From Hong Kong to Singapore: Incorporation Services with New Year Discounts!Explore Today!

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N26

To survive and thrive in today's business environment, having efficient and reliable payment processing is crucial.

Rapyd has been a popular option for many businesses, but there are also many alternative solutions in the market that offer similar or even better features.

Whether you're looking for cost-effective options, advanced functionalities, or broader currency support, we have all the different options available in the market.

In this article, we will be sharing our list of the top 10 comparable alternatives to Rapyd for 2023. We will look at what each of them is, their key services, and who they are best for so you can choose the best option for you. 

Without further ado, let's dive in.

🔎 Note: All information provided below is dated 21 August 2023 and may have been updated since. Please check each alternative’s website for the latest information.

Rapyd Alternative Key Services Best For
Statrys logo Multi-currency business account, FX services, HK Company Incorporation, Dedicated account manager SMEs based in Hong Kong, Singapore, and BVI
Currenxie-logo Multi-currency business account, FX services Businesses that prefer having a local currency account
Airwallex logo Local currency accounts in various countries, over 50 currencies. Streamlining financial processes and comprehensive features
ZA Bank logo Multi-currency business account, Time Deposits, Personal, and Business Loans Businesses that operate primarily in Hong Kong, specifically
Wise logo Spend and convert 40+ currencies with great exchange rates Freelancers and businesses with international clients
Aspire logo Expense management, virtual cards Small and medium-sized businesses
Revolut logo Mass payout services, international payments Businesses based in Europe and the United Kingdom
Square logo POS system, online payments Retail business and Ecommerce
Worldfirst logo Business accounts, low-cost currency exchange Businesses with global payment needs and cost-consciousness
N26 logo Expense management, debit cards rewards International Business's convenience and corporate card accessibility

1. Statrys

Screenshot of Statrys website

Statrys is a fully licensed financial institution headquartered in Hong Kong that provides multi-currency business accounts to companies incorporated in Hong Kong, Singapore, and the British Virgin Islands (BVI).

With a Statrys business account, customers can access 11 different currencies, which are USD, HKD, CNY, AUD, EUR, GBP, SGF, JPY, CHF, NZD, and CAD. 

Statrys also allows customers to make and receive local and global payments with its supported currencies and access to banking services, such as FX services and payment cards (both physical and virtual cards).

📝 Note: Statrys operates as a Money Service Operator in Hong Kong under the Customs & Excise Authority and as a Small Payment Institution under the Financial Conduct Authority (FCA) in the UK.

Key Services Offered by Statrys

Statrys Key Services Description
Hong Kong Business Account 11 currencies with a single account number can be used to receive and make payments locally and internationally (via SWIFT)
Virtual and Physical Debit Cards Statrys payment cards expand your account’s flexibility with a prepaid virtual and physical Mastercard®
Hong Kong Company Incorporation Statrys offers to incorporate your Hong Kong company for only HKD 8,600
FX Services Make spot trades and order forward contracts at the rates you prefer
Invoice Management An all-in-one automated Invoice Management software
Xero Integration Seamless integration between Statrys and Xero for users to handle finances. 
Maker-approver Transfer flow feature where two parties, entities, or individuals are required to make a transaction successful.

Who Should Use Statrys?

✅ Small and Medium Enterprises incorporated in Hong Kong, Singapore and the BVI that need an online business account.

✅ If you prefer human customer support and transparent communication from your business account provider

✅ Companies that prefer simple and transparent pricing plans without any hidden fees.

Dedicated account managers for the Statrys business account.

2. Currenxie

Screenshot of Currenxie's website

Currenxie is another Hong Kong-based and fully licensed Money Service Operator. With Currenxie, clients can connect to popular ecommerce platforms like Amazon, Shopify, Etsy, and eBay, as well as payment gateway providers such as Stripe, Adyen, Alipay, and PayPal. This allows businesses to collect sales and pay their suppliers without additional fees.

Currenxie also offers domestic currency accounts in different countries, enabling clients to pay and get paid like a local. Plus, they provide payout APIs to integrate their service into clients’ workflow. 

Therefore, Currenxie has become a popular payment solution for many ecommerce businesses.

