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Top 5 Rapyd Alternatives in 2024 & Who Should Use Them

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In today's fast-paced business world, finding a reliable and efficient payment solution is crucial to your success. Without the right service, you could face delayed transactions, high fees, or limited currency support—issues that can directly affect your bottom line. While Rapyd is a popular choice, it’s not always the perfect fit for every business.

Fortunately, there are excellent alternatives to Rapyd that offer cost-effective options, advanced functionalities, and wider currency support. In this article, we’ll take a deep dive into the top 5 Rapyd alternatives for 2024. We’ll compare their key services, fees, and ideal users so you can make an informed decision and choose the best option for your business.

Let’s dive in.

Rapyd Alternatives

Primary Pros

Best For

  • Multi-currency accounts that support 11 different currencies.
  • Make local and international payments with no transaction limits.
  • Responsive customer service team with support in multiple languages.
  • Best FX rate with a low conversion fee.

SMEs that are incorporated in Hong Kong, Singapore, or the BVI need global payment solutions with competitive pricing and personalised support.

If you frequently trade FX, Statrys promises to beat any rate by 10%.

  • Hold over 40 currencies in one account.
  • Transfer money to over 70 countries with a rate based on mid-market rates
  • Batch payment features
  • Multi-currency debit cards

Entrepreneurs with international clients seeking a platform with an extensive payment network to manage multi-currency payments

  • Support payments in more than 60 currencies and in over 150 countries
  • API integration for automated financial management.
  • Virtual and physical business debit cards.

Global businesses needing a solution for international payments with API integration for seamless operations.

  • Widely-accepted payment processing platform
  • A suite of merchant services, including invoicing, payment links, and mobile payments.
  • Business loans to support business’ growth

Online sellers, freelancers, and SMEs looking for a trusted payment platform with global reach and buyer/seller protection.

  • Supports payments in over 70 currencies and 190+ countries.
  • Integrates with leading marketplaces like Amazon, eBay, Shopify, and Fiverr
  • Business debit cards for easy access to account balance.
  • Batch payment capabilities

Digital nomads and freelancers who need payment solutions to receive money from clients worldwide.

1

Statrys

Statrys is a fully licensed Money Service Operator headquartered in Hong Kong, offering global payment solutions to entrepreneurs and SMEs in Hong Kong, Singapore, and the British Virgin Islands (BVI). Our payment services range from virtual multi-currency accounts and business cards to cross-border payments, and FX services.

Key Services Offered by Statrys

Statrys Key Services

Description

Can hold, send, and receive money in 11 currencies: USD, HKD, CNY, AUD, EUR, GBP, SGF, JPY, CHF, NZD, and CAD in one single account.

Send international transfers to any country via the SWIFT network with no transaction limits. MT-103 is available for free upon request.

Track your payments in real-time and share a payment tracking link with your recipients.

Local Payout

Save more from international payments with local payouts in 12 currencies: USD, AUD, GBP, EUR, THB, INR, VND, TRY, IDR, PHP, SGD, and KRW. 

Virtual and physical pre-paid Mastercard® for making business expenses both in-store and online, and ATM withdrawals in Hong Kong and abroad.

Make spot trades or forward contracts at rates based on real-time mid-market rates. Enjoy the best foreign exchange rates in Hong Kong with no volume restrictions.

Integrate Statrys with Xero to simplify your bookkeeping and cash flow management processes.

 Statrys Fees

Type

Fees

Account Opening Fee

Free

Monthly Fee

Free 

(if you make at least 5 outgoing transfers per month, otherwise HKD 88)

Minimum deposit

No

Maximum transaction amount

No

Local Payments within Hong Kong

Receive: Free

Send: HKD 5 (HKD/CNY) or HKD 78 (USD)

Send Local Payments Outside Hong Kong

HKD 25 (USD, AUD, INR, EUR, GBP, SGD, IDR, PHP) 

HKD 35 (THB, TRY, KRW)

HKD 50 (VND)

International Payments (via SWIFT)

Receive: HKD 60

Send: HKD 85

Foreign Exchange Rate

Based on real-time mid-market rates

Foreign Exchange Fee

Starting from 0.4% - HKD, USD, EUR, CNY, GBP, SGD, JPY, AUD, CHF, NZD, CAD

Starting from 0.6% - INR, IDR, PHP, KRW, THB, TRY, VND

Who Should Use Statrys?

✅ Small and Medium Enterprises incorporated in Hong Kong, Singapore, and the BVI that are looking for a primary or secondary business account to streamline payments in major currencies.

