Are you wondering which bank offers the best business bank account in Hong Kong? To help you open a business account, we’ve collected the 8 best banks and online payment providers for you.
Business accounts today offer more than simply money management. Businesses for example often wish for seamless and affordable cross-border transfers, superior customer service, tools to streamline invoicing and bookkeeping, or cash-back on debit card purchases, among others. With the arrival of online payment providers that replace traditional business bank accounts, there has been more pressure on costs as well, which remains a priority for small businesses.
We reviewed 8 banking alternatives for businesses in Hong Kong, looking at account features, the application process, channels, and eligibility criteria.
Here are our picks of the best business banks for Hong Kong-based businesses.
1. Statrys
Statrys is one of the top virtual business bank alternatives in Hong Kong. Statrys provides more features, services, and perks than many other licensed digital banks.
Launch Date: 2018
Type of Accounts: Multi-currency business account, EURO IBAN account
Cards/Services: Virtual and Physical Mastercard card, Foreign Exchange
Channels of Contact: Customer Enquiry Hotline, Email, Live Chat, Whatsapp, and WeChat
Key Things to know about Statrys' business accounts
Eligibility Criteria: Companies registered in Hong Kong, Singapore, and the BVI
Time for opening an account: 85% of clients have their accounts approved in less than 3 days
TrustPilot Reviews: Rated Excellent 4.6 Stars from 150 verified users (Fact checked on 20th January 2023)
Account features
✅ A multi-currency business account in Hong Kong supporting 11 currencies
✅ A EURO IBAN account to send and receive money in Europe via the SEPA network
✅ Virtual and physical Mastercard payment cards with built-in controls and limits to manage business expenses
✅ FX services at competitive exchange rates (spot and forward contracts)
✅ All transaction fees are cheaper than with traditional banks
✅ Provides a 100% human customer support experience with dedicated account managers for clients
2. Airwallex
Airwallex is a fintech founded in Melbourne, Australia, and is now headquartered in Hong Kong. It is not a bank, but an approved payment and financial service provider. It is used by SMEs to make and receive payments in over 50 currencies in more than 130 countries.
Launch Date: 2015
Type of Accounts: Multi-currency business accounts
Cards/Services: Virtual Visa Company card, Virtual and Physical Employee card, Foreign Exchange
Channels of Contact: Customer Enquiry Hotline, Email
Key Things to know about Airwallex Business Accounts
Eligibility Criteria: Registered companies not operating in prohibited industries
Time for opening an account: On average 1-3 working days to get approved
Account features
✅ 100% online account application
✅ Multi-currency business account
✅ Online expense management with XERO integration
✅ FX services at competitive exchange rates (supports over 40 currencies)
✅ Payment gateway solution called Airwallex Online Payments
If you would like to know more about opening an Airwallex account, you can check out our review.
3. HSBC
HSBC is the largest bank in Hong Kong and one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the HKD. HSBC Hong Kong offers a wide variety of products and services for businesses out of the HSBC business banking division. Their products suit businesses at various stages in their growth journey.
Launch Date: 1865
Type of Accounts: 3 main types of Business Accounts: HSBC Sprint Account, HSBC Business Direct, HSBC BusinessVantage
Cards/Services: Mastercard card, Foreign Exchange
Channels of Contact: Customer Enquiry Hotline, Email, Whatsapp, Live Chat Support, visit any HSBC branch
Key Things to know about HSBC Business Accounts
Eligibility Criteria: Limited company, partnership, or sole proprietorship incorporated or registered in Hong Kong with business operations in Hong Kong, without any corporate directors or shareholders, having up to 2 individual directors, shareholders, or authorized signatories
Time for opening an account: Up to 3 working days
Account features
✅ Online account opening via HSBC HK Business Express mobile app
✅ Variety of payment and credit cards
✅ Supports receiving and paying in 12 currencies
✅ Full product range from lending to investing and trade solutions
If you would like to know more about opening an HSBC account, you can read our review here.
4. OCBC Wing Hang
In 2014 Wing Hang Bank became a subsidiary of the Overseas-Chinese Banking Corporation of Singapore and is now known as OCBC Wing Hang Bank headquartered in Hong Kong. The business account suite comprises a full range of products including current accounts, payment solutions, capital management, and trade and investment services.
