ZA Bank vs Statrys: Accounts & Pricing [2024 Comparison]

Q: Is ZA Bank regulated?

Yes, ZA Bank is regulated by the Hong Kong Monetary Authority (HKMA), the central banking institution of Hong Kong.

Q: Can I open business accounts remotely with ZA Bank and Statrys?

Yes, both ZA Bank and Statrys facilitate the remote opening of business accounts. Nonetheless, to qualify for an entirely online account opening with ZA Bank, your business must comply with their specific terms and conditions.

Statrys	ZA Bank
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 ✔️ Hong Kong business account supporting HKD, CNY, and USD ✔️ Support SWIFT payments ✔️ Time deposit in HKD, CNY, and USD ✔️ Payroll services ✔️ Business loans ✔️ Remote account opening (T&C apply)
Best For Global or expanding SMEs registered in Hong Kong, Singapore, and the BVI with frequent cross-border transactions.	Best For Hong Kong startups and SMEs that primarily operate within Hong Kong and need essential business banking services.
Primary Cons Only companies in Hong Kong, Singapore, and the BVI are eligible to open an account. Prepaid expense cards may be inconvenient for businesses due to limited flexibility. No batch payment features.	Primary Cons Business accounts support only 3 currencies. Doesn’t offer business expense cards. Not support ATM withdrawals. Lack of FX tools to manage currency risk.
Learn more about Statrys	Learn more about ZA Bank

Open a Business Account with Statrys

No minimum deposit. No maximum transaction. Support from an account manager.

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

Statrys Overview

Founded in 2019, Statrys is a Hong Kong-based Money Service Operator that offers various payment solutions for modern businesses. One of the key offerings from Statrys is the multi-currency business accounts, which support 11 major currencies. This service simplifies cross-border transactions for businesses, making expansion efforts more manageable.

In 2024, Statrys was awarded with the Hong Kong Business (HKB) Technology Excellence Award in Fintech. This award serves as recognition of Statrys’ commitment to its customer-centric approach and innovation.

Eligible countries: Hong Kong, Singapore, and the British Virgin Islands (BVI).
Eligible company type: All types of businesses are eligible, as long as your business doesn’t engage with the 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.

ZA Bank Overview

ZA Bank, the first virtual bank in Hong Kong, offers a comprehensive range of banking services that cater to both individuals and businesses. With over 700,000 retail users, ZA Bank has been recognised as SME Digital Innovation of the Year – Hong Kong by The Asset Triple A Digital Awards 2023.

Eligible countries: Hong Kong.
Eligible company type: Sole Proprietorship, Partnership, or Limited Company.
Licence: A virtual banking licence in Hong Kong.

Business Account Features Comparison

	Statrys	ZA Bank
Supported Currencies	11 currencies: HKD, AUD, CAD, CHF, RMB, EUR, GBP, JPY, NZD, SGD, and USD	HKD, CNY, and USD.
Local Payment Currencies	12 currencies: USD, AUD, GBP, EUR, THB, INR, VND, TRY, IDR, PHP, SGD, and KRW	HKD, CNY, and USD.
International Payments via SWIFT	✔️ (with real-time payment tracking)	✔️
Payroll Services	❌	✔️
Accounting Software Integration	✔️	❌
Loan Services	❌	✔️
Primary Pros	Send, receive, and hold money in all major currencies in one single account. Send local payments in 12 different currencies. Track SWIFT payments in real-time and share the tracking link with your payee. Offer FX services, including forward contracts at a competitive exchange rate, without transaction volume limits. Xero integration.	Business accounts that can hold and manage HKD, CNY, and USD balances. Time deposit up to 24 months. Receive and send money overseas via the SWIFT network. Send payroll up to 1,000 transactions in one go. Small business loan
Primary Cons	Eligible only for companies registered in Hong Kong, Singapore, and the BVI. No batch payment features.	Only Hong Kong businesses are eligible to open an account. The remote account opening service is subject to terms and conditions.* No FX tools to manage currency risk.

*To open an account remotely, a sole proprietor, all partners, or all shareholders and directors of your company must hold the HKID card. Otherwise, the ZA Bank will require a physical visit to complete the application.

