If your business is incorporated in Hong Kong, you can open a business account with both ZA Bank and Statrys.
Currently, Statrys supports 12 local currency payments while ZA Bank supports HKD, CNY, and USD.
Statrys and ZA Bank both offer multi-currency accounts in Hong Kong.
While both options have different pros and cons, it is better to opt into having multiple business accounts as long as you pass ZA Bank's and Statry's requirements.
Choosing the right business account for your company can be a daunting task.
In this article, we have researched and prepared a comparison between ZA Bank and Statrys business accounts.
This comparison aims to objectively list all the essential information about the two accounts so you can save time and make an informed decision.
Lastly, if you want to make a suggestion or add relevant or missing information, don’t hesitate to contact us on the website or via email at email@example.com.
Let's begin this comparison between ZA Bank and Statrys without further ado.
Accounts & Payments
|Multi-currency Business Account in Hong Kong|
|Local Payments in Hong Kong|
|Hong Kong Company Registration|
|Supported Currencies for Local Payments||HKD, AUD, EUR, GBP, IDR, INR, KRW, PHP, SGD, THB, TRY, USD, VND||HKD, CNY, USD|
|International Payments (SWIFT)|
|Supported Currencies for International Payments||HKD, USD, EUR, GBP, CNY, JPY, CHF, AUD, SGD, CAD, NZD||HKD, CNY, USD|
Statrys and ZA Bank both offer multi-currency accounts in Hong Kong. These accounts can be used to make and receive payments locally (via FPS and CHATS) and internationally (via SWIFT).
To open a business bank account with ZA Bank, your business must be established or incorporated in Hong Kong.
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 Statrys' company registration service to create a company in Hong Kong.
|Local Collection Accounts||Hong Kong||Hong Kong|
Local collection accounts are typically used to collect funds from various platforms and marketplaces such as PayPal, Amazon, or other vendors via SWIFT or local methods like FPS and CHATS.
Both ZA Bank and Statrys offer these services in Hong Kong.
|Local Payout||HKD, AUD, EUR, GBP, IDR, INR, KRW, PHP, SGD, THB, TRY, USD, VND||HKD, CNY, USD (via FPS or CHATS)|
Local payouts allow for payment in local currencies to services, freelancers, and contractors in their respective countries.
These transactions are processed via the local payment system of the country where the payee is based and not via SWIFT.
Thus, it helps eliminate FX charges and other fees from currency conversions.
Statrys offers local payouts in Hong Kong, Europe (35 countries), India, Australia, Indonesia, Korea, the Philippines, Singapore, Turkey, the UK, the US, Thailand, and Vietnam.
ZA Bank offers local payouts via FPS or CHATS in HKD, USD, and CNY. If you are doing business in using these major currencies, this will be very beneficial.
Accounts & Payments Pricing
|Account Opening Fee||No fee*||HKD1,200**|
|Account Monthly Fee||HKD88 (with a dedicated account manager)||Waived|
|Receive Local Payments||Free||Free for HKD/CNY via FPS (non-merchant payments)
0.6% of the amount for HKD/CNY
via FPS (merchant payments)
HKD15 via CHATS
|Receive International Payments (SWIFT)||HKD55||HKD50|
|Send Local Payments||HKD5 for HKD payments in Hong Kong
HKD25 to HKD50
Local payment to specific countries
|HKD1 for HKD via FPS (below HKD1 million)
HKD10 for HKD via FPS (HKD1 million and above)
CNY1 for CNY via FPS (below CNY1 million)
CNY10 for CNY via FPS (CNY10 million and above)
|Send International Payments (SWIFT)||HKD75||HKD100|
* Statrys may charge an account opening fee for companies not registered in Hong Kong or Singapore or companies with complex structures.
** Regular account opening costs HKD 1,200. However, if you open it with a Relationship Manager, the fee is HKD 10,000. If your company has over 3 layers of ownership or overseas/offshore company shareholders, you will be charged a minimum of HKD 10,000
Statrys charges HKD 88 per month for their business account, which comes with a dedicated account manager.
ZA Bank charges an account opening fee of typically HKD 1,200 but waives the monthly payment.
Foreign Exchange Services
|Supported Currencies||USD, GBP, EUR, HKD, SGD, CNY, JPY, CAD, AUD, NZD, and CHF||HKD, USD, CNY (offshore RMB)|
|FX Services||Spot and forward|
ZA Bank offers 24/7 foreign exchange with real-time rates and instant currency exchange for three currencies - HKD, CNY, and USD.
On the other hand, Statrys fees are based on real-time mid-market exchange rates and forex exchange services for 11 currencies. You can execute spot trades and order forward contracts at preferable rates.
Foreign Exchange Pricing
|FX Rate||As low as 0.1% (depending on the volume of exchange)||No information provided|
If you’re doing any kind of business, even the most basic one, the chances are you will be buying at least some goods and services abroad or transferring money in different currencies.
ZA Bank'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.
At the time of review, ZA Bank does not offer bank cards for business customers yet - only for personal accounts.
Statrys offers virtual and physical prepaid Mastercard® that you and your team members can use for online and in-store purchases and ATM withdrawals in Hong Kong and abroad.
Customers can obtain their first physical card once their business account is approved. Plus, they can enjoy using it without additional costs.
Additional cards can be required. However, customers will be charged a monthly fee of HKD 48 per card.
You can view all the transactions and spending in a robust card management tool.
|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%|
|ATM Withdrawal||1.99% (Minimum HKD31)|
At the moment, ZA Bank does not offer cards for business customers. Yet, ZA Bank offers bank cards for personal accounts.
When using your Statrys card in a different currency than your base one, you will pay an FX fee based on the Mastercard® exchange rate, plus 1.5%.
|Dedicated Account Manager|
|Communication Channels||Website, phone, email, WeChat, WhatsApp||Website, phone, email, live chat|
|Working Hours||9 am to 6 pm Hong Kong time
Monday to Friday (except on HK public holidays)
|Online Customer Service (Available 24/7)|
Customer service is essential for business accounts as good customer service helps build strong relationships with customers and increases their loyalty.
By providing excellent support and addressing their concerns promptly and effectively, businesses can retain their customers and prevent them from seeking alternatives.
Statrys gives you a dedicated account manager when you open an account.
You can choose an account manager who speaks different languages, such as English, French, Thai, Tagalog, Spanish, and Cantonese.
In addition, Statrys provides customer support through email, website, phone, WeChat, and WhatsApp. You can also see what verified customers say about Statrys' customer support on TrustPilot.
While ZA Bank doesn’t mention dedicated account managers on their website, the support agents can be reached via online form, phone, email, and live chat.
We check customer reviews on Trustpilot. Statrys has a score of 4.6/5 from 208 reviews there.
ZA Bank doesn’t have a score or reviews on Trustpilot, but it’s scored highly on the Google Play Store (4.6/5) and the App Store (4.8/5).
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