Whether you are starting or moving a business to Hong Kong, having a local business account can ensure efficient financial management and streamline your business operations. But with which bank should you open an account? Are there any alternatives to traditional banks for smaller businesses?
This article will guide you through the 9 best business account providers in Hong Kong, including traditional banks and fintech providers. We will look at their account features, fees, application process, and eligibility criteria so you can find the best account that suits your needs.
Understanding Business Accounts
Business accounts work similarly to everyday bank accounts but are designed to cater to business financial management, such as purchasing goods from suppliers, receiving payments from customers, managing cross-border transactions, or paying employees.
Unlike personal accounts, which are designed for individuals, business accounts often have features that streamline business operations, including multi-currency capabilities for handling international transfers, accounting software integrations that simplify financial tracking, and dedicated customer support to assist with specific issues.
If you are aiming to keep your personal and business finances separate, business accounts are essential. These accounts typically let you make transactions in your company's name, facilitating accurate tax filings.
💡 Tip: Find out why you should not use personal accounts for business purposes.
The Best Business Accounts in Hong Kong
Best For | Best For | |
• Multi-currency account supporting 11 major currencies • Dedicated account manager • Virtual and physical debit cards • 100% online application |
SMEs or global entrepreneurs with businesses registered in Hong Kong, Singapore, or the BVI | |
• Business account supporting up to 14 currencies • Fast account opening process • Real-time payment tracking |
Social Enterprises and businesses focussing on trades in the Greater Bay Area | |
• Multi-currency business account with local bank details in 12 locations • Integration with accounting software, marketplaces, and APIs • Online application • Free account plan |
Online sellers and ecommerce businesses | |
• Integrated business account supporting 12 currencies under one account number • Remote and online application process for Hong Kong companies • Extensive business banking services, including loans, corporate cards, and HR management tools |
Local start-ups, SMEs, and corporates with the need for multi-currency access | |
• SME Business Accounts with multi-currency access • Complimentary corporate debit card • Unlimited FPS transfer • Competitive FX rates |
Hong Kong-registered startups and small businesses | |
• Integrated Business Accounts with options for account tiers • Support mobile and phone banking |
Hong Kong companies and enterprises that mainly transact in HKD | |
• All-in-one HKD business account that allows you to manage current, savings, and time deposit accounts • Cashback reward on eligible corporate card spending |
New companies and enterprises in Hong Kong without the need for FX services or multi-currency accounts | |
• Business accounts with remittance services in 11 currencies • Automated payroll and HR management services • SME overdraft |
Hong Kong and international businesses operating globally | |
• Integrated business accounts with plans for startups and well-established companies • Remote account opening application available |
Hong Kong-based startups, SMEs, and enterprises |
1. Statrys
Statrys is an award-winning alternative to traditional business banking in Hong Kong. Launched in 2019, Statrys has been providing over 3,500 companies with cross-border payment solutions for global business growth, including multi-currency accounts and company incorporation services.
Specialising in foreign transactions and dedicated customer support, Statrys is recognised as the SME Payment Solutions of the Year - Hong Kong at the ABP Retail Banking Awards 2023.
Statrys Features
Features | Description |
Multi-Currency Business Account | Hold, receive, and send money in 11 currencies: USD, HKD, CNY, AUD, EUR, GBP, SGD, JPY, CHF, NZD, and CAD. |
Local Payments | Send local payments at cheaper fees in 14 currencies: HKD, CNY, AUD, EUR, GBP, IDR, INR, KRW, PHP, SGD, THB, TRY, USD, and VND |
Real-time SWIFT Payment Tracking | Track your incoming and outgoing payments, as well as send sharable tracking links to your payees |
Virtual and Physical Debit Cards | Get virtual and physical prepaid Mastercard® to make online and in-store purchases and withdraw cash from ATMs across Hong Kong and abroad |
Xero Integration | Streamline your accounting and cash flow management with Xero accounting software integration |
Statrys Fees
Type of Fee | Fee |
Account Opening Fee | Free |
Monthly Fee | HKD 88 (with a dedicated account manager) |
Local Payments in Hong Kong | Receive: Free Send: HKD 5 |
SWIFT Payments | Receive: HKD 55 Send: HKD 75 SWIFT MT103: Free |
Foreign Exchange Rate and Fee | FX rate: based on interbank rates FX fee: as low as 0.1% |
Opening a Statrys Business Account
Eligibility and Requirements | |
Eligibility | Any type of business, including sole trader and limited company that is incorporated in Hong Kong, Singapore, or the BVI |
How to Apply | Provide your personal and company information through an online application portal. You’ll also have to upload two documents: • A copy of the passport(s) of the directors and shareholders • A copy of your business registration certificate |
Online Account Opening | |
Account Opening time | As fast as 3 days |
Initial Deposit | HKD 0 |
Statrys Pros & Cons
Pros
- 100% online account application process
- Personalised customer support with a dedicated account manager
- Affordable monthly fees compared to traditional banks
- Can assist with company incorporation in Hong Kong and Singapore
Cons
- Products and services are only available for businesses registered in Hong Kong, Singapore, and the BVI.
