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

Top 5 Airwallex Alternatives in 2024 & Who Should Use Them

content image

Having efficient and reliable payment processing is vital for businesses to succeed. This is why it is important to always compare options and find the best solution for your business.

Whether you’re searching for more cost-effective options, advanced functionalities, or support for more currencies, we have prepared a list of the top 5 alternatives to Airwallex in 2024 for you to choose from.

We will be looking at their key features and who they are best suited for so you can choose the best option.

🔍 Get insights into Airwallex with our Airwallex review.

Without further ado, let’s get started with our list.

Airwallex Alternative Key Services Best For
Statrys logo Multi-currency business accounts, FX services, Corporate cards, HK Company Incorporation, Dedicated account manager SMEs who are incorporated in Hong Kong, Singapore, or the BVI
Currenxie logo Multi-currency business account, Debit card, FX services Businesses that prefer having a local currency account
ZA Bank logo Multi-currency business account, Time Deposits, Personal, and Business Loans Businesses that operate specifically in Hong Kong
Wise logo Hold, transfer, and convert 40+ currencies with great exchange rates, Debit cards, and APIs integrations Freelancers and businesses with international clients
Revolut logo Multi-currency business accounts, Local accounts, Mass payout services, International payments, Debit cards, FX services, and software integrations Businesses based in Europe and the United Kingdom

1. Statrys

Screenshot of Statrys' website

Hong Kong-based fintech company — Statrys provides financial solutions such as virtual business accounts, debit cards (both physical and virtual cards), and currency exchange to businesses incorporated in Hong Kong, Singapore, and the British Virgin Islands (BVI).

Statrys’ multi-currency accounts give users access to 11 different currencies, which are USD, HKD, CNY, AUD, EUR, GBP, SGF, JPY, CHF, NZD, and CAD.

Statrys allows users to send and receive local and SWIFT payments in supported currencies, making cross-border payments more affordable compared to traditional banks

💡 Note: Statrys operates as a Money Service Operator in Hong Kong and as a Small Payment Institution in the UK.

Key Services Offered by Statrys

Statrys Key Services Description
Multi-currency Business Account A virtual business account that can hold, receive, and send payments in 11 different currencies
Virtual and Physical Debit Cards Virtual and physical debit Mastercard® cards that enable businesses to make purchases in-store and online and withdraw cash at ATMs in Hong Kong and abroad.
Company Registration  Provides a 100% online Hong Kong company registration service that includes post-incorporation services.
FX Services Makes spot trades and orders forward contracts at your preferred rate.
Invoice Management Offers free automated Invoicing Software that allows anyone to create, manage, and send invoices efficiently.
Xero Integration Integrates Statrys and Xero to save time on bookkeeping and cash flow management processes. 
Maker-approver Set up transfers for later approval based on user role capabilities and have complete control of payment processes.

Statrys Fees

Type Fees
Account Opening Fee Free
Monthly Fee HKD 88 (with a dedicated account manager)
Local Payments Receive: Free
Send: HKD 5
SWIFT Payments Receive: HKD 55
Send: HKD 75
Foreign Exchange Rate and Fee FX rate: Based on interbank rates
FX fee: as low as 0.1%

Statrys Could Be Best For

✅ Businesses incorporated in Hong Kong, Singapore, and the BVI that are looking for a primary or secondary business account.

✅ Companies that often deal with multiple foreign currencies can streamline international transactions and benefit from more favourable pricing on foreign exchange rates.

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

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

2. Currenxie

Screenshot of Currenxie's website

Currenxie is another Hong Kong-based financial services provider with a Money Service Operator license. Clients can integrate Currenxie accounts seamlessly into popular ecommerce platforms such as Amazon, Shopify, and Etsy and payment gateway providers like Stripe, Adyen, and Paypal to streamline payment processing and enhance the checkout experience.

Businesses can also open local currency accounts in 10 countries, enabling clients to get paid like a local. With Currenxie, clients can collect sales and pay suppliers without additional fees.

Therefore, many ecommerce businesses choose Currenxie as their payment solution.

💡 Note: Currenxie also operates under government bodies in Canada, South Africa, Australia, and the UK.

