Statrys Review 2022

Opening a business in Hong Kong, Singapore, or the British Virgin Islands (BVI) comes with a lot of flexibility and benefits – but what about managing the money you make?

Holding a multi-currency account or sending foreign currencies via high street banks can be complicated and expensive – defeating the purpose.

Statrys solves these issues with their multi-currency business account which also lets you send money abroad and get a debit card.

In many cases, Statrys may be the right choice for you – but they also have a lot of competition.

We’re going to uncover Statrys Reviews – when works and when it doesn’t – and then point you in the right direction.

Disclosure: This post may contain offers and affiliate links to save you money and it also helps us to keep providing the best information. For more information, see our disclosures here.

Pros

  • Multi-currency account that lets you hold 11 currencies – also get an add-on EUR IBAN account
  • Virtual and physical debit cards – withdraw ATMs, pay online, make contactless payments
  • Multilingual phone, email, and chat support
  • Affordable money transfers – at the mid-market rate

Cons

  • Account fees applicable – but they’re transparent (See fees below)
  • Limited account availability – only businesses incorporated in Hong Kong, Singapore, or the British Virgin Islands (BVI) are prioritised
  • Limited currency options
  • No options for individuals

What Problems does Statrys Solve? (And When to Avoid)

Statrys helps SMEs incorporated in Hong Kong, Singapore, and the British Virgin islands to get paid easier, make payments and manage money inexpensively and regardless of the currency.

Statrys lets your business send, receive, and hold money in 11 currencies – EUR, USD, CAD, GBP, AUD, NZD, JPY, NZD, CHF, HKD, and SGD.

You can also transfer money abroad with the Spot order and Forward Contract options. While spot orders lock in exchange rates, forward contracts can help manage future exchange rate changes.

You can get physical and virtual MasterCard debit cards for one or multiple team members for online as well as POS payments (only available for UK accounts).

You can also track everything on a single dashboard – transfers, money received, and card spending.

When to Avoid

If you’re not incorporated in Asia and Europe, Statrys isn’t for your business. For other regions, we recommend the Wise Multi Currency Account (review), Revolut (Review), or Airwallex (Review)

Statrys is not available for personal use either.

They’re also not a real bank so they don’t offer credit or interest and they aren’t protected by government protection schemes like Hong Kongs’ Deposit Protection Scheme (But they are regulated, see “Is Statrys Safe?” below).

Works

  • Online multi currency account for SMEs incorporated in Hong Kong, Singapore, and the British Virgin islands.
  • Flexible money transfers

Doesn’t Work

  • Personal use
  • As a substitute for some banking services that involve credit or interest.

1. How Statrys Works

Open a multi-currency account to send and receive money like a local in 11 currencies: HKD, USD, EUR, GBP, SGD, CNY, JPY, CAD, AUD, NZD, CHF

The default currency is HKD, but you can also get an add-on remote EUR IBAN accountz (fees applicable).

E-commerce seller? Connect to Stripe, PayPal, Amazon, Shopify – Collect payments on these platforms and hold multiple currencies on Statrys.

Transfer money for business expenses with the Statrys virtual Trade Desk 24×7 – Spot orders and Forward Contracts protect your money against market volatility and let you transfer at the rate YOU want – now and in the future

Make payments with virtual or physical MasterCard debit cards – Apply for one or more cards for your team. The cards let you withdraw money from ATMs (charges applicable) and shop online and offline (contactless payments supported)

Track everything on a single dashboard – transfers, money received, and card spending.

Have questions about your account? The Statrys customer service team is available on Whatsapp, WeChat, email, and phone and they speak multiple languages: English, Cantonese, Mandarin,French, Spanish, Tagalog, Hindi & Thai.

Use CasesHow to use Statrys
Independent consultantMulti-currency account to receive payments from clients worldwide and pay independent contractors

Pay for tools and subscriptions with MasterCard debit card
IT and TelecomMulti-currency account to receive and make payments worldwide

Access to payment slips for all cross-border transactions (MT103)

FX risk management
Marketing AgenciesVirtual and physical cards for team members for media buying and ad payments

Multi-currency account to receive payments from clients worldwide and pay independent contractors
International TradingMulti-currency account to pay overseas suppliers and receive payments from customers

Money transfers for business expenses

Access to payment slips for all cross-border transactions (MT103)
E-commerceConnect to payment gateways and marketplaces like Stripe, PayPal, Amazon etc.