📝 Note: Currenxie is also a registered Foreign Money Service Business in Canada, a licensed Financial Service Provider in South Africa, AUSTRAC registered in Australia, and a registered Electronic Money Institution (EMI) in the UK.

Key Services Offered by Currenxie

Currenxie Key Services Description
Hong Kong Business Account 14 currencies with a single account number can be used to receive and make payments locally and internationally (via SWIFT)
Local Currency Account Local Currency Accounts are available in the US, UK, EU, Hong Kong, Australia, Singapore, Japan, Canada, Indonesia, and Mexico.
Debit Card Currenxie offers virtual and physical Visa cards for users
FX Services Make spot trades and order forward contracts at the rates you prefer
Xero Integration Seamless integration between Currenxie and Xero for users to handle finances. 

Who Should Use Currenxie?

✅ Business owners that need a local currency account in the US, EU, UK, Japan, Indonesia, Australia, Canada, and Mexico as they have this unique offer of local currency accounts in the respective countries.

✅ If you have an ecommerce business, you can easily connect to Amazon, Shopify, PayPal, Stripe, Klarna, Afterpay, and many more payment gateways with Currenxie.

Learn more about Currenxie's features and services with our comprehensive review.

3. Airwallex

Screenshot of Airwallex's website

Airwallex is one of the fastest-growing Hong Kong-based fintechs. They offer virtual multi-currency accounts, local and international transfers, issuing card services, and online payments on one platform.

Airwallex also provides a robust API for developers and offers integrations with popular business and accounting tools like Xero, NetSuite, and QuickBooks, helping businesses streamline their expense management.

📝 Note: Airwallex is licensed and regulated in Australia, Canada, China, Hong Kong, Lithuania, Malaysia, New Zealand, Singapore, The Netherlands, the United Kingdom, and the United States.

Key Services Offered by Airwallex

Airwallex Key Services Description
Global Accounts Local Currency Accounts are available in the US, EU, UK, Hong Kong, Singapore, Japan, Indonesia, Australia, Canada, and New Zealand
Core API Powerful and flexible APIs to programmatically manage your money.
Debit Card Airwallex’s multi-currency cards expand your account’s flexibility with a prepaid virtual and physical Visa card.
FX Services Make spot trades and order forward contracts at the rates you prefer
Expenses Management Gain more end-to-end control and visibility of your expenses.
Accounting Software Integration Seamless integration between Airwallex and Xero, NetSuite, and QuickBooks for users to handle finances. 

Who Should Use Airwallex?

✅ Business owners that heavily associate their businesses with powerful APIs and software integrations as Airwallex allows companies to connect their services seamlessly with popular software platforms, enabling automated and integrated financial operations

✅  Airwallex's Payments for Platforms feature caters to digital media and marketplaces that require end-to-end payment solutions. These platforms can offer seamless payment experiences to their users and facilitate secure transactions

See how Airwallex compares with Statrys with our detailed comparison.

4. ZA Bank

Screenshot of ZA bank's website

ZA Bank is the pioneered and licensed virtual bank in Hong Kong. ZA Bank offers virtual business accounts which currently support 3 currencies: HKD, CNY, and USD. With ZA Bank, you can receive, make deposits, earn interest, and transfer in these currencies 24/7.

📝 Note: ZA Bank is licensed by the Hong Kong Monetary Authority (HKMA) and is a member of Hong Kong's Deposit Protection Scheme (DPS).

Key Services Offered by ZA Bank

ZA Bank Key Services Description
Business Account Business accounts are available in HKD, CNY, and USD.
FX Services Make spot trades in HKD, USD, and CNY 24/7
Business Loans 80% guarantee revolving or unsecured revolving loan services
Batch Payment and Payroll

Daily limits of HKD 10 million and HKD 50 million, respectively

Who Should Use ZA Bank

✅ ZA Bank offers low account opening fees, making it an attractive option for local small businesses and new start-ups looking to save costs during their initial stage.

Read our review of ZA Bank Business Account to know more about their product offering.

5. Wise

Screenshot of Wise's website

Wise is a well-known UK-based fintech that offers business accounts to a range of businesses, from freelancers to large-scale enterprises. With Wise, business clients can send payments to over 70 countries and receive payments like a local from over 30 countries.

