See also the UK International Payments Hub for every cross-border payment topic.
Wise or Instarem for UK freelance international payments?
Wise wins on transparency, currency coverage (40+), and local-account features. Instarem occasionally offers cheaper rates on specific corridors (US, Canada, Australia) but with fewer receive features.
Key takeaways
- Wise: 40+ currencies, transparent mid-market + fee
- Instarem: fewer currencies but competitive rates
- Wise has 10+ local receive accounts
- Both accept UK business accounts
- Neither is FSCS-protected
Editorial: Compared by the FreelanceToolkit UK editorial team using live fee pages and actual transactions performed on both platforms in Q2 2026. Editorial policy · Sources & methodology · How we test tools.
In this guide
Wise Business and Instarem are two UK-accessible providers for sending international payments from a business account. Wise offers mid-market FX with transparent fees and a broad range of receive-currencies; Instarem competes on very tight FX margins for a smaller set of corridors. If you're sending money regularly to specific countries, the difference can be measurable.
Worked example
You pay a US contractor USD $2,500/month from your UK GBP business account. On Wise Business: mid-market rate + ~0.4% fee = roughly £2 spread on the exchange + payment fee. On Instarem: often 0% margin on this corridor with a small fixed fee — sometimes cheaper by £3-£8/month. Over 12 months, that's a £36-£96 saving. Whether it's worth the account admin depends on how many currency corridors you regularly need — Wise's ecosystem is broader, Instarem's pricing on specific corridors can be sharper.
At-a-glance comparison
| Feature | Wise Business | Instarem |
|---|---|---|
| Account setup cost | £45 one-off | Free |
| Monthly fee | £0 | £0 |
| Currencies held/receive | 40+ | Fewer (~15) |
| Currencies you can send to | 60+ | 60+ |
| FX margin (typical) | 0.3-0.7% over mid-market | 0-0.5% over mid-market (corridor-dependent) |
| Local receive accounts | 10+ (USD, EUR, GBP, AUD, others) | Fewer |
| Accounting integrations | Xero | Limited |
| Best for | Multi-currency freelancers | Frequent single-corridor payments |
Decision tree
Answer these questions in order — the first 'yes' with a clear steer usually gives you the answer.
- Do you receive payments in USD/EUR/AUD?
Wise's local receive accounts save intermediary fees on incoming. - Do you send more than you receive internationally?
Instarem's outbound pricing sometimes edges Wise on high-volume corridors. - How many currency corridors do you use?
1-2 → Instarem worth checking. 3+ → Wise's coverage wins. - Do you use Xero?
Wise has stronger native integration. - Do you need FSCS protection?
Neither is FSCS — both are safeguarded / e-money. - Is invoicing in your own currency common?
Wise's local-currency receive accounts make this feel native.
Sources & official references
Every rate and threshold in this guide traces back to a published UK official source. All updated for the 2025/26 tax year.
Related on FreelanceToolkit UK
Verdict: Wise Business is the default recommendation for most UK freelancers — broader corridor coverage, true multi-currency account with local bank details in 40+ currencies, low transparent fees. Instarem is a stronger pick if your client mix skews heavily to APAC (especially Singapore, where Instarem is HQ'd) or if you prefer per-transfer pricing over holding multi-currency balances. Many freelancers run both — Wise as the primary multi-currency account, Instarem as a price-check option for large transfers.
TL;DR — pick by use case
- Pick Wise if: you want a true multi-currency account that lets you hold USD/EUR/AUD/SGD until you choose to convert. You're invoicing US, EU, AU, CA clients regularly. You want the broader integration ecosystem with FreeAgent / Xero / QuickBooks.
- Pick Instarem if: your client mix is APAC-heavy (especially Singapore-related). You prefer per-transfer pricing over a multi-currency account model. You want competitive rates on specific corridors where Wise's coverage is weaker.
- Pick both if: you're moving meaningful annual volume and want a price-check on large transfers. The setup cost is one extra account.
Side-by-side
| Feature | Wise Business | Instarem |
|---|---|---|
| Model | Multi-currency account (hold balances) | Per-transfer service |
| Local bank details | UK, EUR, USD, AUD, NZD, CAD, SGD, HKD, +30 more | Limited — primarily transfer-based |
| FX rate | Mid-market (real rate) | Near mid-market |
| FX margin | 0.4–0.65% typical | 0.4–0.5% on most corridors |
| Fixed fee per transfer | Small — varies by corridor | Zero on most retail transfers |
| Account opening | 1–3 days; £45 one-off fee | Free, ~24 hours |
| Monthly fee | £0 | £0 |
| Strongest corridors | USD, EUR, AUD, CAD, GBP (most major) | SGD, USD, INR, AUD |
| Multi-currency debit card | ✓ Wise Business card | Limited |
| Accounting integration | FreeAgent, Xero, QuickBooks, Sage | Limited; CSV export |
| Batch payments / payroll | ✓ on Pro plan | Limited |
| UK FSCS | EMI — not FSCS, but safeguarded | EMI — not FSCS, but safeguarded |
The difference in model
The fundamental difference is what kind of product each is:
- Wise Business is an account. You open it, you get local bank details in each currency you want to hold, money sits in your account in that currency, and you convert when you choose. The conversion happens on your schedule.
- Instarem is a transfer service. You initiate a transfer for a specific amount, currency pair and recipient, and Instarem handles it. The conversion happens at transfer time.
Practical implication: if you're receiving foreign-currency invoices regularly and want to hold the foreign currency (e.g. to convert when rates are better, or to pay overseas suppliers in their currency), Wise's account model is what you want. If you're predominantly sending one-off transfers (e.g. you're already paid in GBP but want to send GBP to an overseas account), Instarem's per-transfer model is competitive.