2. DBS
DBS is a multinational banking and financial services group headquartered in Singapore. It has been operating in Hong Kong since 1999 and provides a selection of corporate bank account plans, including multi-currency savings accounts, RMB corporate accounts, and Social Enterprise Package.
DBS has been recognised as the “Safest Bank in Asia” by Global Finance for 15 consecutive years, from 2009 to 2023, and also awarded as the “World’s Best Bank” from 2018 to 2022.
DBS Features
Features | Description |
Multi-Currency Savings Account | Transact in up to 14 currencies: AUD, CAD, CNY, CHF, DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK, SGD, and USD |
RMB Corporate Account | Manage and save on FX conversion charges from RMB to other currencies, including from RMB to HKD and from RMB to USD |
Social Enterprise Package | Low-cost multicurrency account designed for social enterprises with waivers on some fees, including account set-up and monthly fees |
Real-time Payment Tracking | Receive real-time updates on your money in translation with SWIFT gpi |
Instant Fund Transfers | Transfer up to HKD 5 million per transaction instantly via FPS |
DBS Fees
Type of Fee | Fee |
Account Set-up Fee | HKD 1,200 for local company HKD 10,000 for offshore company (excluding HKD 150 search fee for local companies and HKD 2,000 for offshore companies) |
Account Monthly Fee | HKD 250 (if the average total deposit balance over the month falls below HKD 50,000 or equivalent in other foreign currencies) |
Local Payments in Hong Kong (RTGS) | Receive: HKD 15 per transaction Send: HKD 55 per transaction via DBS Electronic Banking |
Telegraphic Transfers | Receive: HKD 65 per transaction Send: HKD 115 per transaction via DBS Electronic Banking SWIFT MT103: HKD 240 |
Foreign Exchange Rate and Fee | Not specified |
Opening a DBS Business Account
Eligibility and Requirements | |
Eligibility | Depends on the type of business account |
How to Apply | Submit your application, upload the supporting documents, and verify your identity online on the DBS IDEAL mobile app or via the website. |
Online Account Opening | |
Account Opening time | As fast as 2 days |
Initial Deposit | HKD 20,000 for local company HKD 100,000 for offshore company |
DBS Pros & Cons
Pros
- 3 plans of business account for different business needs
- Well-established banking institution with a strong payment network
- Online application process
Cons
- High monthly maintenance fees if the account balance falls below the threshold
- High initial deposit requirement
3. Airwallex
Airwallex is a financial services company providing global businesses access to virtual local currency accounts in 12 locations. Founded in Australia in 2015, Airwallex has expanded to 19 locations worldwide, including Hong Kong, Shanghai, and San Francisco.
Although Airwallex is not a bank, it has an extensive payment network that allows its businesses to send money to over 150 countries in more than 40 currencies.
