Instarem vs OFX Business: Which is better for your Business?

14 Apr 2025

3 mins read

This article covers:

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