Understand how Statrys can fit into your suite of overseas investment vehicles, offering unparalleled financial flexibility.
Statrys is a Hong Kong-registered fintech firm that kicked off in 2019 to offer financial services to businesses.
Its goal is to offer flexible digital payment options to small and medium-sized businesses and entrepreneurs in Asia. So, it doesn’t provide personal accounts to process payments for individuals or individual investors, as it only has business accounts. In other words, non-business use is not supported.
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In this article, we’ll look into Statrys’ background, features, fees, eligibility, and application process. We’ll enumerate some of the pros and cons of the firm.
Statrys Review: Is Statrys a bank?
No, Statrys Limited is not a bank. It holds a money service operator license in Hong Kong.
It describes its service as combining the functionality of a global account with a wallet to provide easy access to 11 currencies for international transactions. Over 3,500 companies worldwide use the platform.
Statrys serves as a modern alternative to traditional corporate banking.
Although the digital platform generally disapproves of companies that are not registered in the British Virgin Islands, Singapore, or Hong Kong, it does grant business accounts to those operating in certain niches, such as international logistics and transportation. It also backs firms with connections to Hong Kong.
Companies with headquarters in the United States aren’t eligible to use Statrys.
The Statrys Mobile App aims to increase the versatility of how you use your business account.
Statrys Features
With the single virtual company account that Statrys provides, you can integrate your business with platforms like Shopify and PayPal, all while taking advantage of favorable foreign exchange rates.
Additionally, Statrys offers overseas fund transfer services. In order to provide quick and safe payments to overseas partners, these options include:
- CHATS or Clearing House Automated Transfer System
- FPS or Faster Payment System
- international telegraphic transfers via the SWIFT network to banks outside of Hong Kong
Users can send, receive, and keep money in:
- euros
- US dollars
- Canadian dollars
- British pounds
- Australian dollars
- New Zealand dollars
- Japanese yen
- Swiss francs
- Hong Kong dollars
- Singapore dollars
- Chinese yuan
By offering competitive exchange rates that are based on the mid-market rate, Statrys allows businesses to convert foreign currencies at a reasonable cost.
Statrys Fees
The Statrys business account has a monthly fee of 88 HK dollars or roughly 11.27 USD, plus additional fees for receiving and making payments. Extra cards cost 48 HKD per month, but the first card is free with the business account. Foreign exchange fees are 0.1%, while there is a 1.5% conversion fee for foreign currencies.
Who can open Statrys account?
Applications from people who live in the United States are not accepted. Applications from US residents living abroad are welcome, nevertheless. With rare exceptions, the platform mostly onboards businesses that are incorporated in Singapore, Hong Kong, or the BVI.
How to apply for Statrys business account
Two papers must be submitted with the application: a copy of the company registration document and the passports of the shareholders of the company. After reviewing the business profile, the onboarding staff will get back to you with more instructions in a 24- to 48-hour period.
No minimum balance is required in order to open an account. The HKD 88 monthly cost, which is automatically taken at the beginning of each month, must, however, be covered by sufficient cash in the account.
Pros and cons of Statrys
Benefits of Statrys
- By offering foreign money transfers, FX transactions, and access to more than 11 currencies, the platform streamlines cross-border business transactions.
- Personalized benefits are provided to businesses, such as specialized foreign exchange services.
- Using the mid-market rate, competitive foreign currency rates are offered.
- There is availability for integration with well-known online retailers and payment processors.
- Multilingual customer service is available in English, Cantonese, Mandarin, French, Spanish, Tagalog, Hindi, and Thai.
- Offers a simple and rapid onboarding procedure that takes less than 48 hours to complete on average.
- Statrys has clear pricing and no hidden fees, in contrast to traditional banks.
- It’s easy to open a business account online since you don’t need to be there in person.
- The POS purchases and employee cost tracking systems are equipped with physical payment cards.
Disadvantages of Statrys
- There is no free plan available, thus business customers have a monthly charge of 88 HKD.
- Support is limited to businesses that are incorporated in the British Virgin Islands, Singapore, or Hong Kong.
- Only the handling of physical payment cards is possible with the mobile app’s limited functionality.
- Account approval processes sometimes take longer than expected, and due diligence processes sometimes take longer than the usual three to five days.
- Compared to certain competitors, the platform offers a rather limited variety of 11 currencies.
- Extra costs are imposed for extra payment card functions.
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