Citibank Hong Kong Business Account Review [2024]: Features, Fees & Alternatives

What is Citibank Hong Kong?

Citibank Hong Kong Limited is a subsidiary of Citigroup, a New York-based American multinational investment bank and financial services corporation. It is a licensed full-service bank operating in Hong Kong since 1902, with branches in several locations across Hong Kong Island, Kowloon, and New Territories.

With connections in almost 160 countries, Citi provides products and services tailored for global SMEs and corporations with cross-border needs. In Hong Kong, Citibank offers a wide range of business financial services, from business accounts to foreign exchange services, stock services, business insurance, and more.

Citibank Hong Kong Pros and Cons

Citibank Hong Kong Features

Business banking clients can benefit from the following products and services with Citibank Hong Kong.

Business Accounts

As one of the world’s biggest banks, Citibank offers a variety of financial products for your business banking needs, such as a savings account, a term deposit account, and business checking accounts.

For CitiBusiness® customers, there are three different tiers of accounts:

1. Citibanking: No minimum balance is required.
2. Citi Priority: For average account balances of HKD 500,000 or more.
3. Citigold: For average account balances of HKD 1,500,000 or more. 

Existing business banking clients can access general SME services and fee-free document collection services at all branches until 7 p.m. Citi clients are also entitled to free overseas ATM cash withdrawals. 

With a Citibank business account, you can conveniently make telegraphic transfers (TT) and local inter-bank funds transfers (CHATS). Additionally, Citibank offers a Global Transfer service that allows customers to transfer funds instantly to other Citibank accounts in different countries without handling fees. Hong Kong-based clients can use this service to transfer money in all currencies except RMB to Korea, Singapore, the UAE, the UK, and the US.

Foreign Exchange Services

Another key feature for Citibank Hong Kong’s commercial banking clients is the foreign exchange services. This includes:

• Multi-currency exchange and trading: Citi supports 12 currencies for business clients:  AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, RMB, SGD, THB, and USD.
• 24-hour Order Watching Service: With a minimum transaction amount of USD 10,000.

Other Services

Other business banking services offered by Citibank Hong Kong include:

• HR Solutions: Citi clients can benefit from the bank’s Payroll Service and Employees’ Compensation Plan.
• Stock Services: Business banking clients can access Hong Kong and US stock markets through multiple channels, including stock trading hotlines.
• Business Insurance: Citibank also offers an insurance plan that protects companies financially from disruptions, expenses, and losses.
• Online Banking: Clients can conveniently manage finances and access foreign currency exchange services and the latest credit card statements with the Citi Mobile App. 

Citibank Hong Kong's Feature Rating is 4/5

Citibank Hong Kong provides comprehensive services and global accessibility. The three-tiered account system caters to all business sizes, while free overseas ATM withdrawals and Global Transfer service are beneficial for international operations.

The bank offers a well-rounded business banking package with its robust foreign exchange services, HR, stock, and insurance offerings. However, certain service thresholds and balance requirements may not suit smaller businesses.

Citibank Hong Kong Business Account Fees

For other additional charges or detailed information, please refer to this Citibank Service Fees document or Citibank Hong Kong’s Business Account information page.

Citibank Hong Kong's Fee Rating is 3.5/5

Citibank Hong Kong is transparent with the fees for each service. Citi Priority and Citigold business clients can benefit from free online outward transfers through TT and CHATS. However, these two account tiers require minimum average balances per month.

The account opening fees for business customers are also substantial, and there is a significant difference in the cost between local and overseas companies.

Citibank Hong Kong Customer Support

Citibank Hong Kong provides customer support through multiple channels. A 24-hour hotline is available for clients with existing business accounts. They also have two dedicated CitiBusiness Centres in Mongkok Branch and Kwun Tong Hoi Yuen Road Branch for business and SME services inquiries.

You may also contact Citi Commercial Bank via their official WeChat or email at commercial.hk@citi.com.

For additional information, you can call the inquiry hotline at +852 2860 0333 or Citi Commercial Bank at +852 2957 7777. You can also visit your nearest Citibank branch in Hong Kong. It does not seem like you can contact Citibank online on their website.

Citibank Hong Kong Customer Support Rating is 4/5

Citibank provides many methods of contact for customer support, including hotline numbers, an email address, and an official WeChat. Potential customers can also call a dedicated hotline for inquiries, which may provide a good customer experience.

Eligibility Requirements for Opening a Citibank Hong Kong Account 

To open a business bank account with Citibank Hong Kong, you need to be registered as one of the following:

1. Private Limited Company
2. Partnership
3. Sole proprietorship

Companies incorporated or registered outside Hong Kong can apply to open a business account with Citibank Hong Kong, but it is subject to review by the bank. You should contact Citibank Hong Kong directly for further information or to confirm your eligibility.

From September 2023, new start-up technology companies registered in Hong Kong can benefit from a streamlined account setup process. We can not find detailed information on this, but you can contact CitiBusiness Centres for enquiries.

You can download a company account opening form and a document checklist online. However, as a traditional bank, you are required to make an appointment to submit the documents at a branch.

The Ease of Opening an Account for Citibank Hong Kong is 3/5

Citibank Hong Kong provides a detailed checklist of required documents on its website, facilitating the preparation process. However, it is unclear how long the application process is, and clients are required to apply at a branch in Hong Kong, which might be inconvenient for overseas companies. 

Citibank Hong Kong Alternatives