Multi-currency account to buy goods and receive payments from global customers 

Dedicated remote EUR IBAN for expanding the business – No transfer fee for EUR payments within the EU
Food and BeveragesMulti-currency account to pay local and global suppliers

Affordable business transfers

2.1 When Statrys Works for You

Receive payments and pay others in multiple currencies

Expand into new markets easily and retain the flexibility associated with a business incorporated in Hong Kong, Singapore, and the British Virgin Islands.

Protect your money from market movements

Cash flow is one thing, but when multiple currencies are flowing in and out spot trades and forward contracts can help significantly.

Suitable for many business of types

Statrys works for all types of businesses: from independent consultants, marketing agencies, food businesses to e-commerce sellers.

2.2 When Statrys Won’t Work for You

Statrys has limited availability

If your company is not incorporated in Hong Kong, Singapore, or the British Virgin Islands, you can’t apply for their business multi-currency account.

However, the following kinds of businesses in other jurisdictions can still sign up:

  • International Logistics and Transportations
  • Mobile Phone Trading
  • IT & Telecom Services

2.3 Best Statrys Alternatives

Best Statrys Alternatives (if your company is not incorporated in Hong Kong, Singapore, and the British Virgin Islands)
Wise Multi Currency Account (review)Wide availability designed for individuals like frequent travellers, freelancers, and small business owners.
Revolut (review)Many integrations and potentially a good solution for smaller businesses in many countries
Airwallex (review)Business multi currency account and more currency options for transfers
OFX (review)For large money transfers regulated by the Customs and Excise Department Hong Kong. Also have a multi-currency account.

3. How to Open an Account (The Easy Way)

  1. Go to the Statrys website and click on “Open an account.”
  1. Choose the jurisdiction where your business is registered.

Note: If you’re not incorporated in Hong Kong, Singapore, or the British Virgin islands, chances are your business account will not be approved.

But you can still sign up to send money abroad if you’re incorporated else where and operate in the following industries:

  • International Logistics and Transportations
  • Mobile Phone Trading
  • IT & Telecom Services
  1. Next, enter your personal information: Name, email, date of birth, and country of residence
  1. Create a password for your Statrys log in
  1. After you create an account, you can apply for a Business Account. For that, you need to submit the following documents:
  • The business registration certificate of your Hong Kong Company (or equivalent document for a Singaporean or BVI company)
  • Passport copy of all directors
  • Passport copy of all shareholders

Usually, the account approval process takes 3-5 days.

  1. After your account is approved, you can fund your multi-currency account with a bank transfer, connect it with a payment gateway, or integrate it with e-commerce marketplaces like Amazon or Shopify
  1. You also have the option to add-on a single-currency remote EUR IBAN to send and receive SEPA payments for free in Europe

3.1 Does Statrys Have an App?

The Statrys mobile app is available on both iOS and Android – but you can only manage your cards on the app.

4. Fees

How Much Does It Cost to Use Statrys?

There are different fees to use Statrys:

Multi-currency account Fees

Monthly account holding fee: $88 HKD or about $12 USD per month
Receiving non-HKD payments: $55 HKD
Outgoing payments in HKD: $5 HKD or about $0.60 USD below $500,000 HKD. If you send more than $500,000 HKD then the rate will be $25 HKD
Outgoing payments in other currencies: $75 HKD + FX fee is as low as 0.1%. Exchange rate provide is interbank rate
Incoming payments in other currencies: $55 HKD + FX fee is as low as 0.1%.

Add on EUR IBAN Account Fees

Monthly account holding fee: $148 HKD or about $19 USD
Sending and receiving EUR in the SEPA zone: Free
Sending and receiving EUR in SWIFT payments: $35 HKD or about $5 USD
Transferring EUR between EUR IBAN account and virtual business account costs $35 HKD or about $5 USD

Card Fees

ATM withdrawal fees: 1.99% of the amount
Currency conversion fees: 1.5% of the amount

Default currency for the card is HKD and you can withdraw currencies you hold without conversion fees.

But conversion fees are applicable for all other currencies.

The $12 fee to hold the multi-currency account is pretty affordable considering the benefits.

The add-on EUR IBAN account can be expensive for solo consultants but extremely affordable for larger businesses.

The fixed fee for money transfers may seem on the higher side, but the very low service fee and the mid-market exchange rate offset that.

5. Statrys Reviews (inc. Negative Ones)

Statrys are rated 4.7/5 on Trustpilot, which is considered “Excellent.” Most of the reviews (82%) are five-star rated, while only 3% are one-star reviews.

