Statrys Money Transfer Review
Founded in 2018, Statrys emerged as a solution for companies frustrated with the complexities involved in opening a business bank account. It has served over 3,500 clients, reached over USD 2 billion in total transactions, and facilitated thousands of transfers. We take a closer look at what services they offer, how much they cost and whether they could be a good choice for you.
Statrys is a Hong Kong-based local and international payment services provider founded in 2018. Currently, it’s located in Hong Kong, London, and Bangkok. The platform is designed solely for business customers, therefore does not provide transfer money services to individuals
Note: Statrys is not a bank; rather, they are a financial institution that has a Hong Kong Money Service Operator license (19-02-02726) and a United Kingdom Small Payment Institution license (12031334). They are controlled by the Hong Kong Customs and Excise Department and the Financial Conduct Authority in the United Kingdom.
Statrys exchange rates, fees and costs
It’s crucial to understand what fees and charges are involved for the provider you choose so you know what the overall cost will be.
If you open a Hong Kong Business Account with Statrys, the FX fee you’ll be charged can be as low as 0.1%. However if you use a physical payment card to make a money transfer you’ll be charged at 1.5% for foreign currency conversions.
Money transfer companies usually charge a fee on foreign currency exchanges as a mark up on the mid-market rate in the same way that banks do - but banks usually charge more. Money transfer companies usually charge between 0.1% and 2% for popular currencies and around 3-4% for less common currencies. Banks often apply a markup fee of 4-6%.
With a Statrys Hong Kong Business Account, you’ll pay a fee of HKD55 to receive international payments, and HKD75 to send international payments. If you have an EUR IBAN Account you’ll pay EUR 35 for both incoming and outgoing international payments.
Here is a rundown of the additional costs involved in using Statrys:
Hong Kong Business Accounts charge a monthly fee of HKD 88
They also charge a HKD 5 fee for sending local payments
EUR IBAN Accounts charge a monthly fee of HKD 148
Transferring to and from your business account to your EUR IBAN Account carries a fee of HKD 35
Using your payment card will charge a 1.5% currency conversion fee and a 1.99% fee for ATM withdrawals
Pros and Cons of Using Statrys
Like all financial service providers, there will be positives and negatives involved in using Statrys - we've laid them out for you so you can be well informed when you make your decision.
What type of transfers can you make with Statrys?
You can make local payments in Hong Kong via the Faster Payment System and the Clearing House Automated Transfer System to any Hong Kong local bank account. You can also make international transfers via the SWIFT network to foreign bank accounts.
How long will it take to receive money using Statrys?
Incoming payments are credited as soon as they are received by Statrys’ partner bank in Hong Kong - this is during business hours 8am to 5pm Hong Kong time, Monday to Friday except bank holidays.
However it will depend how the sender has transferred the money - if they’ve sent it from another Hong Kong bank account it should be the next working day, while international payments are usually credited within two working days.
What are the best reasons to use Statrys?
Statrys’ services are geared towards small to mid-size businesses as it lacks certain enterprise-level features, such as global payroll, the ability to make batch payments, or key integrations with other operational software such as accounting solutions.
It is, however, an excellent choice for sole traders or smaller institutions with global operations centred in the Asia Pacific region.
Provided that the currencies the business trades with are supported by Statrys, businesses with international shipping, importing, and service operations can save their hard-earned money by avoiding high and regular FX fees.
Can I trust Statrys
Statrys is a fully licenced and regulated money service provider in Hong Kong, regulated by both Hong Kong Customs and Excise and the UK Financial Conduct Authority. They hold a money service operator licence in Hong Kong (19-02-02726) and a small payment institution licence in the UK (12031334). All corporate customer funds are held in bank accounts opened with their partner banks in Hong Kong and across Europe.
How to get started with Statrys to send and receive money
In order to start sending and receiving money with Statrys, you’ll need to:
Sign up with an account
Give details about you and the business
Review your application and submit
You can find our detailed guide on how to join Statrys and start sending money here.
Does Statrys have a mobile app?
Statrys has a mobile app, although it is in early stages of release - it’s available on Google Play and the Apple Store.
What is the Statrys app?
With the Statrys app you can log in with your business account details, and it lets you manage payment cards and make payments to registered beneficiaries. They are planning to release many more features that are currently in development.
Who can you send money to with the Statrys app?
You’ll be able to send money to any payees currently you have currently registered in your account.
Can I make international payments with the Statrys app?
Yes, you can make international payments with the Statrys app.