Our valued sponsor
statrys Hk
- Thread starter Yrybak08
- Start date
Have a good experience with 7 figures HKD and 6 figures at a time transfers (use them for 2-3 years). I haven't used it for more than this, but at that scale it's not a bad MSO. You get 1 DBS Bank account number for all 12 (or so) currencies they support so you don't need to worry about auto-conversion, and you get the added trust of banking at DBS (which is pretty difficult in HK nowadays).
They have become a bit stricter this year (automatic requirement to submit at least 1 evidence document with each transfer). They used to process the transfers with no requests most of the time, but now you need to provide some type of proof regardless of the transfer size (invoice / contract and a few sentence explanation have always sufficed for me). One disadvantage might be that when processing intra-HK payments, the sender name is Statrys Limited and not you. For SWIFTs, your company name is shown.
Their Statrys UK company was a partner of Payrnet UAB and they used to offer EUR and GBP Lithuanian IBANs through Payrnet (for like 150 HKD monthly and with decent fees). Since Payrnet lost its license, they have solely the HK acct number but it's still good.
The cards are not the greatest because they are UK prepaids, but work for payments on Stripe, Link, whatever (just not for PayPal HK, Google Pay or Apple Pay). Overall, a pretty good MSO for business banking (keep in mind it is pretty much HK, SG, BVI / VG only)
They have become a bit stricter this year (automatic requirement to submit at least 1 evidence document with each transfer). They used to process the transfers with no requests most of the time, but now you need to provide some type of proof regardless of the transfer size (invoice / contract and a few sentence explanation have always sufficed for me). One disadvantage might be that when processing intra-HK payments, the sender name is Statrys Limited and not you. For SWIFTs, your company name is shown.
Their Statrys UK company was a partner of Payrnet UAB and they used to offer EUR and GBP Lithuanian IBANs through Payrnet (for like 150 HKD monthly and with decent fees). Since Payrnet lost its license, they have solely the HK acct number but it's still good.
The cards are not the greatest because they are UK prepaids, but work for payments on Stripe, Link, whatever (just not for PayPal HK, Google Pay or Apple Pay). Overall, a pretty good MSO for business banking (keep in mind it is pretty much HK, SG, BVI / VG only)
I think so, too.
From what I heard and partially witnessed, it's getting better. In the past, they were sometimes open to companies from another jurisdictions but only from selected businesses and just occassionally – and it was clearly made public at their webpages. Now this announcement has disappeared (IIRC) and reportedly their policy is changing. But it is observed just in the last months...
They used to advertise around here on the forum. I have only used them for small amounts back then and never went back to the account. However, they may be reliable also for larger amounts, but you can never know or trust such operations.
6 figure USD amounts. No issues for the most part.
My card was not accepted with a couple of vendors for some reason. There's also a $600K HKD limit per card (per year I think), which is a bit annoying (you can't have multiple cards under a single name unfortunately) because I'd blow through that limit fairly quickly.
I mostly use AirwalleX nowadays, but still have an account with Statrys.
I think you're right, the pricing page used to display HK and SG as normal companies, and VG as special, now it seems to be more general with special companies just meaning more complex or higher-risk businesses. Maybe Statrys will be more open now. I will consider trying it for some Carribean business, maybe they'll approve it too. Those companies are usually only onboarded by LT EMIs and local banks nowadays, but still doable.
Would you mind sharing the company jurisdiction, company business and the UBO's residence and citizenship? Just to make a better picture what is their current policy... (and to guess what could be the reason for not onboarding)
You can always ask them (they respond quickly). However, I would say it's unlikely, as I know they're refused accounts for HK companies that have customers in the UAE.
us citizen as ubo or shareholder is indeed often problematic for operations outside usa. It just ups your risk score at the bank due to huge fine possibilities which weak countries cannot enforce and dont threaten either.
you most often use Airwallex you say! have you tested Startrys with large amounts and how long have you used them if so?
I mostly use Airwallex now, as their virtual cards are better than Statrys (Statrys have annual spending limits - WTF!). But I have done some sizeable transfers with Statrys. No issue at all.
I've had several accounts with Statrys for almost a year now.
Sorry, I somehow have not managed to reply in a reasonable time... My apologies
Thanks for sharing, at first.
Well, it's true that a US citizen as a UBO or a shareholder is problematic in general; but I do not think this is the case of HK and Statrys. I would rather guess that the refusal had something common with company business, or eventually, there could have been some evidence (even false/coincidental, it happens sometimes, unfortunately) of the UBO's name in some “blacklist” databases which were checked...
Similar threads
Latest Threads
-
Southern Italy 7% tax regime for pensioners: Disadvantages?- Started by Sailorman
- Replies: 3
-
-
Reducing taxes by cashing out every couple of years
- Started by JustAnotherNomad
- Replies: 4
-
Mentor Group Gold - AD Thread! Binany: Trading Platform For Swift Success- Started by Binany
- Replies: 1
-
Cyprus Ltd - director is corporate body nominee
- Started by D0naldDuck
- Replies: 4
