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The 7 Best Banks To Use in Hong Kong in 2024

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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. 

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.

The Banking System in Hong Kong

Before we begin, let's first understand the banking system in Hong Kong. Here, we implement 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.

  1. Licensed banks: These are the most common banks in Hong Kong. They can operate current (checking) and savings accounts, take deposits, 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).
  2. Restricted license banks: These 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.
  3. Deposit-taking companies: These 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.

🔎 Tip: Explore the distinctions between online banking and traditional banking

The banks listed in this article are all licensed banks, each with its specialities and differences, which will be discussed below.

Statrys mobile application dashboard showing a total balance in a business account.

Bank

Best For

Key Limitation

Key Fees

DBS's logo

Corporate preferring quick account activation and global recognition

Eligibility complexity

Account opening: HKD 1,200 - 10,000

Monthly: HKD 250 

HSBC logo

High-net-worth clients preferring global presence and comprehensive business services

High fees

Account opening: HKD 1,300 - 11,000

Monthly: Waived or HKD 200 or HKD 450, depending on account type and TRB.

Hang Seng Bank logo

SMEs that prefer banks with a strong local presence

Limited global presence

Account opening: HKD 1,000 - 2,000

Monthly: Waived with TRB of HKD 100,000 or HKD 50,000 for specific account types; otherwise, HKD 200.

Bank of China logo

Hong Kong-China relations, offering a strong network and solid reputation

Language barrier, complex account opening process

Account opening: HKD 1,200 - 6,200

Monthly: Waived with TRB of HKD 50,000 to HKD 1,000,000; otherwise, HKD 120 to HKD 200, depending on account types.

Citi bank logo

International banking with a strong global presence and wide credit card options

Higher fees, website navigation challenges

Account opening: HKD 2,000 - 8,000;
Monthly: Waived or HKD 300 to HKD 500 depending on account types

Standard Chartered logo

Digital banking, offering global presence and relationship manager services

Higher and complex fees

Account opening: HKD 1,200 - 10,000
Monthly: HKD 300 - HKD 500 depending on business types

Bank of East Asia's logo

Local banking in Asia with a strong Hong Kong reputation and Asia market development

Limited global presence

Account opening: HKD 10,000

Monthly: Waived with an Average Daily Relationship Balance of HKD 10,000; otherwise, HKD 150.

1

DBS Bank (Hong Kong)

DBS platform screenshot

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 $424.483B based on the report for the quarter ending June 2023.

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

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

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Tip: DBS Bank is also on our list of The 5 Best Banks To Use in Singapore

Pros of DBS Bank 

  • 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

Cons of DBS Bank

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

DBS Bank (Hong Kong) Fees

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

Service

DBS Fees

Account opening fee

Local Company Account: Min. HKD 1,200

Overseas and Special Company Account*: Min. HKD 10,000

Monthly Service Fee

HKD 250

Receiving (inward) a telegraphic transfer

HKD 65

Sending (outward) a telegraphic transfer

DBS Electronic Banking: HKD 115

SWIFT Transfers (MT103): HKD 240

Local transfers in HKD/USD/RMB via RTGS

DBS Electronic Banking: HKD 55

SWIFT Transfers (MT103): HKD 200

Plus, other correspondent bank charges

*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

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2

HSBC

hsbc platform screenshot

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

Currently, HSBC stands as one of the largest financial services organisations in the world, with global banking services serving over 60 nations and 39 million clients worldwide.

In terms of accolades, HSBC ranks 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.

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Tip: Find out about the key features and fees of HSBC business banking in our detailed HSBC business account reviews.

Pros of HSBC

  • 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

Cons of HSBC

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

Service

HSBC Fees

Account opening fee

Online: HKD 1,300

Overseas HSBC branch: HKD 2,250

Overseas Company or Special Company: HKD 11,000

Monthly fees

Waived, HKD 200, or HKD 450, based on account type and a total relationship balance starting from HKD 500,000.

Initial deposit 

HKD 10,000

Receiving (inward) a telegraphic transfer

Proceeds to an HSBC account: HKD 65

Proceeds to another bank's beneficiary account: HKD 255

Sending (outward) a telegraphic transfer

Mainland China: HKD 100

To all others: HKD 125

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

3

Hang Seng Bank

screenshot of hangseng bank platform

Hang Seng Bank Limited is a Hong Kong-based bank headquartered in central, 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. According to Zoom Info's latest reports, Hang Seng Bank currently employs 4,122 employees in Hong Kong.

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.

Pros of Hang Seng Bank

  • 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.

Cons of Hang Seng Bank

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

Hang Seng Bank Fees

Service

Hang Seng Bank Fees

Account opening fee

Apply remotely: HKD 1,000

Apply through the Business Banking Center: HKD 1,300

Opening a Company Account in Hong Kong via Video Conference: HKD 2,000

Monthly fee

HKD 200 

Waived if an average relationship balance meets HKD 50,000 for Biz Virtual+ and HKD 100,000 for Integrated Business Solutions 

Initial deposit fee

HKD 20,000

Local transfer 

Receive: Free
Send: HKD 5 for up to HKD 100,000; then HKD 10 via FPS or HKD 15 and  HKD 25 via CHATS

Receiving (inward) a Telegraphic Transfer

To Hang Seng Bank account: HKD 65

To other local banks: HKD 150 - HKD 300

Sending (outward) a Telegraphic Transfer

Remit to beneficiary account with Hang Seng in Mainland China / Macau: HKD 85

Remit to a beneficiary account via E-banking: HKD 125

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

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Tip: If you're looking to open a business account with the Hang Seng Bank in Hong Kong, refer to our step-by-step guide to opening a bank account.