✅ Businesses that regularly make large FX trades and want to have the lowest FX fees in the market.

✅ Business owners who prefer responsive and effective customer support and dedicated account managers to support them in case any issues arise.

Statrys mobile application dashboard showing a total balance in a business account.

2

Wise

Wise is a licensed London-based fintech that offers payment solutions to a range of businesses, from freelancers to large-scale enterprises. Wise business accounts allow clients to send money to over 70 countries at a competitive exchange rate compared to traditional banks.

In addition to business accounts, Wise offers business-friendly features, including mass payments, adjustable user-level permission, automatic reconciliation with cloud-based accounting software, and APIs for automation to help businesses simplify international payments in multiple currencies.

Key Services Offered by Wise

Wise Key Services

Description

International Money Transfers

Send international payments at rates based on mid-market rates to 70+ countries.

Business Account

Add, hold, convert, and send payments in 40+ currencies. Clients can also open 9 local currency accounts with unique account numbers and details: AUD, CAD, EUR, GBP, HUF, NZD, SGD, USD, and TRY.

Wise Debit Card

Access your multi-currency account balance with a Wise debit card to spend money abroad and make online purchases. Cards are also compatible with e-wallets, such as Apple Pay and Google Pay.

Batch Payments

Uploads a CSV file to send 1,000 payments at a time.

FX Services

Low-cost currency exchange services to convert funds between different currencies at the mid-market exchange rate

Wise APIs

Seamless API integrations into different platforms or applications, including Shopify, Xero, and Quickbooks.

Wise Fees

Type

Fees

Account Opening Fee

Depending on your business jurisdiction. For examples,

UK companies: GBP 45

SGD companies: Free

Monthly Fee

Free

Local Payments

Receive: Free

Send: From 0.33%, depending on the currency.

International Payments (via SWIFT)

Receive: Free (except for CAD transactions; CAD 10)

Send: From 0.33%, depending on the currency.

Foreign Exchange Rate and Fee

FX rate: Based on mid-market rates

FX fee: From 0.43%

Who Should Use Wise?

✅ Freelancers and digital nomads who frequently move between different countries or work from abroad. The Wise debit card allows users to transact abroad with ease, offering low fees and competitive exchange rates.

✅ Companies that often handle transactions in a wider range of currencies can save more time and cost with Wise’s solutions.

✅ Businesses seeking foreign currency accounts to receive money from local payment systems and save more on sale collections.

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Helpful: Learn more about Wise’s services, fees, and customer support with our detailed guide before opening an account.

3

Airwallex

Airwallex is a payment service provider founded in Melbourn, Australia. It is licensed and regulated to offer various financial services including, virtual accounts, local and international transfers, issuing card services, and online payments on one platform.

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

Key Services Offered by Airwallex

Aiwallex Key Services

Description

Global Accounts

Open local accounts in 12 locations, including Australia, Canada, Denmark, the EU, Hong Kong, Indonesia, New Zealand, Poland, Singapore, the UAE, the UK, and the US.

Airwallex Borderless Card

Multi-currency debit cards allow you to make purchases directly from your account balance. Can issue cards for employees and specific vendors to improve expense management.

Core API

Programmatically manage your finances with APIs for accepting payments, making global payouts, and more.

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. 

Airwallex Fees

Type

Fees

Account Opening Fee

Free

Monthly Fee

Free

Local Payments

Receive: 0.3%

Send: Free

International Payments (SWIFT)

Receive: 0.3%

Send: HKD 120 - 200

Foreign Exchange Rate and Fee

FX rate: Based on interbank exchange rates

FX fee: From 0.2%

Who Should Use Airwallex?

✅ Global businesses seeking solutions to facilitate international payments with competitive exchange rates.

✅ Businesses based in Europe that want to benefit from business banking services with additional protection from the deposit scheme.

✅ Business owners and entrepreneurs that need APIs to streamline their financial operations to minimise manual tasks and reduce errors.

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Helpful: Learn more about Revolut’s products and fees with our Revolut business account review.

4

PayPal

PayPal is a well-known online payment platform that allows individuals and businesses to send and receive money securely in over 200 countries and regions. PayPal supports transactions in 25 currencies and integration with major ecommerce platforms such as eBay, Shopify, and more.

With features like business accounts, invoicing, and buyer and seller protection, PayPal has become a go-to solution for small businesses and digital entrepreneurs.

Key Services Offered by PayPal

PayPal Key Services

Description

Payment Collection

Collect payments from various payment methods, including payment links, installment payments, card payments, mobile wallets, QR codes, and POS.

