Instarem vs OFX Business: Which is better for your Business?
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Choosing the right business account makes a big difference in how you manage your finances. We’re comparing Instarem business and OFX Business, which includes their features, pricing, business card options and more, to help you decide which one works best for you.
| Instarem | OFX Business | |
|---|---|---|
| Features | Hold and exchange multiple currencies, send real-time payments, secure transactions, process up to 1,000 payments, and fund transactions seamlessly with Visa or Mastercard® credit cards. | Local account details in 7 currencies, International payments in 50+ currencies to over 170 countries, Xero integration, Mass payments up to 500 recipients, API for payment automation |
| Pricing | No monthly fees and no fees for cross currency payments | No transfer fees for payments over $10,000, $15 fee for transfers under $10,000, Exchange rates include a markup, No account opening or monthly fees |
| Business Cards | Virtual prepaid Mastercard® with FX savings and customised spending controls | Not available |
Instarem vs OFX Business: Key Features
| Instarem | OFX Business | |
|---|---|---|
| Supported Currencies | Pay in 40+ currencies | Local account details in 7 currencies (AUD, CAD, EUR, GBP, HKD, USD, SGD) |
| International Payments | Pay up to 160+ countries | Send payments in 50+ currencies to over 170 countries |
| Accounting Software Integration | Not available | Integration with Xero |
| Business Debit Cards | Virual prepaid card with FX savings | Not available |
| App | Mobile-web compatibility | Mobile app available |
Both options offer robust features. Instarem stands out with its ability to fund transactions using credit cards and manage up to 15 currency accounts, while OFX excels in providing local account details in multiple currencies and integrating with accounting software like Xero. The best choice depends on your business’s specific needs.
Instarem vs OFX Business:Pricing
| Instarem | OFX Business | |
|---|---|---|
| Account Opening Fee | No fees | No fees |
| Monthly Subscription | No fees | No fees |
| Currency Exchange Fees | Mid-market rate; no fees | Exchange rates include a markup |
| Money Transfer Fees | $0 fees for cross-currency payments | $15 fee for transfers under $10,000, No fee for transfers over $10,000 |
| FX Fees | Mid-market rate; no fees | Exchange rate markup varies |
Instarem offers competitive mid-market rates with no fees for cross-currency payments, while OFX charges a $15 fee for transfers under $10,000 and includes a markup in their exchange rates. Consider your transaction volume and frequency to determine which pricing structure is more cost-effective.
Instarem vs OFX Business: Business Cards
| Instarem | OFX Business | |
|---|---|---|
| Physical Card | Soon | Not available |
| Virtual Card | Available for Google pay and Apple pay | Not available |
| Custom Card | Not available | Not available |
| ATM Withdrawal | Soon | Not available |
Instarem offers virtual business card functionalities, including customised spending controls and enhanced tracking. Physical cards and ATM withdrawal options are coming soon. OFX does not currently provide business card services.
See how Instarem compares
| Instarem | |
|---|---|
| Features | Hold and exchange multiple currencies, send real-time payments, secure transactions, process up to 1,000 payments, and fund transactions seamlessly with Visa or Mastercard® credit cards. |
| Pricing | No monthly fees and no fees for cross currency payments |
| Business cards | Virtual prepaid Mastercard® with FX savings and customised spending controls |
Getting started with Instarem is easy
- Click here to get a free Instarem business account
- Enter your company details
- Once approved, add beneficiary details, saved for future transfers
- Select a payment method and we’ll show you rates and fees upfront
Register with Instarem business today
Take control of your business finances with Instarem. Enjoy competitive exchange rates, streamlined payments, and fast & secure transactions.
