The Best Banks to Use in Hong Kong [2022]

Hong Kong is one of the financial centers of the world with a strong banking system offering a doorway to China. 

Seventy of the top one hundred international banks in the world have some form of operation in Hong Kong, and twenty-nine of them have their regional headquarters in Hong Kong. One of the world’s largest banking institutions, the Hong Kong and Shanghai Banking Corporation Limited, or HSBC, was founded in Hong Kong.

It is understandable why Hong Kong is often described as the financial heart of Asia for commercial banking and personal banking. 

But which of the players in the Hong Kong banking sector is best for small business? We take a look at six top banks to give you a neat summary of your options. 

We also consider alternative solutions to traditional banking, like Statrys, to give you a complete picture.

An overview of the banking system in Hong Kong

In Hong Kong, there are three types of banks:

1. Licensed bank: can operate current (checking) and savings accounts, take deposits, and accept paychecks
2. Restricted license bank: can do business like an investment bank in capital markets, and can take deposits greater than HKD500,000
3. Deposit taking companies: are associated with licensed banks and are involved in consumer finance, commercial lending, and securities. They can take deposits of greater than HKD100,000 with a maturity of three months or greater.

There are also a large number of foreign banks in Hong Kong.

All the major banks on our list are licensed banks. Every international bank in Hong Kong is regulated and supervised to ensure stability for the financial sector and the country’s economy.

1. HSBC

HSBC is ranked 2nd on The Asian Banker list for strongest Asia Pacific bank, which evaluates banks based on their balance sheet strength.

HSBC Bank recently reported net income of over HKD96 billion, they have assets of almost HKD8 trillion, and they employ over 68,000 people. They serve over 60 nations worldwide with their global banking services, making them a top choice among foreigners.

HSBC offers a range of consumer and commercial services and is a leader in business accounts in Asia.

They were listed as Hong Kong’s best domestic bank in 2022 by Asiamoney, and they often rank highly in global private bank awards lists.

Generally, they are the preferred bank for high-net-worth clients, however, their minimum deposit to open a personal account is only HKD1.

HSBC Fees

We’ve done the leg work on key fees you should know about HSBC business banking fees. Go to the HSBC website for full pricing information. [1]

Account opening and management fees:

*TRB: Total Relationship Balance (TRB) is calculated based on the balances in the accounts maintained with HSBC in Hong Kong.

Transaction fees:

The rates we've listed are as of November 2022. We encourage you to check back regularly for the most up-to-date fees.

More information

Want to know more about HSBC in Hong Kong? We distill key points in our how to open an HSBC business account article.

2. Hang Seng Bank

Hang Seng Bank is ranked 4th on The Asian Banker list of strong Asia Pacific banks. They currently serve over half of the population of Hong Kong.

Their most recent net income was over HKD24 billion, they have assets of over HKD1.5 billion, and they employ over 9,600 people.

Hang Seng Bank has a comprehensive range of services, both domestically and globally. Customers can open accounts in a range of foreign currencies.

Asiamoney rated Hang Seng Bank the best Hong Kong bank for SMEs in 2021. Hang Seng lists other awards on their website.

Hang Seng Bank Fees

We’ve done the leg work on key fees you should know about. Go to the Hang Seng website for full pricing information. [2]

Account opening and management fees:

**The Total Relationship Balance (TRB) is the sum of all your deposits, investments, credit card cash advances, and outstanding loans (except mortgages) plus the total premiums paid for your designated general insurance plans distributed by Hang Seng Bank.

Transaction fees:

Please note that the rates we've listed are as of November 2022. We encourage you to check back regularly for the most up-to-date fees.

3. Bank of China (Hong Kong)

Bank of China (Hong Kong) is ranked 1st on The Asian Banker list of strong Asia Pacific banks.

Their last reported net income was over HKD34 billion, and their total assets are over HKD3 billion.

They employ over 14,500 people and are the 2nd largest commercial banking group in Hong Kong with over 190 branches.

It will be no surprise that BOC has a full range of commercial and consumer banking services.

They were named the best bank in Hong Kong for corporate social responsibility in 2022 by Asiamoney

Bank of China HK Fees

We’ve done the leg work on key fees you should know about. Go to the Bank of China website for full pricing information. [3]

Account opening and management fees:

Transaction fees:

Note that the rates we've listed are as of November 2022. We encourage you to check back regularly for the most up-to-date fees.

