Statrys | HSBC Hong Kong |
Key Features ✔️ Multi-currency account that supports 11 currencies. ✔️ Supports 12 currencies for local payments. ✔️ SWIFT payment and real-time tracking ✔️ FX services with competitive exchange rate ✔️ 1 physical and 4 virtual payment cards per user ✔️ Xero integration ✔️ 100% online application | Key Features ✔️ Business bank account supporting 12 currencies ✔️ Having a broad global network, potentially allows for faster cross-border transfers. ✔️ An extensive business banking service, including credit options and trade services ✔️ Remote application (T&C apply) ✔️ Xero integration |
Best For Entrepreneurs and SMEs registered in Hong Kong, Singapore, and the BVI looking for efficient and cost-effective payment solutions to manage multi-currency transactions and mitigate FX risk. | Best For SMEs or established businesses in Hong Kong seeking extensive banking services, including credit and business loans to support their growth. |
Statrys Overview
Statrys is a Hong Kong-based fintech company that provides digital payment solutions for entrepreneurs and small to medium-sized enterprises (SMEs). Founded in 2019, Statrys offers multi-currency business accounts that support both SWIFT and local payments, allowing businesses to manage international transactions efficiently. Statrys also provides physical and virtual prepaid Mastercard® cards for payments, along with a mobile app for easy financial management.
The company has offices in Hong Kong, Singapore, the UK, and Thailand and was recognised with the 2024 Hong Kong Business (HKB) Technology Excellence Award in Fintech.
- Eligible countries: Hong Kong, Singapore, and the BVI.
- Eligible company type: All types of businesses. However, your business must not operate in prohibited industries.
- Licence: Statrys is licensed as a Money Service Operator license (No. 19-02-02726) in Hong Kong and as a Small Payment Institution (FRM: 911226) with the Financial Conduct Authority in the United Kingdom (FCA).
- Custodian Bank: DBS Hong Kong.
HSBC Hong Kong Overview
Established in 1865, The Hong Kong and Shanghai Banking Corporation (HSBC) aimed to support Hong Kong’s commercial growth and finance trade between Asia and Europe.
HSBC Hong Kong is now part of a global banking and financial services organisation recognised as the world's largest bank. Operating across 62 countries and territories, they serve approximately 39 million customers.
HSBC has received numerous awards for its success in big sectors, including recognition as the World's Best Bank for Public Sector and the Asset Services Provider Award.
- Eligible countries: Hong Kong. Overseas companies may also be eligible, but we cannot find a specified list. Please contact HSBC Hong Kong for details.
- Eligible company type: Limited company, partnership, and sole proprietorship.
- Licence: HSBC Hong Kong operates as a licensed bank in Hong Kong and is registered with the Hong Kong Monetary Authority.
Business Account Features Comparison
| Statrys | HSBC Hong Kong |
Supported Currencies | 11 currencies: HKD, AUD, CAD, CHF, RMB, EUR, GBP, JPY, NZD, SGD, and USD | 12 currencies: HKD, CNY, EUR, USD, AUD, CAD, CHF, GBP, JPY, NZD, SGD, and THB. |
Local Payment Currencies | 12 currencies: USD, AUD, GBP, EUR, THB, INR, VND, TRY, IDR, PHP, SGD, and KRW | 20 currencies: AUD, EUR, BGN, CZK, DKK, HUF, EUR, INR, KES, GBP, CHF, NZD, NOK, PLN, RON, SGD, ZAR, SEK, CHF, and GBP |
International Payments (SWIFT) | ✔️ | ✔️ |
Supported Currencies for International Payments | 11 currencies: HKD, USD, EUR, CNY, GBP, JPY, SGD, CHF, AUD, NZD, CAD | Over 70 different currencies |
FX Features | Spot & forward service with FX fee of as low as 0.15% | Convert money across 25 currencies in real-time We cannot find information about FX fees on the website. |
Accounting Software Integration | ✔️ | ✔️ |
Link your Business Account to Marketplaces or Payment Processors (e.g., Shopify, Stripe, PayPal.) | ✔️ | We cannot find specific information |
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*While there's no specific detail on local payouts for business accounts, it is stated in the HSBC Personal product that HSBC's network supports a “Global Money Transfer” capability where you can send funds like a local in the mentioned currencies.
**The business must be a limited company, partnership, or sole proprietorship incorporated or registered in Hong Kong. It should not have any corporate directors or shareholders and should have no more than two individual directors, shareholders, or authorised signatories. Additionally, directors and shareholders should have Hong Kong Identity Cards (HKID).
Statrys offers a fully online setup that supports 11 major currencies and integrates seamlessly with platforms like Xero, Shopify, PayPal, and Stripe. This makes it a great option for businesses that prioritise simplicity and convenience, particularly remote entrepreneurs.
In contrast, HSBC supports over 70 currencies for international transactions and provides a broader range of traditional banking services, including trade finance and credit options. HSBC is a better option for companies with more complex global banking needs.
