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

Currenxie is a Hong Kong-based financial technology company founded in 2014. They provide virtual business accounts, currency exchange, and Visa cards (both virtual and physical cards).

Currenxie is not a bank, but they have obtained registrations, licenses, and authorisations from the relevant authorities in Hong Kong, Canada, South Africa, Australia, and the UK to provide its services in compliance with regulations.

With a company size of 51-200 employees, they have served over 40 countries and transferred over USD 8 billion worldwide.

Currenxie Pros and Cons

Currenxie Business Account Features

Below are the current Currenxie products, as advertised on Currenxie’s website, with a focus on business account products.

Business Account 

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

• Multi-Currency Account in Hong Kong, supporting up to 14 currencies: AUD, CAD, CHF, RMB (CNH), DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK, SGD, and USD.
• Request unique bank account numbers in Hong Kong, Australia, Canada, Indonesia, Japan, Singapore, Europe, the UK and the USA. This allows you to pay and get paid like a local. 
• Support sending local payments in USD, EUR, GBP, HKD, IDR, AUD, CAD, MXN, INR, THB, VND, ZAR, JPY, and PHP.
• Support receiving local payments in USD, EUR, GBP, HKD, SGD, JPY, IDR, AUD, CAD, and MXN.
• Collect payments locally from customers and payment gateways, and the funds received will be instantly available in your Currenxie Global Account.
• Send and receive SWIFT payments to and from over 100 countries worldwide. 
• 24/7 Accessibility via Currenxie apps and website.
• Allows addition and management of team members for account monitoring.
• Seamless integration with Xero for simplified accounting.

📝 Note: You can have one account number for each region. Any requests for additional account numbers undergo review and approval processes.

Other Applicable Features

Applicable Cards

Currenxie offers Visa 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 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 for contactless payments.
• Access exclusive offers negotiated by Visa with partners like Google Workspace, Office 365, WeWork, and Shopify.
• Users earn unlimited 1% cashback on all transactions. Cashback is credited directly to the card at the end 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 EURO), 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.

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 21 currencies, as listed below (i.e., Hong Kong Dollar to Swiss Franc):

Clients interested in currency exchange have the choice between two options:

• Spot conversion – the currency exchange is settled immediately, and settlement is based on the real-time interbank rate.
• Forward contract – the currency exchange is settled at a later date, and settlement is based on an exchange rate agreed upon in advance.

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 features page.

Currenxie's Features Rating is 4/5

Currenxie stands out for its multicurrency Hong Kong business account supporting 14 currencies, along with local bank account details provided for various regions and cross-border payments facilitation. The Visa-branded card with cashback adds to its appeal.

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.

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:

Please refer to Currenxie's pricing page and Help Centre to confirm the current prices.

Currenxie's Fees Rating is 4/5

Currenxie offers a cost-effective pricing structure with no account opening or monthly fees. Fixed transaction fees can be beneficial, especially for larger transfers. Plus, foreign exchange rates are competitive.

However, users needing more physical banking services may find additional fees accumulating for card services, ATM withdrawals, and overseas transactions.

Currenxie Customer Support

To know more about Currenxie, you can refer to Currenxie’s help center or contact a company representative by submitting the form online.

Currenxie informs on their website that the holder of the Global Account can enjoy personal client support. However, we couldn't find any information about the specific services provided.

Although some Trustpilot reviews refer to phone and email support, this information is also not stated on the company's website.

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.

Opening an Account With Currenxie

Only registered businesses can open an account with Currenxie – meaning that Currenxie does not provide personal accounts.

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

You may need to contact Currenxie to clarify how your business must be registered.

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.

Here is the list of sanctioned countries or jurisdictions.

Currenxie is also unable to open accounts for businesses registered in the following high-risk countries.

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

Required Documents

The required documents to complete the application process include

• 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.

💡 Note: For Sole Traders, business registration documents are not required, but Currenxie may request other forms of proof.

Remote Account Opening Availability

The Currenxie account can be applied for entirely online. Currenxie will communicate with you via email or phone if any additional information is needed. There is no need to visit Hong Kong or any physical location in person.

Currenxie's Ease of Opening an Account Rating is 4/5

Opening a Currenxie account is convenient with its fully online system. The required documentation, including IDs and proof of address for directors and shareholders, aligns with standard KYC procedures but may challenge businesses with multiple stakeholders. For Hong Kong businesses, the process should be generally smooth.

However, the restriction on U.S.-registered businesses significantly limits global reach.

Currenxie Alternatives

🔍 Tip: Explore additional alternatives to Currenxie and discover how Statrys and Currenxie compare in detail.