Statrys and ZA Bank cater to distinct business needs. Statrys offers business accounts that support 11 currencies and forward contracts, which allow businesses to lock in exchange rates for future transactions. The local transfer features also help businesses save more time and costs on international transactions. These features are valuable for companies handling multiple currencies or operating across borders.

On the other hand, ZA Bank serves Hong Kong-based companies with features like low-cost local instant transfers (via FPS network), batch payroll, and business loans. While it supports fewer currencies than Statrys, it’s well-suited for businesses primarily operating within Hong Kong.

Business Account Fees Comparison

	Statrys	ZA Bank
Account Opening Fee	Free*	HKD 1,200** + minimum of HKD 10,000 (for 3 or more layer companies)
Account Monthly Fee	Free (if 5 or more outgoing transfers are made in the month)	Waived
Receive Local Payments	Free to receive HKD payments in Hong Kong	Free (non-merchant payments) 0.6% of the amount (merchant payments)
Send Local Payments in Hong Kong	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 1 (below HKD 1 million), otherwise HKD 10 CNY 1 (below CNY1 million) otherwise, CNY 10.
Receive International Payments (SWIFT)	HKD 60	HKD 50
Send International Payments (SWIFT)	HKD 85	HKD 100
FX Rate	Based on live mid-market exchange rates.	Couldn’t 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.	Couldn’t find information on the website.

*Statrys may charge an account opening fee for companies not registered in Hong Kong or Singapore or companies with complex structures.

**If a physical visit is required to complete the account application, ZA Bank will charge a fee of HKD 10,000 for account opening.

Statrys offers a cost-effective setup for businesses with international needs, charging no monthly fee if five or more outgoing transfers are made each month and providing free account opening for Hong Kong and Singapore-registered businesses (though complex or foreign structures may incur fees). Statrys also charges a lower SWIFT transfer fee and offers a competitive exchange rate, making it an ideal choice for businesses that frequently engage in international transactions.

While ZA Bank charges an opening fee, it waives a monthly fee entirely. In addition, ZA Bank charges a lower fee for sending local transactions, making it a great choice for businesses with a high volume of domestic transactions.

Card Features and Fees Comparison

	Statrys	ZA Bank
Card Type	Physical and virtual prepaid Mastercard® card	No business payment card provided
Payment Limit	HKD 600,000 per cardholder per year
ATM Withdrawal	✔️
ATM Withdrawal Limit	Up to HKD 120,000 per year
ATM Withdrawal Fee	1.99% (minimum of HKD 31)
Foreign Transactions Fee	1.5% + Mastercard® conversion rate
Primary Pros	Withdraw cash worldwide from any ATMs that support Mastercard® (excluding restricted countries). Each cardholder can obtain 1 physical card and 4 virtual cards. Gain complete visibility and control over employee expenses.
Primary Cons	Need to top-up money before using payment cards. Not compatible with digital wallets like Apple Pay and Google Pay. A monthly fee of HKD 48 is applied for each additional card. No reward or cashback program.

Recommended: Learn about the key differences between physical and virtual cards.

Customer Service

	Statrys	ZA Bank
Personalised Customer Services	✔️	❌
Communication Channels	Live Chat on Website, Email, Phone, WhatsApp, WeChat	Help Centre, Hotline, Email, Live Chat, and Query Form
Working Hours	10 am to 7 pm (GMT+8) Monday to Friday (except on public Hong Kong holidays)	24/7 via online live chat and hotline

Open a Business Account with Statrys

No minimum deposit. No maximum transaction. Support from an account manager.

FAQs

What are the key differences between ZA Bank and Statrys?

ZA Bank is a licensed virtual bank that offers a wide range of banking services, including savings accounts and loans specifically designed for small and medium-sized enterprises. On the other hand, Statyrs is a licensed Money Service Operator that specializes in providing financial solutions primarily aimed at global payment processing with a competitive pricing structure. In addition, only Statrys offers business debit cards at the time of review.

Is ZA Bank regulated?

Can I open business accounts remotely with ZA Bank and Statrys?

Disclaimer

More info

Statrys competes directly with ZA Bank 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.