Given the multitude of bank accounts available, finding the right fit for your business can be difficult.
To make this task more efficient, we compare and review business accounts from around the world.
In this article, we’re comparing Ping An OneConnect Bank Hong Kong, or PAOB, to Statrys.
Our objective is to provide detailed information about the increasing number of business account options out there, including their services and how they compare to each other.
Ultimately, the decision lies with you, but being well-informed is a significant stride toward making the right choice for your business.
In a market that lacks transparency, we have used our best efforts to put together a comparison that may help you make your choice.
Now, let’s move to the comparison:
Accounts & Payments
Ping An Bank got its virtual banking license in May 2019 and offers single-currency personal and business savings accounts that can be used to receive and send funds locally via FPS.
As of this moment, the business accounts only support HKD.
To open a business account with Ping An Bank, the company has to be established and incorporated in Hong Kong. The bank also offers easy-to-obtain loans of up to HKD5,000,000.
Statrys offers a multi-currency account in Hong Kong that supports local and international payments (SWIFT) that can be used to receive and make transfers in 11 currencies.
To open a business bank account with Statrys, your business must be incorporated in Hong Kong, Singapore, or the BVI.
If your company isn’t incorporated in any of the three jurisdictions, you can use Statry’s company registration service to create a company in Hong Kong for only HKD 8,600.
|Local Collection Accounts
Ping An Bank Hong Kong and Statrys offer local collection accounts in Hong Kong that are generally used to collect funds from various platforms and marketplaces such as PayPal, Amazon, or other vendors.
|HKD, AUD, EUR, GBP, IDR, INR, PHP, SGD, THB, TRY, USD, VND
Companies use local payouts for settling services, freelancers, and contractors in their country with their currency.
These types of payments aren’t processed via SWIFT. Instead, financial companies and banks use the local payment system of the country where the payee is based.
Statrys offers local payouts in much of Europe, Asia, Australia, and the United States. Ping An offers these through Faster Payment System (FPS) in Hong Kong.
Foreign Exchange Services
|USD, GBP, EUR, HKD, SGD, CNY, JPY, CAD, AUD, NZD, and CHF
|Spot and forward
Statrys offers real-time mid-market exchange rates for 11 currencies. This ensures you receive the most accurate and up-to-date market rate for your currency conversions.
One can convert between different currencies quickly and easily with the option for FX trading.
Ping An Bank Hong Kong doesn’t offer foreign exchange services at this time.
Ping An Bank Hong Kong doesn’t offer bank cards for personal or business customers yet.
Statrys provides virtual and physical prepaid Mastercards that can be utilized for online purchases, in-store transactions, and ATM withdrawals.
You also have the option to acquire cards for your team members, eliminating the hassle of obtaining separate cards for different currencies, thereby making the use of cards and accounts convenient.
|Dedicated Account Manager
|Website, phone, email, WeChat, WhatsApp
|Website, phone, email, live chat
|9 am to 6 pm Hong Kong time
Monday to Friday (except on HK public holidays)
|24/7 (Including public holidays)
Customer service plays a crucial role in the success or failure of a business account. You expect any issues to be addressed promptly and professionally.
Ping An Bank Hong Kong is readily accessible through phone, mail, email, and 24/7 in-app live chat, even on public holidays.
On the other hand, Statrys provides a personalized service with a dedicated account manager, accessible from Monday to Friday, 9 am to 6 pm.
You have the option to select from about a dozen account managers that can speak different languages English, French, Spanish, Thai, Tagalog, Cantonese, and others.
Furthermore, you can reach out to Statrys’ customer service through their website, email, and phone, as well as via WeChat and Whatsapp.
Accounts & Payments Pricing
|Account Opening Fee
|Account Monthly Fee
|HKD88 (with a dedicated account manager)
|Receive Local Payments
|Receive International Payments (SWIFT)
|Send Local Payments
|HKD5 for HKD payments in Hong Kong
HKD25 to HKD50
Local payment to specific countries
|Send International Payments (SWIFT)
* 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.
** Ping An Bank website doesn’t mention any ways one can send or receive SWIFT transfers
Statrys has a monthly fee of HKD88 for their business account which includes the services of a dedicated account manager.
Ping An Bank Hong Kong does not impose any charges for account opening, and there are no administrative fees or obligations to maintain a minimum balance.
Foreign Exchange Pricing
|As low as 0.1% (depending on exchange volume)
If you’re doing any kind of business, even the most basic one, the chances are you’ll be buying at least some goods and services abroad or transferring money in different currencies.
Payoneer’s exchange rates are based on wholesale currency market rates acquired at the time of transaction and charge a currency conversion fee on top of that.
Statrys foreign exchange fees go as low as 0.1%, depending on your exchange volume.
|Card transaction in a currency different than the card base currency
(for example, when using the card for a transaction in EUR)
|FX fee based on Mastercard exchange rate + 1.5%
|1.99% (Minimum HKD31)
|Free (JETCO Cardless Withdrawal)
If you use your Statrys Payment Card in a currency other than your base one, you’ll incur a foreign exchange fee. This fee is calculated based on the Mastercard exchange rate, with an additional 1.5% charge.
For ATM withdrawals, Statrys imposes a fee of 1.99%, with a minimum charge of HKD31 per transaction.
With Ping An Bank Hong Kong, your transactions and withdrawals are limited to HKD. The bank utilizes the JETCO Cardless Withdrawal Service, enabling you to set up withdrawal instructions through the Ping An Bank app and withdraw cash by scanning the QR code at participating JETCO ATMs in Hong Kong.
These withdrawals can be made without the need for a physical card.
|Up to HKD5,000,000
Ping An Bank Hong Kong offers several types of business loans, including:
- Trade-Connect Loan,
- eFast Loan,
- Business Instalment Loan,
- Business Short-term Loan,
- Business Revolving Loan, and
These loans have simple approval processes, require no documents for loan approval, and offer pre-approved loan amounts of up to HKD5,000,000.
Additionally, there are no handling fees. Penalty fees are waived for early redemption, with interest calculated on a daily basis.
As of yet, Statrys doesn’t offer business loans.
In order to determine the most suitable business bank account for your company, it is important to identify its specific requirements.
If your company primarily needs a straightforward savings account that facilitates transfers in HKD via FPS (Faster Payment System) and requires access to business loans with minimal paperwork, Ping An Bank is a suitable choice. They offer these services to meet your needs effectively.
However, if your company is an SME that frequently handles international payments and requires a digital solution to manage cross-border transactions, Statrys is likely to be a more fitting option.
Statrys is specifically designed to cater to such digital solution needs, offering efficient and convenient services for businesses engaged in global trade.
What is the process for opening an account with Ping An Bank?
The process for opening a business account with PAOB involves inputting and verifying your mobile number, setting up a username and password, taking photos of your HKID for identity verification, taking a selfie for biometric identification, inputting and confirming your personal information, and sharing a QR code with Director(s) and Shareholder(s) for confirmation.
Is Ping An a bank or fintech company?
What are Ping An’s savings deposit rates?
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Statrys Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.