Currenxie Review [2022]: Features, Fees, & Alternatives

Is Currenxie right for your business?

Contents

    Multi-currency and foreign currency bank accounts are extremely useful for those who travel abroad or for those businesses that operate globally and are frequently involved in international transactions.

    Currenxie is a digital payment solution that offers multi-currency and foreign currency business accounts solely for business and corporate use. 

    This guide outlines everything you need to know about opening a foreign and multi-currency account with Currenxie in Hong Kong.

    To assist your decision in choosing a multi-currency that fulfills your banking needs when making and receiving payments abroad, this article will also compare the services offered by Currenxie, to Statrys.

    Multi-currency Accounts with Statrys

    Statrys, like Currenxie, offers business accounts for SMEs that pack in 11 currencies into one account.

    Open more borders for your business payments when dealing with customers and suppliers from around the world.

    Open a business account today and start growing with Statrys.

    currenxie vs statrys

    Eligibility and requirements to open an account with Currenxie

    Currenxie welcomes applications from most types of businesses, including eCommerce sellers, small-and-medium-sized businesses, large corporates, marketplaces, and/or platforms.

    Sole Traders and Freelancers are also welcome to apply.

    At the moment, Currenxie does not offer any personal account or personal banking services [1].

    While most types of businesses are accepted by Currenxie, the businesses associated with the following categories are not accepted [2].

    • Animals, pets, or wildlife
    • Any activity deemed to be illegal in any applicable jurisdiction
    • Any other activity that Currenxie deems to fall outside of its internal compliance risk threshold
    • Artifacts
    • Counterfeit & Replica goods
    • Ethnically or Racially Offensive Material
    • Gambling or betting proceeds of any kind
    • Hazardous Material
    • Human Parts and Remains
    • Illegal Drugs & Associated paraphernalia
    • Legal intoxicants or ‘Legal highs’
    • Personal use such as gifts, loans, or payments from friends and family
    • Pornographic products or services
    • Products that present a high risk to consumer safety
    • Stolen Property
    • Unauthorized Copies of Intellectual Property
    • Weapons, ammunition, or explosives.

    Benefits and features of Currenxie accounts

    Some of the benefits and features of Currenxie accounts include;

    Instant Approval

    All Global Account holders can access a new virtual card in just 6 clicks allowing you to spend online immediately.

    Great Security

    All financial information and sensitive card details are safely stored in the Currenxie app. Only you can access them.

    Virtual Accounts

    Currenxie is completely virtual and allows you to access your funds from anywhere in the world.

    If you need a bank account number, all you need to do is select a location in your Global Account and you will be issued a unique virtual account at one of our partner banks.

    All of the funds received go straight into your multi-currency wallet [3].

    Currency Exchange

    Currenxie offers the real mid-market rate. However, there is one low fee to exchange currencies [4].

    Does Currenxie also offer a card with its multi-currency account?

    Currenxie offers virtual Visa Business cards that are completely free. You can also earn unlimited 1% cashback worldwide on every purchase [5].

    Currenxie’s Global Account can be used for online and offline payments with the Currenxie Card due to its global merchant network which readily accepts Visa [6].

    Fees for international transfers with Currenxie

    Opening and maintaining a Global Account with Currenxie is completely free.

    However, Currency charges for transactions. A full pricing list can be found here.

    Accounts 

    Service

    Currenxie Fee 

    Global Account Wallet

    A multicurrency wallet for USD, EUR, HKS, GBP, JPY, CAD, AUD, NZD, RMB (CNH), SGD, CHF, DKK, NOK, SEK, IDR, and MXN.

    Free

    Virtual Bank Collection Accounts

    Virtual bank collection accounts allow you to collect payments like a local in the USA, UK, EU, Hong Kong, Australia, Singapore, Japan, Canada, Indonesia and Mexico

    Free

    Payments

    Receive local payments

    $0.75 per transfer

    Send local payments

    $3.00 per transfer

    Send and receive SWIFT payments

    $8.00 per transfer

    Foreign Exchange

    Special rate: USD/HKD

    0.10%

    Tier 1

    For exchanges with any of these currencies: USD, EUR, GBP, HKD, AUD, SGD, JPY, CNH (CNY), CAD, CHF, NOK, DKK, SEK, NZD.

