Best Business Accounts in Hong Kong (2023)
Bertrand Theaud
Founder @Statrys ? Helping 3,500+ SMEs stay on top of the Payment Game ? We're hiring ??
The Best Business Accounts in Hong Kong
Introduction
Doing business today is simply more than just having a good product and selling it. Having the right business account is also just as important for your business.
It's no longer just about simple deposits and withdrawals. Nowadays, businesses require a range of financial services, including cross-border transactions , reliable customer support, payment cards, and efficient invoicing tools. With online payment platforms pushing traditional banks to innovate, finding the right business account that best suits your business needs can be challenging.
This article will review the 9 best business accounts in Hong Kong that SMEs and entrepreneurs should consider before opening an account.?
1. DBS
DBS, which was originally known as "The Development Bank of Singapore Limited," started in Singapore and has now become a significant player in global banking services.?
DBS has received several awards from prominent publications such as Euromoney, Global Finance, and The Banker and has been recognized as the world's leading bank for 5 consecutive years.
Things to Know About DBS
DBS Account Features
? Multi-currency Savings Account that supports up to 14 currencies
? 24/7 Instant Foreign Exchange.
? Real-time tracking of payment status with SWIFT gpi (required DBS IDEAL online banking platform)
? Cross-border payments.
? FPS Transfer
? Xero integration
? API integration
2. Statrys
Statrys is a fintech company in Hong Kong that was founded in 2019 with the goal of providing SMEs with the best business account solutions.?
In particular, Statrys is well-renowned for its human approach, which means providing exceptional customer service and allowing clients to reach the support team through phone, WeChat, WhatsApp, Email, and Live Chat in many different languages, such as English, Cantonese, Mandarin, French, Spanish, Hindi, and Thai.?
Currently, Statrys has grown to serve over 4,000 SMEs in Hong Kong and expanded from just providing business accounts to providing invoicing software and Hong Kong company creation services as additional services to support entrepreneurs.?
It is important to note that Statrys is not a bank but is licensed as a Money Service Operator (No. 19-02-02726) in Hong Kong.
Things to Know About Statrys
Statrys Account Features
? A multi-currency business account in Hong Kong, supporting 11 different currencies.
? Virtual and physical payment cards with built-in controls to manage business expenses
? Make spot trades and order forward contracts with competitive exchange rates.
? A dedicated account manager for every client
3. HSBC
HSBC has been at the forefront of the banking industry for decades. In addition, It is one of the 3 commercial banks licensed by the Hong Kong Monetary Authority (HKMA) to issue banknotes.?
HSBC Hong Kong provides a variety of financial services, such as multi-currency accounts, payment cards, and foreign exchange services, catering to businesses of all sizes.
Things to Know About HSBC
?HSBC Account Features
? Open accounts via the HSBC HK Business Express mobile app.
? Extensive selection of payment and credit cards.
? Ability to transact in 12 currencies.
? Comprehensive suite of financial solutions from lending and investments to trade solutions.
?? Note: If you are interested in learning more about this business account, we have created a comprehensive review of HSBC’s business account .
4. Airwallex
Airwallex is a rapidly growing fintech company based in Australia. They offer a wide range of financial solutions, including virtual accounts , local and international transfers to over 150 countries in more than 40 different currencies, and payment cards.?
In addition, Airwallex provides robust APIs for developers and integrations with popular accounting tools, such as Xero, NetSuite, and QuickBooks. All these solutions are available on a single platform, allowing clients to access and manage their funds efficiently.
Things to Know About Airwallex
Airwallex Account Features
? 100% online account application process.
? Business account that aggregated 10 Local Currency Accounts, including the US, EU, UK, Hong Kong, Singapore, Japan, Indonesia, Australia, Canada, and New Zealand accounts.
? Accounting software integration such as Xero, NetSuite, and QuickBooks.
? FX services with support for over 40 currencies.
? Payment gateway solution: Airwallex Online Payments
?? Note: Read our in-depth review to understand Airwallex’s features and fees
5. Standard Chartered
Standard Chartered is a well-known London-based bank. It operates in over 50 countries and is one of the 3 commercial banks authorised by the Hong Kong Monetary Authority to issue banknotes in Hong Kong.?
