Opening a business in Hong Kong or Singapore is easy. But you’ll have to deal with the banks to open your account, and that can be an enormous hassle.
Banks are notoriously slow to respond to applicants, and some don’t even respond at all. I’ll show you a workaround for this problem.
Good business accounts are designed to make running your company as easy and efficient as possible. And Statrys is perfect for doing just that: It’s one of the best options for Hong Kong, Singapore, or BVI businesses.
Compared to other digital-only banks, it offers a greater variety of features, with a simple application process and transparent pricing, but still lacks some features like shared accounts and loans that traditional banks still have.
Let us check it out in a little more detail.
What Does Statrys Offer?
Statrys is a global payment platform that reimagines payments for small and medium-sized businesses. It’s part of the Fintech wave that’s currently taking place in the Asia Pacific.
1. Business Accounts
Statrys provides a virtual business account for small businesses in Hong Kong, Singapore, and the BVI.
Make and receive payments globally
You can receive payment from clients or vendors located anywhere in the globe. And pay your vendors in over 100 countries conveniently, securely, and fast.
Access to 11 currencies with a single account number
Statrys virtual business account is a multi-currency account that comes with major currencies (CHF, NZD, AUD, CAD, JPY, CNY, SGD, GBP, EUR, USD, and HKD).
Giving you an edge when it comes to receiving or making payment: The currency in which you get paid will automatically be received in the currency wallet. There is no exchange fee – It is entirely up to you whether and when to do currency exchange.
Connect the Statrys business account to any third-party marketplaces
Small businesses can connect their Statrys Business accounts to marketplaces such as Amazon and Shopify as well as to payment processors such as Stripe and PayPal –
When you need to collect funds from third-party marketplaces, it can be a hassle and expensive. By connecting it with Statrys – You’ll find the process to collect funds much easier, as well you’re saving money as FX fees are lower at Statrys.
2. Advanced FX
Another strong feature of the Statrys virtual business account is the FX services. If you’re concerned about forex market volatility or find rates too high, it’s time to consider Statrys.
One of the cheapest solutions in the market
Statrys FX fees are as low as 0.2%, which is one of the least expensive rates on the market. Their trades are executed based on real-time mid-market prices, allowing them to stand out against their competition.
A wide range of FX Tools
Statrys also provides many FX tools to help you hedge against currency exchange fluctuation.
You can do all this by entering in spot and forward contracts for specific amounts of currency at favorable pricing
By making these transactions at real-time pricing, you’ll get the most up-to-date information available. And with 11 currencies available, finding an ideal conversion rate is fast and easy
3. EUR IBAN Account
Additionally, with Statrys you can open a EUR IBAN account. One thing to remember is that you need to have a virtual business account in order to get a EUR IBAN Account.
Make local EUR Payments
By having a EUR IBAN Account, you’ll get a unique IBAN number. Unlike the multi-currency account, this account allows transfers in Euro within the European Union through the Single Euro Payments Area (SEPA) system.
What’s the difference between the multi-currency and the IBAN account?
If your business has a lot of transactions with European companies, the Statrys EUR IBAN Account is a good choice. It has no transfer fee on EUR payments in or out of the account.
Indeed, rather than making SWIFT payments, you’re making SEPA payments, bypassing any additional banking fees, so you’re saving more money.
You can move your EUR funds back to the virtual business account if you’d like. That’s also possible. It’s a simple transfer that costs 95 HKD (around 12USD).
4. Payment Cards
The Statrys virtual business account includes payment cards for international use. Note that their payment cards are Mastercard Debit Cards.
Payments cards are either available as physical cards or virtual cards, so up to you to choose whichever type you prefer.
Make worldwide transactions
You can use the Statrys payment cards to pay at any stores as long as MASTERCARD cards are accepted. You can also withdraw cash at participating ATMs across the globe.
By default the card currency is HKD, so if you’re making payments or withdrawing money in another currency, there will be a FX fee of 1.5%.
If your card is lost or stolen, customer support is responsive and will do its best to assist you in replacing it.
Manage all cards in your team
You can give your team the freedom and flexibility they need to manage their expenses while you keep track of spending. It makes payment card management simple for your business.
With Statrys App- available on both mobile and desktop- you can access and manage your team’s cards, view transactions and expenditures, and even track instant rewards.
5. Statrys Mobile App
Statrys has an app available on Apple Store and Google Play. The name of the app is “Statrys” – pretty simple.
On the app, you’ll use the same login to connect to your business account.
Now, on the app, you can only manage payment cards. They plan to release in several months an expansion of the app that will allow you to manage your other accounts and view your payments on cards and transfers of money.
Why do I recommend Statrys?
For any business looking to save on time, money, and frustration, the Statrys virtual business accounts are a must-have.
1. It’s a simple and easy Application
- The application process is simple and straightforward as everything is done online. Meaning you don’t need to move from your seat.
- It only takes 10 minutes to apply- you can be prepared and grab your company documents as well as shareholders’ and directors’ IDs copy – otherwise, you can still upload the necessary documents ulteriorly
- The review process is short as well- once you’ve applied you can expect an answer within 24 hours. After the first screen, they’ll schedule a zoom call and if everything is okay you can expect the account to be opened within a few days
2. Get Actual Human Customer Support
- They do not just believe in human-to-human assistance. They put it into practice. There will be no more robotic reactions. Statrys support teams are vigilant in their monitoring of your account.
- The customer support is responsive, with a turnaround time averaging 15 minutes. (Turnaround times vary depending on your time zone, but you can expect an answer within 24 hours). So compared to other solutions you don’t need to wait days to get an answer.