Wise also provides business-friendly features such as batch payments, adjustable user-level permissions, automatic reconciliation with cloud-based accounting software, and APIs for automation.

Thus, clients can simplify international payments and pay with competitive exchange rates and lower transaction costs.

📝 Note: Wise is regulated in each country/region, including Australia, EU, Brazil, Canada, Hong Kong, India, Indonesia, Israel, Japan, Malaysia, New Zealand, the Philippines, Singapore, The UK, The US, and UAE.

Key Services Offered by Wise

Wise Key Services Description
International Money Transfers Make international transfers with mid-market exchange rates in 70+ countries.
Business Account Add, hold, convert, and send payments in 40+ currencies.
Wise Debit Card Access your multi-currency account funds with a Wise debit card, making it easy to spend money abroad and make online purchases.
Wise API Seamless API integrations into different platforms or applications 
FX Services Low-cost currency exchange services to convert funds between different currencies at the real mid-market exchange rate

Who Should Use Wise?

✅  With no minimum balance and monthly fee, the business account suits freelancers, entrepreneurs, and business owners who need to receive, hold and send in multiple foreign currencies.

✅ Great choice for freelancers and remote workers who frequently move between different countries or work from abroad. The Wise debit card allows users to pay money abroad with ease, offering low fees and competitive exchange rates.

Dedicated account managers for the Statrys business account.

6. Aspire

Screenshort of Aspire's website

Aspire is a licensed financial institution headquartered in Singapore. Their service includes multi-currency business accounts and corporate cards, sending and receiving international payments, expense management, and integrations and solutions such as payment gateway and bulk payments.

📝 Note: Aspire operates as a payment services provider under the Payment Services Act in Singapore.

Key Services Offered by Aspire

Aspire Key Services Description
Business Account Send and receive international payments in 30+ currencies with low, transparent fees.
Aspire corporate cards Instantly issue physical and virtual VISA cards for corporate expenses. 
Invoice Management An all-in-one automated invoice management software
Bulk payments Send money to multiple parties at once and streamline your operations and send money in half the time.
Accounting software Integrations Seamless integration between Aspire and Xero, NetSuite, and QuickBooks for users to handle finances. 

Who Should Use Aspire?

✅  Aspire is a valuable asset for accounting and finance professionals looking to incorporate their favorite accounting software into their workflow.

✅ For global corporations and holding companies with complex financial operations. Aspire’s bulk payments and advanced controls can help with efficient payment procedures.

Check out our Aspire Review to learn more about their features, fees, and alternatives.

7. Revolut

Screenshot of Revolut's website

Revolut is one of the top neobanks in the UK. They offer a range of digital banking services to companies, including the ability to receive and send local and global payments in multiple currencies, make foreign exchange transactions, and connect payment systems via API.

Revolut also offers tiered business accounts to accommodate the different sizes of businesses, from freelancers to enterprises. With Revolut’s business accounts, clients can receive, hold, and exchange funds in multiple currencies without hidden fees.

📝 Note: Revolut holds a banking license for the EEA (European Economic Area), which was granted by the Bank of Lithuania. That means EU client funds are protected under the deposit guarantee scheme.

Key Services Offered by Revolut

Revolut Key Services Description
Business Accounts Send and receive international payments in 30+ currencies with low, transparent fees.
Revolut corporate cards Offer both virtual and physical Visa and Mastercard®
Global Money Transfers Make international transfers with mid-market exchange rates in 20+ currencies
FX Services Fixed date and flexible dates FX forward contracts
Financial Insights Gain actionable insights into your spending habits, analyze trends, and receive personalized financial recommendations
Accounting software Integrations Seamless integration between Revolut and accounting software such as Xero, NetSuite, and QuickBooks for users to handle finances. 

Who Should Use Revolut?

✅ For digital nomads and remote workers, Revolut offers the ability to exchange and hold different currencies at interbank rates with ease

✅ EU businesses. Since Revolut operates under the EU deposit guarantee scheme, businesses can enjoy Revolut services with added regulation.

Discover more about the Revolut Business Account with our detailed review.

8. Square

Screenshot of Square's website

Square is a San Francisco-based fintech company. They offer low-cost payment processing, point-of-sale (POS), and business management tools on a user-friendly system.

