The 7 Best Banks To Use in Hong Kong in 2024

Hong Kong is recognised as the financial centre of Asia for both personal and commercial banking, with a strong infrastructure and a strategic positioning as the gateway to China. 

According to the Hong Kong Monetary Authority's Hong Kong bank list in 2024, there are over 150 licensed banks, 16 restricted license banks, and 11 deposit-taking companies in Hong Kong. Among them are the top international banks worldwide.

With so many banks in Hong Kong to choose from, which one is the best? In this article, we'll explore the top 7 banks, what they offer, how much they charge, and their pros and cons.

Hong Kong implements a three-tier system of institutions classified based on the amount and term of deposits accepted and the nature of business. 

The three types of institutions are explained below. 

Licensed banks are the most common banks in Hong Kong. They can operate current (checking) and savings accounts, take deposits of any size and maturity, and accept paychecks. 

These institutions can freely use the word 'bank' in their name. Examples of these banks include Dah Sing Bank, Bank of China, and ZA Bank (which is a virtual bank).

Licensed banks in Hong Kong participate in the Deposit Protection Scheme, which offers a maximum protection of up to HKD 500,000 per depositor.

Restricted license banks can do business like an investment bank in capital markets and can take deposits greater than HKD 500,000. There are only a few restricted licensed banks in Hong Kong, such as Goldman Sachs Asia Bank Limited and Orix Asia Limited.

Restricted licensed banks in Hong Kong are not part of the Deposit Protection Scheme (DPS).

Deposit-taking companies are associated with licensed banks and are involved in consumer finance, commercial lending, and securities. They can take deposits greater than HKD 100,000 with a maturity of three months or greater. 

Some examples of these companies are BPI International Finance Limited and Public Finance Limited.

Every international bank in Hong Kong is regulated and supervised to ensure stability for the financial sector and the country’s economy.

There are over 190 authorised institutions in Hong Kong, including licensed banks, restricted licence banks, and deposit-taking companies.

You can also find the complete list of banks and bank codes in Hong Kong in our other articles. 

While the best bank for you depends on your specific needs, whether you prioritise saving, investing, borrowing, or making international transfers, here are some notable options in Hong Kong:

• DBS Bank (Hong Kong)
• HSBC
• Hang Seng Bank
• Bank of China (Hong Kong)
• Citibank Hong Kong
• Standard Chartered Hong Kong
• Bank of East Asia (BEA)

In the following section, we'll discuss the features, advantages, disadvantages, and fees of each of these banks.

DBS Bank (Hong Kong) Limited is a licensed bank incorporated in Hong Kong. The bank operates as a subsidiary of DBS Bank, a prominent financial services group headquartered in Singapore with a presence in 18 markets.

Globally, DBS employs approximately 36,000 employees and has a total asset holding of 581.14 billion, based on the report for March 2024. 

Most recently, they were named the World’s Best Bank for Corporate Responsibility and awarded the “Safest Bank in Asia“ by Global Finance for 15 consecutive years from 2009 to 2023.

Contact details

• DBS Hong Kong website: https://www.dbs.com.hk
• Contact email: enquiry.hk@dbs.com, BusinessCare-HK@dbs.com 
• Contact numbers: 852 2290 8888, 852 2290 8068
• Working hours:  9 am - 6 pm (Mon to Fri) and 9 am - 1 pm (Sat)
• Hong Kong Branch locator: https://www.dbs.com.hk/index/locator.page 

DBS Bank (Hong Kong) provides a range of services, including personal banking, corporate and SME banking, private banking, wealth management, personal and business loans, personal and business credit cards, treasury, trade services, and general insurance. 

Here are some of the most notable products:

• Digital Banking: 24-hour self-service with DBS digibot and efficient online management via DBS IDEAL.
• Corporate and SME Banking: Customised services for businesses and SMEs, such as business accounts, trade financing, and cash management solutions.
• RMB products, such as RMB corporate accounts and foreign exchange services
• Personal multi-currency savings account with a selection of 14 currencies
• Private Banking and Wealth Management: Exclusive services for high-net-worth individuals, offering personalised investment strategies, professional advice, and portfolio management.

• The eligibility criteria can be complex and vary significantly depending on the account type
• Limited ways to contact customer support

• DBS has global recognition that ensures high trust and credibility.
• Quick account set up in as fast as 15 minutes and activated as quickly as 2 business days
• Integrate with accounting software like Xero 
• API integration for customised solutions
• Diverse account types, including Corporate Accounts, Social Enterprise Bundle, and RMB Business Accounts, catering to different business needs

• The eligibility criteria can be complex and vary significantly depending on the account type
• Limited ways to contact customer support

In this section, our focus will be on the key service fees associated with business banking services offered by DBS.

