Written by Bertrand Théaud, Statrys Founder
20+ years in Asia as a corporate lawyer, investor, and fintech founder. I've sat on both sides of the table and seen the same avoidable mistakes hit founders again and again. The reviews and articles I write are for founders who'd rather skip the mistakes.
Key Takeaways
A multi-currency account lets your Hong Kong company hold several currencies in one account and convert between them when you choose.
The currencies an account can receive and the currencies it can send are often different lists. Check both against the currencies your clients and suppliers actually use.
Conversion cost usually matters more than the account fee. At USD 100,000 a month, a 0.1% fee costs USD 100 and a 1% fee costs USD 1,000.
Eligible deposits with Hong Kong banks are protected up to HKD 800,000 per depositor per bank. Payment providers are not banks, so ask where client money is held.
The number of currencies on the brochure is the least useful number when you choose a multi-currency account.
Twenty or forty, it all sounds like plenty. What you need to know is whether your US client can pay you without a fee eating into every invoice. And what it costs to turn those dollars into the euros your supplier wants.
Pick an account on currency count alone and you can lose more to conversions than the account ever saves you.
This guide explains how a multi-currency account works for a Hong Kong company and which types of provider offer one. It then covers the costs and terms to compare, and how to open an account if you run the company from abroad. Statrys provides multi-currency business accounts to over 10,000 clients, so these are the questions we see founders ask before they choose.
What Is a Multi-Currency Account?
A multi-currency account is a single business account that holds separate balances in several currencies, so you can get paid and pay out in each currency without converting first.
Instead of opening a separate account for each currency, you get one account with a balance in each. You decide when to convert, at the rate available at that moment.
Two details vary more than the brochures suggest:
- Receive vs send currencies. Some providers let you hold and pay out more currencies than they let you receive. A supplier currency you can pay is not always a client currency you can collect.
- How you get paid. Some accounts give you one account number that clients pay into through SWIFT, the international bank messaging network. Others also give you local account details in specific countries, such as a UK sort code (the six-digit code that identifies a UK bank) or a European IBAN (International Bank Account Number). Clients in those countries can then pay you with a local transfer instead of SWIFT.
The second point decides what your clients pay to send you money, and how fast it arrives. For a quick explainer of the codes involved, see our guide to bank SWIFT codes in Hong Kong.
You may also see the term foreign currency account. Providers use the two names loosely, so check the features rather than the label. For the general concept outside Hong Kong, see our multi-currency account explainer.
How a Multi-Currency Account Works for a Hong Kong Company
A multi-currency account keeps incoming money in the currency it was sent in until you decide to convert it.
Say a client in the US pays your Hong Kong company USD 10,000, and next month you pay a supplier USD 6,000.
| Step | HKD-only account | Multi-currency account |
|---|---|---|
| USD 10,000 Arrives | Converted to HKD on arrival, at the rate of the day | Stays as USD 10,000 |
| You Pay the Supplier USD 6,000 | HKD converted back to USD | Paid straight from the USD balance |
| Conversions | Two, each with its own fee and rate | None, unless you choose to convert the rest |
The saving comes from skipping the round trip. Every conversion you avoid is a fee you don't pay.
The account doesn't remove currency risk. If you hold EUR and it weakens against the Hong Kong dollar, your balance is worth less in HKD. USD balances carry less of this risk, because the Hong Kong dollar is pegged to the US dollar within a narrow band of HKD 7.75 to HKD 7.85. What changes is that you choose when to convert, usually at the spot rate (the current market rate) plus the provider's fee. Nothing converts automatically on arrival.
That control matters most if you handle regular international payments in both directions, as many trading and services companies based in Hong Kong do.
Who Offers Multi-Currency Accounts in Hong Kong
Three types of provider offer multi-currency business accounts in Hong Kong, and they differ most in how your money is protected and how you open the account.
| Provider Type | What It Is | What to Check |
|---|---|---|
| Licensed Banks | Banks authorised by the Hong Kong Monetary Authority (HKMA). Can also offer loans and deposits | Onboarding requirements for non-resident directors; account and transfer fees |
| Virtual Banks | Banks licensed by the HKMA that operate mainly online, without branches. The HKMA now calls them digital banks | Whether a business account is offered, and which currencies it supports |
| Licensed Payment Providers | Firms licensed in Hong Kong as Money Service Operators (MSOs) by the Customs and Excise Department. Some payment firms hold a stored value facility (SVF) licence from the HKMA instead or as well. Not banks | Where client money is held, and which currencies and local account details are supported |
For the banks themselves, see our guides to traditional banks in Hong Kong and to Hong Kong virtual banks. The HKMA keeps the official list of digital banks.
Protection is the clearest difference. The Deposit Protection Scheme covers eligible deposits with its member banks up to HKD 800,000 per depositor per bank, in Hong Kong dollars, renminbi or other currencies. A company counts as its own depositor. Payment providers are not banks, so the Scheme does not apply to them. Instead, ask where client funds are held and whether they are kept separate from the provider's own money. You can check any MSO on the Customs and Excise register of licensed money service operators.