Any beginner can set up an account in minutes and immediately start accepting all types of payments for in-person and online sales. Hence, small businesses in the US choose Square as their go-to online payment solution.

Key Services Offered by Square

Square Key Services Description
Business banking Offers checking and savings accounts for businesses
Point of Sale (POS) Comprehensive POS system with inventive payment processing
Online Payments Innovative ecommerce solutions via online payments
Square Invoices Invoice solutions such as automatic payment reminders, duplicating invoices and more.
Square card Offers virtual and physical debit Mastercard®
Loyalty Program Manage customer loyalty programs to incentivize repeat business and build customer loyalty.

Who Should Use Square?

✅  Square is a good choice for merchants/small businesses who want to accept card payments in person or over the phone.

✅  If you own a retail store or a restaurant, Square offers advanced features to enhance customer experience and optimize operations with Square's robust POS system

9. WorldFirst

Screenshot of WorldFirst's website

WorldFirst is a payment service provider based in the UK. Their business solutions include bank accounts, foreign exchange services, bulk payments, and business software integration.

📝 Note: WorldFirst is registered and regulated in the UK, Hong Kong, Singapore, the Netherlands, Canada, and Australia.

Key Services Offered by WorldFirst

WorldFirst Key Services Description
Business account Offers 3 accounts - payments account, ecommerce collection account, world account.
FX services Make spot trades and order forward contracts at the rates you prefer
Bulk payments Send money to multiple parties at once and streamline your operations and send money in half the time.
Xero Integration Seamless integration between WorldFirst and Xero for users to handle finances. 
WorldFirst API  WorldFirst API allows clients access to other opportunities worldwide via a single API integration without ever leaving the platform

Who Should Use WorldFirst?

✅ Companies with international payroll and supplier payments can benefit from WorldFirst's global payment solutions with access to their batch’s payments and mass payment feature.

✅  Companies heavily involved with purchasing overseas property and global real estate, as WorldFirst offers businesses transparent and cheap FX currency conversions.

Read our comprehensive review of WorldFirst to learn more about its features.

10. N26

Screenshot of N26's website

N26 is a digital bank founded in 2013 and based in Berlin. It is fully licensed and operates under regulations from the European Central Bank (ECB) and the German Federal Financial Supervisory Authority (BaFin). They offer business bank accounts, virtual and physical debit cards, and insurance services.

📝 Note: The customers' deposits are protected up to EUR 100,000 under the European Deposit Guarantee Scheme.

Key Services Offered by N26

N26 Key Services Description
Business accounts Offers 4 different business accounts with different perks and features
Debit Card  Offers virtual and physical debit Mastercard® 
Insurance Coverage Provides on-demand insurance coverage on travel, electronics, and phone services.
Cashback Rewards Enjoy cashback rewards and discounts at different designated merchants with an N26 payment card
Budgeting and Financial Insights Budgeting tools and financial insights to help users manage their finances effectively

Who Should Use N26?

✅ Online sellers and marketplace merchants face unique challenges when dealing with international transactions and the difficulty of having a corporate card for employees to use for company expenses

✅  Companies who are looking into expanding their operations globally with N26's solutions and platform, as they can help simplify processing payments

Discover N26’s features and fees with our N26 Business Account Review.

Conclusion 

After going through the different alternatives to Rapyd, you may better understand what best suits your business needs. You may also need more than one solution to cover all your requirements. It's crucial to evaluate the advantages and drawbacks of each option in relation to your business priorities.

Ultimately, having multiple business accounts is a better strategy for businesses.

If your company is incorporated in Hong Kong, Singapore, or the BVI, and you’re searching for a cost-effective multi-currency business account, Statrys might be your solution.

Statrys allows you to enjoy bank cards and FX services and save money on transactions and hidden costs with only HKD88 monthly fee.  

a professional photograph of 9 of statrys account managers

FAQs

What is Rapyd?

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Rapyd is a fintech company providing payment solutions, mobile wallets, and money transfers. Its easy-to-use API allows businesses to integrate services into their process quickly.

Is Rapyd a payment gateway?

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What is Rapyd used for?

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What are the best alternatives to Rapyd?

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