*Special Companies refer to, but are not limited to, companies in special industries such as money services and jewellery.

For additional details, please refer to the rates and fees outlined on this DBS Hong Kong Corporate Banking Fees page.

The Hong Kong and Shanghai Banking Corporation (HSBC) was established in Hong Kong in 1865 to facilitate trade between Asia and Europe. 

They now stand as one of the largest financial services organisations, with global banking services serving over 60 nations and 39 million clients worldwide.

They ranked 2nd on The Asian Banker list for strongest Asia Pacific bank, which evaluates banks based on their balance sheet strength. HSBC was also listed by AsiaMoney as Hong Kong’s best domestic bank in 2022 and Best International Bank for the Greater Bay Area in 2023. HSBC's latest annual report discloses HKD 12.7 billion profit performance in the first quarter of 2024.

Generally, HSBC is the preferred bank for high-net-worth clients. 

Contact details

• HSBC website: https://www.hsbc.com.hk
• Contact email: commercialbanking@hsbc.com.hk 
• Contact number: 852 2233 3000, 852 2748 8288
• Working hours: 9 am – 6 pm (Mon to Fri)
• Hong Kong Branch locator: https://www.hsbc.com.hk/branch-finder/ 

HSBC offers a wide array of services, catering to personal banking, business banking, corporate banking, private banking, cards, loans, broker services and more. 

Here are some notable products:

• Personal Integrated Accounts: Provides a comprehensive solution covering deposits, credit cards, investments, and insurance.
• HSBC Business Integrated Account: A holistic banking solution for businesses of all scales.
• Greater Bay Area (GBA) Business Credit Connect: Facilitates flexible credit allocation within the Guangdong-Hong Kong-Macao Greater Bay Area, with expedited processing potentially within one day.
• Renminbi Services: Convenient cross-border options such as time deposits, savings accounts, and currency exchange services.
• HSBC Global Private Banking: A range of specialised financial services tailored for high-net-worth individuals and families.

• HSBC's global presence and esteemed reputation worldwide establish it as a reliable and suitable international option.
• HSBC's mobile app is well-developed for easier access to your account
• A wide array of financial products and services are available for business customers, including business accounts catering to different levels of business, from startups to established SMEs, corporate cards, trade services, and business loan

• Considerably higher fees, especially for some services like foreign exchange transactions
• Requires a high minimum account balance

In this section, we explore the main service fees tied to HSBC's business banking.

Please refer to HSBC's commercial tariffs for the latest information.

Hang Seng Bank Limited is a Hong Kong-based bank headquartered in Hong Kong. They currently serve over half of Hong Kong's population with a comprehensive range of domestic and global services. Customers can open accounts in a range of foreign currencies.

Hang Seng Bank’s most recent annual report states that the bank has assets of approximately HKD 1.69 trillion at the June period end of 2023.

They ranked 4th on The Asian Banker list of strong Asia Pacific banks. Additionally, Asiamoney rated Hang Seng Bank as the best Hong Kong bank for SMEs in 2021. Hang Seng was also acknowledged as the Best Payments Bank in 2023 by The Asian Banker, marking the 7th consecutive year of winning this award.

Contact details

• Hang Seng Bank website: https://www.hangseng.com/ 
• Contact email: N/A
• Contact numbers: 852 2198 8022 (Application hotline), 852 2822 0228 (Customer service)
• Working hours: 8:30 am - 6 pm (Mon to Fri),  8:30 am - 1 pm (Sat)
• Hong Kong Branch locator: https://www.hangseng.com/en-hk/contact/branch-addresses/ 

Hang Seng Bank offers personal banking, business banking, and cross-boundary wealth management. 

Here are some of the standout products: 

• Biz Virtual+ Account: Digital and physical business support for startups and local SMEs.
• Business Integrated Account: Tailored for SMEs and well-established corporates.
• RMB Commercial Banking: offering RMB savings accounts and business integrated accounts that bundle sub-RMB savings accounts, RMB current accounts, and RMB time deposit accounts.
• GBA services: Services in the Greater Bay Area, including accounts, liquidity, financing, online trade, and wealth management.
• Cross-boundary Wealth Management Connect (WMC): Two-way investment opportunities, accessible products, and seamless fund transfers within the GBA.

• Strong local presence with a very solid reputation in Hong Kong.
• Strong focus on the improvement of e-services such as Mobile Cash Withdrawal.
• Rewards programs for bank customers, such as credit card holders and Hang Seng Preferred Banking Club.

