Review of Statrys: Great Business Account for Singapore Companies?

Singapore’s fintech landscape is booming. With 80% of industry experts optimistic about future growth,¹ more SMEs are turning to digital banking alternatives for their cross-border payment needs. Because traditional banks can charge SGD 20 - 40 per transfer with 3% foreign exchange markups, it’s no surprise that companies are seeking out more affordable transaction methods.

Statrys has emerged as one of the key fintech players in this space, opening its doors to Singapore businesses in November 2025¹⁰ and offering multi-currency business accounts with attractive solutions for overseas payments.

This article will walk you through everything you need to know about the Statrys business account - its features, pricing structure, and application requirements. We’ll also introduce Wise Business, which can help Singapore businesses hold 40+ currencies, send money to 140+ countries, and use corporate cards to manage team spend in 150+ countries - all with transparent, low fees.

Table of contents
What is a Statrys business account and how does it work? Multi-currency capabilities Statrys business account pricing What type of business in Singapore stands to benefit most from a Statrys business account? Opening a Statrys business account: Step-by-step guide Statrys vs Wise Business: How do they compare?

What is a Statrys business account and how does it work?

Statrys is a Hong Kong-based fintech company founded in 2018. It provides multi-currency business accounts designed for SMEs with international payment needs. The company holds licences in Hong Kong as a Money Service Operator, in Singapore as a Major Payment Institution under MAS, and in the UK as a Small Payment Institution.

Customer funds are held with DBS Bank (Hong Kong) Limited as the custodian bank, with strict segregation from Statrys’ corporate accounts. As of November 2025, the company serves over 5,000 businesses across 70+ countries² - so it’s worth knowing about.

Here’s how it works: You open a business account that lets you hold and receive 11 currencies.³ You can send payments internationally via SWIFT to 120 countries, and use 11 local currencies for faster, cheaper transfers.⁴ The account includes access to payment cards, Xero accounting integration, and tools for managing foreign exchange risk.³

For Singapore businesses specifically, Statrys is a very recently available and somewhat exclusive option. Eligible businesses will include Singapore-registered companies, Hong Kong-registered companies, and British Virgin Islands entities. Most business structures are accepted, though crypto-related businesses, gambling, adult entertainment, and several other high-risk industries are prohibited.

Multi-currency capabilities

Statrys supports 11 currencies for holding and receiving payments:³

• HKD (Hong Kong Dollar)
• USD (US Dollar)
• EUR (Euro)
• GBP (British Pound)
• SGD (Singapore Dollar)
• JPY (Japanese Yen)
• AUD (Australian Dollar)
• CAD (Canadian Dollar)
• NZD (New Zealand Dollar)
• CHF (Swiss Franc)
• CNY/RMB (Chinese Yuan)

Although it is possible to set up payments in 18 currencies across Statrys' full range of payment options.⁴

However, international payments must be sent via the SWIFT network, and may be subject to intermediary bank fees.

💡Need to pay or get paid in foreign currencies? Wise Business could be a better alternative business account as you can hold, send, receive and exchange 40+ currencies all in one place. You’ll always get the mid-market rate with low, transparent fees. Even better, you can connect Wise Business cards to your account to control team spending in real time and reduce admin.

• Hold and manage 40+ currencies for all your international transactions.
• Pay foreign currency bills and ad-hoc business travel expenses using the Wise Business card without hefty foreign transaction fees.
• Get your first Wise Business card for free when you open a Wise Business account.
• Always get the mid-market rate with transparent conversion fees starting from 0.26%.
• Seamless integrations with popular accounting software.

➡️Get started with Wise Business today

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Statrys business account pricing

Understanding Statrys’ pricing means looking at how it compares with what Singapore businesses typically face. Traditional banks like DBS, OCBC, and UOB charge between SGD 10 to SGD 40 for international telegraphic transfers, with some banks charging flat fees around SGD 30 for multi-currency transfers.