    0.40%

    Tier 2

    For exchanges with any of these currencies: INR, THB, MYR, PHP.

    0.50%

    Tier 3

    For exchanges with any of these currencies: IDR, VND, ZAR, MXN.

    0.60%

    Exchange rate matters for international transfers

    Currenxie offers competitive rates and gives its customers real-time access to foreign exchange rates that allow them to save up to 8 times more than traditional banks.

    This allows customers to make fast and secure payments in 19 currencies to over 100 countries.

    Additionally, customers can bypass correspondent bank fees which ensures that the amount sent is the exact amount received [7].

    How to apply for a Currenxie account

    You can open a free business account with Currenxie online by submitting their online application which takes around 10-15 minutes to complete.

    You can also pause and save your application and continue completing it at your convenience.

    All applications are made online and there is no need to visit Hong Kong to open an account with Currenxie.

    If any further information is required, all communication is carried out via phone or email [8].

    The application needs to be completed by an authorized representative of the company.

    The minimum requirements for companies are listed below, but in some cases, Currenxie may require additional documents;

    • Business registration document(s)
    • Identification document(s)
    • Proof(s) of personal address for all company Directors and major Shareholders.

    Currenxie is regulated by Know-Your-Customer (KYC), Anti-Money Laundering (AML), and Counter-Terrorist Financing (CFT) Ordinances which means that it is important to provide complete and accurate documents when signing up.

    These documents include all financial transactions and business details.

    Any incomplete or inaccurate information may delay the whole process or can result in your business account application being rejected [9].

    Most completed applications are reviewed and approved within three business days.

    However, this also depends on the nature of the application and the nature of the business.

    Currenxie will contact applicants for any additional information or supporting documents that are required before activating an account.

    Currenxie vs Statrys

    If you need a multi-currency or foreign bank account to send and receive international payments that save you money - Statrys may be a good option.

    Statrys is a virtual business account that fits your needs.

    Through Statrys’ multi-currency account, you can easily make payments and benefit from transparent pricing and competitive foreign exchange rates.

    With an alternative to Currenxie like Statrys, your business gets a more humanized experience with dedicated real human support whenever you need it, on any channel you prefer.

    Statrys offers 11 currencies in one account, as well as optional Euro IBAN accounts to boot.

    Open a Statrys business account today.

    currenxie alternative

    Getting in Touch with Currenxie

    To get in touch with a representative from Currenxie you can:

    • You can begin your onboarding process and sign up with Currenxie here.
    • You can submit a request or ask Currenxie any questions here.
    • You can join Currenxie’s mailing list here.

    Regardless of which bank account you choose for your personal or business banking, you will save more on international payments using Statrys's multi-currency business accounts.

    You can learn more about Statrys and how to sign up here.

    Sources

    Sources used in the article:

    [1] https://help.currenxie.com/hc/en-us/articles/4406160191001-Who-can-apply

    [2] https://help.currenxie.com/hc/en-us/articles/4406160347417

    [3] https://www.currenxie.com/en-gb/features/accounts/

    [4] https://www.currenxie.com/en-gb/features/currency-exchange/

    [5] https://www.currenxie.com/en-gb/resources/pricing/

    [6] https://www.currenxie.com/en-gb/features/cards

    [7] https://www.currenxie.com/en-gb/features/currency-exchange/

    [8] https://www.currenxie.com/en-gb/onboarding/signup

    [9] https://www.currenxie.com/en-hk/onboarding/signup

    FAQs

    Is Currenxie safe?

    arrow

    Is Currenxie good?

    arrow

    Are there alternatives to Currenxie?

    arrow

    85% of our customers open their account in less than 3 days.

    Excellent

    trustPilot rating

    Based on

    119 reviews

    trustpilot
    reviews rating

    4 Apr 2022

    I am very appreciate Statrys Team for…

    I am very appreciate Statrys Team for really helpful and always in-time...

    Alexandra

    reviews rating

    15 Mar 2022

    Let's start with I usually hate banks

    Let's start with I hate banks. But not Statrys. The user experience is...

    Monica

    reviews rating

    4 Mar 2022

    Doing business with Statrys

    The process for creating the accounts was simple and straight forward. The...

    P. Holten

    Showing our favourite reviews