- Another plus is that the customer support team is international and speaks up to 8 different languages: English, French, Spanish, Chinese Mandarin, Chinese Cantonese, Thai, Hindi and Tagalog. So whatever your background, you’re served.
3. They’re Safe as Safe can be
- They safeguard access to your virtual business account using cutting-edge technology to encrypt data, manage various security permissions, and avoid inadvertent security breaches.
- Your money is always kept in segregated accounts with reputable Asian and European banks. You alone have access to your money; they are not permitted to utilize or lend customer assets.
- Statrys is fully licensed and regulated in Hong Kong as a Money Service Operator by the Customs & Excise Authority, and in the United Kingdom as a Small Payment Institution by the Financial Conduct Authority.
- Within 2 years only, Statrys has already reached USD2 Billion in transaction volume– reflecting the high level of adoption by users, as well as its popularity and competitive position in the market.
And the wide range of features:
1. Excellent FX services
- The foreign exchange market is very volatile. You’ll be protected against swings and volatility with Statrys FX products– FX Forward, Spots and Swap.
- Their trade desk is accessible to help you in booking preferential exchange rates or in executing Spot orders at the best available rate.
- They give real-time currency conversion rates, allowing you to choose the optimal moment to ride the current or book at the best price for you. Their FX solutions are one of the cheapest in the market.
2. Additional Payment Cards
- Distribute and maintain cards for additional essential individuals or workers within your companies.
- Withdraw cash from participating ATMs whenever and wherever you need it.
- Manage payment cards from their Statrys App.
Statrys Pricing
1. Statrys Virtual Business Account
First of all, for account opening, there is no fee. However, for special companies i.e. for companies not incorporated in Singapore or Hong Kong, companies with a certain business profile, and companies with complex structures, they may charge a fee.
Their monthly fee is HKD 88. The best part is, there is no minimum deposit or maximum transaction amount at all. For incoming payments in HKD, there is no charge.
However, for funds received in other currencies, they may charge a fee up to HKD 70 at the maximum.
For outgoing payments in HKD currency, you will be charged as follows:
- 5 HKD for outgoing payments between HKD 0 to HKD 1 M.
- 25 HKD for outgoing payments between HKD 1 M to HKD 10 M.
- 55 HKD for outgoing payments of more than 10 M.
This is because the payment is made through FPS meaning the payment shall arrive on the same day of the transaction on your account.
And for other currencies, the charges would be HKD 115.
2. EUR IBAN Account
On top of the virtual business account monthly fee of HKD88, expect to pay an additional HKD 148 for the EUR IBAN Account.
The incoming and outgoing payments in the SEPA zones are completely free while in the international or SWIFT zones will cost you EUR 35.
If you wish to transfer EUR between your EUR IBAN account and virtual business account, it’s possible and will cost you HKD 95.
3. FX Fees
Their FX fee is as low as 0.2 %, making them among the lowest in the industry.
4. Payment Cards
A physical card will be included with your Virtual Business account. The first payment card is free. For any additional physical card, they will charge you HKD 48 per month. For daily management, there is no fee for a top-up fee, activation fee, and POS usage fee as well.
They charge 1.99 % on ATM withdrawals with a minimum withdrawal limit of HKD 31. Also, for foreign currency conversion, they will charge you 1.5 %.
What I loved about their pricing is that it is completely transparent. As well as being super affordable.
Statrys Pros and Cons
Statrys Upsides
- Their FX fee is among the lowest in the market
- The multi-currency account provides 11 currencies
- Very easy to apply for an account
- Safe and secure as traditional banks
- Reactive and multi-language customer service
- Platform user-friendly
- Many positive user reviews
- Very quick to review process so you can expect your account open within a week
- Pricing is affordable and transparent
Statrys Potential Downsides
- You can only get the EUR IBAN Account if you have the Virtual Business Account.
- No free accounts are available. The basic account fee of HK$88/mo is paying for 100% human customer support that you don’t get anywhere else.
FAQs related to Statrys Review
✌️ Which companies can apply for a Statrys Business Account?
Statrys Business Accounts are available to companies registered in Hong Kong, Singapore, and the British Virgin Islands.
💁♂️ What is the difference between opening a bank account with a traditional bank and Statrys?
To begin, their account opening process is entirely digital. There will be no paperwork, branch waits, or weeks of waiting! Second, you have complete control over your business's money through their platform. Pay online, add beneficiaries, see balances, and add and manage users from any location!
🙅 Is my money safe with Statrys?
They would not be in business if their customers' money was not secure. Your money is housed at a fully licensed custodian bank in Hong Kong. To ensure the safety of client money, customer accounts are kept securely separate from their business accounts at all times.
🙋♀️ Is Statrys a bank?
Statrys is not a bank; rather, they are a financial institution that has a Hong Kong Money Service Operator license (19-02-02726) and a United Kingdom Small Payment Institution license (12031334). They are controlled by the Hong Kong Customs and Excise Department and the Financial Conduct Authority in the United Kingdom.
🤷♂️ How long will it take to open an account with Statrys?
If your application is complete (i.e. all required papers are submitted on time), it will take just a few days to examine it and set up your account. Most times, an account is opened within a week.
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Conclusion- Statrys Review 2024
For small businesses incorporated in Hong Kong, Singapore, or the BVI, Statrys offers a virtual business account with all the features you need.
It’s easy and straightforward to apply for an account – it can be done in as little as ten minutes. The review process can take less than a week – which is pretty quick when we look at the average time in the market.
The Statrys payment platform is user-friendly, updated regularly, and cheaply priced. You can access it from both desktop and mobile devices.
Statrys virtual business account comes with an array of innovative features, including FX solutions and payment cards, to help small businesses to expand.
So if you’re ready to take your business account to the next level, Statrys is the software for you.
