Airwallex vs Statrys

Let’s face it: if you deal with customers and suppliers around the world, you need a decent multi-currency business account that doesn’t cost the Earth in exchange fees. And, if you do any of your business in Singapore, Hong Kong, or Australia, you’ll have likely heard of Airwallex and Statrys.

While Airwallex was established in Melbourne, Statrys hails from Hong Kong. Both providers offer multi-currency business accounts with an international outlook. Statrys was created primarily to cater for the Asian SME market.

And while this is no longer the case, opening an account still requires business ties to Asia.  Airwallex, on the other hand, has gone global and offers options for businesses around the world.

So, to sum up:

• Both providers commit to safeguarding your funds.

• With Airwallex, get a dedicated account manager or you can email customer service via a contact form, while with Statrys you get a dedicated account manager and can reach the team via several channels.

• Neither provider offers savings accounts or overdrafts.

• Airwallex offers several different integrations while Statrys works with Xero.

Established in 2015, Airwallex is a Melbourne-based fintech company providing multi-currency accounts.

You can pay in more than 45 currencies and can make transfers in more than 150 countries too.The company has a quirky founding story too. The CEO and three fellow entrepreneurs launched a cafe in Melbourne initially. But frustrated by the high cost of currency conversions, they decided to create a platform that makes it easy to “support operations that transcend borders”.

Statrys was founded in 2019 and is based in Hong Kong. By 2020, it launched its first multi-currency business account with the aim of “creating better business banking experience for SMEs and entrepreneurs in Asia.”

By 2023, Statrys went international, allowing local payments in several currencies.If you want to open an account with them, your company needs to be based in Hong Kong, Singapore, or the British Virgin Isles unless it operates in select industries and has links to Hong Kong.

Airwallex and Statrys alike take safety and security seriously. Let’s take a look at what that looks like in more detail.

Deposit protection

Both providers protect your deposits through safeguarding where your money is kept in separate accounts and not used for lending. Statrys and Airwallex are FCA-licensed. Statrys is licensed as a Small Payment Institution while Airwallex has an Electronic Money Institution (EMI) license from the Financial Conduct Authority.

Fraud prevention

Both Airwallex and Statrys have security features in place to protect your cash. Airwallex emphasizes role-based access control to ensure that people in your business only have access to the features they need. There is also two-factor authentication in place.

Statrys, on the other hand,  has a compliance team that monitors transactions for fraud and suspicious activity. They also rely on encryption tech as well as two-factor authentication to keep your money safe.

Protecting user data

Airwallex and Statrys both prioritise the protection of personal data. Airwallex's vendor management program evaluates third-party service providers before engaging them and ensures appropriate GDPR safeguards are in place in each contract to regulate data processing. Statrys guarantees that all personal information is held in accordance with data privacy and security protections of “applicable laws'' as per their privacy policy.

Going purely off numbers, Statrys has the edge. It has a TrustPilot score of 4.5/5 based on 186 reviews. However, Statrys isn’t on SmartMoney People. Also, while the app is on the Google Play store and the App store it doesn’t seem to have a rating on either of these platforms yet.

Airwallex has ratings across all four platforms we’ve looked at. These ratings are generally lower than Statrys’ Trustpilot score. It’s worth noting that both Airwallex and Statrys have roughly the same number of reviews too. Airwallex has an aggregate score of 3.9/5, while Statrys has a slightly higher score of 4.5/5.

Both providers are free to join, but if you choose Statrys, you’ll need to pay their monthly fee of HKD88 (approximately £8.80 per month). Deciding which provider works better for you based on their fees depends largely on your priorities, though.

For instance, card payments with Statrys are free, while you incur a percentage-based fee with Airwallex. However, local bank transfers with Airwallex are free, while with Statrys you’ll need to pay a flat rate of £2.50.On the other hand, if you like to withdraw cash from an ATM, this functionality doesn’t exist with Airwallex right now. And, with Statrys you’ll likely incur a 1.99% fee.

When it comes to customer service, both Statrys and Airwallex come with a dedicated account manager you can contact with any queries you have. Other than that, the only way to get in touch with Airwallex from the UK is via an online form. So if you’re not a customer with an assigned manager yet, you won’t be able to call or use a live chat function to contact anyone.

Statrys, on the other hand, comes with a few more ways to contact customer services. For instance, there are phone options if you have a tech question or a sales query. You can also email or chat with the team via WhatsApp if you prefer.

Statrys and Airwallex are multi-currency accounts so they specialise in facilitating international payments.With Airwallex, you can get global accounts with local bank and branch codes for up to 10 different currencies including GBP, EUR, USD, and JPY to name a few. With a local account, domestic bank transfers via ACH can take up to 2 days, while international SWIFT transfers can take up to 3 days. Transfers are free for local transfer methods but can cost up to £20 for SWIFT.

With Statrys, you can get multi-currency accounts in 11 different currencies including GBP, USD, EUR, and HKD to name a few. Making local payments starts from around £2.50 though.

But, even if you need to make payments in a different currency, with Airwallex you’ll be able to send money to more than 150 countries in 40 different currencies. It’ll typically arrive within 3 to 5 days, although this can vary. Fees range from 0.5% to 1% above interbank exchange rates depending on your currency of choice.

