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The transit number is the shortest code in a Canadian payment, and it's easy to get wrong in two different ways. That sounds odd for five digits. But look at the questions founders actually ask. Is the transit number the same as the routing number? Why does my client's cheque show eight digits when the payment form wants nine? Get the format wrong and the payment needs a manual fix at the bank, which costs time and sometimes a fee. This guide is for founders running a Hong Kong or Singapore company who pay Canadian suppliers or get paid by Canadian clients. It explains what the transit number identifies, the two formats it appears in, how it differs from a US routing number, and exactly what a Canadian bank needs when money moves between Hong Kong and Canada. Start with what the number actually points to. What Is a Transit Number? A transit number is a 5-digit code that identifies the branch of a Canadian financial institution where an account is held. Banks also call it the branch transit number or the branch number, which is why you'll see all of these names on forms. On its own, a transit number doesn't tell the payment system which bank to go to. Each institution designates its own branch numbers, so two banks can use the same five digits. That's why the transit number always travels with a 3-digit institution number, which Payments Canada allocates to each institution. CIBC's institution number, for example, is 010. In practice, when someone asks for "the transit number", they need the institution number too. Ask for both in the same message and you skip a second round of emails.

Most people think the difference between a neobank and a challenger bank is the app, or the missing branches. It isn't. The difference is the licence. That sounds like a technicality. But it answers the questions people actually ask before moving money. Is my money protected if this company fails? Can it ever lend to my business? Get the label wrong and you can misjudge who is actually holding your money. This guide explains both models using that licence test and shows where well-known names like Revolut and Chime sit today. It also covers how Hong Kong's virtual banks fit in, and ends with a short check you can run on any provider before you move business funds into it. Start with the definitions. What Is a Challenger Bank? A challenger bank is a newer bank that holds its own banking licence and competes with established banks, usually through an app rather than a branch network. Because it's a licensed bank, it takes deposits in its own name and can lend. Its customers' eligible deposits also fall under the national deposit protection scheme. Monzo is the textbook case. Monzo Bank Limited is authorised by the UK's Prudential Regulation Authority (PRA), the regulator that licenses banks, and its customers bank through an app rather than a branch. Money in its current accounts is protected by the Financial Services Compensation Scheme (FSCS), which has covered eligible deposits up to GBP 120,000 per person per bank since 1 December 2025. For a business owner, the licence is what lets a challenger bank offer an overdraft or a loan, not just an account. What Is a Neobank? A neobank is a financial technology company that offers accounts through an app but doesn't hold a banking licence itself. A licensed partner bank holds the deposits behind the scenes. The Federal Reserve Bank of Kansas City draws the same line: it describes a neobank as a fintech that relies on relationships with chartered banks, and a challenger bank as a chartered institution in its own right. Chime is the clearest current example. Its own disclosure says it is a financial technology company, not a bank, and that banking services are provided by The Bancorp Bank, N.A. or Stride Bank, N.A. US deposit insurance applies at those partner banks, not at Chime, and only when certain conditions for pass-through coverage are met. The app belongs to the neobank. The money sits with someone else. That's the first thing to check when a neobank's website says your money is "protected". Neobank vs Challenger Bank: Side by Side

For most new Hong Kong companies, the "board" that passes this resolution is one person. That sounds odd for a document that seems to need a boardroom. But it's what founders actually run into: the bank's checklist asks for a board resolution, and you're the only director. Do you need a meeting? Who signs? Get one detail wrong and the bank can send it back for corrections. This guide covers what a bank needs the resolution to say and how to pass one with one director or several, then gives you a sample to adapt. Statrys has incorporated over 1,600 companies. For the companies we incorporate, we also certify the documents for business account opening, so we see these resolutions often. What Is a Board Resolution? A board resolution is a written record of a decision made by a company's directors. For a Hong Kong private company using the default articles of association (the company's internal rulebook), the Model Articles (the default articles set by the Companies (Model Articles) Notice, Cap. 622H) set out how directors decide:

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.