Statrys transfer review: online remittance services, fee, and processing time

What is Statrys?

Founded in 2019, Statrys is headquartered in Hong Kong and specialises in money transfer and financial technology solutions. The company offers services like corporate accounts, cross-border payments, multi-currency commercial accounts, and corporate cards, catering specifically to small and medium-sized enterprises (SMEs). Statrys has been recognised by the well-known Asian magazine Fintech News Hong Kong as one of the top 10 fintech companies in Hong Kong.  The company's website says that it has helped over 3,500 businesses. In 2022, they handled more than $2 billion in transactions and over $500 million in foreign exchange deals. In 2023, they expanded further to offer company registration services in Hong Kong and Singapore.

Statrys currently operates offices in Hong Kong, Singapore, Manchester, and Bangkok. In Hong Kong, Statrys is regulated by the Hong Kong Customs and Excise Department and holds the Hong Kong Money Service Operator Licence (19-02-02726).

Why should I open a business account with Statrys?

Statrys offers a quick and convenient way to open business accounts entirely online. Companies in Hong Kong, Singapore, or the British Virgin Islands (BVI) can easily set up accounts anytime, anywhere on the official website or mobile app. There are no account opening fees or monthly charges, unless there are fewer than five outgoing transactions per month, triggering a fee of HK$88. The application process takes only 5 minutes, with 85% of businesses successfully opening an account within three days.

Beyond saving time for SMEs, the streamlined account opening process offers additional advantages, such as discounted exchange rates as low as 0.4% and reduced transaction fees. Statrys' multi-currency accounts support 11 major trading currencies, including HKD, USD, EUR, and CNY. With no minimum deposit requirement and no maximum transaction limit, it is highly convenient for startups with limited funds as well as larger companies to conduct frequent international remittances. This reduces the need for multiple currency exchanges and minimises associated costs.

Statrys also has its own Mastercard debit cards, available in both virtual and physical forms, which companies can issue to their employees. These cards are accepted by all retailers and suppliers that accept Mastercard, drawing funds directly from the Statrys business account.  Companies can easily monitor daily company expenses or business purchases made by employees. However, transactions in currencies other than HKD are subject to a 1.5% exchange fee, and ATM withdrawals at non-designated ATMs incur an additional 1.99% fee.

Guide to opening an account and making online transfers with Statrys

Statrys’ online remittance service provides diverse options for money transfer.  Customers can send money locally in Hong Kong via Faster Payment System (FPS) and Clearing House Automated Transfer System (CHATS). They can also opt for local remittances or international wire transfers through the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system. Steps for online remittances:

1. Log into your Statrys business account

2. Select “Outgoing Telegraphic Transfer”

3. Enter the remittance details, including the currency and timing (instant or scheduled). ‌The Statrys page will display real-time exchange rates with any applicable fees

4. Provide the beneficiary's information, such as their name, bank account number, and SWIFT code

5. Upon submitting the remittance request, you'll receive a confirmation email containing a 6-digit code, along with the tracking number and estimated arrival time.

6. Your remittance transaction is now complete

The account opening process is simple and efficient. Eligible businesses can open an account by following these steps:

1. Visit the official website or mobile app: Select the option to open a business account and choose a client manager.

2. Provide your details: Enter basic personal information such as your name, email, and date of birth.

3. Gather necessary documents: Prepare copies of passports or identification for all directors and shareholders, as well as business registration certificates.

4. Upload the documents: Upload the completed application form and required documents.

5. Wait for review: The Statrys team will evaluate your application and reach out within 24 to 48 hours.

6. Complete the account opening process: 85% of accounts are successfully opened within three days.

Overview of Stratry’s remittance fees and processing times

It's crucial to clearly identify any hidden fees associated with remittance transactions, as these can increase costs and impact profits. Here is an overview of Statrys' remittance fees and processing times. FX fees for major currencies (such as HKD, USD, EUR, CNY, GBP, etc.) start from 0.4%, while that for other currencies start from 0.6%.

*Additional fees may apply if intermediary banks are involved.

**Local payouts for USD to the US can take 1–3 days.

Can Statrys remittance replace banking services?

When comparing Statrys remittance services to traditional banks, Statrys stands out by offering lower fees, better exchange rates, and quicker processing times. This can be especially helpful for businesses that often do business in other countries to save time and money.

Statrys remittance services are not a complete replacement for the full range of financial products offered by traditional banks. These banks offer many different types of financial products, including loans and investment services. International enterprises may still prefer traditional banks due to their long-standing history and strong international reputation, especially for handling substantial transactions.

Comparison of transfer services: Airwallex vs. Stratrys

*An additional fee of $85 applies if there are less than five outward remittances per month.

Statrys is a company that offers money transfers and financial technology solutions. You can also choose other options in the market, like Airwallex. Founded in 2015, Airwallex has grown to 23 offices worldwide with over 1,500 employees. By Q2 2024, Airwallex processes over $90 billion in global transactions annually, and partners with industry giants like Visa and MasterCard.

Airwallex caters to the transfer needs of SMEs both locally and internationally. Airwallex has access to over 23 currency accounts and can process transactions in 60+ currencies. This benefits transfers to suppliers and from clients across borders, and is great for businesses that want to grow around the world. Airwallex’s Business Account comes with zero account opening fees and monthly fees, and exchange rates are based on interbank rates. Remarkably, 85% of international remittance transactions can be credited on the same day; 50% are completed instantly, and there are no limits on remittance amounts.

GreenPrice, an innovative retail network established in 2018, is a client of Airwallex. The founder said that when the company first started, using traditional banks for international transfers cost them over tens of thousands of dollars each month. This made it less profitable. However, by using Airwallex's international transfer services and local payment channels, they greatly reduced these costs. They saved five figures on monthly international transactions and currency exchange. This allowed them to reinvest the savings into business development.

Airwallex offers many ways to send money at competitive prices. Airwallex holds a Money Service Operator license (MSO License No. 16-09-01929) and is regulated by the Hong Kong Customs and Excise Department. The platform safeguards user data with multiple identity verification processes and bolsters account security through two-factor authentication. Airwallex's cutting-edge technology and adaptable business model make it an appealing choice for enterprises.

Sources: 

Information on Statrys was retrieved as of October 2024, from below sources. Information provided is for reference only. Please refer to the official website of Statrys for the most up-to-date details.

1. https://statrys.com/blog/statrys-top-10-fintech-hong-kong

2. https://statrys.com/about-us

3. https://statrys.com/blog/opening-a-business-bank-account-in-hong-kong

4. https://statrys.com/faq/statrys-payment-card/how-to-understand-your-card-fees

5. https://statrys.com/faq/transfers/how-to-make-a-payment-from-statrys-account

6. https://statrys.com/pricing

7. https://statrys.com/faq/transfers/how-long-do-outgoing-payments-take

8. https://statrys.com/faq/transfers/what-is-a-local-payout-method

9. https://statrys.com/international-and-local-payments/#

10. https://statrys.com/faq/transfers/how-long-for-payments-to-arrive

Disclaimer: We wrote this article in October 2024. The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every six months. This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [email protected]. Airwallex (Hong Kong) Limited is regulated by the Customs & Excise Department and holds a Money Service Operator license (MSO License No. 16-09-01929).