4

Bank of China (Hong Kong)

bank of china platform screenshot

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 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.

Pros of Bank of China

  • 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

Cons of Bank of China

  • 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.

Service

Bank of China Fees

Account opening fee

Hong Kong: HKD 1,200

Mainland: HKD 3,200

Overseas: HKD 6,200

For companies with four or more layers in their structure: an extra fee of HKD 5,000 

Monthly fee

HKD 120 - HKD 200, depending on account type. 

The fee is waived for savings and currency accounts with a combined average monthly balance or total relationship (TBR) balance that meets the required threshold.

Receiving (inward) a Telegraphic Transfer

Waived for an amount not more than HKD 500, otherwise HKD 60 per item

Sending (outward) a Telegraphic Transfer

Electronic channels:  HKD 115 - HKD 120

Branches: HKD 260

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

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Tip: If you're looking to open a business account with the Bank of China in Hong Kong, refer to our step-by-step guide to opening a bank account.

5

Citibank Hong Kong

screenshot of citibank platform

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. 

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

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Tip: Explore the key features and fees of Citibank business accounts in our detailed Citibank business account review.

Pros of Citibank Hong Kong

  • 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

Cons of Citibank Hong Kong

  • 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.

Citibank Hong Kong Fees

Service

Citibank Fees

Account opening fee

Local Company Account: HKD 2,000

Overseas Company Account: HKD 8,000

Account monthly fee 

Waived or HKD 300 - HKD 500 depending on account types

Receiving (inward) a Telegraphic Transfer

Waived

Sending (outward) a Telegraphic Transfer

Waived or HKD 100 - HKD 220 depending on account type

Plus a corresponding service fee or HKD 150 - HKD 250 service fee, whichever is higher

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Tip: Visit our guide on how to open a Citibank account if you're considering a Citibank business account.

6

Standard Chartered Hong Kong

screenshot of standard chartered bank platform

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.

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Tip: Learn about the features and fees of Standard Chartered Hong Kong in our Standard Chartered Hong Kong business account review.

Pros of Standard Chartered Hong Kong

  • 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.

Cons of Standard Chartered Hong Kong

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

Standard Chartered Fees

Service

Standard Chartered Fees

Account opening fee 

Local company: HKD 1,200 

Overseas Company: HKD 10,000

Overseas company account set up for Corporate, Commercial, and Institutional banking clients: HKD 5,000

Monthly fee

HKD 300 - HKD 500 depending on business types

Local bank transfer (HKD, USD, EUR, CNY) through RTGS or CHATS

Receive: HKD 5 - HKD 15, waived for Priority banking customer 

Send: HKD 170

Receiving (inward) a Telegraphic Transfer

HKD 33 - HKD 55

waived for Priority banking customers

Sending (outward) a Telegraphic Transfer

HKD 200 for Business Account Customers

HKD 50 - HKD 170 for higher-tiered accounts and waived for Priority banking customers making transfers via online channels.

Please refer to Standard Chartered Fees page for more information.

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Tip: Explore our article to discover how to open a business account with Standard Chartered.

7

Bank of East Asia (BEA)

screenshot of bea platform

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.

Pros of Bank of East Asia

  • 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

Cons of Bank of East Asia

  • 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.

Bank of East Asia Fees

Service

BEA Fees

Account opening fee

HKD 10,000 for local and foreign companies

Plus, a business registration and limited company search of HKD 200 each, if applicable

Monthly fee

Waived or HKD 50 - HKD 200 depending on the type of account

For "Corporate Plus" main corporate account: Fee waived with HKD 10,000 Average Daily Relationship Balance; otherwise, HKD 150

Initial deposit

HKD 10,000

Local bank transfer through RTGS or CHATS

Receive: HKD 15

Send: Starting HKD 180

Receiving (inward) a Telegraphic Transfer

HKD 65

Sending (outward) a Telegraphic Transfer

Branch: HKD 200 handling fee plus cable charge of HKD 100 - HKD 130

Cyberbanking/Corporate Cyberbanking: HKD 20 handling fee plus HKD 80 cable charge

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

The List of Banks in Hong Kong

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

To see the full list, please visit our guide on the list of banks and bank codes in Hong Kong.

Alternative Business Account Solution: Statrys

screenshot of statrys platform

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:

Feature

Description

Multi-currency business account

Hold, receive, and send money in 11 currencies: USD, HKD, CNY, AUD, EUR, GBP, SGF, JPY, CHF, NZD, and CAD.

Local payments

Send local payments in 12 currencies: AUD, EUR, GBP, IDR, INR, KRW, PHP, SGD, THB, TRY, USD, and VND

SWIFT payments & Tracking

✔️

Xero integration

✔️

Payment cards

Physical and virtual cards

FX rate and fee

Competitive exchange rates with fees as low as 0.15%

Monthly fee

Free (if 5 or more outgoing transfers made in the month)

Business account opening requirements

Must be incorporated in Hong Kong, Singapore, or the BVI.

Initial deposit

HKD 0

Free Invoicing software

Create, manage, and send invoices efficiently

Company Registration Service

100% online Hong Kong and Singapore company registration.

Customer Support Channels

Website, Live Chat, Email, Phone, WhatsApp, and WeChat

Trustpilot Score

4.7/5, based on 278 Statrys reviews on Trustpilot (Retrieved 17 May 2024) 

A dropdown of some supported currencies by the Statrys business account.

FAQs

Which bank is the biggest in Hong Kong?

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HSBC is the biggest bank in Hong Kong as well as one of the oldest banks in Asia.

How many types of banks are there in Hong Kong?

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