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Having the right financial partner can make all the difference in today's business world. ZA Bank, a prominent virtual bank in Hong Kong, has made waves by offering businesses the flexibility to manage funds in HKD, CNY, and USD. With over 600,000 users in just 3 years, they’ve certainly caught the attention of many.
However, with so many options available, it can be challenging to determine if ZA Bank is the right fit for your business. To help you navigate the banking world, we've done all the research for you. From payment networks to cost-effectiveness, we've analysed various facets to bring you a list of the best alternatives to ZA Bank in 2023.
In this article, we will guide you through each alternative's core services and who they are best suited for so you can make the best choice for your business.
Ready to discover the best ZA Bank alternatives? Let’s dive in!
| ZA Bank Alternative | Key Services | Best For |
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Multi-currency business accounts, FX services, Corporate cards, HK Company Incorporation, and Dedicated account managers. | SMEs based in Hong Kong, Singapore, or the BVI |
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Multi-currency business accounts, Corporate cards, FX services, Payroll services, Loans, and Investments. | Businesses of all sizes in Hong Kong. |
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Virtual accounts, Wallets, Mass payments, Local collection, and Payment cards. | Businesses with frequent global and cross-border payments |
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Multi-currency business accounts, FX services, and Debit cards. | Businesses, especially ecommerce businesses, prefer having a local currency account |
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Local currency accounts in 11 countries, Local and International payments, Debit cards, FX services, and Software integrations. | Streamlining financial processes and comprehensive features |
Note: All information provided below is dated 26 September 2023 and may have been updated since. Please check each alternative’s website for the latest information.
1. Statrys
Statrys is a licensed Money Service Operator operating under Hong Kong's Customs & Excise Authority, providing numerous financial solutions for businesses incorporated in Hong Kong, Singapore, and the British Virgin Islands (BVI).
Their services include multi-currency business accounts, local payouts, SWIFT payments, virtual and physical corporate cards, and FX services.
Key Services Offered by Statrys
| Statrys Key Services | Description |
| Multi-currency Business Account | With a single account number, businesses can receive and make payments locally and globally in 11 currencies: USD, HKD, CNY, AUD, EUR, GBP, SGF, JPY, CHF, NZD, and CAD. |
| Virtual and Physical Debit Cards | Offer virtual and physical debit Mastercard® for making purchases in-store and online and ATM withdrawals in Hong Kong and abroad. |
| Company Registration | Provides a Hong Kong company registration service 100% online and includes post-incorporation services and a business account. |
| FX Services | Make spot trades and order forward contracts at the rates you prefer |
| Invoicing Software | Provides a free Invoicing Software that allows anyone to create, manage, and send invoices efficiently. |
| Xero Integration | Integrate between Statrys and Xero to streamline your bookkeeping and cash flow management processes. |
| Maker-approver | Set up transfers for later approval based on user role capabilities and have complete control of payment processes. |
We Recommend Statrys For
✅ Businesses incorporated in Hong Kong, Singapore, and the BVI that are looking for a primary or secondary business account.
✅ Business owners who prefer fast and responsive human customer support and dedicated account managers to support them in case any questions or issues arise.
✅ Those who value a transparent pricing structure without any hidden fees.
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2. HSBC Hong Kong
Founded in 1865, HSBC stands out as the leading bank in Hong Kong and is also one of the 3 commercial banks licensed by the Hong Kong Monetary Authority (HKMA). HSBC Hong Kong offers a range of financial services, from multi-currency accounts and payment cards to FX services, for businesses at different stages of their business journey.
They also provide business solutions to help clients simplify their business operations, such as payroll services, accounting software integration, and business loans.
Key Services Offered by HSBC Hong Kong
| HSBC Key Services | Description |
| Multi-currency Business Account | Give access to 12 currencies: HKD, USD, GBP, CAD, AUD, JPY, NZD, EUR, SGD, CHF, RMB, and THB |
| Debit Mastercard® | Access your multi-currency account to purchase and withdraw cash from global ATM networks |
| FX Services | Make spot trades and order forward contracts at the rates you prefer in 25 major currencies. |
| Payroll Service | Send money to your employees at once –streamlining your operations. |
| Business Loans | Access financial opportunities to help businesses of all sizes grow their business. |
| Xero Integration | Integration between HSBC and Xero for users to handle finances. |
We Recommend HSBC For
✅ Businesses in Hong Kong that need a full suite of financial tools.
✅ Business owners who need a trusted financial institution for diversification.
✅ Businesses engaged with global trade, as HSBC tailors their services to align with your business needs.
💡 Tip: Discover HSBC Hong Kong services and fees with our in-depth review
3. Rapyd
Rapyd is a global payment platform headquartered in London. This fast-growing fintech company streamlines cross-border payment and money management processes to help businesses manage their funds by offering various solutions, including virtual accounts, payment services, and API integrations.
Key Services Offered by Rapyd
| Rapyd Key Services | Description |
| Business Accounts | Receive payments from over 40 countries in over 25 currencies like a local. |
| Global Payouts | Make single or mass payments to over 190 countries with competitive exchange rates. |
| Wallets | Enable clients to securely hold and transfer funds in over 70 currencies across different countries and payment methods with built-in compliances. |
| Payment Cards | Issue your own pre-funded cards that can be used for buying items in a store, withdrawing cash from ATMs or purchasing online. |
| API Integration | Integrate Rapyd features with companies’ workflow. |
| Plugins | Connect with popular ecommerce platforms, including WooCommerce, Shopify, Ecwid, and Wix, for businesses to easily collect sales and manage funds. |
We Recommend Rapyd For
✅ Businesses looking to expand globally can benefit from Rapyd's diverse range of payment networks, capable of handling transactions across different countries and currencies.
✅ Businesses that send bulk payments to pay their employees and suppliers worldwide.
✅ Ecommerce businesses who want to collect funds like a local from popular ecommerce platforms like WooCommerce and Shopify.
💡 Tips: Still curious? Check out our comprehensive review of Rapyd to discover their services and fees.
4. Currenxie
Currenxie is another licensed fintech company based in Hong Kong, operating as a Money Service Operator. Currenxie provides financial solutions to clients, including multi-currency accounts, local currency accounts, payment cards, and FX services.
Also, Currenxie allows businesses to integrate with ecommerce platforms, such as Amazon, Shopify, and Etsy, and payment gateway providers like Stripe, Adyen, and Paypal.
Key Services Offered by Currenxie
| Currenxie Key Services | Description |
| Multi-currency Business Account | Local and international SWIFT payments can be made and received in 14 currencies through a single account number. |
| Local Currency Account | Local Currency Accounts are available in the US, UK, EU, Hong Kong, Australia, Singapore, Japan, Canada, Indonesia, and Mexico. |
| Debit Card | Clients can obtain virtual and physical Visa cards. They can also enjoy 1% cashback for every transaction. |
| FX Services | Make spot trades and order forward contracts at the rates you prefer. |
| Software Integration | Integrate Currenxie with platforms such as Xero, Shopify, and Adyen–allow users to manage their finances with ease. |
We Recommend Currenxie For
✅ Ecommerce businesses that need to integrate with ecommerce and payment platforms, including Amazon, Shopify, PayPal, Stripe, Klarna, Adyen, and more.
✅ Businesses that need to collect online sales from the US, UK, EU, Japan, Australia, Indonesia, and Mexico markets. You can save more money from transaction and exchange rate fees with local currency accounts.
💡Tip: Learn more about Currenxie’s features and fees through our comprehensive review.
5. Airwallex
Airwallex is an Australian fintech firm that offers financial solutions such as virtual accounts, local accounts, and payment cards. With Airwallex payment network, clients can send payments to over 150 countries in over 40 currencies.
Moreover, Airwallex provides APIs for businesses to integrate their platform with accounting software like Xero, NetSuite, and QuickBooks. This helps businesses to manage their finances effectively.
📌 Note: Airwallex is licensed in 11 countries. To learn which countries they are, we recommend visiting their website for the full list.
Key Services Offered by Airwallex
| Airwallex Key Services | Description |
| Global Accounts | Business account that aggregated 10 Local Currency Accounts, including the US, EU, UK, Hong Kong, Singapore, Japan, Indonesia, Australia, Canada, and New Zealand accounts. |
| Core API | Robust APIs to streamline your financial management. |
| Debit Card | Multi-currency cards expand financial flexibility with a prepaid virtual and physical Visa card. |
| FX Services | Make spot trades and order forward contracts at the rates you prefer. |
| Expenses Management | Gain end-to-end control and visibility of your expenses. |
| Accounting Software Integration | Seamless integration between Airwallex and Xero, NetSuite, and QuickBooks to better handle finances. |
We Recommend Airwallex For
✅ Business owners seeking automated financial operations. Airwallex allows companies to integrate their services with well-known accounting platforms.
✅ Businesses that collect funds from the US, EU, UK, Hong Kong, Singapore, Japan, Indonesia, Australia, Canada, and New Zealand markets. With Airwallex, you can save more money from transactions and foreign exchange fees.
💡 Tip: Check out our in-depth review of Airwallex for a better understanding of their services and fees.
Final Note
By now, you probably have a clearer picture of which option might be right for your business. Sometimes, you might even need a mix of services from different providers to meet all your specific requirements. Always weigh the pros and cons of each choice. Pick the option that best aligns with your business needs and ensure it propels your business forward in this competitive landscape!
Disclaimer
Statrys competes directly with ZA Bank in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.
Our insights are derived from industry experience and discussions with clients who have also used our competitors' services. While we'd love for you to choose us, what's most important is that you make the decision that's right for you.
If you have any feedback regarding this review, please contact us at marketing@statrys.com.
FAQs
What is ZA Bank?
ZA Bank is a Hong Kong-based virtual bank that provides personal and business accounts. They were founded in 2019 and are licensed by the Hong Kong Monetary Authority.
What does ZA Bank offer?
Does ZA Bank offer both personal and business accounts?
Is it safe to use ZA Bank?