Business Account

Send and receive payments in over 25 currencies to more than 200 countries.

Debit Card

Using debit cards to spend online and offline as well as withdraw cash at ATMs with unlimited 1% cash back on eligible transactions.

Business Operations

Manage risk, track sales, ship products and send bulk payments. These help businesses reduce costs, and increase efficiency related to everyday operations.

Business Loans

Offer credit lines from 17 to 52 weeks with 100% online application.

Software Integrations

Connect with top marketplaces and accounting software, including Shopify, WooCommerce, Etsy, eBay, Xero, and Zoho.

PayPal Fees

Type

Fees

Account Opening Fee

Depends on your location, for example

  • UK: GBP 45
  • EU: EUR 50
  • US: Free

Monthly Fee

Free

Receive Payments

Local payments: 2.99% of the total transaction amount

International payments 4.49% of total transaction amount

Send Bulk Payment

2.00% of total transaction amount (not to exceed maximum fee cap)

Withdrawal From PayPal

Bank transfers to linked bank account: No fee + conversion fee (if applicable)

Foreign Exchange Rate and Fee

FX rate: Based on the wholesale exchange rate.

FX fee: From 3-4%

Who Should Use PayPal?

✅ Online sellers who are looking for a well-accepted payment service to process payments and improve the checkout experience.

✅ Freelancers who seek an account to receive transactions from clients worldwide in all major currencies.

✅ SMEs and entrepreneurs that need working capital to fund their business operations and expansions.

5

Payoneer

Payoneer is a New York-based payment service provider, facilitating online money transfers in over 70 currencies to more than 190 countries. Additionally, Payoneer offers integrations with popular marketplaces and ecommerce platforms, including but not limited to Amazon, Shopify, eBay, WooCommerce, Fiverr, and Upwork.

These features make Payoneer a convenient solution for businesses and digital nomads worldwide. Whether managing payouts from clients, selling products internationally, or handling transactions across different platforms, Payoneer offers a reliable and flexible payment infrastructure that suits a variety of needs.

Key Services Offered by Payoneer

Payoneer Key Services

Description

International Wire Transfers

Send money in over 70 currencies to over 190 countries and territories.

Business Accounts

Hold and manage money in 10 currencies, including USD, GBP, EUR, CAD, AUD, SGD, HKD, CNY, JPY, and AED (may vary by region).

Business Debit Card

Spend business transactions in USD, EUR, GBP, and CAD from account balance with virtual and physical Mastercard®. The cards allow businesses to withdraw cash from ATMs as well.

Batch Payment

Schedule and send batch payments of up to 1000 transactions in one click

Platform Integrations

Accept payments by connecting Payoneer accounts with top ecommerce platforms and marketplaces, including Amazon, eBay, Shopify, Fiverr, and Upwork.

Payoneer Fees

Type

Fees

Account Opening Fee

Free in most countries

Monthly Fee

USD 29.95 annual fee if you receive less than USD 2,000 (or equivalent) annually

Local Payments

Receive: Up to 1% (USD payments), Free (Other currencies) 

Send: Free between Payoneer accounts, or depends on currencies

International Payments

Receive: Up to 1%

Send: Up to 3%

Foreign Exchange Rate and Fee

FX rate: Based on wholesale currency market rates.

FX fee: 0.5%

Who Should Use Payoneer?

✅ Freelancers and digital nomads who need solutions to receive payments from clients worldwide in multiple currencies while saving more on transaction fees.

✅ Global businesses that have clients in the US, Japan, Australia, EU, Hong Kong, Singapore, Canada, the UK, and UAE seeking a way to improve their sale collection processes.

✅ Ecommerce businesses that need tools to organise transactions from their online stores.

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Interested?: Discover Payoneer’s features and fees with our Payoneer review.

Final Note

By now, you may have a clearer picture of which option might be right for your business. You might even need more than one option to fulfill all your specific requirements. 

There is no absolute answer. Pick the option that best aligns with your business needs and ensure it propels your business forward in this competitive landscape!

A dropdown of some supported currencies by the Statrys business account.

Which provider do you think is the best Rapyd alternative?

Statrys

Wise

Airwallex

PayPal

Payoneer

FAQs

What are the best alternatives to Rapyd?

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You can consider the following options as an alternative to Rapyd:

• Statrys
• Wise
• Airwallex
• PayPal
• Payoneer

What is Rapyd?

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Is Rapyd a payment gateway?

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What is Rapyd used for?

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Disclaimer

More info

Statrys competes directly with Rapyd in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.

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