchange rates ✓Charges ✓Transfer methods and more. Read more here!
When it’s time to send money overseas you’ve got plenty of choices, from your regular bank to online and mobile specialist services. Specialists are a good bet because they’re usually cheaper and more convenient than your bank - but which to choose?
If you’re trying to decide between Instarem vs TransferWise (now known as Wise) for your next payment you’re in the right place. We’ll introduce both Wise and Instarem Singapore, and run through a full review and comparison. Let’s dive right in.
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Instarem¹ is a specialist in digital cross border payments you can make online and from your phone. You can make Instarem payments as an individual or business owner, and send to dozens of countries around the world in a selection of global currencies. You can also get an Instarem Amaze card for on and offline spending, which we’ll look at in more detail later. Instarem was set up in Singapore back in 2014, and now has offices in several countries, with a growing customer base.
Instarem is safe to use for Singapore customers. It’s licensed by MAS as a Major Payments Institution, and also covered by licences in a selection of other countries.
Wise was founded in the UK back in 2011, and now serves over 13 million customers around the world. With Wise you can send payments to 80+ countries, or open a Wise Account to hold 50+ currencies and spend with a linked Wise card in 170+ countries. All Wise currency exchange uses the mid-market exchange rate, with no markup added.
Like Instarem, Wise is MAS licensed, and so safe to use to send money and hold a currency balance. Wise is also overseen by around 15 different authorities globally.
International payments are a core service for both Wise and Instarem Singapore. Here’s how the two services measure up side by side for cross border payments - we’ll look at a cost example in just a moment so you can see how they fare on price too.
Instarem | Wise | |
---|---|---|
Eligibility | Send from Singapore and a selection of other countries | Wise accounts are available globally, with the exclusion of a small number of countries |
Supported countries | Send to 55+ countries | Send to 80+ countries |
Fees | Fees vary by destination - new customers may also benefit from promotional discounts | Low fees, which vary by destination |
Exchange rates | Instarem rates may include a markup | Mid-market exchange rate |
Payment limits | Payment limits for most transfer types are not specified - if you hit a limit when you’re arranging your transfer, you’ll be notified on screen | Send up to 2 million SGD to bank accounts, or 5,000 SGD to PayNow³ Send from SGD up to 1 million SGD from a bank, or 16,000 from a card |
Delivery speed | Most transfers arrive in 24 hours | 50%+ of payments are instant, 90%+ arrive in 24 hours⁸ |
Ways to pay | Bank transfer, card or PayNow | Bank transfer, card, PayNow or Wise balance |
Customer reviews | 4.4/5 star review on TrustPilot, from 7,500+ reviews² | 4.5/5 star review on TrustPilot, from 180,000+ reviews⁴ |
Safety | Licensed in Singapore, Malaysia, Australia, Hong Kong, India, USA, Canada and across Europe | Licensed in Singapore and a selection of other countries and regions around the world |
When you’re picking a provider for your overseas payment you’ll also want to make sure you’re getting the best overall cost. To help you weigh up Instarem vs Wise on fees and exchange rates let’s look at an example payment - in this case we’re sending 1,000 SGD to a friend in the UK, to be received in GBP:
Provider | Amount sent | Transfer fee | Exchange rate | Recipient receives |
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Wise | 1,000 SGD | 4.88 GBP | 1 SGD = 0.600413 GBP | 597.48 GBP |
Instarem | 1,000 SGD | 6.5 SGD | 1 SGD = 0.6 GBP | 596.10 GBP |
*Fees and exchange rates correct at time of writing, 25th November 2022 (00:51 UTC). Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.
As you can see, in our comparison your recipient would get more with Wise. Compare the costs of your specific payment with both providers to help you check which is the best value. You can model your transfer online in just a few seconds with both Wise and Instarem, so you’ll know exactly what fees and rates are available for your particular currency pairing. Easy.
Both Instarem and Wise also offer linked cards for on and offline payments. Here the services available do vary slightly.
The Wise card is linked to a multi-currency account and can be used to hold, send in 50+ currencies and receive in 10 currencies. While the Amaze card is denominated in SGD only. However, you can use your Amaze card to spend around the world with preferential rates from Instarem, which means it’s still an option for travellers.
One key feature with Amaze is that you can either link Amaze to your existing Mastercard credit and debit cards, or use the service as a prepaid e-wallet, while earning cash back and rewards. However, you can’t use Amaze for cash withdrawals which can prove problematic for day to day use. If you’re looking for an account and card with real multi-currency features and a broader range of features, the Wise card may be a better bet.
Want to know more? Get a full Instarem Amaze card review here. Let’s look at how the Amaze card and the Wise card measure up:
Amaze⁵ | Wise | |
---|---|---|
Account maintenance fees | None | None |
How to top up | Link up to 5 cards or top up and use as an e-wallet | Add funds to your Wise Account with card or bank transfer, or use local bank details to get paid from 30+ countries |
ATM fees | ATM withdrawals not available | Up to 2 withdrawals per month, to 350 SGD in value, fee free⁷ 1.50 SGD + 1.75% after that |
Currency exchange fees | No specific fee, exchange with Instarem rates | Exchange with mid-market rates and low fees based on currency from 0.41% |
Overseas payment fees | Instarem fees - full details shown in the Instarem/Amaze app | Send to 80+ countries, fees based on currency - from 0.41% |
Available currencies for holding and exchange | SGD⁶ | 50+ currencies |
Available currencies/countries for card spending | Any Mastercard supported currency | 170+ countries |
Withdraw a balance back to your bank | Not available | Yes - withdraw in a range of currencies |
Rewards and cashback | 1% cashback | Limited range of promotions available |
Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.
Instarem and Wise are both great options for international payments with exchange rates that can beat the banks and low transfer fees. On top of that, Wise has a multi-currency account option you can use to hold 50+ currencies, with local banking details to get paid from 30+ countries, too. Which is best for you may come down to the specific transaction type you need to make.
In our example payment, Wise was better value - but there wasn’t a lot in it. If you’re looking to send a cross border transfer from Singapore it’s worth checking the rates and fees available from both providers so you can choose - it only takes a few seconds to get a quote online and you don’t need to sign up to see what your payment will cost. It’s also worth comparing the delivery times, as Wise can often get your money moving faster than alternative services, with estimated arrival times available before you confirm your payment.
The other key service offered by both Wise and Instarem is a linked payment card. However, here the options are pretty fundamentally different, which may make it easier for you to pick the best provider for your needs.
Instarem’s Amaze card is linked to an e-wallet which can hold SGD only, but allows you to either top up your account or link credit and debit cards for spending. You can’t make withdrawals, but you do earn rewards on your payments. Wise on the other hand offers a card linked to a multi-currency account which can be used more broadly for payments, as well as for receiving transfers like a local from 30+ countries, and holding and exchanging 50+ currencies. If you’re looking for an all-round solution for international transactions, Wise may be the better fit.
Sources:
Sources checked on 24/11/2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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