Launch Date: 1937
Type of Accounts: Business and Personal Accounts
Cards/Services: Visa card, Foreign Exchange
Channels of Contact: Customer Enquiry Hotline, Email, visit any OCBC Wing Hang branch
Key Things to know about OCBC Wing Hang Business Accounts
Eligibility Criteria: Limited companies, proprietorships, partnerships, offshore companies, clubs, trusts and associations registered in Hong Kong with annual turnover up to 10,000,000 HKD and a single layer of ownership, owners need HK permanent resident ID card to apply
Time for opening an account: No information provided
Account features
✅ Up to 15 currencies for current, statement savings and time deposits
✅ Handle letter of credit issuance and payroll services in one account
✅ User-friendly MPF software and calculator for employees’ MPF calculations
✅ A range of treasury solutions to manage foreign exchange risk, including structured forward and foreign exchange options
✅ A dedicated team to work closely with SME customers throughout the account opening journey
✅ Business eBanking and phone banking
5. Bank of China (Hong Kong)
Bank of China’s Hong Kong subsidiary is the second-largest commercial banking group in Hong Kong with around 200 branches across the territory. The bank provides services to individuals, corporate bodies, and SMEs.
Launch Date: 1912
Type of Accounts: Business and Personal Accounts
Cards/Services: UnionPay card, Foreign Exchange
Channels of Contact: Customer Enquiry Hotline, Email, visit any Bank of China branch
Key Things to know about Bank of China Business Accounts
Eligibility Criteria: Sole proprietorships, limited companies, or partnerships registered in Hong Kong, China, or overseas may apply
Time for opening an account: Approval takes 1-2 weeks (shorter for HK-based sole proprietorships, partnerships, and single-layer limited companies)
Account features
✅ Lending products
✅ Payroll service
✅ Insurance and MPF
6. Bank of East Asia
Hong Kong-based banking and financial services company, and is currently the largest independent local Hong Kong bank, and one of two remaining family-run Hong Kong banks.
Launch Date: 1918
Type of Accounts: Business and Personal Accounts. 2 types of Business Accounts: CorporatePlus Account, CorporatePlus – Business Start Account
Cards/Services: UnionPay card, Foreign Exchange
Channels of Contact: Customer Enquiry Hotline, visit any Bank of East Asia branch
Key Things to know about the Business Accounts of Bank of East Asia
Eligibility Criteria: Sole proprietorships, partnerships, or limited companies, which have been established for less than 1 year (only for CorporatePlus – Business Start Account), are incorporated in Hong Kong, and have business operations in Hong Kong
Time for opening an account: No information provided
Account features
✅ MPF, Auto-pay and Payroll Services
✅ Investment services
✅ Payment collection services
✅ Foreign Exchange and Treasury Products
✅ Lending services
7. Standard Chartered
Standard Chartered is a British banking and financial services company headquartered in London with a presence in over 50 countries. In Hong Kong, Standard Chartered offers products and services to individuals and businesses.
Launch Date: 1937
Type of Accounts: Business and Personal Accounts
Cards/Services: Mastercard or UnionPay card, Foreign Exchange
Channels of Contact: Customer Enquiry Hotline, AI-chatbot, Relationship Manager (once approved), visit any Standard Chartered branch
Key Things to know about the Business Accounts of Standard Chartered
Eligibility Criteria: Standard Chartered HK does not provide a clear list of registration requirements. To open a business account, your business should be registered as one of the following: sole proprietorship, partnership, limited company, society or association, owners incorporation
Time for opening an account: Approval can take any time from weeks to months
Account features
✅ Lending solutions, cash management solutions, investment and insurance, and market insights
✅ Business account supporting 11 major currencies
✅ Services to manage payroll, tax, and MPF contributions
✅ FX services (spot and forward contracts)
To know more about opening a Standard Chartered account, check out our review.
8. Hang Seng Bank
Hang Seng Bank is a Hong Kong-based bank with a wide array of 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 as a bank for an e-commerce business.
Launch Date: 1933
Type of Accounts: Business and Personal Accounts. 2 types of Business Accounts: Biz Virtual+ Account, Integrated Business Solutions Account
Cards/Services: Mastercard, Visa, or UnionPay card, Foreign Exchange
Channels of Contact: Customer Enquiry Hotline, Email, Wechat, Virtual Assistant, Live Chat, visit any Hang Seng branch
Key Things to know about the Business Accounts of Hang Seng Bank
Eligibility Criteria: Sole proprietorships, limited companies, or partnerships registered in Hong Kong, China, or overseas may apply
Time for opening an account: Around 3-5 days depending on the account type
Account features
✅ Investment and treasury service
✅ Lending products
✅ Preferential pricing on Faster Payment System (FPS) payment
✅ Payroll service
Final Note
Deciding on 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, Airwallex and HSBC HK.
Which bank is best to open a small business account?