FX cost in detail
Both providers price at near mid-market. Differences are corridor-specific and amount-specific.
Typical GBP→USD conversion
On a £5,000 conversion to USD:
- Wise: ~0.4–0.6% margin (£20–30) + small fixed fee. Total: ~£25–35.
- Instarem: ~0.4–0.5% margin (£20–25) + zero fixed fee. Total: ~£20–25.
Instarem often shaves £5–10 on this specific corridor for typical volumes. The difference matters at scale but is rounding error for most freelancers.
Typical GBP→SGD conversion
On a £5,000 conversion to SGD:
- Wise: ~0.5% margin (£25) + fixed fee.
- Instarem: ~0.3–0.4% margin (£15–20) + zero fixed fee. Singapore is Instarem's home corridor.
Instarem typically wins by £10–15 on SGD corridor. Combined with their other APAC corridors, this adds up if you do regular APAC business.
Typical GBP→EUR conversion
On a £5,000 conversion to EUR:
- Wise: ~0.35–0.5% margin (£17–25) + small fixed fee. Total: ~£20–30.
- Instarem: ~0.4–0.5% margin (£20–25) + zero fixed fee. Total: ~£20–25.
Roughly equivalent. Wise tends to win at small amounts; Instarem slightly better at larger amounts.
Account opening
Wise Business
Apply online. £45 one-off opening fee (waived in some promotions). UK-business documentation required: Companies House registration (Ltd) or basic sole-trader details. Identity verification via passport/driving licence + selfie. Account is typically live within 1–3 working days. Account features unlock as you verify each currency's bank details.
Instarem
Apply online. Free to open. UK-business verification: similar documentation to Wise. Identity verification via passport + photo. Account is typically live within 24 hours. Less of a "set up multi-currency receiving accounts" flow and more of an "initiate transfers when you need them" model.
Accounting integration
Wise Business has integrations with FreeAgent, Xero, QuickBooks and Sage — your transactions flow into your accounting software automatically. For UK freelancers using accounting software, this is the practical advantage that often tips the choice.
Instarem doesn't have the same depth of accounting integration. You can export CSVs and import into your accounting software, but it's a manual step per transfer rather than an automatic flow.
If you're using accounting software regularly — and you probably should be if you're VAT-registered or earning meaningful money — Wise's integration is a real workflow benefit.
Who each is best for
Wise Business wins for
- UK freelancers with regular US, EU, AU, CA clients
- Anyone who wants to hold foreign currency rather than convert on receipt
- Anyone using FreeAgent / Xero / QuickBooks (integration advantage)
- Anyone who wants a debit card that spends overseas at mid-market rate
- Most UK freelancers, full stop
Instarem wins for
- UK freelancers with APAC client mix (particularly Singapore)
- Anyone who prefers per-transfer pricing over an account model
- Anyone doing larger one-off transfers (no fixed fees can add up to material savings)
- Anyone where Wise corridor coverage is weak
The combined setup
Many UK freelancers with meaningful international volume use both:
- Wise Business as the primary multi-currency account. Clients pay you locally; you hold foreign currency; you convert at your pace.
- Instarem as the price-check on large transfers. Before a £10,000+ conversion, compare both providers' live quotes and use whichever is cheaper that day.
Both accounts free to open and free monthly (Wise has a one-off £45 setup; Instarem is free). The marginal cost is the few minutes of comparison shopping — worth it on transfers above £5,000.
For alternative FX providers, see Wise vs Revolut Business.
Related: PayPal vs Bank Transfer for Freelancers UK 2026 — from FreelanceToolkit UK.
Yes — both are FCA-regulated electronic money institutions (EMIs) in the UK. Funds are safeguarded in segregated client accounts at partner banks. Neither has full UK banking licence or FSCS protection, but the safeguarding regime has held up well in past EMI failures. For most freelancer-scale balances, the protection is sufficient.
Yes — you'd give the client the US ACH details Wise provides (routing number + account number). They pay you locally as if you were a US business; no SWIFT involved. The money lands in your Wise USD balance at zero markup. You convert to GBP whenever you choose.
Limited — Instarem's primary model is per-transfer rather than multi-currency account. Some local-collection features exist in some regions but the coverage is narrower than Wise. If multi-currency receiving is your main use case, Wise is the cleaner fit.
Both typically complete same-day or next-day for major corridors. Wise's "instant" transfers (where supported) often arrive in minutes. Instarem typically completes within 24 hours. Neither is materially faster across most use cases.
Wise Business issues a multi-currency Mastercard debit card that draws from whichever currency balance you specify, or auto-converts at mid-market when you spend in a currency you don't hold. Useful for overseas business spend — much cheaper than your high-street debit card's FX margin (typically 2.75–3%). Instarem doesn't have an equivalent card product as standard.
Yes — Wise Business supports batch payments to up to ~1,000 recipients on the Pro plan. Useful for paying overseas contractors or affiliates monthly. Instarem has more limited batch features.
Wise tends to handle the unusual residency cases better — they're set up for borderless work. Instarem is more conservative on KYC for non-standard situations. If you're a UK-resident freelancer with a normal UK business, both are fine.
Yes — both accept UK sole traders. Wise has clearer sole-trader account types; Instarem's business onboarding is similar but less polished. Documentation needed is similar to opening a UK business bank account.
Editorial comparison as at May 2026. Fee structures, corridor coverage and product features change — verify on live provider sites before significant transfers. FreelanceToolkit UK has partner relationships with both providers featured; this is disclosed on every page and never changes the editorial verdict.