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Key Takeaways
HSBC Hong Kong and Statrys offer multi-currency business accounts, with access to 11 currencies, including HKD, CNY, EUR, USD, AUD, CAD, CHF, GBP, JPY, NZD, and SGD. THB is also supported by HSBC.
HSBC Hong Kong's business accounts are exclusively available for remote opening to companies registered in Hong Kong, with an account setup fee of HKD 1,300 and a requisite initial deposit of HKD 10,000.
Conversely, Statrys offers business accounts to businesses incorporated in Hong Kong, Singapore, and the BVI. They can remotely open an account for free and without the necessity of an initial deposit.
Statrys charges HKD 88 per month for a dedicated account manager, while HSBC Hong Kong's monthly fee varies based on the average balance.
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| Key Features ✅ Business account ❌ Personal account ✅ Multi-currency support ✅ SWIFT payment ✅ Payment cards ✅ 100% online application ✅ Xero Integration ✅ Invoicing Software |
Key Features ✅ Business account ✅ Personal account ✅ Multi-currency support ✅ SWIFT payment ✅ Payment cards ✅ Remote application (T&C apply) ✅ Xero Integration |
| Best For Startups and SMEs in Hong Kong, Singapore, and the BVI looking for 100% online financial and payment solutions at a more cost-effective price. |
Best For SMEs or established businesses in Hong Kong seeking extensive banking services, including credit and business loans. |
| Trustpilot rating ⭐⭐⭐⭐ 4.6/5 from 258 reviews |
Trustpilot rating ⭐⭐ 2/5 from 91 reviews *This Trustpilot page is unclaimed by HSBC, meaning there is no active monitoring or response to reviews. |
| Learn more about Statrys | Learn more about HSBC |
Statrys Overview
Statrys is a Hong Kong-based financial technology company established in 2019 to tackle the challenges encountered by entrepreneurs and small to medium-sized businesses when dealing with banks. The fintech offers digital-first business accounts that support SWIFT and local payments, as well as business debit cards and company creation services.
Statrys takes pride in its exceptional personalised human customer support, which has facilitated over 2 billion in transactions and served over 3,500 companies with owners spanning 70+ countries.
Statrys was also awarded the SME Payment Solutions of the Year in Hong Kong in 2023 by the ABF Retail Banking Awards 2023.
- Eligible countries: Hong Kong, Singapore, and the BVI.
- Eligible company type: Most business entity types, including sole traders, limited liability companies(LLC), public limited companies (PLC), limited liability partnerships (LLP), registered charities or foundations, and other similar structures.
- Licence: Statrys Limited holds a Money Service Operator license (No. 19-02-02726) in Hong Kong, while Statrys UK Limited is registered as a Small Payment Institution (FRM: 911226) with the Financial Conduct Authority in the United Kingdom (FCA).
HSBC Hong Kong Overview
Established in 1865, The Hong Kong and Shanghai Banking Corporation (HSBC) aimed to support Hong Kong’s commercial growth and finance trade between Asia and Europe.
HSBC Hong Kong is now part of a global banking and financial services organisation recognised as the world's largest bank. Operating across 62 countries and territories, they serve approximately 39 million customers.
HSBC has received numerous awards for its success in big sectors, including recognition as the World's Best Bank for Public Sector and the Asset Services Provider Award.
- Eligible countries: Hong Kong. Overseas companies may also be eligible, but we cannot find a specified list. Please contact HSBC Hong Kong for details.
- Eligible company type: Limited company, partnership, and sole proprietorship.
- Licence: HSBC Hong Kong operates as a licensed bank in Hong Kong and is registered with the Hong Kong Monetary Authority.
Business Account Features
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| Supported Currencies in a Multi-currency Business Account | HKD, CNY, EUR, USD, AUD, CAD, CHF, GBP, JPY, NZD, SGD | HKD, CNY, EUR, USD, AUD, CAD, CHF, GBP, JPY, NZD, SGD, THB. |
| Supported Currencies for Local Payments | HKD, CNY, EUR, USD, AUD, GBP, IDR, INR, KRW, PHP, SGD, THB, TRY, and VND | HKD, RMB, EUR, AUD, BGN, CZK, DKK, GBP, HUF, CHF, NOK, PLN, RON, SEK, USD, NZD, SGD, and ZAR* |
| International Payments (SWIFT) |  |
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| Supported Currencies for International Payments | HKD, CNY, EUR, USD, AUD, CAD, CHF, GBP, JPY, NZD, SGD | Over 70 different currencies |
| FX Features | Spot & forward service with FX fee of as low as 0.1% | Spot trades and preferred rates with a minimum transaction amount. We cannot locate information about FX fees. |
| Accounting Software Integration | |
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| Link your Business Account to Marketplaces or Payment Processors (e.g., Shopify, Stripe, PayPal.) | |
We cannot find specific information. |
| Primary Pros | • 100% online application • Fast account opening • Simple and competitive pricing structure with no minimum balance requirement. • Personalised customer support |
• Provides loans, investments, and insurance. • Same-day remittance to Greater China for higher-tiered business plans. |
| Primary Cons | • Lack of loans and insurance services. • Supports major currencies in Hong Kong, but fewer than HSBC. |
• Hong Kong businesses** may be able to apply for an account remotely. However, subject to bank approval, they may still be required to visit a physical branch to complete the process. • The pricing structure is complex and on the higher side. For instance, you must keep a minimum balance to avoid monthly fees. |
*While there's no specific detail on local payouts for business accounts, it is stated in the HSBC Personal product that HSBC's network supports a “Global Money Transfer” capability where you can send funds like a local in the mentioned currencies.
