Top 5 DBS Alternatives
1.
Statrys
2.
HSBC
3.
Hang Seng Bank
4.
Airwallex
5.
Standard Chartered Hong Kong
DBS Bank (Hong Kong) Limited is a subsidiary of DBS Bank, a multinational banking and financial institution headquartered in Singapore. Formed in 2003, it is the 8th largest bank in Hong Kong in 2023, with a total assets of HKD 475,875 million.
With 27 branches across Hong Kong, DBS offers financial services and products for business customers, including corporate accounts, global remittance service, and SME Business Instalment Loan.
Whether browsing for business account options in Hong Kong or looking for additional financial service providers, this article will guide you through the best DBS business account alternatives in Hong Kong to ensure you pick the right one for your company.
DBS Hong Kong Alternative | Key Services | Best For |
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| SMEs or global entrepreneurs looking for a multi-currency business account with dedicated customer support |
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| Local start-ups, SMEs, and corporates with the need for multi-currency business accounts |
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| Hong Kong-based startups seeking a bank account tailored to the needs of small businesses |
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| Businesses with global operations looking for an affordable option to send money internationally |
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| Hong Kong and international enterprises with the need for extensive banking services |
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1
Statrys
Hong Kong-based fintech company — Statrys provides financial solutions such as virtual business accounts, debit cards (both physical and virtual cards), and currency exchange to businesses incorporated in Hong Kong, Singapore, and the British Virgin Islands (BVI).
Statrys’ multi-currency accounts give users access to 11 different currencies, which are USD, HKD, CNY, AUD, EUR, GBP, SGF, JPY, CHF, NZD, and CAD.
Statrys allows users to send and receive local and SWIFT payments in supported currencies, making cross-border payments more affordable compared to traditional banks
Note: Statrys operates as a Money Service Operator in Hong Kong and as a Small Payment Institution in the UK.
Key Services Offered by Statrys
Statrys Key Services | Description |
Multi-Currency Business Account | Hold, receive, and make local and international payments in 11 currencies: HKD, USD, EUR, CNY, GBP, SGD, JPY, AUD, CHF, NZD, and CAD under a single account number with no minimum balance. |
Virtual and Physical Debit Cards | Get a physical and up to 4 virtual prepaid Mastercard® cards per user for your business spending and ATM withdrawal. View, track, cancel, and freeze transactions from your dashboard anytime. |
Xero Integration | Streamline your bookkeeping process with seamless Xero accounting software integration that allows you to label each transaction accurately. |
Maker-approver roles | Set up payments for later approval without requiring immediate availability of funds in the account |
FX Services | Make a spot and forward orders with advanced FX services to protect your business against currency fluctuation risks. |
Company Registration | Register your company in Hong Kong and Singapore online from anywhere with an inclusive package, including company secretary services and a registered address. (T&C apply) |
Invoicing Software | Create, manage, and send invoices efficiently with complimentary invoicing software. |
Statrys Fees
Account Opening Fee | Free (Except for Special Companies) |
Monthly Fee | Free if 5 or more outgoing transfers per month; otherwise, HKD 88 |
Payments in HKD within Hong Kong | Receive: HKD 0 Send: HKD 5 |
International Payments (SWIFT) | Receive: HKD 60 Send: HKD 85 |
Foreign Exchange Rate and Fee | FX rate: Based on real mid-market exchange rate FX fee: From 0.15% |
We Recommend Statrys For
✅ Companies incorporated in Hong Kong, Singapore, or the BVI or looking to expand to this region.
✅ SMEs and entrepreneurs who prefer personalised and responsive customer support from a dedicated account manager.
✅ Businesses seeking a cost-effective and efficient way to send and receive payments in multiple currencies.
Tip: Learn more about opening a Statrys Business Account in our guide.
2
HSBC
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The Hong Kong and Shanghai Banking Corporation (HSBC) is one of the largest banking institutions in the world. Established in Hong Kong in 1865, it is now a subsidiary of HSBC Holdings plc, a British banking group headquartered in London.
HSBC Hong Kong offers a wide array of business banking services, including Business Integrated Accounts, Business Instalment and Profits Tax loans, and HSBC Business Mastercard® credit cards.
