Payoneer vs Statrys: Account & Pricing [2024 Comparison]
2023-04-19
6 minute read
Key Features
✅ Multi-currency business account supporting 11 currencies ✅ Local payouts in 14 currencies ✅ Competitive foreign exchange rate based on real-time mid-market rate with fee as low as 0.1%. ✅ International payment (via SWIFT) with payment tracking. ✅ Virtual and physical payment cards. ✅ 100% online application
Key Features
✅ Local accounts in 10 countries: the US, the EU, the UK, Singapore, Japan, Hong Kong, Australia, New Zealand, Canada, and UAE. ✅ Payoneer-to-Payoneer transfers (instant transfer + zero fee) ✅ International payment (via SWIFT) ✅ Virtual and physical payment cards with cashback reward ✅ 100% online application
Best For
SMEs incorporated in Hong Kong, Singapore, and the BVI that need business accounts supporting major currencies to manage their payments with competitive fees and exchange rates efficiently.
Best For
Businesses that seek local accounts in multiple major countries to collect payments and sales like they were locals.
Established in 2019, Statrys is a fintech company based in Hong Kong. Their main focus is to help small and medium-sized businesses deal with business finance and payments. The company is known for its emphasis on regulatory compliance, personalized customer support, and competitive rates.
Eligible countries: Hong Kong, Singapore, and the British Virgin Islands (BVI).
Eligible company type: All types of businesses are eligible, provided that they do not engage in prohibited industries.
Licence: Statrys holds a Money Service Operator license (No. 19-02-02726) in Hong Kong and a Small Payment Institution license (FRM: 911226) in the UK.
Founded in 2005 and headquartered in New York,Payoneeris a leading payment service provider that offers cross-border payment solutions to businesses of all sizes, from freelancers to large enterprises. Payoneer enables users to easily send and receive payments in multiple currencies, supporting transactions in over 190 countries and territories in more than 70 currencies.
The company has earned significant recognition, including awards like the “Best International Multi-Currency Business Payments Solution” from the SME Finance Award 2023, and is listed among the “Top 100 Cross-Border Payment Companies 2023” by FXC Intelligence, highlighting their contribution to the industry.
Eligible countries: Most countries. However, we couldn’t find the full list of eligible countries.
Eligible company type: All types of businesses are eligible. However, the specific conditions or rules applicable are not available on the website.
Licence: Payoneer holdsnecessary licensesin all countries where they operate.
Business Account Features
Supported Currencies
11 currencies, including USD, HKD, CNY, AUD, EUR, GBP, SGF, JPY, CHF, NZD, and CAD.
10 currencies, including USD, JPY, AUD, EUR, HKD, SGD, CAD, GBP, AED, and NZD.
Supported Currencies for Local Payments
14 currencies, including HKD, CNY, USD, AUD, GBP, EUR, THB, INR, VND, TRY, IDR, PHP, SGD and KRW.
10 currencies, including USD, JPY, AUD, EUR, HKD, SGD, CAD, GBP, AED, and NZD.
• Multi-currency account supporting 11 major currencies. • Make FX spot and forward contracts at the real-time mid-market rate with fees as low as 0.1%. • Offer real-time SWIFT payment tracking.
• Local currency accounts available in 10 major countries, each with unique account details to send and receive payments like a local. • Services are available to businesses worldwide. • Integrate with various popular marketplaces and ecommerce platforms, including Amazon, Shopify, Fiverr, and Upwork.
Primary Cons
• Services are restricted to companies incorporated in Hong Kong, Singapore, and the BVI. • Have only a Hong Kong local collection account.
• Doesn’t provide FX services at the time of review.
Free (if 5 or more outgoing transfers made in the month)
None
But if your account has received less than USD 2,000 in the last 12 months, the annual fee of USD 29.95 will be applied.