**The business must be a limited company, partnership, or sole proprietorship incorporated or registered in Hong Kong. It should not have any corporate directors or shareholders and should have no more than two individual directors, shareholders, or authorised signatories. Additionally, directors and shareholders should have Hong Kong Identity Cards (HKID).
Business Account Fees
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| Account Opening Fee | Free* |
Online - HKD 1,300 Overseas HSBC branch - HKD 2,250 Overseas Company - HKD 11,000 |
| Account Monthly Fee | HKD 88 (with a dedicated account manager) | Waived with an average balance of HKD 50,000 to HKD 500,000 Otherwise HKD 200 - HKD 450 depending on the business account type |
| Receive Local Payments | Free | Free Local FPS payments up to HKD or RMB 1 million HKD 15 for Local RTGS payments |
| Send Local Payments | HKD 5 for local payments in Hong Kong not exceeding HKD 500,000; otherwise, HKD 25 HKD 25 to HKD 50 for local payments in specific countries |
HKD 5 for local FPS payments HKD 55 for local RTGS payments |
| Receive International Payments | HKD 55 | Starts at HKD 65, but fees vary depending on factors such as sending bank and currency |
| Send International Payments | HKD 75 | HKD 100 (to HSBC Groups in Mainland China) HKD 125 (to all others) |
*Except for companies not registered in eligible countries, companies with complex shareholding structures, and companies with high-risk business profiles.
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| Card types | Physical and virtual Mastercard® debit card | Physical and virtual Mastercard®, debit and credit card. Plus, an option for RMB, corporate, and purchasing cards. |
| Cards per Account | Unlimited cards per account However, each cardholder can have 1 physical card and up to 4 virtual cards. |
Multiple We have not found any information about the limit or maximum number of cards that can be issued per account or per cardholder. |
| ATM Withdrawal | |
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| Card Fees | HKD 0 for the first physical card and for all virtual cards. HKD 48 per month for each additional physical card. (around HKD 576 per year). |
HKD 0 - HKD 980 per year, depending on the card type. |
| Primary Pros |
• Designed for easy point-of-sale purchases. |
• Offers rewards (T&C apply) |
| Primary Cons |
• No reward programNo credit facilities |
• Potentially complex product range for SMEs |
💡 Looking for options for credit cards? Find out about the best credit cards in Hong Kong.
Customer Support
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| Dedicated Account Manager | |
We cannot find specific information |
| Communication Channels | Live chat on the website, email, phone, WhatsApp, WeChat | Physical branches, chatbot, chat, email, hotline |
| Working Hours | 9 a.m. to 7 p.m. Hong Kong Time Monday to Friday (excluding Hong Kong’s public holidays) |
9 a.m. to 6 p.m. Hong Kong Time* Monday to Friday Some services are available 24/7. Please check the HSBC contact page for details. |
| Average Response Time | Within 3 minutes, but may vary depending on the complexity of the inquiry. Messages received outside working hours will be responded to promptly via email on the next working day. |
We cannot find specific information. However, waiting times may be longer during peak hours (10 a.m. – 4 p.m.) |
*These are the typical hours for general commercial banking service support via phone. Branch visit hours vary by location.
🔍 Tip: If you're considering HSBC, explore how to open a business account with HSBC Hong Kong.
Disclaimer
Statrys competes directly with HSBC Hong Kong in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.
Our insights are derived from industry experience and discussions with clients who have also used our competitors' services. While we'd love for you to choose us, what's most important is that you make the decision that's right for you.
If you have any feedback regarding this review, please contact us at marketing@statrys.com.
FAQs
What are the main differences between HSBC Hong Kong and Statrys business accounts?
HSBC and Statrys both offer business accounts with multi-currency support.
However, HSBC is better suited for established businesses needing loans, credit, and investments, despite having higher fees or conditions.
On the other hand, Statrys focuses on providing straightforward, digital-first financial solutions for startups and SMEs. They do not offer traditional banking services like loans but have a more competitive pricing structure.
Can I open both a Statrys business account and an HSBC Hong Kong business account?
How long does it take to open a business bank account?
What are the requirements to open a business account with HSBC online?
Disclaimer
Statrys competes directly with HSBC Hong Kong in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.
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