Top 6 Digital Banking Options to Traditional Banks

Contributed by AsiaBC Oct 5, 2020

Do the complicated processes of traditional local banks stop you from exploring potential foreign markets? Can the lengthy waiting time of opening a bank account be made shorter? Are there alternatives besides traditional banks? If your answer to these questions is a resounding yes, then read on to learn more about the FINTECH OPTIONS : Statrys, Currenxie, Payoneer, Neat, Airwallex and WorldFirst and how they make your life a little easier.

For many small-scale digital nomads in the market, there is a barrier that hinders their business plans: opening cross-border bank accounts. In response to the global pandemic, managing affairs and travelling to other countries has become increasingly difficult. Fortunately, the FinTech platform system in Hong Kong is continuing to mature, lending itself to the city’s rapid development. As a result, opening remote digital banking accounts has gained popularity since they do not require applicants to carry out bank procedures locally. 

With the availability of various platforms in the age of information, it may be a bit confusing for businessmen and entrepreneurs to decide which platform will best suit their needs. AsiaBC understands the hassle and we are here to help you create a solid blueprint for your business.

To help you easily decide which of these 6 platforms works best for your business and to learn more about their respective strengths, we’ve prepared a detailed table that shows just how these conventional bank account alternatives can help you kick start your business ::

1. Statrys

  • Multi-currency : HKD, USD, EUR, GBP + 7 more.
  • Easy and simple : Only BR + director passport are needed (some cases may require more documents). 
  • Opening fee varies : HKD1,500 would be charged on a case by case basis, mainly for companies that lack clear commercial linkage with Asia or HK.
  • Monthly fee from HKD88 : You can enjoy unlimited incoming payments and USD50,000 outgoing payments in the maximum each month.
  • Acceptable jurisdictions : HK, Singapore and BVI.
  • Payment marketplaces : PayPal, Stripe, Shopify.
  • ZERO minimum balance requirement.
  • Recommended for : Clients who need an FX forward contract to lock a favorable rate, like trading firms.

>> Email us to sign up for Statrys

2. Currenxie

  • Multi-currency : HKD, USD, EUR, RMB + 12 more.
  • Corporate card services : Available in this year.
  • No opening and monthly fees.
  • Accept ALL jurisdictions : No countries are sanctioned or regarded as high-risk.
  • Zero minimum balance requirement.
  • Payment marketplaces : PayPal, Stripe, Amazon, Shopify.
  • Convenient : Welcome selling goods / services (e.g. eCommerce, B2B or B2C, software).
  • Recommended for : Clients who need domestic accounts in EU, UK, US, CA, AU, etc.

>> Sign up for Currenxie NOW

3. Payoneer

  • Multi-currency : USD, EUR, GBP, AUD + 3 more.
  • No opening and monthly fees [USD29.95/year will be incurred if no activity].
  • Acceptable jurisdictions : HK, Europe, Australia, Japan, India and more
  • ZERO minimum balance requirement.
  • Payment marketplaces : PayPal, Stripe, Amazon, Shopify.
  • Recommended for : Clients who need a mass payouts platform with strong security and fast clearance.

>> Sign up for Payoneer NOW

4. Neat

  • Multi-currency : HKD, USD, EUR and GBP.
  • Corporate card service : Visa cards available from December 2020.
  • No opening and monthly fees.
  • Acceptable jurisdictions : HK, BVI, Cayman Islands, United Kingdom, Singapore and more.
  • ZERO minimum balance requirement.
  • Payment marketplaces : PayPal, Stripe, Amazon, Shopify.
  • Recommended for : Clients who’ll need a debit card to handle online and offline corporate expenses.

>> Sign up for Neat NOW

5. Airwallex

  • Multi-currency : HKD, USD, EUR, GBP and AUD.
  • Corporate card services : Available in the coming future.
  • No opening and monthly fees.
  • Acceptable jurisdictions : Varies on a case by case basis.
  • ZERO minimum balance requirement (fees will be incurred for transaction < USD 250).
  • Payment marketplaces : Paypal, Stripe, Amazon, Shopify.
  • Recommended for : Clients who need API products to streamline global financial operations.

>> Sign up for Airwallex NOW

6. WorldFirst

  • Multi-currency : HKD, USD, EUR, GBP + 6 more.
  • No opening and monthly fees.
  • Best for Asian startups : Perfect digital alternative for Asian entrepreneurs to start global commerce from HK, SG or China.
  • ZERO minimum balance requirement.
  • Payment marketplaces : PayPal, Stripe, Amazon, Shopify.
  • Recommended for : Clients who need a business or e-commerce account in 48 hours.

>> Sign up for WorldFirst NOW


Still not decided on the best digital solution for your incorporation plan?
Drop us a message or email us at business@asiabc.com.hk. Our specialists are always ready to help you empower your business with our expertise!

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