Airwallex Features
Features | Description |
Local Currency Accounts | Get local bank details in 12 locations: Australia, Canada, Denmark, the EU (SEPA area), Hong Kong, Indonesia, Japan, New Zealand, Poland, Singapore, the UK, and the US |
Multi-Currency Support | Manage, collect, and make global payments in 21 currencies: HKD, AUD, CAD, CHF, EUR, GBP, JPY, NZD, SGD, USD, DKK, CZK, HUF, MXN, NOK, PLN, RON, SEK, ZAR, CNY, IDR |
Account Integration | Connect your account to software and platforms like Xero, QuickBooks, Shopify, Lazada, and Amazon to streamline your business operation. |
FX International Payment API | Trade more than 1,000 currency pairs across over 60 currencies with advanced API integration. |
Airwallex Fees
Type of Fee | Fee |
Account Opening Fee | Free |
Account Monthly Fee | Free |
Local Payments in Hong Kong | Receive: Free Send: Free |
SWIFT Payments | Receive: Free Send: HKD 120- 200 |
Foreign Exchange Rate and Fee | FX rate: based on interbank rate FX fee: From 0.2% |
Opening an Airwallex Business Account
Eligibility and Requirements | |
Eligibility | Company Type: Any type of business, from freelancers to enterprises Countries: 52 countries and regions, including Australia, New Zealand, Hong Kong, Singapore, the UK, and the US |
How to Apply | Apply online through the application portal. You must also describe how you plan to use the account and upload additional documents, such as a certificate of incorporation and a personal ID. |
Online Account Opening | |
Account Opening time | 1-3 business days |
Initial Deposit | HKD 0 |
Airwallex Pros & Cons
Pros
- Conveniently transfer money internationally in over 40 currencies at competitive exchange fees and rates.
- Free account opening and monthly fees in most locations
Cons
- Live customer support is not available in most locations
- Features, fees, and terms and conditions vary by country and region
💡 Tip: Read our articles to learn more about Airwallex’s features, fee, and customer support ratings, as well as how to open an Airwallex account.
4. HSBC
Founded in 1865, HSBC is one of the largest banks in Hong Kong and the world. Headquartered in London, HSBC serves over 40 million customers worldwide and provides comprehensive business banking services, including Business Integrated Accounts, HSBC Sprint Accounts, HSBC Business Direct Accounts, instalment loans, and credit cards, with a remote bank account opening option.
HSBC Hong Kong is one of the three commercial banks authorised by the Hong Kong Monetary Authority to issue HKD banknotes.
HSBC Features
Features | Description |
Business Integrated Account | Manage your everyday business banking needs with an account that combines the functions of savings, current, time deposit, and investment accounts |
Multi-Currency Support | Manage your funds in 12 currencies under one account number: HKD, CNY, EUR, USD, AUD, CAD, CHF, GBP, JPY, NZD, SGD, THB |
Payroll Service | Set up and automate payroll payments with no annual or registration fees |
Xero Integration | Connect your business bank account to Xero accounting software for seamless financial management |
Real-Time Notifications | Get real-time WeChat notifications on account balance and transactions. |
HSBC Fees
Type of Fee | Fee |
Account Opening Fee | HKD 1,300 |
Account Monthly Fee | HKD 200 or HKD 450 (fees waivable based on account tier and balance conditions.) |
Local Payments in Hong Kong | Receive: Waived if under HKD 1 million Send: HKD 5 per transaction up to HKD 1 million. |
SWIFT Payments | Receive: HKD 65 (but varies based on currency conversion) Send: HKD 100/ HKD 125 |
Foreign Exchange Rate and Fee | Not specified |
Opening an HSBC Business Account
Eligibility and Requirements | |
Eligibility | Limited company, partnership, or sole proprietorship incorporated or registered in Hong Kong with business operations, without any corporate directors or shareholders, having up to 2 individual directors, shareholders, or authorised signatories |
How to Apply | Fill in the online application form, upload the required documents, and then verify your identity through the HSBC HK Business Express mobile app |
Online Account Opening | Available for eligible customers |
Account Opening Time | 3 business days |
Initial Deposit | HKD 10,000 |
🔍 Tip: Learn how to open an HSBC business account online in our step-by-step guide.
HSBC Pros & Cons
Pros
- Online and remote account opening
- Full business banking product range covering business lending and trade solutions
- Optional integration with HR management tools
Cons
- Complex pricing structure
- Remote account opening is not available for businesses incorporated outside Hong Kong.
