Currenxie Review [2024]: Features, Fees, Support & Alternative

Currenxie is a Hong Kong-based financial technology company founded in 2014. It offers a range of financial services tailored to modern business needs. These include local currency accounts, currency exchange, and Visa payment cards (both virtual and physical cards).

Although Currenxie is not a bank, it operates as a payment service provider under relevant regulations in Hong Kong, Canada, South Africa, Australia, the UK, and the US to ensure its services meet compliance standards.

Curenxie provides an all-in-one payment platform for businesses to streamline cross-border transactions and mitigate currency risk. Below are the current Currenxie products, as advertised on Currenxie’s website

Business Accounts

Currenxie's primary business account offering is known as the "Global Account." Through this account, users can benefit from the following features.

• Multi-currency wallet: Hold money up to 15 currencies in one place: USD, EUR, HKD, GBP, JPY, CAD, AUD, NZD, RMB (CNH), SGD, CHF, DKK, NOK, SEK and IDR.
• Local currency accounts: Request unique bank account numbers and details for the USA, UK, EU, Hong Kong, Australia, Singapore, Japan, Canada, Indonesia and Mexico. This allows you to pay and get paid like a local.
• Send local payments: Send money through domestic payment networks in 18 locations, including the USA, UK, EU, Hong Kong, Australia, Canada, Indonesia, India, Thailand, Vietnam, South Africa, Philipines, and Malaysia.
• International transfers via SWIFT: Send and receive money globally to and from over 120 countries using the SWIFT network. Please note that Currenxie does not support payments in and out of certain countries.
• Multi-user access: Customise access levels for your team members so they can access, view, or manage different parts of your account.
• 24/7 accessibility: Access your account anywhere and anytime via Currenxie’s app and website.
• Xero Integration: Seamlessly integrate your account with Xero for simplified accounting.
• Ecommerce Compatability: Connect Currenxie accounts with various ecommerce platforms and payment gateways, including Shopify, eBay, Etsy, Stripe, and Alipay, to simplify your sales collection process.
• Platform API: A cloud-native platform that lets your business collect, convert, make global payments and issue cards at scale.

Payment Cards

Currenxie offers Visa debit cards - branded as the Currenxie Card - to clients holding a Global Account if their business is registered in Hong Kong.

Here are the overall features.

• Virtual and physical cards are available.
• Physical cards are numberless and use a chip and PIN for enhanced security. The card can be shipped to most countries via DHL courier.
• Modern payment card features instant spending notifications, spending limit control, and a lock/unlock button.
• Option to add the card to Google Pay, as well as Alipay and WeChat Pay (only available in Mainland China) for contactless payments.
• Access exclusive offers are negotiated by Visa with partners like Google Workspace, Office 365, Shopify, Hootsuite, and more.
• Users earn unlimited 1% cashback on all transactions. Cashback is credited directly to the card at the beginning of each month.
• Freeze cards with a tap 
• Withdraw cash from ATMs with the Visa logo.

Each Global Account holder is allowed one Currenxie Card, meaning that it is not yet possible to distribute multiple cards to employees.

The Currenxie Card is a Hong Kong dollar card. Accordingly, if the card is used for payment in another currency (e.g., USD or EUR), the amount paid will be converted into Hong Kong dollars at Visa's foreign exchange conversion rate.

The maximum card spending limit is determined by the HKD balance in the Global Account.

Finally, Currenxie cards are not available for certain industries and countries. 

Currency Exchange

Currenxie offers currency exchange services, enabling clients to exchange a currency from their Global Account to meet payment obligations in another currency.

The currency exchange services are available when conversion is made among a list of 22 currencies, as listed below (i.e., Hong Kong Dollar to Swiss Franc):

According to Currenxie, the FX rate is based on the real-time mid-market rate, and clients can trade FX from Sunday at 23:00 GMT to Friday at 21:00 GMT. 

Please be advised that the listed Currenxie products, featured on their website are subject to changes. For the latest information, kindly refer to the Currenxie products page.

