Opening a business bank account in Hong Kong has always been a nightmare. I’m sure you have heard all the “horror stories” of the insane amount of time and effort it takes to go through the KYC procedures, compliance check, and application process.
Fortunately, banks are now streamlining the process to make it easier to open a business bank account, especially for startups and new businesses. Traditional commercial banks are simplifying the business bank account opening process to serve SMEs’ banking needs better.
In addition, some businesses are utilizing popular online payment providers to replace traditional business bank accounts.
Here are 10 banks and online payment providers that we think have the best processes to open a business account in Hong Kong. Now, let’s dive in!
Airwallex
Found in Melbourne in 2015, Airwallex is a financial services platform committed to building a global financial infrastructure to help businesses transact, collect and pay across more than 130 countries, without the constraints of the traditional global financial system.
While Airwallex is an online payment platform rather than a bank, it offers multiple business services like multi-currency business accounts to facilitate business transactions.
Eligibility
No matter if your business is selling services or products, as long as you are a registered business, you are eligible to apply for a business account at Airwallex.
However, several business types are not qualified, such as debt collection agencies, charities, and multi-level marketing businesses. You can see the full list here.
Features and Pros
Businesses can complete the application entirely online, forgoing the need to visit a branch, speak to an advisor, or line up in a long queue just to submit a physical copy.
In addition, Airwallex does not charge any monthly fees for local and foreign currency business accounts, to help businesses to reduce expenses in the long run.
Fees
Signing up for an Airwallex business account is free, and account holders don’t have to pay any monthly account fee.
How to Apply
To apply for an Airwallex account, you will need to prepare the following:
- Business details such as name and address
- Company registration number
- Personal details of the beneficial owners and directors
Account Opening Time
Generally, you can open a business account with Airwallex within one to three business days.
Wise (Formerly TransferWise)
Wise is a London-based financial technology company that facilitates global money transfer across 80 countries with low and transparent fees. With over 11 million customers worldwide, it is one of the oldest trusted non-bank payment providers.
Eligibility
To apply for a business account at Wise, you first must be a legally registered company.
You’ll then need to provide basic information about your business and yourself, including your company location, business name, country of residence for all stakeholders, and personal details.
Features and Pros
To facilitate the payment process, Wise offers an open API for businesses to connect their account with business tools, automating payments and workflows.
Wise is also well-known for its real mid-market exchange rate, where businesses can pay and receive money in over 70 countries at the best rates possible.
Fees
Opening a business account at Wise is entirely free. Other basic fees include:
| Fee | |
| Fixed fee to send money (varies by currency) | 65p (HK$6.89) |
| Hold more than €70,000 in EUR balance | 0.40%/ annually |
| Receive account details to receive currencies | £16 (HK$169.5) (one-time fee) |
How to Apply
To set up a business account at Wise, simply go to the signup portal.
After creating your Wise account, follow the instructions and fill in the requested information.
Account Opening Time
Setting up a business account only takes a few minutes, and Wise usually completes verification within 2 to 3 working days.
HSBC
HSBC is one of the world’s leading banking and financial services organizations, serving more than 40 million customers globally.
For new businesses, you can apply for an HSBC Sprint Account to enjoy integrated services.
Eligibility
HSBC has set different requirements for businesses of different nature.
Generally, applicants must provide a valid Business Registration Certificate, identification documents required from all authorized signatories and beneficial owners, the latest financial information, and other business proof.
Features and Pros
As one of the world’s largest financial services providers, HSBC offers a full range of business solutions such as business finance, insurance, and international banking services.
HSBC also provides business account owners with various business applications, such as the HSBC Smart Solution, allowing members to connect with over 25,000 SMEs and build global connections.
Fees
HSBC offers three types of business accounts: HSBC Sprint Account, HSBC Business Direct, and BusinessVantage. The charges vary from account to account:
| HSBC Sprint Account | HSBC Business Direct | BusinessVantage | |
| Monthly Service Fee | HK$200 from the 13th month onwards* | HK$200 from the 4th month onwards* | HK$200 or HK$450 from the 4th month onwards* |
| Counter Transaction Fee | HK$10 per each transaction | HK$10 per transaction from the 4th counter transaction | HK$10 per transaction from the 51st counter transaction |
*Subject to average total relationship balance
How to Apply
You can open an HSBC business account online without needing to visit a branch in person.
