Rome to Hong Kong
How a Fine Wine Auctioneer Built a Smarter Cross-Border Payment Strategy

The First Italian Wine Auction in Asia

Wine is unique because a great bottle doesn’t peak at the time of production; it improves over the years or decades. This maturation creates a secondary market for collectors and enthusiasts who buy and sell wines at their best quality, with auctions being the focal point. Raimondo recognised this early on and established Italy's first auction house dedicated to fine wines in Rome. 

The business evolved, and in 2008, when the Hong Kong government eliminated wine duties, the city quickly became Asia's leading hub for fine wine. Seizing this opportunity, Raimondo launched his business there, holding the first auction in 2011 dedicated solely to Italian wines. 

The process is straightforward but complex: European consignors, collectors, and sellers entrust their bottles to the auction house, and buyers across Asia bid for them.
After a sale, proceeds are transferred from Hong Kong to Italy, a transfer that can involve currency fluctuations.

The Hidden Cost of Every Auction

The business operates with two main currencies: HKD received from buyers, and EUR paid out to consignors. While this seems straightforward at first glance, it poses a complex problem that could take years to fully reveal itself. The first challenge is cost; traditional banks handle cross-border transfers, but their fees are often high, and the exchange rates are consistently unfavourable. Every conversion between HKD and EUR incurs a fee that adds up with each auction cycle.

The second, more significant issue is timing; in this business, months can pass between signing a consignment agreement. This includes an estimated value in EUR and the auctioneer’s payment to the consignor. During this time, the HKD/EUR exchange rate can fluctuate.

Without a strategy to manage this FX exposure, the profit margin on any given lot could erode significantly before a payment is made. 

The business had been operating for five years before cross-border payments became a major challenge. By then, Raimondo had switched from only using traditional banks to FX platforms, though he hadn't found the most suitable one for his business yet

The Decision Made During the 2020 Pandemic, Driven by People

Raimondo switched to a Statrys Business Account in September 2020, during the COVID-19 pandemic. This decision was partly due to circumstances: cross-border fees had increased significantly during the crisis, adding financial pressure to his already cost-conscious operation. Statrys offered better rates, greater currency exchange flexibility, and lower fees on international transfers. 

However, the key reason for his switch was personal. At his previous provider, Raimondo had developed a relationship with a specific account manager, someone he trusted, which made the experience feel more personal than transactional. When that manager left the role, the valuable relationship he had built disappeared as well. This prompted him to search for a new provider that could offer the same level of personalised account management, ultimately leading him to Statrys.

The switch itself was handled carefully. Rather than cutting over immediately, Raimondo kept both providers running side by side while he evaluated Statrys in real conditions. There was no disruption to the business, no anxiety about migrating mid-operation. When he was satisfied, he made the full move.

What Changed with Statrys

The most noticeable improvements were in cost and efficiency. Reduced cross-border fees and better exchange rates for conversions from HKD to EUR lowered the overall expense of each international payment. Compared to traditional banks and other foreign exchange platforms he had previously used and tested, the differences in both cost and ease of use were significant.

On the FX side, Statrys gave Raimondo the flexibility to act on the currency market when conditions were favourable, converting euros in advance to protect against the rate fluctuations that are an unavoidable part of long consignment cycles

The Thing That Actually Matters Most?

We asked Raimondo what he would tell another business owner considering a switch to Statrys, and the answer was not just about exchange rates or transfer fees, even though both matter. It was about something harder to find: human assistance. 

For a founder with over two decades of experience building international businesses, this assessment carries significant weight. While payment infrastructure has become more advanced, genuine personal support where clients are treated as partners has become increasingly rare. Raimondo offers straightforward advice to anyone starting out today. To not wait five years to establish the right payment infrastructure for your business, set it up from the outset.

Before Statrys 

• International payments were processed through a traditional business bank account, and the fees were too high, and the exchange rates were poor
• No strategy to manage FX exposure, months could pass between consignment agreements and payment dates, leaving the profits at risk
• After his dedicated account manager left the role, working with the previous provider lacked genuine care and personalised support, making it harder to resolve issues or build trust relationships
• Financial costs increased further during the COVID-19 pandemic, and the existing setup is unstable.

After Statrys

• Cross-border transfers processed through Statrys at a lower cost and better FX rates on every HKD and EUR conversion 
• Ability to convert currency in advance when rates are favourable, protecting the business’s profit margins across longer consignment cycles 
• Smooth transition between providers with no disruptions to the business - multiple providers used in parallel during the test drive phase before settling on and full migration to Statrys
• Genuine human care and support that Raimondo describes as the rarest and most valuable element that a financial provider can offer