Currenxie’s Feature Rating is 4/5

Currenxie stands out for its multi-currency wallet, which supports 15 major currencies. It also provides local bank account details for various regions and offers access to local payment networks. These features streamline cross-border payments for businesses.

However, the restriction of one card per Global Account holder may pose a challenge for larger businesses that wish to assign corporate cards to employees. Additionally, the card is currently only available to businesses registered in Hong Kong, which limits its accessibility for companies operating elsewhere.

Like other fintech companies, Currenxie remunerates its services by charging transaction fees for payments and foreign exchange commissions for currency conversion.

Let's take a look at Currenxie's fees below:

General and Transfer Fees

*For full lists of offshore countries and industries for which Currenxie charges extra fees, please refer to Currenxie’s Help Centre.

Card Fees

Currency Exchange Fee

Please refer to Currenxie's pricing page, Non-standard fees page, and Card fees page to confirm the current prices.

Currenxie’s Fee Rating is 3.8/5

Currenxie’s fee structure is clear and competitive, which makes it appealing for SMEs and businesses managing frequent cross-border transactions. Fixed transaction fees are particularly advantageous for larger transfers, and the foreign exchange rates are among the more competitive in the market.

However, the additional charges for offshore companies and specific industries, as well as higher international card fees and costly ATM withdrawals, might make it less suitable for some businesses.

If you need additional information about Currenxie, you can access the company's help centre or contact a representative through the online submission form.

According to the company website, Global Account holders can enjoy personal client support. However, we couldn't find any information about the specific services provided.

Currenxie’s Customer Support Rating is 3/5

Currenxie's customer service, while somewhat limited according to website details, offers personalised support for Global Account holders. Despite lacking specific service information, actual customer reviews highlight a responsive and helpful team with a 24-48 hour turnaround.

Only registered businesses can open an account with Currenxie, which means that Currenxie does not provide personal accounts.

Registered businesses include ecommerce sellers, small-and-medium-sized businesses, large enterprises, marketplaces, platforms, and sole traders.

However, your business must not be related to prohibited business natures and industries.

Businesses from most countries are eligible to apply, except those based in countries subject to international sanctions or classified as high-risk.

Additionally, while businesses with American directors are welcome, those registered in the United States are currently ineligible to open accounts with Currenxie.

The account opening process is fully remote. Businesses must provide the following documents to complete the application.

• Business Registration Certificate or Certificate of Incorporation (or equivalents).
• IDs for all company directors and Ultimate Beneficial Owner (UBO) holding more than 25% of company shares.
• Proof of address for all company directors and UBOs holding more than 25% of company shares.

Upon submission of the application, there may be additional steps to complete Currenxie’s KYC requirements (Know-Your-Customer). 

Currenxie mentions that accounts can be opened within 3 business days.

The Ease of Opening an Account for Currenxie is 4.5/5

Currenxie’s account opening process is simple, fast, and well-suited to the needs of modern businesses. The fully remote process and quick approval time make it highly accessible for eligible applicants.

While the process is efficient, restrictions on US-registered businesses limit its availability to a broader audience. However, for eligible applicants, the account setup remains smooth and hassle-free.

Statrys is a notable business account alternative to Curenxie for companies based in Hong Kong, Singapore and the British Virgin Islands (BVI).

While both Currenxie and Statrys offer solutions to manage multiple currencies, Currenxie’s approach involves separate local accounts for fund collection and a wallet for currency management.

In contrast, Statrys simplifies the process with a unified multi-currency account, which allows businesses to hold and manage 11 major currencies: HKD, SGD, USD, EUR, GBP, AUD, CAD, JPY, RMB, CHF, and NZD, all under one account number.

Unlike Currenxie, Starys allows you to issue multiple payment cards to your team, making it easier to manage team budgets and employee expenses.

In addition, Statrys provides personalised support through multiple channels, including live chat, Email, WhatsApp, and WeChat.

Although Currenxie supports more currencies, Statrys is a good choice if you prefer a simpler, more personalised service.