With Statrys, you can make international payments too. If you opt for a bank transfer, the conversion fee can be as low as 0.1% plus a flat fee of around £7.50 to send funds and £5.50 to receive funds. And, if you pay with your card, you may need to pay a 1.5% foreign currency conversion fee.

All in all, both accounts offer options for international payments in multiple currencies. You can also hold lots of different currencies and take advantage of the Forex market if you’re so inclined.

Both Airwallex and Statrys have desktop and mobile versions, so you can access your account via the web or their dedicated apps depending on your preference.

Airwallex scored 3.4/5 and 4.3/5 on Google Play Store and App Store respectively, indicating that the app has a  good rating overall, with some room for improvement. On the other hand, Statrys has not been rated yet on either platform, making it harder to determine how user-friendly it might be.

When it comes to web accessibility, both platforms scored in the 80s when we carried out a Google Chrome audit. Airwallex has an accessibility score of 83/100 for desktop accessibility and 81/100 for mobile accessibility.

Statrys, on the other hand, has scored 89/100 for both Chrome mobile and desktop accessibility.

Statrys and Airwallex aim for a quick and easy application process to get you set up as fast as possible. But, there are still some documents you’ll need to provide to get going.

With Statrys, the first step involves selecting your account manager. You’ll then need to provide some information about your business location. You can register if your business is based in Hong Kong, Singapore, or the British Virgin Isles. If it isn’t, you’ll need to operate in one of the following industries to be eligible for a business account with them:

• International logistics and transportation

• Mobile phone trading

• IT & Telecom services

You’ll also need to have “some” business links with Hong Kong. Alternatively, if you’re really set on a Statrys business account, you’ll need to register a company in Hong Kong.

If you’re eligible, you’ll then need to submit a copy of your shareholders’ passports if applicable as well as the company’s registration document. It should then take around 48 hours for the onboarding team to get back to you. If all goes well, you could be up and running in less than 3 days.

With Airwallex, you start by selecting your country of residence. If you’re in the UK, you then select a sole trader or limited company account. If you’re a sole trader, you’ll need to provide:

• Some form of ID

• Address

• Proof of legal name and entity address, for instance, a bill or bank statement addressed to you.

If you’re a limited company, you’ll need to provide:

• Your certificate of incorporation

• Memorandum and article of association

• Personal ID and address for all directors

• Personal ID and address for any beneficiaries

Once you’ve submitted this info, you should then hear back within 1 to 3 working days. You may need to provide additional info, and if not, the onboarding team will get you set up with an Airwallex account.

If you operate a cash heavy business, you might need a workaround to use Airwallex and Stratrys. Neither provider allows cash deposits. This means you’ll need to deposit your cash in a different account and then transfer it to your Airwallex and Statrys accounts.

When it comes to cheque deposits, things aren’t straightforward either. With Statrys, you can only deposit USD or HKD cheques and you can only do so at DBS ATMs. There is a DBS branch in London, but if you’re based elsewhere or want to deposit GBP cheques, you’ll struggle. Airwallex doesn’t allow for cheque deposits.

Airwallex does not have ATM withdrawal functionality at all, so you won’t be able to withdraw money directly from your Airwallex account. And with Statrys, you’ll need to pay a 1.99% fee for all ATM withdrawals.

All in all, Statrys and Airwallex aren’t really cash-friendly. If you have your heart set on them, you’ll need to find workarounds if your business deals in cash.

When it comes to larger payments, both Airwallex and Statrys are equipped to handle them. With Airwallex, your limits will vary depending on what you’ve agreed with Airwallex when setting up the account. However, if a limit doesn’t work for you, then you can request a change via your account manager.

There is a limit of $10,000 or equivalent for card payments with Airwallex, though. This, too, can be changed if a request is made.

Statrys usually has no transaction limits on incoming or outgoing transactions. However, for larger transactions, they might request additional documentation such as invoices and purchase orders before they process your payment. And for local payment transactions using the multi-currency account, there is a single transaction limit of USD 1,000,000 (£790,000).

When it comes to integrations, Airwallex has the edge. Statrys only offers integration with Xero at the moment. If that’s all you need, you’re set!

Airwallex offers a few more integrations in the productivity, e-commerce, and accounting spaces. Some popular options include:

• Xero

• Quickbooks

• Shopify

• Amazon

You can explore what else is on offer via Airwallex’s dedicated integrations page.

Statrys and Airwallex are good choices for businesses that need a multi-currency business account. But, bear in mind that neither Airwallex npr Statrys are licensed banks. However, they both offer business account solutions to help businesses manage their finances.And, if you’re looking for a UK-based solution, they won’t be for you either. Airwallex is an Australian company while Statrys is headquartered in Hong Kong.

That being said, both companies are FCA-registered and can be a great choice if you have a more global outlook and a presence in Asia. Statrys, in particular, might work well if you operate in certain industries and have links to Hong Kong.

If not, you might opt for Airwallex which operates in more than 150 countries and doesn’t have the same geographic restrictions.

If there are other business bank accounts on your radar, our detailed comparisons will help you decide which one is best for your business:

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