But that’s just the upfront cost - most Singapore business banks add around 3% markup on exchange rates (also known as a hidden exchange rate markup), plus additional agent bank fees that can reduce what your recipient actually receives. An SGD 1,000 transfer might lose SGD 30 just to the exchange rate markup, before other fees apply.

Monthly account fees vary, and many also impose fall-below fees (typically SGD 15-40) if you don’t maintain minimum balances, sometimes as high as SGD 10,000.

Statrys takes a different approach - there’s no monthly fee, but you’ll pay HKD 88 (roughly SGD 15) if you make fewer than five outgoing payments per month.⁵

This inactivity fee encourages regular use rather than penalising you simply for having an account.

As we will see, transfer fees use a flat-rate model: HKD 5-75 for domestic transfers and HKD 85 for international SWIFT payments.⁶ This predictability helps businesses budget more accurately, especially for high-value transfers where percentage-based fees could cost significantly more. Meanwhile, many other fintech providers often skip monthly or inactivity fees entirely, charging per transaction instead - potentially cheaper for businesses with irregular payment patterns.

Here’s what you need to pay attention to, because fees can add up quickly.

Fee Type	Statrys Cost
Account opening	Free for Singapore, Hong Kong, and British Virgin Islands businesses
Monthly fee	No
Inactivity fee⁵	HKD 88 (approx. SGD 15) Applies if fewer than 5 outgoing payments per month
Minimum deposit	No

Transfer fees:⁶

Incoming payments:

• Domestic: SGD 0
• International/SWIFT (all 11 currencies): SGD 5

Outgoing payments:

• Domestic FAST: SGD 1.5
• Domestic MEPS: SGD 15
• International/SWIFT: SGD 20 (covers only Statrys/DBS charges)
• Local payments: SGD 4 - 8.5 (depending on currency)

Foreign exchange fees:

Statrys uses a tiered approach to foreign exchange fees based on currency popularity and trading volumes. For major currencies - including HKD, USD, EUR, CNY, GBP, SGD, JPY, AUD, CHF, NZD, and CAD - conversion fees start from 0.1%.⁶ Less commonly traded currencies attract higher fees starting from 0.15%.⁶

All conversions use the mid-market rate as the baseline. This is the real exchange rate you’d find on Google or Reuters, without any markup.

Statrys then adds their conversion fee (approximately 1.99%⁷) on top.

For businesses making larger foreign exchange transactions, Statrys offers access to an foreign exchange specialist who can provide more competitive rates. The platform also supports foreign exchange hedging tools like spot orders and forward contracts, which can help protect your business from currency fluctuations if you’re managing significant international exposure.

What type of business in Singapore stands to benefit most from a Statrys business account?

Statrys works best for specific business profiles. Companies with strong ties to Hong Kong or China will find the HKD and CNY support particularly useful. The platform also suits importers and exporters managing multiple currencies, e-commerce businesses using Stripe, PayPal, or Shopify integrations, and service businesses paying overseas contractors.

The platform’s strengths include:

• Flat-fee pricing that’s more predictable than percentage-based models
• Lower foreign exchange fees starting from 0.1% compared to many competitors
• Dedicated account manager for personalised support
• Foreign exchange hedging tools for managing currency risk
• Comprehensive Xero integration for accounting

But there are limitations. The inactivity fee - which is based on outgoing transactions, regardless of how many incoming payments you receive - hits hard if you’re a small operation just starting out. The 11-currency limitation falls short compared to platforms offering 40+ currencies, like Wise Business. You only get one account number for all currencies, rather than local account details in multiple markets, limiting your local payment options if you are receiving payments from international clients.

💡Axpara's Edge: Receiving Payments without Borders

Instead of getting stuck in months of legal admin and banking bureaucracy, Axpara used Wise Business to quickly generate local GBP, AUD, and USD account details. This single move unlocked their expansion into the UK and Australia, letting them sidestep the five-figure costs and headaches of setting up foreign entities. Their clients now pay them via simple, free local transfers (like BACS or ACH), transforming a major payment friction into a seamless experience that builds trust and helps them land more clients. ➡️Check out Axpara’s case study for the full story

And, as Singapore businesses can’t currently get Statrys payment cards, the account isn’t the most useful for managing employee expenses and business spending.