Key Services Offered by HSBC Hong Kong
HSBC Hong Kong Key Services | Description |
Business Integrated Account | Manage your deposits in 12 currencies, including HKD, USD, GBP, EUR, JPY, and SGD, and access the functions of savings, current, time deposit, and investment accounts under one account number. |
Payroll Service | Set up and automate payroll payments from your business account with no annual or registration fees |
WeChat Banking and Notification Service | Receive real-time WeChat notifications on account balance and transactions. |
Real-Time Remittance | Send same-day remittances to Greater China (Service available for HSBC Business Direct and BusinessVantage clients) |
Xero Integration | Seamlessly manage your accounting process with Xero accounting software integration |
HSBC Business Mastercard® | Earn RewardCash for every card spending and benefit from discount offers as well as an interest-free repayment period of up to 56 days. |
HSBC Hong Kong Fees
Account Opening Fee | HKD 1,300 |
Monthly Fee | HKD 200 or HKD 450 (fees waivable based on account tier and balance conditions) |
Local FPS payments up to HKD or RMB 1 million | Receive: Waived Send: HKD 5 |
International Payments (SWIFT) | Receive: HKD 65 (may vary depending on factors such as currency conversion) Send: From HKD 100 |
Foreign Exchange Rate and Fee | Not specified |
We Recommend HSBC Hong Kong For
✅ Hong Kong-based start-ups, SMEs, and corporates with the need for multi-currency access.
✅ Companies looking for full banking services with an online banking platform.
✅ Businesses that can benefit from an extensive banking network.
Discover: Read our articles for a detailed review of HSBC Kong Kong Business Account features, fees, and a step-by-step account opening guide.
3
Hang Seng Bank
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Founded in 1933, Hang Seng Bank is a part of the HSBC Group. Headquartered in Hong Kong, the bank has a wholly-owned subsidiary in mainland China, branches in Macau and Singapore, and a representative office in Taipei.
Hang Seng Bank currently provides services to over 3.9 million customers and has over 260 service outlets in Hong Kong. Its business banking products include Integrated Business Solutions Account, Biz Virtual+ Account, Visa Platinum Commercial Card, and Bill Payment Collection Service.
Key Services Offered by Hang Seng Bank
Hang Seng Bank Key Services | Description |
Integrated Business Solutions Account | An all-in-one business account that combines the features of HKD current, savings (in HKD, RMB, foreign currencies), time deposit, investment, and Statement Gold accounts under one account number for convenient access. |
Biz Virtual+ Account | Biz Virtual+ Account is an integrated account designed to provide local startups and SMEs with digital convenience and a simplified application process. |
Multi-Channel Account Access | Access your business account and banking services through Hang Seng Business e-Banking, mobile banking, and phone banking services. |
Hang Seng Commercial Card | Choose from HKD Commercial World Mastercard, UnionPay Renminbi Diamond Commercial Card, and HKD Visa Platinum Commercial Card to facilitate business spending and operations. |
Investment and Treasury Services | Integrate your business account with an investment sub-account to protect your funds from currency exchange and interest rate fluctuation risks. |
Hang Seng Bank Fees
Account Opening Fee | HKD 1,000 for remote account opening, plus HKD 150 company search fee for local companies and HKD 10,000 for overseas company |
Monthly Fee | Biz Virtual+ Account: Waived for the first 12 months and HKD 200 afterwards Integrated Business Solutions Account: HKD 200 |
Local FPS payments | Receive: Waived Send: From HKD 2.5-10 |
International Payments (SWIFT) | Receive: HKD 65 Send: HKD 85 / HKD 125, depending on the recipient’s location |
Foreign Exchange Rate and Fee | FX rate: Not specified FX fee: Depending on currency and types of transactions |
As Hang Seng Bank also provide other business account types, we suggest seeing their commercial banking fees and charges document for accurate information.
We Recommend Hang Seng Bank For
✅ Local startups looking for a digital-friendly banking option.
✅ Businesses seeking credit card services on top of integrated business accounts.
✅ Companies incorporated outside Hong Kong with sufficient funds.
Tip: Read our guide to learn more about how to open a Hang Seng Bank Business Account online.
