Top 10 Rapyd Alternatives in 2023 & Who Should Use It

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.

1. Statrys

Statrys is a fully licensed financial institution headquartered in Hong Kong which 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

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.

2. Currenxie

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

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

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 to 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

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

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 3 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

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

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

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.

6. Aspire

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

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

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

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

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

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

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

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

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 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

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’ 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.