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Wise VS Statrys: Business Account Comparison [2024]

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Statrys

Wise

Key Features

✔️ Multi-currency business accounts supporting 11 currencies

✔️ FX rate based on real-time mid-market rate with a low fee

✔️ Real-time SWIFT payment tracking

✔️ Virtual and physical payment cards

✔️ Xero, Stripe, PayPal, and Shopify integrations

✔️ 100% online application

✔️ Dedicated customer support in 7 languages

Key Features

✔️ Multi-currency accounts with local bank details

✔️ Payroll and batch payment features

✔️ Business API integration to automate payments

✔️ Multi-currency business debit cards

✔️ Real-time notifications on transactions and payments

✔️ 100% online application

Best For

SMEs registered in Hong Kong, Singapore, and the BVI looking for seamless online international payment solutions in multiple currencies with personalised customer support.

If you regularly trade FX, Statrys offers the best FX rate in Hong Kong.

Best For

Freelancers, and SMEs needing a cost-efficient way to transfer money internationally.

Trustpilot Rating

⭐⭐⭐⭐4.7/5

Based on 297 reviews (retrieved on 23 September 2024)

Trustpilot Rating

⭐⭐⭐⭐ 4.3/5 

Based on 233,846 reviews (retrieved on 23 September 2024)

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

Statrys Overview

Statrys is an award-winning platform for seamless cross-border payments. Founded in 2019, it provides essential financial services for global business growth, including virtual multi-currency accounts and company registration services in Hong Kong and Singapore

As a licensed Money Service Operator in Hong Kong, Statrys aims to bridge the gap between international payment solutions and personalised customer support for SMEs worldwide. Recently, the company won the 2024 Hong Kong Business (HKB) Technology Excellence Award in the Fintech - Payments category.

  • Eligible countries: Hong Kong, Singapore, and the BVI.
  • Eligible company type: Most business entity types, including sole trader, public limited company (PLC), and limited liability partnership (LLP).
  • Licences: Statrys is licensed as a Money Service Operator in Hong Kong and a Small Payment Institution in the UK.
  • Custodian Bank: DBS Hong Kong

Wise Overview

Founded in 2011, Wise (formerly TransferWise) is a UK-based fintech company providing international payment solutions for individuals and businesses. Wise services are accessible in most countries and regions worldwide, including Hong Kong, Australia, and the US.

Wise currently has over 10 million active personal and business users across the world. 

  • Eligible countries: Most countries and regions
  • Eligible company type: Any type of business, including freelancers and public companies.
  • Licences: Wise is licensed and regulated in the countries where it operates. It is registered as a Money Service Operator in Hong Kong, a Payment Institution in Belgium and the EEA, and an Electronic Money Institution in the UK.
  • Partner banks: Barclays, Citibank, Deutsche Bank, JP Morgan Chase, and more, varying by region and country.
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Business Account Features

Statrys

Wise

Supported Currencies in the Accounts

11 currencies: HKD, AUD, CAD, CHF, CNY, EUR, GBP, JPY, NZD, SGD, and USD

Over 40 currencies, including GBP, EUR, AUD, NZD, HKD, and SGD

Supported Currencies for Local Payments

12 currencies: USD, AUD, GBP, EUR, THB, INR, VND, TRY, IDR, PHP, SGD, and KRW

More than 20 currencies, including AUD, CAD, EUR, GBP, HKD, and USD (vary by region) 

International Payments (SWIFT)

✔️

✔️

Accounting Software Integration

✔️

✔️

Primary Pros

  • No minimum deposit or transaction limit
  • Support real-time SWIFT payment tracking
  • FX rate based on real-time mid-market rate with a low conversion fee.
  • Make spot trade and order forward contracts with no limits on transaction volume.
  • Responsive customer service team with supports in multiple languages
  • Services available in several locations worldwide
  • Hold over 40 currencies in one single account
  • Can open local account in 9 locations.
  • Seamless API integration for automating payments
  • Send payments to 1,000 payees in one click with the batch payment feature

Primary Cons 

  • Only companies registered in Hong Kong, Singapore, and the BVI can apply
  • Has an account monthly fee (for a dedicated account manager)
  • Business account features and fees vary depending on countries and regions
  • Not suitable for businesses with the need for advanced FX hedging tools
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Helpful Resource: Read our article to learn more about local and SWIFT payments

Business Account Fees

Statrys

Wise

Account Opening Fee

Free*

Depends on your location

Hong Kong: Free

Singapore: Free

EEA: EUR 50

UK: GBP 45

US: Free

Account Monthly Fee

Free (if sending 5 or more transfers in the month)

Free

Receive Local Payments in Hong Kong

Free

Free

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

From 0.33%

Receive International Payments (SWIFT)

HKD 60

CAD 10 per SWIFT payment in CAD

Other currency: Depends on each bank’s handling fees

Send International Payments (SWIFT)

HKD 85

Starting from 0.33% (varies by currency)

FX Fee

HKD, USD, EUR, CNY, GBP, SGD, JPY, AUD, CHF, NZD, and CAD: Starting from 0.4%

INR, IDR, PHP, KRW, THB, TRY, and VND: Starting from 0.6%

Not specified

FX Rate

Based on live mid-market exchange rates

Based on mid-market exchange rates

*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.

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Quick Tips: At Statrys, we guarantee to offer the best exchange rate in Hong Kong by beating any FX rate you find by 10%. 

Card Features and Fees

Statrys

Wise

Card Type

Physical and virtual prepaid Mastercard® card

Physical and virtual Visa debit card

Card Base Currency

HKD

Multi-currency

Payment Limit

HKD 600,000 per cardholder per year

Varies by issuing country

UK: GBP 45,000 per month

EU: EUR 45,000 per month

ATM Withdrawal 

✔️

Available in limited locations

ATM Withdrawal Limit

Up to HKD 120,000 per year

Varies by location

UK: GBP 4,000 per month

EU: EUR 4,000 per month

Primary Pros

  • Support ATM cash withdrawal worldwide
  • Each cardholder can obtain 1 physical card and 4 virtual cards.
  • Conveniently view live transactions and manage payment cards via the app
  • Compatible with Google Pay and Apple Pay
  • No foreign transaction charges
  • Earn 0.5% cash back on some transactions

Primary Cons

  • Because Statrys’ corporate cards are pre-paid cards, clients have to top-up balance before spending.
  • An HKD 48 monthly fee is applied for an additional physical card.
  • Payment cards are only available in the UK, Switzerland, Australia, New Zealand, Singapore, Malaysia, Japan, Canada, and most of the EEA.

Customer Support

Statrys

Wise

Dedicated Account Manager

✔️

✔️

Communication Channels

Live Chat on Website, Email, Phone, WhatsApp, WeChat

Help centre (available for everyone)

Phone, Email, and Personalised support (available for Wise account holders)

Working Hours

10 am to 7 pm Hong Kong Time

Monday to Friday (except on public Hong Kong holidays)

Not specified

A dropdown of some supported currencies by the Statrys business account.

FAQs

Can I use Wise as a business account?

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Yes. Wise offers business accounts designed to facilitate international payments for business purposes. 

What are the main differences between Wise and Statrys?

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Can I have both Wise and Statrys accounts?

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Disclaimer

More info

Statrys competes directly with Wise in the payment industry, but we are committed to providing an unbiased and thorough review. We're committed to providing an unbiased, thorough review to help you make an informed choice.

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