Based on these factors, Statrys could work well for

• established SMEs with regular international payment volumes,
• businesses focused on Hong Kong or China trade, and
• companies valuing dedicated account management over self-service platforms.

It’s less suitable for very small businesses, companies needing greater spending controls, or businesses requiring broader multi-currency support beyond 11 currencies.

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Opening a Statrys business account: Step-by-step guide

Here’s what the process looks like based on their Hong Kong operations:

Step 1: Check eligibility

Your business must be registered in Hong Kong, Singapore, or the British Virgin Islands. Most business structures are accepted: sole proprietorships, limited liability companies, and partnerships. Make sure your industry isn’t on the prohibited list, which includes cryptocurrency, gambling, adult entertainment, weapons, and others.

Step 2: Gather required documents

You’ll need:

• Passport copies of all directors and shareholders
• Business Registration Certificate
• Additional documents based on your business complexity

Step 3: Submit online application

The entire application is done online. Fill out the form and upload your documents through their platform. Initial review typically takes 24 - 48 hours during working days.

Step 4: Wait for approval

Once all documents are submitted, 96% of approved accounts open within three days.⁸

Step 5: Set up your account

After approval, you’ll receive access credentials for online banking and can start using your account. Every business gets assigned a dedicated account manager.

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Statrys vs Wise Business: How do they compare?

Here’s a detailed comparison to help you decide which platform fits your Singapore business best:

Feature	Statrys⁶	Wise Business
Setup fee	SGD 0	S$ 99 one-time fee
Monthly fee	SGD 0	SGD 0
Currencies you can hold	11	40+
Local account details	1 account number for all currencies	8+ currencies with local details
Payment cards	Not available	Physical and virtual
Transfer fees	Flat fees (SGD 1.5 - 20)	Percentage-based (from 0.26%)
Foreign exchange fees	From 0.1%	From 0.26%
Eligible regions	HK, SG, BVI only	Global

*Details accurate as of 6 November 2025

Where Wise Business stands out

Wise Business doesn’t charge monthly fees or inactivity penalties. That means you’re not paying an inactivity fee of SGD 15 every month just to keep the account active, regardless of whether you use it. Over a year, that’s potentially SGD 180 saved.

The currency coverage makes a real difference, too. You can hold 40+ currencies in one account, giving you far more flexibility than Statrys’ 11.

But local account details are where Wise really pulls ahead.

With 8+ currencies offering local account details, your international clients can pay you as if you’re a local business in their country. A UK client can pay you via UK bank transfer to your GBP account details. A US client can use domestic ACH to your USD details. This speeds up payments and often reduces costs for your clients - making you easier to work with. Statrys gives you one account number for all currencies, which means international clients must use more expensive SWIFT transfers.

Wise works globally, accepting businesses from most countries. Statrys only serves Hong Kong, Singapore, and BVI-registered companies. If you expand to other markets or set up subsidiaries elsewhere, Wise will grow with you.

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Conclusion

Statrys brings some solid features to the table - predictable flat-fee pricing, dedicated account management, and useful tools for businesses trading with Hong Kong and China. The platform has earned recognition, including receiving the 2024 Hong Kong Business Best Payment Solutions Award.⁹

But, as we’ve explored, there are important limitations to consider.

If you’re planning international expansion, need broader multi-currency support, or want to avoid monthly fees, Wise Business could be a better fit. You’ll get 40+ currencies, local account details in 8+ currencies, transparent mid-market rates, and zero monthly charges.

Ready to simplify your international business payments?

➡️Get started with Wise Business today!

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Sources:

1 - PWC - Fintech State of Play Report

2 - Statrys - About Us

3 - Statrys - Business Account

4 - Statrys - Currencies

5 - Statrys - Non-Standard Fees

6 - Statrys - Pricing

7 - Statrys - Card Fees

8 - Statrys - POAB vs Statrys

9 - Statrys - Singapore

10 - Statrys Expands in Singapore

Sources checked on 12th November 2025