Statrys is not a bank. It is a licensed payment provider: Statrys Limited holds a Money Service Operator licence (No. 19-02-02726). Your money is held with DBS, Statrys' custodian bank, in accounts kept separate from Statrys' own funds.
With the Statrys multi-currency business account, you use one account number to receive payments in 11 currencies and send payments in 18. Foreign exchange (FX) fees start from 0.1%.
If your clients are in the UK, Germany, Luxembourg, Denmark, Liechtenstein or Australia, you can also open a local currency account for that country. Your clients can then pay you by local transfer. These accounts are in your company's name, so the people you deal with see your company's name on the payments.
What to Check Before You Open One
Compare multi-currency accounts on the costs and limits you will actually hit, not on the headline currency count.
| Check | Why It Matters | Question to Ask |
|---|---|---|
| Receive Currencies | Clients can only pay you in currencies the account can collect | Which currencies can I receive, and with what account details? |
| Send Currencies | Suppliers may want to be paid in currencies you can’t receive | Which currencies can I pay out, and to which countries? |
| FX Fee | Usually the biggest cost for a trading business | What do you add on top of the market rate, and is it shown before I convert? |
| Transfer Fees | Charged per payment, in and out | What does an incoming and outgoing SWIFT payment cost? A local payment? |
| Account Fees | Minimum-balance and inactivity charges add up in quiet months | When do I pay a fee for holding the account? |
| Protection | Decides what happens to your money if the provider fails | Is my money a bank deposit, or held for me with a custodian bank? |
The FX fee deserves the arithmetic. For example, if your company converts USD 100,000 a month, a 0.1% fee costs USD 100 and an illustrative 1% fee costs USD 1,000. Over a year that gap is USD 10,800.
Transfer fees work the other way: they are usually a flat charge per payment, so they matter most if you send many small payments. Run both numbers against your own monthly pattern before you decide. Statrys' Payment Checker shows whether your currencies and countries are covered.
How to Open a Multi-Currency Business Account in Hong Kong
Most providers follow the same four steps, though the documents and checks vary.
- Choose the provider using the checks above.
- Prepare the documents. Expect a passport or Hong Kong ID and proof of address for each director and significant owner (any shareholder with a large stake). You will also need your Certificate of Incorporation and Business Registration Certificate, plus evidence of the business, such as contracts or invoices.
- Apply and verify identity. Payment providers and some virtual banks run this fully online. Some banks ask directors to verify identity in person, which matters if no director lives in Hong Kong.
- Start using the account. Once approved, you receive your account details and can collect, hold, convert and send.
If you're still setting up the company, our Hong Kong company formation guides cover the steps before this one.
For Statrys, the application is 100% online, and 96% of clients opened their accounts within 3 business days. Approval depends on eligibility and a compliance review, and Statrys serves companies incorporated in Hong Kong, Singapore or the British Virgin Islands (BVI).
FAQs
What Is a Multi-Currency Account?
A multi-currency account is a single business account that holds separate balances in several currencies, so a company can get paid and pay out in each currency without converting first. The owner chooses when to convert between currencies. In Hong Kong, licensed banks, virtual banks and licensed payment providers all offer them, and they differ most on fees and on how your money is protected.
Is a Multi-Currency Account the Same as a Bank Account?
Not always. Multi-currency accounts from licensed banks and virtual banks are bank accounts, and eligible deposits are covered by Hong Kong's Deposit Protection Scheme up to HKD 800,000 per depositor per bank. Accounts from payment providers licensed as Money Service Operators work in a similar way for payments, but they are not bank accounts and the Scheme does not cover them.
Is Money in a Multi-Currency Account Protected in Hong Kong?
Yes, if the account is with a bank that is a member of the Deposit Protection Scheme. Eligible deposits with Scheme member banks are protected up to HKD 800,000 per depositor per bank, including deposits in foreign currencies, and each company counts as a separate depositor. Payment providers are not covered by the Scheme, so ask where client funds are held and whether they are kept separate from the provider's own money.
Can a Foreign-Owned Hong Kong Company Open a Multi-Currency Account?
Yes. A Hong Kong company with non-resident directors or shareholders can open a multi-currency business account, subject to each provider's checks. Expect to provide ID and proof of address for directors and significant owners, plus incorporation documents and evidence of the business. Payment providers usually verify identity online, while some banks ask directors to complete verification in person.
How Long Does It Take to Open a Multi-Currency Business Account in Hong Kong?
Opening a multi-currency business account usually takes from a few business days to a few weeks. Banks tend to sit at the longer end, especially when directors live overseas, and complete documents shorten the wait at any provider. At Statrys, the application is fully online and 96% of clients opened their accounts within 3 business days, subject to eligibility and a compliance review.
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