Instarem Business: Great Option for Singapore Companies?

Instarem business¹ is part of NIUM which is a large business to business payment service provider, which was established in 2014 and is now licensed to operate in 11 jurisdictions. If you have a Singapore registered business you can use Instarem to make business payments to 160+ countries, and to receive payments in 8 currencies.

In this guide we review the features and fees of Instarem business in Singapore - and we’ll also offer a handy head to head comparison with another popular provider which may be more flexible - Wise Business to allow you to decide which is the best fit for you.

Instarem Business Account vs Wise Business

Let’s start with a comparison of Instarem against an alternative - Wise Business - so you’ll have a feel for the breadth of service being offered.

Instarem specialises in business payments, rather than card and account services for businesses.

This means that although you can send payments to 160+ countries with Instarem, your options may be somewhat limited elsewhere. You can’t get a debit card for spending, for example, and although you can receive foreign currencies to a holding account with Instarem, this is only an option for 8 major currencies, which may not suit your needs if you do business with customers from a wide range of countries.

Here’s a head to head comparison with Wise Business, which

• can offer more currencies for holding and exchange, and
• comes with business debit card services, expense management tools and more

*Details correct at time of writing - 2nd May 2025

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.

Instarem Business Account overview

Instarem’s business account in Singapore is primarily a payment account, offering ways to send money to a very broad range of countries online or in an app, as well as ways to receive payments in 8 major currencies.

This can mean you're able to take customer payments, or add your account details for foreign currencies to marketplace sites and PSPs to take payments that way in your preferred currency. When you have a balance in your Instarem account you can hold it, use it for a future payment, or convert it to SGD to withdraw to a local account in Singapore.

Here are a few other features of the Instarem Business Account for you to consider:

• Send payments from your account balance, or fund them with a card or bank transfer
• Receive payments from customers, PSPs and marketplaces in 8 currencies
• Hold or withdraw your balance if you receive money from others
• Use the batch payment function to manage payroll and to pay supplier invoices in bulk
• Competitive exchange rates and fees which you’re shown in the Instarem app before you transact
• Some multi-user features are available, depending on the details of your account set up

Instarem Business Account fees and charges in detail

Instarem does not charge a fee to open your account, and there is no monthly fee. There’s no fee to add in the receive feature to allow you to get paid by others in local and foreign currency, either.

However, this does not mean that Instarem is free to use. There are some Instarem fees to consider, but they are not necessarily easy to see before you sign up to an account and start to transact.

Instarem declares fees for receiving payments to your account in foreign currencies, and also states that there are fees to pay if you choose to fund a payment yourself with a card. However, you’ll need to contact the team to learn what the fees are, as they’re not publicly available.

To learn more about Instarem pricing, you’re advised to reach out to the team at bizsupport@instarem.com.

Or, if you’d prefer an account and payment provider which publishes its fees for full transparency, check out alternatives, like Wise Business.

• Obtain account details to receive payments in GBP, EUR, CAD, AUD and more for a one-time fee of S$ 99.
• Simply share your account details with customers or add them to invoices.
• Hold, send, and convert money at the mid-market rate in one account.
• Simplify customer payments with Wise request payment feature.
• Accept payments from customers and payment service providers (PSPs) like Stripe and Amazon.
• Generate payment links to request money in specific currencies.

➡️Get started with Wise Business today

Instarem Business exchange rates

The other important cost to consider may be found in the exchange rate that’s used to manage your currency conversion. Instarem states that they offer competitive foreign exchange rates for currency conversion.

However, this does not mean that there’s no fee being charged.

It costs businesses money to process currency exchange - so generally there’s a fee to pay here. If you can’t immediately see it, it may simply be in the exchange rate applied to convert your payment or balance.

Not all companies levy an exchange rate markup though.

Wise Business uses the mid-market rate and charges a small, but transparent conversion fee so you can clearly see it without needing to do any mathematical gymnastics. Compare the rates on offer at Wise and Instarem before you register for your account.

🔍 Looking for something different - or simply want to compare the market as widely as possible? We’ve also reviewed some other popular fintech business accounts you might want to check out if your business is interested in digital-native business accounts:

• Airwallex Singapore Review
• Revolut Business Singapore Review
• YouBiz Singapore Review

How to open an Instarem Business Account

To open an Instarem business account you’ll need to take the following steps:

1. Download the Instarem app and tap sign up
2. Confirm you want a business account
3. Follow the prompts to add your personal and business information
4. Upload personal ID and business registration documents as required, based on ur entity type
5. Your account will be verified, usually in 2 or 3 days, and you can start to transact

If you want to use the receive function to get paid by others, you’ll need to give some more information. The Instarem team will reach out to you after you register your account to tell you more.

The information and documents needed to register an Instarem business account include:

• Your company name and country of registration
• Business registration documents
• Major stakeholders' details
• Your business’s registered address
• A valid, government-issued ID for the primary account holder and other key business stakeholders
• Proof of your business’s registered address

Is Instarem Business Account great for Singapore SMEs?

You can open an Instarem business account if you have a small and medium enterprise (SME), or if you’re a freelancer or sole proprietor.

The services offered by Instarem centre around business payments.

This may mean that Instarem suits you if you need to make regular international payments, and occasionally need to receive money from others in major foreign currencies.

The major drawback with Instarem is likely to be that the range of currencies in which you can get paid is pretty limited, and there’s no card attached to your account for business spending. This means that the account may not suit you if you need to use a business debit or expense card to process online or in person payments, or when you travel.

Instarem is part of a huge global business which offers payments to 160+ countries online and via an app. Business customers can also receive payments in 8 currencies. Instarem may fit your business if you need primarily to make overseas payments, rather than having a full feature international account to manage all aspects of your finances across currencies.

• Hold and manage 40+ currencies for all your international transactions
• Pay your SaaS bills and all overseas ad hoc expenses with the Wise Business card without the hefty foreign transaction fees
• Always get the mid-market rate with zero exchange rate markup
• Seamless integrations with popular accounting software
• Say goodbye to monthly fees

➡️Get Started with Wise Business

Sources:

1. Instarem business Singapore
2. Instarem Business FAQ

Sources checked on: 2nd May 2025