Airwallex vs Statrys: Which One is Better For You in 2024?

In an era where digital transactions reign supreme, selecting the right online money transfer platform is crucial. Today, we'll compare two key players - Airwallex vs Statrys - and look at which one might be the best fit for you in 2023.

We'll also introduce an alternative worth considering: Wise Business—an ideal account for businesses with an international footprint.

Looking to hold funds, as well as send and receive payments?

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Wise Trustpilot Score: 4.3 / 5 - Excellent (190,000+ reviews)¹

Table of Contents
What Is Airwallex? What Is Statrys? What is Wise Business? Airwallex and Statrys Comparison 5 Alternatives to Airwallex and Statrys 1. Wise Business 2. MultiPass 3. Alviere Hive 4. Revolut 5. NorthOne

What Is Airwallex?

To allow businesses to operate across borders, Airwallex provides businesses with a suite of powerful tools to manage cross-border payments and streamline financial operations(see Airwallex alternatives). Airwallex focuses on providing businesses with a seamless international experience, encompassing features like multi-currency accounts, virtual cards, invoice integration, and competitive exchange rates. With a vision to revolutionize the financial services industry, this Melbourne-based startup has rapidly grown into a leading player.

What Is Statrys?

Statrys is a fast-growing Hong Kong-based fintech company that describes their offering as a combination of a “wallet” and “global account.” Founded in 2019, they sought to offer flexible digital payment solutions that address the unique challenges faced by SMEs and entrepreneurs in Asia. With easy access to more than 11 currencies for international payments, Statrys simplifies cross-border transactions and has earned the loyalty of over 3,500 businesses worldwide.²

While Statrys typically doesn’t support companies not registered in Hong Kong, Singapore, or the British Virgin Islands (BVI), they make an exception to provide business accounts to those that are in specific industries like international logistics and transportation and have business links with Hong Kong.³ This means US-based companies may not be able to use Statrys.

What is Wise Business?

Wise serves 300k business every quarter in markets all over the world. A Wise account offers the chance to send and receive international payments in multiple currencies.

Whether an instance one-time payment or batch payment, Wise offers competitive rates to customers with the mid-market exchange rate.

• Wise API and Batch Payments come with account - no need to pay extra for these key features
• Multi-level permissions and alerts gives you complete control over your account
• Link your accounts with top accounting systems: QuickBooks, Wave, Sage, and Xero
• US businesses get local account details in 9 currencies to receive funds after paying a one-time fee

Looking to hold funds, as well as send and receive payments?

Send money with Wise >>

Airwallex and Statrys Comparison

In this section, we'll shed light on the features, fees, and other factors that will help you make an informed decision between Airwallex vs Statrys. Let’s get started.

Accounts Types & Payment Types

Airwallex and Statrys offer distinct account types and payment options to cater to a diverse range of businesses.

Airwallex boasts their Global Account as their flagship product—full-featured business accounts designed for those conducting global payments. The multi-currency wallet lets users hold, convert, and pay in multiple different currencies while taking advantage of competitive exchange rates. Businesses can make quick international payments and receive money at a minimal cost.

When it comes to payment types, you can accept payments in 160+ currencies and embed payments into your platform or marketplace.⁴ Their full-stack payments platform also directly integrates with all major card scheme networks.

Statrys also features just one virtual business account. It’s also a multi-currency account where you can take advantage of competitive foreign exchange rates, and connect your business to marketplaces like Shopify and payment processors like PayPal and Stripe.

There are also a few efficient ways to transfer funds internationally. They support international telegraphic transfers (TT) via the SWIFT network to any bank outside of Hong Kong, CHATS (Clearing House Automated Transfer System), and FPS (Faster Payment System), ensuring fast, secure payments to global partners.

Foreign Exchange Services

Both Statrys and Airwallex excel in providing top-notch FX solutions tailored to modern businesses' needs. Here are a few of the standout features of each:

Statrys

Eleven supported currencies: Statrys allows clients to send, receive, and hold money in 11 currencies: EUR, USD, CAD, GBP, AUD, NZD, JPY, NZD, CHF, HKD, and SGD.

Competitive exchange rates: Statrys offers favorable exchange rates using the mid-market rate, ensuring that businesses save on foreign currency conversions.

Advanced FX services: Spot and forward orders, forex exposure hedging.

Airwallex

40+ supported currencies: Airwallex accommodates over 40 currencies, giving businesses a wider range of foreign exchange options.

Real-time FX rates: Clients benefit from real-time foreign exchange rates, enabling them to make well-informed financial decisions for their businesses.

Batch transfers: Send funds in one go to multiple recipients anywhere in the world, each with a specified amount.

Wise

Hold 40+ currencies: Wise offers 40+ currencies, giving businesses a wider range of foreign exchange options.

Mid-Market FX rates: Clients benefit from mid-market exchange rate, helping them to make well-informed financial decisions for their businesses.

Batch transfers: Send up to 1000 payments in one click (you can also automate them with the Wise API) recipients anywhere in the world, each with a specified amount.

Send money with Wise >>

Features

Statrys caters more toward small and medium-sized enterprises (SMEs) and entrepreneurs, with versatile financial services for a global audience. Some of its key features include:

• Wide range of services: Statrys provides international money transfers, forex transactions, and access to more than 11 currencies for businesses, significantly simplifying their cross-border transactions.
• Targeted solutions to SMEs and startups: Businesses can get personalized benefits from the platform when it comes to customized foreign exchange services and more.
• Strong presence in Asian markets: Their well-established footprint in the Asian region means great support for businesses operating in or looking to expand their reach to these markets.
• Flexibility and speed: It boasts an easy and quick onboarding process, usually taking less than 48 hours, making it a convenient solution for emerging businesses.
• No hidden fees: Unlike some traditional banks, Statrys ensures transparency by offering straightforward pricing without hidden charges.

