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 |
| 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%. | |
| Entrepreneurs with international clients seeking a platform with an extensive payment network to manage multi-currency payments | |
| Global businesses needing a solution for international payments with API integration for seamless operations. | |
| Online sellers, freelancers, and SMEs looking for a trusted payment platform with global reach and buyer/seller protection. | |
| 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.
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.
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.
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
|
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.
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!
Which provider do you think is the best Rapyd alternative?
Statrys
Wise
Airwallex
PayPal
Payoneer
FAQs
What are the best alternatives to Rapyd?
You can consider the following options as an alternative to Rapyd:
• Statrys
• Wise
• Airwallex
• PayPal
• Payoneer
What is Rapyd?
Is Rapyd a payment gateway?
What is Rapyd used for?
Disclaimer
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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