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Standard Chartered provides comprehensive financial services to suit both personal and business banking needs.
Things to Know About Standard Chartered
Standard Chartered Account Features
? Business accounts giving access to 11 currencies.
? A wide range of services, including loans, cash management, investment, insurance, and market insights.
? business-friendly solutions to handle payroll, tax, and MPF contributions.
? FX services, including spot and forward contracts.
?? Note: Curious to learn more? Check out our review of Standard Chartered Hong Kong business accounts.
6. Bank of China (Hong Kong)
BOC Hong Kong, a subsidiary of one of China's central financial institutions, has established itself as a major commercial banking player with a vast network of 200 branches. From business accounts to loans, investments, and cards, BOC Hong Kong provides a wide range of banking services to individuals, SMEs, and corporates.
Things to Know About Bank of China
Bank of China Account Features
? Loan services.
? Payroll services.
? Insurance and MPF offerings.
7. Hang Seng Bank
Hang Seng Bank is a well-established financial services provider based in Hong Kong. One of the most popular Hang Seng Bank products is the Integrated Business Solutions Account, which combines HKD currents, various savings options, investments, and statement gold accounts. This makes it an ideal choice for ecommerce businesses.
Things to Know About Hang Seng Bank
Launch Date: 1933
Type of Accounts: Business and Personal Accounts.
Key Services: Mastercard?, Visa or UnionPay cards, and Foreign Exchange services.
Customer Service: Customer Hotline, Email, WeChat, Virtual Assistant, Live Chat, or by visiting any Hang Seng branch.
Eligibility Requirement: Businesses registered in Hong Kong, including sole proprietorships, limited companies, or partnerships registered in Hong Kong, China, or abroad.
Time for Opening an Account: 3-5 days, varies based on the account type.
Hang Seng Account Features
? Investment and treasury services.
? Instant local transactions with FPS
? Loan services
? Payroll services
?? Note: Interested in their services? Discover how to open a Hang Seng business account with our step-by-step guide.
8. OCBC Wing Hang
In 2014, Wing Hang Bank was acquired by the Overseas-Chinese Banking Corporation of Singapore and is now known as OCBC Wing Hang Bank. The bank is headquartered in Hong Kong and offers a comprehensive range of business banking services, including current accounts, payment solutions, capital management, and trade and investment services.
Things to Know About OCBC Wing Hang
OCBC Wing Hang Account Features
? Multi-currency support (up to 15) spanning current, statement savings, and time deposits.
? Handle letter of credit issuance and payroll all-in-one account
? MPF software and calculators designed to simplify employees' MPF computations.
? Treasury solutions to manage FX risks, including structured forwards and foreign exchange options.
? Committed team to guide SMEs through the account opening process.
? Business eBanking and phone banking.
9. Bank of East Asia
Bank of East Asia (BEA) Limited is a Hong Kong-based banking and financial services company, which is the largest independent local Hong Kong bank. It is also one of the two remaining family-run Hong Kong banks.
Things to Know About Bank of East Asia
Bank of East Asia Account Features
? Business-friendly solutions, such as MPF, Auto-pay, and Payroll.
? Investment services tailored to diverse needs.
? Efficient payment collection mechanisms.
? Diverse Foreign Exchange and Treasury products.
? Various lending options for different needs.
Final Note
Choosing the right business account is a crucial decision that requires careful consideration of your business requirements and priorities. We've put in the time and effort to research and present the details of various accounts, some of which are discussed in this article. To aid your decision, read through our detailed reviews. They will offer clearer insights to help you find the best option for your business.
FAQs
1. Which business accounts are the best?
There is no absolute answer. The best business account will depend on your business priorities. Some of the best offerings in Hong Kong include Statrys, DBS Bank, Airwallex, and HSBC HK.
2. Which bank is best for opening a small business account?
The best banks to open a business account for small businesses are DBS, HSBC, and Standard Chartered. For non-bank options, Statrys and Airwallex are both good choices.?