Customers appreciate their “real people” customer service that supports their straight forward approach to solving the problem many businesses have with cost effectively managing multiple currencies.

The Good

This is why people love Statrys:

  • Easy money management for SMEs
  • Competitive exchange rates
  • Great customer service

This what FJ, one of their customers, had to say about their experience with Statrys:

“I am amazed at the speed and convenience offered to me by the Statrys team. As a small SME, traditional banking products are hard to reach, something that Statrys aims to disrupt. Very approachable and direct to the point. I will definitely recommend to others.”

And this is Joel’s experience:

“Our company uses Statrys platform regularly to convert currency at competitive rates. Their customer service is friendly, efficient and prompt to resolve any issues that occur.”

Ronny also had a positive experience:

“I use Statrys to pay international vendors for my business. They are always extremely reliable. Communication with the team is well during the transaction. and the app is super easy to use. I highly recommend.”

The Bad

However, most of their reviewers were disappointed because of:

  • Longer account approval timelines
  • Accounts rejected

Statrys is very specific about who can use their account: incorporated businesses in Hong Kong, Singapore, and The British Virgin Islands.

Usually, accounts are approved in 3-5 days, but due diligence can take longer.

While the number of reviews is relatively low (founded in 2018) overall it seems that businesses who successfully sign up with Statrys have a great experience.

When it comes to the negative reviews, the good news is that almost all the bad reviews seem to be related to signing up which (like the best of their peers) could be seen a good sign that they are doing what is needed to keep their clients money safe.

6. Limits and Restrictions (You Should Know About)

Limits:

  • You can only hold or transfer 11 currencies on Statrys (EUR, USD, CAD, GBP, AUD, NZD, JPY, NZD, CHF, HKD, and SGD)
  • The multi-currency account is not available for personal use

Restrictions:

  • Only for businesses incorporated in Hong Kong, Singapore, and the British Virgin Islands (some industry-specific exceptions applicable)

6.1 Is Statrys Safe?

Statrys are regulated by the Financial Conduct Authority (FCA) in the UK as a “Small Payment Institution” and as a Money Service Operator in Hong Kong with the Customs and Excise Department.

And regulation does provide a level of confidence.

Statrys holds your money separately from their own corporate accounts, but in addition to this they seem very proactive when it comes to online measures.

Reported Security:

  • Their platform is frequently audited by a third-party authority: Threat Intelligence, a CREST-certified company
  • They encrypt all communication on their website with a valid SSL certificate
  • Statrys is adopting Multi-factor authentication (MFA) 

6.2 How Long Does It Take to Transfer Money With Statrys?

The short answer is 2-3 business days, which is pretty typical.

Local HKD or SEPA payments in EUR are received in a day, while international SWIFT payments can take longer: 3-5 business days.

The transfer speed also depends on the currency pair and amount.

This is the usual timeline for international SWIFT payments:

  • Time to send money to Statrys (if you don’t hold a specific currency): 1-2 days
  • Processing time: varies
  • Time to reach beneficiary account: 1-2 days depending on local regulations

7. Other Business Goodness

  • Dedicated remote EUR IBAN account (wiki)
  • Ability to connect to payment gateways (Stripe, PayPal, Square) and marketplaces (Amazon, Shopify)

Statrys has a good resource on the requirements and how the Statrys IBAN account works here.

Bottom Line

Statrys is a great option if you want a customer service focused (real people) multi currency account that enables easy payments, transparent pricing, and competitive FX rates.

Statrys is smaller than many of its rivals but it fills an important niche for businesses incorporated in Hong Kong, Singapore or the British Virgin Islands.

Happy Money!

But as we discovered (above) the biggest concern we have is they currently appear to have pretty tight requirements on who they accept. But as we explained (above) there are a few things you can do to see if are likely to get approved.

Happy Money!

Is Statrys a Bank?

No. While Statrys is not a real bank it can do many things banks do.

Is Statrys Safe?

Statrys are regulated by the Financial Conduct Authority (FCA) in the UK as a “Small Payment Institution” and as a Money Service Operator in Hong Kong. This means there should be safeguards in place in addition other security they maintain.

Statrys Review (Uncovered) → 7 Must Knows Before Sign Up

Statrys reviewers rate it at 4.7/5, which is considered “Excellent.” Most of the reviews (82%) are five-star rated, while only 3% are one-star reviews.

Application Category: FinanceApplication

Editor's Rating:
4.67

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