Receive Local Payments
Free
Free
Send Local Payments
HKD 5***local payment in Hong Kong HKD 25 to HKD 50local payment in specific countries
Local payment in the US, UK and EU USD/GBP/EUR 1.50****
Receive International Payments (SWIFT)
HKD 60
Up to 1%
Send International Payments (SWIFT)
HKD 85
Up to 3%
*Account opening fee may apply for companies not registered in Hong Kong or Singapore, companies with complex shareholding structures, and companies with high-risk business profiles.
**A one-time registration fee is applied for some countries.
***A fee of HKD25 applies for outward local payments exceeding HKD 500,000.
****This fee applies to the first USD/GBP/EUR 50,000 per month. For amounts exceeding this threshold, a fee of 0.5% will be charged on the excess.
Card Features and Fees
Card Type
Physical and virtual Mastercard® debit cards
Physical and virtual Mastercard® pre-paid cards
Card Base Currency
HKD
USD, EUR, GBP, or CAD
Card per Account
1 physical card and up to 4 virtual cards per user.
Can obtain multiple cards. However, the maximum number of cards varies according to account conditions.
Payment Limit
HKD 600,000 combined spending for all cards/year
Daily limit of USD / EUR / GBP 5,000
ATM Withdrawal
ATM Withdrawal Fee
1.99% (minimum of HKD 31)
Up to 1.8% + fee imposed by the ATM owner.
Card FX Fee
1.5%
Up to 3.5%
Card Fees
HKD 0 for the first physical card and for all virtual cards.
HKD 48 per month for each additional physical card.
Delivery fee: Free (standard delivery) or USD 40 (DHL)
Annual fee for the first card: USD 29.95
Card replacement: USD 12.95/ GBP 9.95/ EUR 9.95
Primary Pros
• No requirement to apply for business cards. • Card linked directly to your account balance, so you don’t need to top-up your card balance to make purchases. • Competitive card FX fee and ATM withdrawal fees.
• Can choose a base currency from 4 major currencies: USD, EUR, GBP and CAD. • Compatible with Apple Pay, Google Wallet, and Samsung Pay. • Can earn cashback from all eligible business transactions.
Primary Cons
• Not compatible with Apple Pay and Google Pay. • Can spend in HKD only. • No reward program.
• As a pre-paid card, businesses cannot use a Payoneer card to spend more than USD/GBP/EUR 5,000. • The markup for currency conversion is comparatively higher than their competitors.
Customer Support
Personalised Customer Services
Communication Channels
Website, Live Chat, Email, Phone, WhatsApp, and WeChat.
Help center, Query form, Chatbot, Email, Post.
Working Hours
10 am to 7 pm Hong Kong Time
Monday to Friday (except on public Hong Kong holidays)
No information is provided on the website. You need to log in to a Payoneer account to find detailed information.
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FAQs
What are the key differences between Payoneer and Statrys business accounts?
With Payoneer, clients can open local accounts with unique account details in 10 different countries and use them to receive and make payments like a local. On the other hand, Statrys offers multi-currency accounts in Hong Kong that support 11 currencies.
Do Payoneer and Statrys charge a monthly fee for their services?
Statrys charges HKD 88 per month, while Payoneer imposes an annual fee of USD 29.95 for inactive users instead.
What is Payoneer?
Payoneer is a financial services company that provides online money transfer and digital payment services. Their platform facilitates cross-border payments for businesses, professionals, and freelancers worldwide.
Is Payoneer a bank?
No, Payoneer is not a bank but rather a fintech firm offering payment solutions to businesses. While they offer bank-like features such as multi-currency accounts and the ability to receive and send payments worldwide, they do not offer traditional banking services like loans, mortgages, or savings accounts with interest.
Disclaimer
More info
Statrys competes directly with Payoneer in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.
My journey has taken me through diverse roles in Asia – as a lawyer, investor, and business owner. These experiences have given me a deep understanding of the challenges that entrepreneurs and small to medium-sized companies face, especially in banki...