• Limited international presence and bank account access from other countries.
• Considerably narrower range of financial products and services compared to other competitors.

Here, we outline the major service fees for Hang Seng Bank's business banking services.

Please refer to Hang Seng Commercial Banking Service Fee for details.

Bank of China (Hong Kong) Limited, also known as BOCHK, is a subsidiary of the Bank of China. As the 2nd largest commercial banking group in Hong Kong, they employ approximately 14,220 people, establish over 190 branches, and hold a total asset of over HKD 3.6 trillion, according to released bank financial highlights.

Bank of China (Hong Kong) is ranked 1st on the Asian Banker list of strong Asia Pacific banks and was named the best bank in Hong Kong for corporate social responsibility in 2022 by Asiamoney. More recently, in 2023, they earned the title of the "Best Retail Bank in Hong Kong" by The Asian Banker.

BOCHK offers a comprehensive range of commercial and consumer banking services.

Contact details

• BOCHK website: https://www.bochk.com/en/home.html 
• Contact email: N/A
• Contact numbers: +852 3988 2195 (business account opening hotline),+852 2826 6888 (general)
• Working hours: 9 am - 5 pm (Mon to Fri) and 9 am - 1 pm (Sat)
• Hong Kong branch locator: https://www.bochk.com/en/branch.html 

Bank of China (BOCHK) provides a wide array of financial services tailored for personal, business, and corporate clients. 

Here are some of the highlights:

• SME in One: Integrated banking solutions designed for SMEs, including business accounts and loan services.
• BOCHK Cross-Border GO: Financial services tailored for the Greater Bay Area, personal financial services in Southeast Asia, and overseas personal financial services.
• RMB Cross-Border Trades: Facilitation of cross-border transactions involving RMB.
• Corporate Trade Settlement and Financing: Services for corporate clients to manage trade settlements and financing needs.

• Strong Hong Kong-Mainland China network
• Strong reputation and reliability as displayed by being 1st on The Asian Banker list of strong Asia Pacific banks.
• Wide range of financial products and services available to customers

• Limited support in English available to customers
• A potentially complicated application process. For instance, the process may involve visiting a physical branch and providing extensive documentation.

In this section, we will review the primary service fees associated with Bank of China business banking.

Please refer to the BOCHK General Banking Service Charges and BOCHK Service Charge page for more details.

Citi or Citibank Hong Kong 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, and one of the largest credit card issuers in the country, which is one of the reasons they were chosen for our list.

Citibank Hong Kong is ranked 43rd on The Asian Banker list of strong Asia Pacific banks. According to Citibank's latest annual report, its revenue was HKD 78.5 billion in 2023. 

With a large presence in corporate banking in Hong Kong, they are often the chosen bank for expats and non-residents of Hong Kong.

They perform strongly in global private banking and wealth management awards, making their case to be placed among the top picks for best international banks. In 2023, Citibank was also named Hong Kong's best corporate bank by Asiamoney.

Contact details

• Citibank Hong Kong website: https://www.citibank.com.hk 
• Contact email: N/A
• Contact numbers: 852 2860 0333
• Hotline hours: 8 am – 8 pm (Mon to Sun)
• Hong Kong branch locator: https://www.findmyciti.com/hk 

Citibank offers a full range of services for consumers and businesses, including fee-free account packages and private banking services. 

Here's a snapshot of the featured services.

• International personal banking: Global investment opportunities through offshore wealth management.
• Cross-Boundary Wealth Management Connect scheme: This scheme facilitates wealth management across regions like the Greater Bay Area.
• Renminbi (RMB) services, including transactions (buy/sell), Shanghai-Hong Kong Stock connect access, deposits, mutual funds, bonds, cash withdrawals, and endowment plans.
• CitiBusiness® privilege: SME services and solutions tailored for cost management and business banking needs.

• Strong global presence and well-recognized internationally
• One of the largest credit card providers with a variety of available cards with rewards
• Easy access to online and mobile banking services

• Considerably higher fees and interest rates compared to competitors in the market
• Citibank Hong Kong's website can be challenging to navigate, potentially making it difficult to find specific information or access certain services.

This section highlights the key fees involved in Citibank Hong Kong's business banking services.

Please refer to the Citibank service fees page for more information.

Standard Chartered Bank (Hong Kong), more commonly known as Standard Chartered Hong Kong, is a licensed bank incorporated in Hong Kong and a subsidiary of Standard Chartered–a multinational bank operating in over 60 countries. The bank is among the three commercial banks authorised by the Hong Kong Monetary Authority to issue Hong Kong dollar banknotes. 