Key Services Offered by Currenxie

Currenxie Key Services Description
Multi-currency Business Account Local and international payments (via SWIFT) can be made and received in 14 currencies through a single account number.
Local Currency Accounts Opens local accounts with unique account details in the US, UK, EU, Hong Kong, Australia, Singapore, Japan, Canada, Indonesia, and Mexico.
Debit Card Virtual and physical Visa cards are available for every account holder. Also, users can earn 1% cashback for all eligible transactions.
FX Services Makes spot trades and orders forward contracts at the rates you prefer.
Xero Integration Integrates Currenxie’s account with Xero, allowing users to easily manage their finances.

Currenxie Fees

Type Fees
Account Opening Fee Free
Monthly Fee Free
Local Payments Receive: USD 0.75 per transfer
Send: USD 3 per transfer
SWIFT Payments Receive: USD 8 per transfer
Send: USD 8 per transfer
Foreign Exchange Rate and Fee FX rate: Based on interbank rates
FX fee: 0.1% - 0.6%

Currenxie Could Be Best For

✅ Ecommerce businesses using platforms like Amazon, Shopify, PayPal, Stripe, and others will find Currenxie highly beneficial.

✅ Suitable for businesses planning to expand into markets like the US, UK, EU, Japan, Australia, Indonesia, or Mexico, due to its local account capabilities.

✅ Businesses with clients and suppliers in different regions can minimise costs with Currenxie services.

Read our comprehensive review of Currenxie to learn more about their products and fees.

3. ZA Bank

Screenshot of ZA Bank's website

ZA Bank is the first virtual bank in Hong Kong, licensed by the Hong Kong Monetary Authority (HKMA). ZA Bank offers business accounts that support 3 currencies: HKD, CNY, and USD. In addition, clients can receive funds, make deposits, earn interest, and transfer in these 3 currencies 24/7.

💡 Note: As a member of Hong Kong's Deposit Protection Scheme (DPS), ZA Bank ensures that every client's deposits are protected up to a maximum of HKD 500,000.

Key Services Offered by ZA Bank

ZA Bank Key Services Description
Multi-currency Business Account Business account that can hold, receive, and send money in HKD, CNY, and USD.
FX Services Make spot trades in HKD, USD, and CNY without extra charges or handling fees.
Business Loans Provides 80% guarantee revolving or unsecured revolving loan services.
Batch Payment and Payroll Services With daily limits of HKD 10 million and HKD 50 million, respectively.

ZA Bank Fees

Type Fees
Account Opening Fee HKD 1,200 (Website) HKD 10,000 (With account manager)
+ company search fee
Monthly Fee Waived
Local Payments Receive: Waived (non-merchant). Otherwise, 0.6% of the transferred amount
Send: HKD 1 (below HKD 1 million). Otherwise, HKD 10.
SWIFT Payments Receive: HKD 50
Send: HKD 100
Foreign Exchange Rate and Fee FX rate: Not specified
FX fee: No handling fee

ZA Bank Could Be Best For

✅ As account opening fees are low, ZA Bank is an attractive option for local small businesses and new start-ups looking for cost-effective financial solutions in the initial stage.

✅ Companies incorporated in Hong Kong because this is the only jurisdiction that is eligible to open ZA Bank business accounts.

✅Suitable for businesses that need basic multi-currency operations (HKD, CNY, USD).

Check out our in-depth review of ZA Bank Business Account to learn more about their features and fees.

4. Wise

Screenshot of Wise's website

Wise is a popular UK-based payment platform that offers business accounts to businesses of all sizes. With Wise, businesses can receive payments like a local from over 30 countries and send funds to over 70 countries.

Furthermore, Wise offers business solutions such as batch payments, adjustable user-level permissions, automatic reconciliation with cloud-based accounting software, and APIs for automation.

Hence, businesses can streamline global payments and pay with competitive exchange fees and lower transaction costs.