🔍Tip: Check out our comprehensive review of HSBC's business banking account in Hong Kong.
5. OCBC Bank (Hong Kong)
Formerly known as Wing Hang Bank and OCBC Wing Hang Bank, OCBC Bank (Hong Kong) has been a subsidiary of the Overseas-Chinese Banking Corporation of Singapore (OCBC) since its acquisition in 2014.
OCBC Bank (Hong Kong) provides a range of banking products for business clients, including SME Business Accounts, business loans, commercial insurance, and MPF services.
OCBC Bank (Hong Kong) Features
Features | Description |
Multi-Currency SME Business Account | Hold and pay in 15 currencies, including USD, HKD, RMB, SGD, AUD, and GBP |
Business Debit Card | Spend like a local worldwide with a complimentary Visa debit card that allows you to pay and track online and in-store payments |
Convenient Local Payments | Benefit from unlimited FPS local transfer |
Internet and Mobile Banking Platform | Get 24/7 access to your account through the OCBC Business app online banking platform |
Real-Time Notifications | Get real-time WeChat notifications on account balance and transactions. |
OCBC Bank (Hong Kong) Fees
Type of Fee | Fee |
Account Opening Fee | Free (SME Business Account)* |
Account Monthly Fee | Free (SME Business Account)* |
Local Payments in Hong Kong | Receive: HKD 15 Send: HKD 5 per transaction up to HKD 500,000. Otherwise HKD 10 |
SWIFT Payments | Receive: HKD 65/ HKD 100 Send: 0.20% of the total amount (Minimum: HKD 115) |
Foreign Exchange Rate and Fee | Not specified |
*According to the information page about OCBC’s SME Business Accounts. We recommend contacting the bank directly for accuracy and details regarding other types of corporate accounts.
Opening an OCBC Bank (Hong Kong) Business Account
Eligibility and Requirements | |
Eligibility | Companies registered in Hong Kong or business owners with a Hong Kong permanent resident ID |
How to Apply | Submit your business details and supporting documents, such as a valid business registration certificate and proof of address, online on the website or mobile app |
Online Account Opening | |
Account Opening Time | As fast as one day (SME Business Account) |
Initial Deposit | HKD 0 (SME Business Account) |
OCBC Bank (Hong Kong) Pros & Cons
Pros
- Combined current, savings and time deposit account features into one integrated business solutions account
- Strong presence in Southeast Asia and Greater China
- Competitive real-time FX rates
- No account opening, company search, or monthly fee
Cons
- Only Hong Kong-registered businesses can apply
6. Bank of China (Hong Kong)
Bank of China (Hong Kong) was locally incorporated as a licensed bank in 2001. It is an independently operated subsidiary of the Bank of China, providing personal and business banking services with more than 190 branches across Hong Kong.
Bank of China (Hong Kong) was named “Bank of the Year in Hong Kong” by the Banker and “The Strongest Bank in Hong Kong and Asia Pacific” by The Asian Banker in 2023. BoCHK is also one of the three note-issuing banks in Hong Kong.
Bank of China (Hong Kong) Features
Features | Description |
Business Integrated Account | Conveniently manage your deposits and access loans, trade, and investment services in one account. This account only supports HKD but has three tiers: Business Integrated Account, Business Integrated Account Plus, and Business Integrated Account Elite. |
Corporate Foreign Currency Savings Account | Hold your funds in 16 currencies: RMB, USD, GBP, JPY, SGD, AUD, NZD, CAD, EUR, CHF, DKK, NOK, SEK, THB, BND and ZAR |
Auto-Sweeping Service | Automatically transfer funds from your other designated account to avoid bounced cheques and unnecessary overdraft interest in cases of insufficient funds. |
Phone Banking | Manage your banking accounts, credit card accounts, and investment transactions via CBS Phone Banking. |
Bank of China (Hong Kong) Fees
Type of Fee | Fee |
Account Opening fee | HKD 1,200 + company search fee |
Account Monthly fee | HKD 120/ HKD 150/ HKD 200 (waived if reached a threshold of average total relationship balance) |
Local Payments in Hong Kong | Receive: Free Send: HKD 5 per transaction up to HKD 100,000; otherwise, HKD 10 |
SWIFT Payments | Receive: HKD 60 Send: HKD 120 per transaction |
Foreign Exchange Rate and Fee | Not specified |
Opening a Bank of China (Hong Kong) Business Account
Eligibility and Requirements | |
Eligibility | Sole proprietorships, limited companies, or partnerships registered in Hong Kong, Mainland China, Macau, Taiwan, or overseas, such as Singapore, the UK, the BVI, and Thailand |
How to Apply | Eligible applicants can apply for a business account remotely; otherwise, an in-person appointment is required |
Online Account Opening | Available for companies registered and incorporated in Hong Kong |
Account Opening Time | 1-2 weeks, but can be as fast as 3 working days for HK-based companies. |
Initial Deposit | Cannot find the information |
Bank of China (Hong Kong) Pros & Cons
Pros
- Extensive banking network in Mainland China and the world
- 3 account tiers to cater for businesses of all sizes
- Comprehensive banking products for business growth, including loans, insurance, credit cards, and MPF.