Business Account Fees Comparison
| Statrys | HSBC Hong Kong |
Account Opening Fee | Free* | Online - HKD 1,300 Overseas HSBC branch - HKD 2,250 Overseas Company - HKD 11,000 |
Account Monthly Fee | Free (if 5 or more outgoing transfers are made in the month) | Waived with an average balance of HKD 50,000 to HKD 500,000 Otherwise, HKD 200 - HKD 450, depending on the business account type |
Receive Local Payments | Free to receive local payments in Hong Kong | Free local FPS payments up to HKD or RMB 1 million HKD 15 for Local RTGS payments |
Send Local Payments | HKD 5 per HKD/CNY payment in Hong Kong. If exceed HKD 500,000: HKD 25 HKD 75 per USD payment in Hong Kong HKD 25 - 50 per local payment in specific countries | HKD 5 for local FPS payments HKD 55 for local RTGS payments |
Receive International Payments (SWIFT) | HKD 60 | Starts at HKD 65, but fees vary depending on factors such as sending bank and currency |
Send International Payments (SWIFT) | HKD 85 | HKD 100 (to HSBC Groups in Mainland China) HKD 125 (to all others) |
FX Rate | Based on live mid-market exchange rates | We cannot find information on the website |
FX Fee | Starting from 0.4%: HKD, USD, EUR, CNY, GBP, SGD, JPY, AUD, CHF, NZD, and CAD Starting from 0.6%: INR, IDR, PHP, KRW, THB, TRY, and VND | We cannot find information on the website |
*Excluding companies not registered in eligible countries, those with complex shareholding structures, and those with high-risk business profiles.
Statrys provides a more affordable and transparent fee structure, with no account opening or monthly fees if you make five transfers per month. Their foreign exchange (FX) fees start at just 0.4%.
In contrast, HSBC has higher and more complex fees, including account opening fees and monthly charges based on minimum balance requirements.
Card Features and Fees
| Statrys | HSBC Hong Kong |
Card Type | Physical and virtual prepaid Mastercard® card | Physical Mastercard® debit. Plus, an option for credit cards, RMB, corporate, and purchasing cards. |
Card Base Currency | HKD | 12 currencies: HKD, CNY, EUR, USD, AUD, CAD, CHF, GBP, JPY, NZD, SGD, and THB. |
Payment Limit | HKD 600,000 per cardholder per year | HKD 200,000 per day HKD 5,000,000 per month |
ATM Withdrawal | ✔️ | ✔️ |
ATM Withdrawal Limit | Up to HKD 120,000 per year | Up to HKD 50,000 per day |
ATM Withdrawal Fee | 1.99% (Minimum HKD 31) | Hong Kong ATMs: Free - HKD 25, depending on ATM providers Overseas ATMs: HKD 20 - 50, depending on ATM providers. |
Foreign Transactions Fee | 1.5% + Mastercard® conversion rate | No handling fee |
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Statrys and HSBC Hong Kong provide different card features for businesses. Statrys offers both physical and virtual prepaid cards, which make it easy to track team spending. However, these cards must be topped up and do not support digital wallets, limiting convenience.
In contrast, HSBC’s debit cards feature multi-currency support, no foreign transaction fees, and compatibility with digital wallets like Apple Pay, making them more suitable for businesses with international needs. Nevertheless, HSBC doesn’t allow businesses to issue multiple debit cards for team members, which restricts flexibility.
Looking for options for credit cards? Find out about the best credit cards in Hong Kong.
Customer Support
| Statrys | HSBC Hong Kong |
Personalised Customer Services | ✔️ | ❌ |
Communication Channels | Live Chat on Website, Email, Phone, WhatsApp, WeChat | Physical branches, chatbot, online chat, email, hotline |
Working Hours | 10 am to 7 pm Hong Kong Time Monday to Friday (except on public Hong Kong holidays) | 9 am to 6 pm.(GMT+8)* Monday to Friday Some services are available 24/7. Please check the HSBC contact page for details. |
Statrys offers support through live chat, email, phone, WhatsApp, and WeChat, available from 10 am to 7 pm (GMT+8) on weekdays. In contrast, HSBC provides a more traditional range of support channels, including physical branches, online chat, email, a hotline, and a chatbot, with some services accessible 24/7.
FAQs
What are the main differences between HSBC Hong Kong and Statrys business accounts?
HSBC and Statrys both offer business accounts with multi-currency support.
However, HSBC is better suited for established businesses needing loans, credit, and investments, despite having higher fees or conditions.
On the other hand, Statrys focuses on providing straightforward, digital-first financial solutions for startups and SMEs. They do not offer traditional services like loans but have a more competitive pricing structure.
Can I open both a Statrys business account and an HSBC Hong Kong business account?
What are the key differences between Statrys and HSBC Hong Kong business cards?
Disclaimer
Statrys competes directly with HSBC Hong Kong in the payment industry, but we are committed to providing an unbiased, thorough review to help you make an informed choice. Click More info to read the full disclaimer on our review.