Account Opening Time
HSBC has always strived to streamline the application process, claiming that customers can open a business bank account in as fast as three days.
DBS Bank
DBS Hong Kong is one of the leading financial services groups in Asia that provides consumer, SME, and corporate banking solutions. They’re recommended as one of the best traditional banks to open a business bank account.
Eligibility
DBS Bank accepts online applications from limited liability, partnership, and sole proprietorship companies registered in Hong Kong SAR. You can also visit the SME Center to complete the application in person.
Features and Pros
Upon successful registration, business account owners can start setting up on the DBS IDEAL online banking platform to personalize dashboards, real-time alerts, and manage business banking 24/7.
DBS also supports foreign exchange and international transactions. Customers can trade in 14 currencies, including AUD, CAD, CNY, and more.
Fees
After opening a business account at DBS, you might expect the following fees:
| Fee | |
| Account Set-up Fee | Min HK$1,200 |
| Annual Administration Fee | Min HK$5,000 |
| Monthly Service Fee | HK$200/ month |
| Monthly Counter Service Fee | HK$40 per transaction from the 31st transaction |
How to Apply
You can open a business account at DBS online. Follow the guidelines, fill in the business and personal information needed, and upload the supporting documents to complete the verification process.
Account Opening Time
You may get a business bank account at DBS in as fast as three working days.
Hang Seng Bank
Hang Seng Bank is one of the leading banks in Hong Kong that offers a wide range of financial services, such as online banking, savings, investment, credit cards, loans, mortgages, insurance, and MPF.
You can open a new Biz Virtual+ Account fully online in as fast as 3 days!
Eligibility
To be eligible for business account opening at Hang Seng Bank, businesses must be formally registered in Hong Kong.
Features and Pros
To help SMEs run business at lower cost, Hang Seng Bank offers 50% off for account opening administrative fees and waives the monthly fee for the first 24 months.
To ensure customers can get swift support anytime and anywhere, Hang Seng Bank also offers online and offline customer service to address all business needs.
Fees
Hang Seng Bank offers two kinds of business accounts to suit different business needs:
| Biz Virtual+ Account | Integrated Business Solutions Account | |
| Account Administration Fee | HK$600 (Apply remotely) HK$1,200 (Through Business Banking Centre) | HK$1,200 |
| Monthly Fee | HK$200 from the 25th months* | HK$200* |
| Paper Statement Fee | HK$50/ month | HK$20/ month |
| Counter Transaction Fee | HK$30/ transaction | HK$30/ transaction from the 31st transaction |
*Subject to total relationship balance
How to Apply
To apply for a business account at Hang Seng Bank, create a profile through e-Sign. Fill in the business account application form and upload the required documents, afterwhich the staff will contact you for further verification.
Account Opening Time
By opening an account remotely at Hang Seng Bank, applicants can get approval in as fast as three to five business days.
Standard Chartered (HK)
Standard Chartered (HK) is another leading bank in Hong Kong that provides both personal and business banking services. It’s well-known for providing comprehensive cash management services for SMEs.
Eligibility
Applicants must satisfy the business information requirements listed in the business bank account opening webpage, such as providing company history, company ownership structure, and information about the company’s business nature.
Features and Pros
Aiming to bring solutions for businesses across the globe, Standard Chartered (HK) supports transaction banking needs worldwide, from cash management to business mortgage.
Standard Chartered (HK) also offers tailor-made structuring solutions for more complex business needs, ranging from conventional credit to specialized financing services, helping business owners to thrive in high-barrier markets.
Fees
Standard Chartered (HK) might charge the following fees for opening a business account:
| Fee | |
| Company Search Fee (Local) | HK$150 |
| Company Search Fee (Overseas) | HK$2,000 (depends on actual cost) |
| Foreign Business Account Set-up Fee | HK$5,000 |
How to Apply
To open a business account with Standard Chartered (HK), applicants need to make an appointment with their staff members, providing their name and contact information, together with the certificate of incorporation number.