💡 Note: Wise is regulated in countries/regions where it operates, 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 payments at mid-market rates to 70+ countries.
Business Account Receive, hold, convert, and make payments in 40+ currencies. Also, users can open 10 local currency accounts, including GBP, EUR, USD, AUD, NZD, SGD, RON, CAD, HUF, and TRY.
Debit Card Access to the multi-currency account with Wise debit cards to spend money abroad, make online purchases, and earn 0.5% from all eligible transactions.
Batch Payments Uploads a single CSV file to send 1,000 payouts at a time.
FX Services Offers low-cost currency exchange services to convert funds between currencies at the mid-market exchange rate.
Wise APIs Integrates Wise account into different platforms or applications, such as Shopify and Quickbooks.

Wise Fees

Type Fees
Account Opening Fee GBP 45
Monthly Fee Free
Local Payments Receive: Free
Send: From 0.43%, depending on the currency.
SWIFT Payments Receive: Free, or CAD 10 for CAD payments
Send: From 0.43%, depending on the currency.
Foreign Exchange Rate and Fee FX rate: Based on mid-market rates
FX fee: From 0.43%

Wise Could Be Best For

✅ Businesses that deal with a wider range of foreign currencies for receiving, holding, and sending funds. With Wise, they can save a significant amount of time and money.

✅ Great choice for freelancers who travel frequently and digital nomads. The Wise debit card allows users to easily pay money abroad, offering low fees and competitive exchange rates.

✅ Business owners that need APIs to streamline their operations.

Discover key things to know before opening a Wise account.

5. Revolut

Screenshot of Revolut's website

Revolut is one of the top UK-based neobanks, offering various banking services to businesses. Their services include the capability to receive and send local and international payments in multiple currencies, make foreign currency exchanges, and connect payment systems through APIs.

In addition, Revolut offers various business account plans for businesses of all sizes, ranging from freelancers to large-scale 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, which means that EU client funds are protected under the deposit guarantee scheme.

Key Services Offered by Revolut

Revolut Key Services Description
Multi-currency Business Account Receives and sends money in 26 currencies: GBP, EUR, USD, ZAR, TRY, SAR, SGD, SEK, RON, PLN, NZD, NOK, MXN, JPY, ILS, HUF, HKD, DKK, CZK, CHF, CAD, AUD, BGN, QAR, THB, and AED.
Local Accounts Collects and sends payments in GBP, EUR, and USD like a local.
Corporate Cards Offers virtual and physical Visa and Mastercard® to make purchases online or in-store and withdraw cash at ATMs around the world.
Global Transfers Make international transfers with interbank exchange rates in 20+ currencies
FX Services Fixed and flexible dates FX forward contracts for GBP, USD, or EUR up to 12 months in advance.
Crypto Buy, hold, and sell cryptocurrencies.
Financial Insights Gains actionable insights into your expense management, analyses trends, and receives customised financial advice.
APIs Integrate Revolut with different platforms and applications such as payment gateways, and accounting software.

Revolut Fees

Type Fees
Account Opening Fee Free
Monthly Fee From GBP 19 - GBP 79
Local Payments in Hong Kong Receive: Free
Send: GBP 0.2 after exceeding tiered free allowance. 
SWIFT Payments Receive: Free
Send: GBP 5
Foreign Exchange Rate and Fee FX rate: Based on interbank rates
FX fee: 0.6% after exceeding tiered free allowance. 

Revolut Could Be Best For

✅ Freelancers and remote workers can exchange and hold different currencies at competitive FX rates.

✅ Revolut is a licensed bank in the EEA, meaning European businesses can benefit from their business bank accounts with additional regulations.

✅ Businesses that seek to streamline their financial operations with APIs. 

Discover Revolut’s products and fees with our Revolut Business Account Review.

Final Note

By now, you may have a clearer picture of which payment service provider aligns best with your business needs. It is possible that you need more than one solution to fulfil all your requirements.

The key is to weigh out the benefits and drawbacks of each option based on your business priorities, ensuring that your choice not only meets your business priorities but also drives your business forward in the current market landscape.

Ultimately, leveraging multiple business accounts is a strategic approach to effectively manage your business finances.

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


What is Airwallex?

Airwallex is an online payments company used by businesses to receive and make payments in 40+ currencies across 150+ countries.

Is Airwallex a bank?


What services does Airwallex offer?


What are the best alternatives to Airwallex?



More info

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

Looking for a business account?