What Is a Multi-Currency Account in Hong Kong? How It Works & How To Get One

If you run a business or work with overseas clients, managing different currencies is often part of your daily operations. You may receive payments in USD, pay suppliers in EUR, or handle expenses in HKD, GBP, or other foreign currencies. But every currency conversion can bring extra costs, from foreign exchange fees to unfavourable exchange rates.

In this guide, we’ll walk through how businesses in Hong Kong manage multiple currencies more efficiently and what you should know before opening an account.

A multi-currency account is a bank account that lets you hold and manage multiple foreign currencies under one account, without needing separate deposit accounts for each currency, such as USD, HKD, EUR, GBP, or JPY.

This makes it easier to handle international payments, especially for businesses dealing with cross-border payments on a regular basis. With a multi-currency account, you’re not forced to make immediate currency conversions when receiving payments. You can choose when to exchange funds based on exchange rates, helping reduce unnecessary foreign exchange costs.

The account number, beneficiary details, and SWIFT code generally remain the same for all currencies. In some cases, multi-currency accounts are also called foreign currency accounts, but the exact features can vary depending on the provider.

Why Hong Kong Is a Common Location for Multi-Currency Accounts

Hong Kong plays an important role in international payments and cross-border financial transactions, which makes it a common location for opening multi-currency accounts. Many providers in Hong Kong support a wide range of foreign currencies, including USD, EUR, GBP, AUD, CAD, along with regional currencies such as renminbi (RMB / CNY) and Hong Kong dollar (HKD).

The city’s position in global trade and offshore banking services also gives businesses access to various financial services that help manage multiple currencies more efficiently.

A multi-currency account allows businesses and individuals to receive payments in foreign currencies and hold the funds in their original currency, without converting them immediately. 

Instead of automatic currency conversion at the time of payment, account holders can choose when to exchange funds based on exchange rates. This approach helps manage international payments across multiple currencies more efficiently.

Control over when to convert

For example, a business in Hong Kong may sell goods to a client in the United States for USD 10,000. 

Depending on how the account handles foreign currencies, the outcome can be quite different:

Visibility on exchange rates

When conversions do take place, most multi-currency accounts use real-time foreign exchange pricing, often referred to as spot rates. In contrast to some traditional banking services where conversions happen automatically at pre-set bank rates, these accounts typically give businesses more control over the timing and cost of currency exchanges.

Single account structure

Regardless of which currency you're holding or converting, the account structure generally stays the same. Businesses continue using a single account number and SWIFT code, which simplifies payment processing across different currencies.

In Hong Kong, multi-currency accounts are available from different types of providers, each offering slightly different features:

Opening a multi-currency account in Hong Kong usually follows these steps. The exact process may vary depending on which provider you choose.

Step 1: Choose the right provider

Start by selecting a bank, virtual bank, or bank alternative that fits your business needs. Compare:

• Supported currencies (e.g. USD, HKD, EUR, GBP, AUD, CAD, JPY, RMB/CNY)
• Exchange rates and foreign exchange fees
• Available services such as international payments, currency conversion, or extra banking services
• Application speed and account opening requirements

Step 2: Prepare required documents

Most providers in Hong Kong will request:

• Passport or Hong Kong ID (for directors, owners, or authorised signatories)
• Proof of address
• Company registration documents (e.g. Business Registration Certificate, Certificate of Incorporation)
• Business proof (invoices, contracts, or business plan)
• Valid visa or work permit (if applicable)

For some local banks, you may also need to complete in-person identity verification, especially if your company has non-resident directors or a cross-border ownership structure.

Step 3: Submit the application

Once your documents are ready, you can submit your application. For many bank alternatives and some virtual banks, this can be done entirely online. Traditional banks may require branch visits or additional verification steps.

Step 4: Account activation

After your application is reviewed and approved, your multi-currency account will be activated. You’ll receive your account number and be able to:

✅ Receive payments in multiple currencies

✅ Hold balances in foreign currencies

✅ Make international payments

✅ Convert funds when exchange rates are favourable

In Hong Kong, understanding how a multi-currency account works can help businesses handle foreign currencies more easily as they grow across borders. With access to multiple currencies under one account, companies can better manage currency conversion, monitor exchange rates, and simplify international payments in one of Asia’s leading financial hubs.