Cons
- High account opening and monthly maintenance fee
- Only Hong Kong businesses can apply remotely
🔍 Discover: Learn more about how to open a business account with the Bank of China (Hong Kong) in our article.
7. Bank of East Asia
Bank of East Asia (BEA) Limited is currently the largest independent local Hong Kong bank. Founded in 1918, it is the oldest family-run bank in Hong Kong.
Bank of East Asia offers various SME, corporate, and commercial financial products, including business bank accounts, commercial mortgages, and SME Financing Guarantee Scheme. It also has branches and representative offices in Singapore, Malaysia, the UK, and the US.
Bank of East Asia Features
Features | Description |
CorporatePlus Account | A business integrated account that allows you to access HKD current account, statement savings Account, and time deposit account under one account number |
BEA Corporate Card | Physical Mastercard® corporate card with 1% cash rebate for eligible transaction |
MPF, Auto-pay, and Payroll Services | Pay salaries in HKD or RMB to multiple employee accounts in different local banks on a pre-set date and generate HR, MPF contribution, and tax reports |
Bank of East Asia Fees
Type of Fee | Fee |
Account Opening Fee | SMEs: Free Corporates: HKD 10,000 + company research fee. |
Account Monthly Fee | HKD 150 (waived if reached a threshold of daily relationship balance) |
Local Payments in Hong Kong | Not specified |
SWIFT Payments | Not specified |
Foreign Exchange Rate and Fee | Not specified |
Opening a Bank of East Asia Business Account
Eligibility and Requirements | |
Eligibility | Sole proprietorships, partnerships, or limited companies incorporated in have business operations in Hong Kong. |
How to Apply | Submit supporting documents online and verify your identity as a branch, call to make an appointment, or visit a Business Centre |
Online Account Opening | Not completely online |
Account Opening Time | Not specified |
Initial Deposit | Not specified |
Bank of East Asia Pros & Cons
Pros
- An all-in-one account for Hong Kong-based businesses
- Flexible Business Start account plan for start-ups and companies at the earlier stage of growth
Cons
- Only supports HKD
8. Standard Chartered
Standard Chartered (Hong Kong) is a wholly owned subsidiary of Standard Chartered, a British multinational banking group headquartered in London. It is also one of the three banks authorised to issue banknotes in Hong Kong.
Locally incorporated in 2004, Standard Chartered Hong Kong offers financial services tailored to individual and business banking needs, including corporate accounts and insurance products.