Standard Chartered Hong Kong is ranked 9th on The Asian Banker list of strong Asia Pacific banks and most recently received top awards for its Digital Trading Platform and Customer Service/Customer Care at the Bloomberg Businessweek and Chinese Edition Financial Institution Awards 2023.

Standard Chartered Hong Kong provides a comprehensive range of services, including remote account openings, which is not very common in the region.

Contact details

• Standard Chartered Hong Kong website: https://www.sc.com/hk/ 
• Contact email: N/A
• Contact numbers (local): 852 2886 8888, 852 282 033 33
• Contact number (headquarters): 44 (0)20 7885 8888
• Working hours: 9 am - 5:30 pm (Mon to Fri) 9 am - 12:30 pm (Sat) 
• Hong Kong branch locator: https://www.sc.com/hk/atm-branch-locator/ 

Standard Chartered offers personal banking, business banking, and cross-border banking. Here are the highlighted services:

• SME Banking: Standard Chartered Hong Kong’s SME banking consists of instalment loans, overdrafts, working capital and mortgages.
• International Banking: International banking through global account management, whether you travel or relocate.
• Greater Bay Area Banking: Banking for individuals and companies in the Greater Bay Area, including wealth management. 

• Standard Chartered is internationally recognised, with a presence in multiple countries
• Comprehensive investment insights and in-depth market information for businesses
• Customers holding a private and business account with Standard Chartered are provided with a Relationship Manager. They assist with financial needs and aid in selecting suitable investment solutions.

• Relatively high fees and interest rates
• The fee structures can be complicated, with tiered-based pricing and additional conditions. 

Please refer to Standard Chartered Fees page for more information.

Bank of East Asia is the biggest independent Hong Kong bank and one of two family-run banks in Hong Kong, with total assets of approximately HKD 872 billion according to BEA’s latest financial reports.

They provide various banking services similar to what you can find with a corporate bank account at a large global bank. These services encompass personal banking, wholesale banking, wealth management, investments, corporate and commercial financing, SME financing, and more.

In 2023, Bank of East Asia received notable awards, including Outstanding Retail Banking from the Hong Kong Economic Journal Finance Services Awards of Excellence, Domestic Retail Bank of the Year in Hong Kong by Asian Banking and Finance Retail Banking Awards, and Outstanding Retail Bank of the Year from Bloomberg Businessweek Chinese Edition Financial Institutions Awards.

Contact details

• BEA website: https://www.hkbea.com 
• Contact email: info@hkbea.com 
• Contact numbers (local): 852 2211 1333 (24 hours for general enquiry), 852 3608 0202 (overseas branch services)
• Working hours: 9 am - 5 pm (Mon to Fri), 9 am - 1 pm (Sat) 
• Hong Kong branch locator: https://www.hkbea.com/html/en/branches_main.html 

They provide various banking services similar to what you can find with a corporate bank account at a large global bank. These services encompass personal banking, wholesale banking, wealth management, investments, corporate and commercial financing, SME financing, and more.

Here are some of the featured services. 

• Hong Kong Dollar Deposits account, including current accounts, savings accounts, fixed deposits, call deposits and large-amount time deposits.
• Foreign Currency Deposits account, including savings account with access to 10 foreign currencies, and multi-currency statement savings account.
• SME Financing: Lines of credits designed for SMEs.
• BEA Enterprise Easy Fund Series: Designed for companies to quickly access funds and capitalise on new business opportunities.

• A long history in Hong Kong and a well-known reputation in the Asia market
• Bank of East Asia has a reputation for industry-leading improvements for customers in Mainland China, with recognition for being the first foreign bank to provide RMB cards in mainland China. 
• A diverse range of services that cater to a diverse customer base

• The Bank of East Asia has a limited global presence and may not be widely recognised internationally, which may make it difficult to access your account and seek support when outside of Asia.
• Few public customer reviews may make it challenging for potential customers to assess the bank's performance based on real user experiences.

Please refer to Bank of East Asia's Charges for more details. 

All the banks listed are among the best choices in Hong Kong, but that depends on the needs of your business. 

If traditional banks don't meet your needs, there's a growing trend towards virtual banks and fintech companies that provide business accounts—usually with a package that includes more affordable fees and a simpler process, catering to the requirements of international and small businesses.

At Statrys, we offer a multi-currency business account that allows you to make local and international payments at affordable rates with reliable customer support. 

Here is the breakdown of our business account: