Airwallex vs Stratys vs Wise vs Currenxie

[thomasparra]

What is the best solution in HK for a business services company (non crypto)?

Currencies: USD, EUR, SGD, GBP, HKD
Low FX rates especially USD to HKD
Offer local accounts in EU, US, HK, SG - with my company name and unique banking IBANs, ideally with reputable banks
Business CC - not very important, can be low quality

Ideally the EMI also offers very attractive payment options and fees to pay my suppliers. Stratys seems very competitive from this front (2-10 USD to receive/send payments in major currencies). Airwallex seems to be the most expensive.

Last edited: Sep 1, 2023

 

[inector]

Any out of the four, but Wise. They will block your account before you can open it. There are more reviews across the forum. Apply to all other 3, and see which ones accept you, and which ones will be your backup option.

 

[Clank]

Airwallex and Currenxie work great, never had any issue.

 

[thomasparra]

Thanks guys - I will try the 3 out.

 

[ilke]

This post is moved from another thread EUR account at Currenxie.

Forester said:
It's OT here so just as a side-note: Airwallex HK, unfortunately, began to suck ~2 years ago; Airwallex NL sucks for a long time. But Airwallex US is OK and Airwallex LT, reportedly, too.
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What issue did you have with Airwallex HK? They are very easy to work with for me, while Statrys requests documents for all transactions above 1K EUR. I think Airwallex HK only ever asked me for supporting docs once, and it was solved <24 hours

Airwallex LT is super. Airwallex NL are not normal - very bad experience.

Other AWX entities I have not tried working with before.

Last edited by a moderator: Jun 18, 2024

 

[Forester]

ilke said:
What issue did you have with Airwallex HK? They are very easy to work with for me, while Statrys requests documents for all transactions above 1K EUR. I think Airwallex HK only ever asked me for supporting docs once, and it was solved <24 hours
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I agree that when someone has an account with Airwallex HK, it is usually reported to work well (I know about exceptions but, say, it can happen). The problem is with the onboarding: I witnessed several times how it simply goes to nowhere ”“ they simply stop responding; and sometimes their compliance demands were beyond the limits of common sense. Unfortunately. Of course, everyone's mileage may vary 😉

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

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[cionide]

Just for the record, i've been using Wise as a personal current account for around 7-8 months now - zero issues. I've also used it numerous times as a conduit or currency between two other personal accounts - moving money in, converting it, and immediately moving it out.

 

[bubbledouble]

Can agree with @cionide have had my Wise account 4 years personal and business no problems ever with them. Very helpful support.

 

[cionide]

bubbledouble said:
Can agree with @cionide have had my Wise account 4 years personal and business no problems ever with them. Very helpful support.
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I have a biz account there too, received $20k wire transfers without any document requests etc.

 

[diatessaron]

cionide said:
I have a biz account there too, received $20k wire transfers without any document requests etc.
Click to expand...

Get ready for when they come for you, Wise is the bogeyman of the financial world.

 

[churumbelo]

Forester said:
It's OT here so just as a side-note: Airwallex HK, unfortunately, began to suck ~2 years ago; Airwallex NL sucks for a long time. But Airwallex US is OK and Airwallex LT, reportedly, too.
Click to expand...

Do you get to choose the Airwallex location or it depends on the country of incorporation of the company?

Last edited by a moderator: Jun 18, 2024

 

[Forester]

churumbelo said:
Do you get to choose the Airwallex location or it depends on the country of incorporation of the company?
Click to expand...

The latter is correct. You can learn how it is assigned at the Airwallex website.

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If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[churumbelo]

Forester said:
The latter is correct. You can learn how it is assigned at the Airwallex website.
Click to expand...

That's what I thought. Thanks!

 

[Forester]

churumbelo said:
That's what I thought. Thanks!
Click to expand...

You're welcome.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[cionide]

diatessaron said:
Get ready for when they come for you, Wise is the bogeyman of the financial world.
Click to expand...

Possibly, but everything is documented anyways... i'm not doing anything sketchy, no crypto, etc.

 

[Forester]

cionide said:
Just for the record, i've been using Wise as a personal current account for around 7-8 months now - zero issues. I've also used it numerous times as a conduit or currency between two other personal accounts - moving money in, converting it, and immediately moving it out.
Click to expand...

bubbledouble said:
Can agree with @cionide have had my Wise account 4 years personal and business no problems ever with them. Very helpful support.
Click to expand...

cionide said:
I have a biz account there too, received $20k wire transfers without any document requests etc.
Click to expand...

Good for you 🙂

diatessaron said:
Get ready for when they come for you, Wise is the bogeyman of the financial world.
Click to expand...

🙂 Sad but quite close to reality, unfortunately. Wise works for many; but many times it stops working. (See below.)

cionide said:
Possibly, but everything is documented anyways... i'm not doing anything sketchy, no crypto, etc.
Click to expand...

Well, the problem is that it is not guaranteed that this will help you. For a more detailed reasoning, look e.g. here If Wise is going to close accounts and is not the best, how diversify the money? (I guess that my general attitude to Wise/Revolut is quite known here 😉 ).

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[MichaelUniq]

thomasparra said:
What is the best solution in HK for a business services company (non crypto)?

Currencies: USD, EUR, SGD, GBP, HKD
Low FX rates especially USD to HKD
Offer local accounts in EU, US, HK, SG - with my company name and unique banking IBANs, ideally with reputable banks
Business CC - not very important, can be low quality

Ideally the EMI also offers very attractive payment options and fees to pay my suppliers. Stratys seems very competitive from this front (2-10 USD to receive/send payments in major currencies). Airwallex seems to be the most expensive.
Click to expand...

For sure, Airwallex or Currenxie would be good options. Please let me know if you need consultation on that, as we are setting up dozens of such setups on a monthly basis.

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