Airwallex, on the other hand, is a cross-border payment platform built to revolutionize global financial infrastructure. It caters to businesses of all sizes with its unique features, such as:

• Supports businesses registered in more countries: While Statrys only (usually) permits businesses registered in Hong Kong, the BVI, and Singapore to register, Airwallex allows those in Australia, Malaysia, Netherlands, the UK, and the USA to register too.⁵
• Comprehensive payment solutions: Airwallex empowers businesses with international collection accounts, foreign exchange (FX) solutions, and bulk payment options for seamless business operations.
• Connectivity: It integrates popular tools like Xero for better business compatibility and enhanced payment experiences.
• API-driven services: Airwallex offers a powerful API suite, allowing businesses to customize their payment processes to fit their specific needs.⁴
• Embedded financial products: They also offer a suite of embedded financial products, such as payment gateways and invoicing tools, that seamlessly integrate with businesses' existing workflows.

Pricing and Fees

A commonality between the two platforms is that they both offer transparent pricing structures. Let’s take a look at how they fare in terms of payments, foreign exchange, and debit cards.

Accounts & Payments Pricing

• Statrys: The monthly fee for the business account is 88 HKD (approximately 11 USD), with extra fees for sending and receiving payments⁶
• Airwallex: Clients can access a no-monthly-fee pricing model where there are pay-per-use fees for things like SWIFT transfers.⁷

Foreign Exchange Pricing

• Statrys: The platform charges foreign exchange fees as low as 0.1%.⁶
• Airwallex: Airwallex uses a 0.4% above interbank exchange rate for EUR, GBP, CAD, and PHP, a 0.6% above interbank exchange rate for JPY, HKD, AUD, NZD, INR, CHF, SGD, and MXN, and 1% above interbank exchange rate for all other currencies.⁷

Cards Pricing

• Statrys: While your first card is included with your business account, additional cards are 48 HKD per month (around 6 USD per month). Foreign currency conversion is 1.5%.⁶
• Airwallex: The platform's virtual cards are free to use, with no setup or monthly fees. There are even no international transaction fees.

5 Alternatives to Airwallex and Statrys

Not sure if either is for you? Here are a few Statrys and Airwallex alternatives to consider:

1. Wise Business

Wise Business is an excellent alternative to Airwallex and Statrys for companies seeking seamless and cost-effective foreign exchange services. It is designed specifically for international business payments, it lets companies effortlessly manage their global transactions with minimal fees and maximum transparency.

The Wise account offers the mid-market rate—the same exchange rates that banks use when trading currencies—resulting in reduced costs for businesses as they don't suffer from inflated exchange rates.

• Accounts & Payments Pricing: No minimum balance requirement or monthly fees. Receiving funds in 9+ currencies costs a one-time fee of 31 USD. Fees are charged per transfer with US fees starting as low as 0.43%
• Card Pricing: The Wise Debit costs a one-time fee of 5 USD per month. Foreign currency conversion is from 0.43%.
• Foreign Exchange Pricing: Starts from 0.43%, but varies by currency

Send money with Wise >>

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

2. MultiPass

What sets MultiPass apart as a budding alternative in the foreign exchange landscape is its commitment to adaptability and innovation. They continuously work to incorporate advanced technological solutions to meet the evolving needs of businesses.

Striving to offer competitive rates and reduced fees, MultiPass is working towards becoming a preferred choice for businesses looking for a reliable and efficient platform to manage their international payment requirements. While they offer low prices for transactions, they do have an opening fee (£45 or £180) and monthly maintenance fee (£23 or £90).⁸

3. Alviere Hive

Alviere Hive markets itself as an embedded finance platform, a way for all companies to offer financial products and services. The platform has a unique ecosystem that supports businesses in their global expansion efforts, enabling them to compete effectively in the international market. They boast branded bank accounts, global payments across 100+ countries, and crypto and Web3 capabilities.⁹

4. Revolut

Revolut emphasizes a comprehensive, user-centric approach to handling global transactions and financial management. The platform combines competitive exchange rates, multi-currency support, and a wide array of both personal and business financial tools in one convenient platform. The additional offerings of physical and virtual cards, along with advanced security features, contribute to enhancing convenience and versatility for businesses.

5. NorthOne

NorthOne is a digital banking platform designed specifically for small businesses, startups, and freelancers seeking a convenient and user-friendly solution for managing their finances. With features such as simplified invoicing, real-time money transfers, and seamless integration with various accounting tools, NorthOne streamlines business banking and financial transactions while helping clients stay organized and in control of their cash flow.

Learn More:

Veem Competitors: 12 Great Payment Alternatives (2023)
Digital Payments for Business: Benefits, Solutions, Advice (2023)
The 14 Top Payments Companies (Sending & Receiving) in 2023

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks.

Sources:

1. https://www.trustpilot.com/review/wise.com
2. https://statrys.com/about-us
3. https://statrys.com/business-account
4. https://www.airwallex.com/us/core-api/payments
5. https://help.airwallex.com/hc/en-gb/articles/4408591334937
6. https://statrys.com/pricing
7. https://www.airwallex.com/us/pricing
8. https://multipass.co/pricing
9. https://alviere.com/products/global-payments