Standard Chartered (Hong Kong) Features
Features | Description |
Business Account | Receive and pay in 11 currencies, including AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD, and RMB |
Local and International Payments | Make cross-border payments in multiple currencies via SWIFT and local payments in HKD and CNY via Faster Payment System (FPS) |
Payroll and Employee Services | Manage payroll, tax, MPF contributions, and HR management reports |
FX Services | Spot and forward foreign currency exchange services |
Standard Chartered (Hong Kong) Fees
Type of Fee | Fee |
Account Opening Fee | HKD 1,200 / HKD 10,000 (for overseas company) |
Account Monthly Fee | HKD 200 / HKD 300/ HKD 500, depending on account types (waived if reached a threshold of average relationship balance) |
Local Payments in Hong Kong | Receive: HKD 15 Send: Free |
SWIFT Payments | Receive: HKD 55 Send: HKD 170 / HKD 200, depending on the currency |
Foreign Exchange Rate and Fee | Not specified |
Opening a Standard Chartered (Hong Kong) Business Account
Eligibility and Requirements | |
Eligibility | Hong Kong-registered sole proprietorship, partnership, limited company, society or association, and owners incorporation. Overseas companies may apply but are subject to review by the bank. |
How to Apply | Make an appointment online to submit the required documents at a physical branch |
Online Account Opening | |
Account Opening Time | Depends on circumstances, such as the nature of your business, but it could take at least a week. |
Initial Deposit | Not specified |
Standard Chartered (Hong Kong) Pros & Cons
Pros
- Well-known brand with an extensive global network
- Online remittance service in 11 major currencies
Cons
- The account application process could take a long time
- Online application is not available
💡 Tip: Read our detailed guides to learn more about how to open a Standard Chartered (Hong Kong) business account, as well as their key features and fees.
9. Hang Seng Bank
Hang Seng Bank is a Hong Kong-based bank established in 1933. It is a part of the HSBC Group and has a wholly-owned subsidiary in mainland China, Hang Seng Bank (China).
Hang Seng Bank offers personal and corporate financial services, including online banking and savings accounts. Hang Seng Bank’s Integrated Business Solutions Account is an all-in-one account that integrates HKD current, savings (in HKD, RMB, foreign currencies), time deposit, investment, and statement gold accounts suitable for a bank for an ecommerce business.
Hang Seng Bank Features
Features | Description |
Integrated Business Solutions Account | An all-in-one business account that integrates HKD current, savings (in HKD, RMB, foreign currencies), time deposit, investment, and statement gold accounts under one account number |
Biz Virtual+ Account | An integrated business account designed for startups and local SMEs with digital conveniences and simplified application process |
Local Payment Services | Preferential pricing on Faster Payment System (FPS) payment |
Investment and Treasury Services | Limit currency exchange rate and interest rate fluctuation risks by integrating with an investment sub-account |
Hang Seng Bank Fees
Type of Fee | Fee |
Account Opening Fee | HKD 1,000 for remote account opening, plus HKD 150 company search fee for local companies and HKD 10,000 for overseas company |
Account Monthly Fee | HKD 200 (waived if reached a threshold of average relationship balance) |
Local Payments in Hong Kong | Receive: Free Send: HKD 5 for transfer up to HKD 100,000; otherwise, HKD 10 |
SWIFT Payments | Receive: HKD 65 Send: HKD 85 / HKD 125, depending on the recipient’s location |
Foreign Exchange Rate and Fee | FX rate: Not specified FX fee: Depending on currency and types of transactions |
Opening a Hang Seng Bank Business Account
Eligibility and Requirements | |
Eligibility | Sole proprietorships, limited companies, or partnerships registered in Hong Kong, China, or overseas |
How to Apply | Provide your company’s details, complete digital ID verification on the mobile app, and e-sign the required documents online |
Online Account Opening | |
Account Opening Time | 3-5 business days, depending on the account type |
Initial Deposit | HKD 20,000 |
Hang Seng Bank Pros & Cons
Pros
- Integrated account for convenient business financial operations
- Remote application is available for eligible companies
Cons
- High account opening fees, especially for overseas companies
- High initial deposits
🔍 Tip: Discover how to open a Hang Seng business account with our detailed guide.
Final Note
Deciding which business account is best for your business will depend on your needs and the features you might be looking for.
To help with this, we've invested countless hours of research and published in-depth reviews of alternative business account offerings, including some mentioned in this article, to make this important choice easier. To find out more, make sure to read our business account reviews and get a better understanding of the options for your business.
FAQs
Which business accounts are the best?
The best business account will depend on the features that your business needs. Some of the best offerings in Hong Kong include Statrys, DBS Bank, Airwallex, and HSBC HK.
Which bank is best to open a small business account?
What should I consider when choosing a business bank account in Hong Kong?
What is the importance of customer service in business banking?