Account Opening Time
After leaving your contact information, Standard Chartered (HK) will get back to you in two working days. Account opening time may vary.
Bank of China (Hong Kong)
Bank of China (Hong Kong) is a leading commercial bank in Hong Kong that provides comprehensive personal and corporate banking services.
Eligibility
To register a business account, applicants need to provide valid business registration proof.
Features and Pros
Bank of China (Hong Kong) is dedicated to providing all-rounded banking solutions to suit every business need with a strong Southeast Asia presence. It’s the first choice for customers in the RMB business.
For example, customers can enjoy the flexible Commercial Payments and Collections Solutions, which are conducive to managing the capital efficiently and improving the operational efficiency and capital returns.
Fees
| Business Integrated Account – Elite | Business Integrated Account – Plus | Business Integrated Account | |
| Monthly service fee# | HK$0/ 100/ 200 | HK$0/ 250 | HK$0/ 120 |
| Free Counter Transaction* | HK$50/ transactions | HK$50/ transactions | HK$30/ transactions |
#Subject to total relationship balance
*For any counter transaction(s) exceeding the Maximum Limit shall be subject to a service fee of HK$20 per transaction
How to Apply
Click here and access Bank of China (Hong Kong)’s exclusive iGTB NET.
You first have to fill in the application form, upload supporting documents, and go online through the identity verification process. After that, the bank will ask you to bring the original documents to their branches or corporate banking center for next-step approval.
Account Opening Time
The business account opening process can be completed in five working days, counting from making an appointment and submitting all required documents.
Citibank (Hong Kong)
Citibank (Hong Kong) provides comprehensive banking services in Hong Kong for both consumers and corporates. It’s now serving over 1 million client accounts in Hong Kong.
Eligibility
To be qualified for opening an SME business account at Citibank (Hong Kong), you need to have a valid Business Registration Certificate.
Features and Pros
With a range of options to offer, Citibank (Hong Kong) is an excellent choice for start-ups and SMEs who are looking to expand their business to Hong Kong.
Businesses can enjoy cost-saving features and manage their expenditures with ease. In addition, customers can enjoy the dedicated SME service to keep themselves abreast of the market, which is by all means cutting-edge.
Fees
Citibank (Hong Kong) might charge the below items if you decide to open a business account:
| Fee | |
| Company Search Fee | HK$100 |
| Business Account Set-up Fee (Local) | HK$2,000 |
| Business Account Set-up Fee (Overseas) | HK$8,000 |
How to Apply
To open a business account at Citibank (Hong Kong), you will have to visit a branch for an in-person meeting and consultation. Video conference meetings are also an option during the pandemic.
Account Opening Time
The account opening time may vary from business to business. There is currently no public information on this.
Bank of East Asia
Bank of East Asia is one of the largest independent local banks in Hong Kong that provide comprehensive personal banking and corporate banking services.
Eligibility
Similar to all the other banks listed above, applicants must have registered their companies with the government to apply for a business account at the Bank of East Asia.
Features and Pros
Bank of East Asia offers an all-in-one account that allows customers to manage a full range of banking products.
By integrating savings, current, time deposits, and investment sub-accounts under one single account number, businesses are allowed to manage their day-to-day finances much more effectively.
Fees
| Fee | |
| Initial Deposit | HK$10,000 |
| Monthly Service Fee | HK$150/ month |
| Business Registration Search | HK$200 |
| Company Account Application Fee | HK$10,000/ request |
How to Apply
The Bank of East Asia splits the business bank account opening process into two parts.
To commence, you have to complete the online application form and submit documents for preliminary review.
After that, a representative will contact you within two working days about meeting face-to-face to open your account.
Account Opening Time
The account opening time may vary from business to business. There is currently no public information on this.
Conclusion
Gone are the days when you had to go back and forth to open a business bank account. Banks nowadays provide businesses with more ease and convenience via more transparent processes and going digital.
In addition, you can take advantage of the online payment providers for even easier and smoother account opening to facilitate your business transactions.
Binery has partnered with Airwallex to help you send and receive payments globally. In addition, you may be interested in trying our free accounting software to take care of your accounting needs!
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