If you're interested in opening a business account with Bank of China in Hong Kong, you can refer to our handy guide.

4. Citibank Hong Kong

Citibank Hong Kong is ranked 43rd on The Asian Banker list for strong Asia Pacific banks.

Their last reported net income was HKD3 billion, and they have assets of HKD224 billion.

Citibank HK was the first foreign bank to offer services in Hong Kong in 1902, so they have a long history in the region. They also have a strong global brand, which is one of the reasons they were chosen for our list.

Citibank offers a full range of services for consumers and businesses and has a large presence in corporate banking in Hong Kong.

Citibank HK is often the chosen bank for expats and non-residents of Hong Kong, and they are one of the largest credit card issuers in the country. They also offer fee-free account packages and private banking services.

They perform strongly in global private banking and wealth management awards, and it is not a surprise to see them at the top of lists for best international bank.

Citibank HK Fees

We’ve done the leg work on key fees you should know about. Go to the Citibank HK website for full pricing information. [4]

Account opening and management fees:

Transaction fees:

Note that rates we've listed are as of November 2022. We encourage you to check back regularly for the most up-to-date fees.

If you're interested in opening a business account with Citibank HK, check out this article.

5. Standard Chartered Bank Hong Kong

Standard Chartered Hong Kong is ranked 9th on The Asian Banker list of strong Asia Pacific banks.

Their last reported net income was HKD9.7 billion, and they have over HKD1.1 billion in assets.

Standard Chartered Hong Kong was founded in 2004 and they do business in over 60 countries. It is one of only three banks in the country licensed to issue banknotes.

They offer a comprehensive array of services and are a leader in the digital banking world. They have lower fees for some services to accommodate all consumers. And they offer remote account openings, which is unusual in the region.

Standard Chartered Bank Hong Kong awards include:

• International Retail Bank of the Year by Asian Bank and Financing
• Digital Banking Initiative of the Year by Asian Bank and Financing

Standard Chartered Fees

We’ve done the leg work on key fees you should know about. Go to the Standard Chartered Bank HK website for full pricing information. [5]

Account opening and management fees:

Transaction fees:

The rates we've listed are as of November 2022. We encourage you to check back regularly for the most up-to-date fees.

If you're thinking of opening a business account with Standard Chartered, take a look at our guide.

6. BEA (Bank of East Asia)

Just like the banks mentioned above, the Bank of East Asia provides 11 different currencies for USD accounts, passbook accounts, and foreign currency deposit accounts. They also offer time deposits and savings accounts.

The available currencies include the Australian Dollar, Canadian Dollar, Euro, Japanese Yen, New Zealand Dollar, British Pound, Renminbi, Swiss Franc, South African Rand, Thai Baht, Singapore Dollar, and US Dollar.

This service is similar to what you can find with a corporate bank account at a large global bank.

BEA Fees

We’ve done the leg work on key fees you should know about. Go to the BEA website for full pricing information. [6]

Account opening and management fees:

Transaction fees:

Note that Rates we've listed are as of November 2022. We encourage you to check back regularly for the most up-to-date fees.

Have you considered a virtual bank?

Most virtual banks in Hong Kong are backed by larger traditional banks, like Bank of China (BOC) Hong Kong or Standard Chartered, for example.

Funds of the virtual banks are held with traditional banks, to provide the kind of safety and security customers get with a commercial bank or from retail banking providers.

Usually, virtual banks provide access to similar services that a traditional bank provides but at more affordable rates and without the red tape, which is why they have become so popular. 

Here's a list of major virtual banks in Hong Kong.

Making international payments for your Hong Kong Business? You could save more with Statrys

Opening a business bank account is a smart move, but you might find yourself getting lost in the red tape. Fortunately, there are fintech solutions like Statrys that offer simpler and easier application processes and cheaper payment services, which is ideal for small companies. 

Technically Statrys is not actually a bank, but it offers payment services from a business account as banks do. It is an alternative that provides a safe place to keep your money and make local and international payments at more attractive rates. 

Small businesses can open business accounts faster and access services that larger businesses benefit from, like multi-currency accounts in 11 currencies as well as foreign exchange services.

It might be smart to factor in Statrys when comparing the prices and fees traditional banks charge for foreign exchange and international payment services. You might be surprised, and even better, it could save you money and time.