4
Airwallex
Founded in Melbourne in 2015, Airwallex is one of the fast-growing fintech companies, specialising in cross-border money transfer solutions for businesses. It has since expanded to 19 offices around the world, including Hong Kong, Singapore, and Malaysia.
Airwallex’s services are exclusively for business customers, with an extensive payment network allowing users to send money to over 150 countries in more than 40 currencies.
Key Services Offered by Airwallex
Airwallex Key Services | Description |
Global Accounts | Open local currency accounts with unique account numbers and local account details in 12 locations, including Hong Kong, Singapore, Europe (SEPA), the UK, and the US. |
Airwallex Borderless Cards | Make business purchases in multiple currencies with multi-currency prepaid Visa cards for your company and employees. |
Core API | Programmatically manage your finances with APIs for accepting payments, making global payouts, and more. |
Accounting Software Integration | Connect to software such as Xero, NetSuite, and QuickBooks to simplify your accounting process. |
Batch Transfers | Send money to up to 1,000 recipients across countries, currencies, and transfer methods. |
Airwallex Fees
Account Opening Fee | Free |
Monthly Fee | HKD 0 |
Transfers Via Local Methods | Free |
Send International Payments (SWIFT) | HKD 120-200 |
Foreign Exchange Rate and Fee | From 0.2% above interbank exchange rates |
We Recommend Airwallex For
✅ Companies seeking to automate payments and financial management through APIs and software integration.
✅ Global businesses with suppliers and customers in multiple locations.
✅ Businesses looking for an affordable way to send money internationally.
Tip: Learn the key things to know before opening an Airwallex Business Account in Hong Kong and explore its features and fees in our detailed review.
5
Standard Chartered Hong Kong
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Standard Chartered Hong Kong is a wholly owned subsidiary of Standard Chartered, a London-based multinational banking group. It is one of the authorised note-issuing banks in Hong Kong, along with HSBC and the Bank of China (Hong Kong).
As a well-established bank, Standard Chartered Hong Kong offers a range of corporate banking products and services, including business bank accounts, credit cards, loans, and mortgages.
Key Services Offered by Standard Chartered Hong Kong
Standard Chartered Hong Kong Key Services | Description |
Business Accounts | Manage your company’s finances with the bank account plan that fits your needs, and enjoy the benefits of Standard Chartered’s extensive banking network. |
GBA One | Open business accounts simultaneously in the Greater Bay Area (GBA) for growth and investment opportunities. |
Payroll & Employee Services | Manage payroll, tax, MPF contributions, and HR management reports with additional cash management services. |
Straight2Bank | Access your account and banking services anywhere through a fully integrated online banking platform. |
Standard Chartered Hong Kong Fees
Account Opening Fee | Local Company: HKD 1,200 Overseas Company: HKD 10,000 |
Monthly Fee | From HKD 200, depending on the account tier |
Local HKD Transfers Through RTGS (CHATs) | Receive: HKD 15 Send: HKD 170 or equivalent |
Telegraphic Transfers | Receive: HKD 55 Send: HKD 160-200, depending on the account tier |
Foreign Exchange Rate and Fee | Not specified |
We Recommend Standard Chartered Hong Kong For
✅ Companies with a physical presence in Hong Kong, as you need to make an appointment with a bank representative to open a business account with Standard Chartered Hong Kong.
✅ Enterprises with the need for a bank account with an established banking institution.
✅ Corporate clients looking for extensive banking services, such as credit cards.
Explore: Learn more about what you need to prepare to open a Standard Chartered Hong Kong Business Account and its features and fees in our blogs.
Bottom Line
Whether you are still choosing the business account for your company or looking for an additional account to streamline your business operations, we hope this article helps you narrow down the alternatives for DBS business accounts. Before making a decision, carefully evaluate your business needs and weigh the pros and cons of each option to ensure optimal efficiency in your business operations.
FAQs
What are the best DBS business account alternatives in Hong Kong?
The top 5 alternatives to DBS Hong Kong are:
• Statrys
• HSBC Hong Kong
• Hang Seng Bank
• Airwallex
• Standard Chartered Hong Kong
Can I have business accounts with both DBS Hong Kong and Statrys?
Is DBS the same as HSBC?
Disclaimer
DBS Hong Kong is Statrys’s banking partner, and we compete directly in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.
