DBS Hong Kong Business Account Review [2024]: Features, Fees, Support & Alternatives

About DBS

DBS Bank Limited, also known as DBS, is a multinational financial institution headquartered in Singapore. Established in 1968, DBS has grown to become one of the leading banks in Asia, with 19 offices worldwide, including in Hong Kong. They offer various banking products to individuals and businesses, including retail banking, business banking, wealth and asset management.

In recognition of its global leadership, DBS has been awarded the title of "World's Best Bank" by Global Finance 5 years in a row.

DBS Hong Kong Pros and Cons

DBS Hong Kong Features

Without further ado, let’s dive into the essential business finance services offered by DBS Hong Kong.

Business Account

DBS Hong Kong offers 3 types of business accounts:

1. DBS Business Account: A business account that can hold multiple currencies in one single account.
2. RMB Corporate Account: A solution to manage business transactions with companies in Mainland China.
3. Social Enterprise Account: An account that is designed to support social enterprises with lower-cost banking services.

Now, let’s take a closer look at each type of account.

1. DBS Business Account

• The multi-currency account in Hong Kong supports 14 currencies, including AUD, CAD, CNY, CHF, DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK, SGD, and USD.
• Send instant local payments via the Faster Payment System (FPS) up to HKD/RMB 5 million per transaction.
• Make global payments via the SWIFT network in over 35 currencies.
• Can track the status of both outgoing and incoming telegraphic transfers in real-time with SWIFT gpi.
• International transactions between DBS accounts can be credited to the recipients' accounts within 10 minutes.
• Integrate with Xero, an accounting software, to enhance bookkeeping and accounting processes.
• Offer API integration to improve business operations and workflows.

2. RMB Corporate Account

• Enable faster RMB payments outside mainland China with no restrictions.
• Mitigate foreign exchange (FX) risks, especially when your company engages in both RMB inward and outward transactions.
• No daily cash withdrawal limit.
• Extended cut-off time (4:00 p.m.) for international and local payments in RMB.

3. Social Enterprise Account

• Exclusively for social enterprises listed in the Social Enterprise Business Centre.
• It offers the same features as the DBS Business Account with a better pricing package, including:

Foreign Exchange Services

DBS FX service has over 60 currency pairs available, including USD, EUR, GBP, AUD, NZD, SGD, HKD, CNH, JPY, CHF, and CAD. Clients can book transactions up to 1 year in advance, which means they can choose to trade at their preferred rate.

Other Services

Other business banking services offered by DBS Hong Kong include:

• DBS IDEAL: Online banking platform to access all DBS business banking services, available on desktop, tablet, and mobile devices.
• Corporate ATM Card: Link the card to your business account to withdraw, deposit, transfer, check balance, pay bills, or donate via JETCO and China UnionPay ATM networks across Hong Kong and abroad.
• Loan Services: Request loans online to fund and support your growing business.
• Trade Services: Offer products to facilitate import and export activities, making sure that your business operations run smoothly.
• Insurances: Offer different types of insurance, from liability to marine and cyber insurance, to mitigate and protect your businesses from unforeseen risks.

DBS Hong Kong’s Features Rating is 4.5/5

The overall rating of 4.5 out of 5 for DBS Hong Kong's business account services reflects their well-rounded and effective suite of banking solutions tailored to various business needs. 

They stand out with specialised accounts, including multi-currency, RMB Corporate, and Social Enterprise options, which cater to specific financial requirements. The additional support services such as loan services, trade services, and insurance make them a one-stop banking solution for businesses operating internationally, especially engaging with Chinese companies.

DBS Hong Kong Fees

DBS Hong Kong’s Fees Rating is 3.5/5

DBS Hong Kong's fee structure is rated 3.5/5 due to its complexity and potential costliness. The charges for local and international transactions can be unpredictable due to additional fees after initial free transactions and varied costs for SWIFT transfers.

Additionally, while ATM withdrawal fees are reasonable on a per-transaction basis, they could add up for businesses that require frequent cash access. This pricing model could pose a challenge for startups, smaller companies, and businesses that engage in frequent international money transfers.

DBS Hong Kong Customer Support

DBS offers multiple channels to contact its customer support team, which include

• Call BusinessCare: +852 2290 8068
• Fill in the inquiry form
• Chatbot
• Visit any DBS branches

Customer service is available from 9 AM to 6 PM on weekdays and 9 AM to 1 PM on Saturdays, excluding public holidays.

DBS Hong Kong’s Customer Support Rating is 4/5 

While DBS's customer support offers in-person and phone call options for those favouring traditional methods, the absence of 24/7 support could be a significant drawback for businesses that operate across different time zones or require immediate help after standard hours. Considering these factors, DBS’s customer support earns a rating of 4 out of 5.

Requirements for Opening a DBS Hong Kong Business Account

DBS Hong Kong welcomes all types of business entities to open a business account. They provide an option for online account opening, subject to the fulfilment of the following conditions.

• Your business must be a limited company, partnership, or sole proprietorship incorporated and registered in Hong Kong. 
• Your business must not include any corporate entities as directors, shareholders, partners, or authorised signatories.
• Your business must not have more than 4 directors, shareholders, or partners, and at least 1 of them must hold a valid Hong Kong ID card.

DBS notes that the online application can be completed in just 15 minutes, and your account can be opened in as fast as 2 working days.

If your business does not meet these requirements, you still have the opportunity to apply. You can fill out the application form either manually or online. Afterwards, you have to schedule an appointment with the DBS team to proceed.

💡 Plan to open a business in Hong Kong? Discover the easiest way to set up your Hong Kong business.

Required Documents

For a successful application, you need to prepare and submit the necessary documents, including:

• A valid identity document for all ultimate beneficial owners and connected parties (i.e., directors, partners, or natural person having executed authority)
• Proof of address
• Business activities proof (i.e., business agreements and invoices)
• Certificate of Incorporation
• Memorandum and Articles of Association (M&A)
• Business licenses (if applicable)
• Certificate of Incumbency
• Valid Business Registration Certificate (BRC)
• Ownership and control structure chart
• FATCA and CRS Documents
• Business financials (i.e., audited financial reports and annual returns).

For a comprehensive list of required documents, you can refer to the document guide.

The Ease of Opening an Account Rating for DBS Hong Kong is 3.5/5

We rate the ease of opening an account with DBS 3.5/5. This reflects the balance between the efficient, quick online application for businesses that meet specific criteria and the limited transparency regarding the timeframe for those proceeding via non-online channels, which could pose challenges for planning and operational setup for some businesses.

DBS Hong Kong Alternatives