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

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Features - 4.5/5

Fees - 3.5/5

Customer Support - 4/5

Ease of opening an account - 3.5/5

Our Rating Methodology

Click "More info" to understand how we calculate our DBS Hong Kong Business Account ratings.

About DBS

DBS Bank Limited, also known as DBS, is a multinational financial institution headquartered in Singapore. Established in 1968, DBS has grown to become one of the leading banks in Asia, with 19 offices worldwide, including in Hong Kong. They offer various banking products to individuals and businesses, including retail banking, business banking, wealth and asset management.

In recognition of its global leadership, DBS has been awarded the title of "World's Best Bank" by Global Finance 5 years in a row.

DBS Hong Kong Pros and Cons

A dropdown of some supported currencies by the Statrys business account.

Why DBS may be a good option

Why DBS HK may be a good option

  • One of the renowned and established banks with an extensive global network.
  • Multi-currency account in Hong Kong.
  • A suite of business banking services, including loans, trade services, and insurance.
  • Can track your transfers in real-time.

Why DBS may not be a good option

Why DBS HK may not be a good option

  • If an in-person meeting is required, it can take up to several weeks or a month to open a business account.
  • Numerous handling fees can significantly impact smaller businesses or those heavily making and receiving international transactions.

DBS Hong Kong Features

Without further ado, let’s dive into the essential business finance services offered by DBS Hong Kong.

Business Account

DBS Hong Kong offers 3 types of business accounts:

  1. DBS Business Account: A business account that can hold multiple currencies in one single account.
  2. RMB Corporate Account: A solution to manage business transactions with companies in Mainland China.
  3. Social Enterprise Account: An account that is designed to support social enterprises with lower-cost banking services.

Now, let’s take a closer look at each type of account.

1. DBS Business Account

  • The multi-currency account in Hong Kong supports 14 currencies, including AUD, CAD, CNY, CHF, DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK, SGD, and USD.
  • Send instant local payments via the Faster Payment System (FPS) up to HKD/RMB 5 million per transaction.
  • Make global payments via the SWIFT network in over 35 currencies.
  • Can track the status of both outgoing and incoming telegraphic transfers in real-time with SWIFT gpi.
  • International transactions between DBS accounts can be credited to the recipients' accounts within 10 minutes.
  • Integrate with Xero, an accounting software, to enhance bookkeeping and accounting processes.
  • Offer API integration to improve business operations and workflows.

2. RMB Corporate Account

3. Social Enterprise Account

Social Enterprise Fees Fee
Business Account Set-up Fee Waived
Business Account Monthly Service Fee Waived
Business Account Annual Administration Fee Waived
Online Banking Telegraphic Transfer Transaction Fee Waived for the first 3 months.

Foreign Exchange Services

DBS FX service has over 60 currency pairs available, including USD, EUR, GBP, AUD, NZD, SGD, HKD, CNH, JPY, CHF, and CAD. Clients can book transactions up to 1 year in advance, which means they can choose to trade at their preferred rate.

Other Services

Other business banking services offered by DBS Hong Kong include:

  • DBS IDEAL: Online banking platform to access all DBS business banking services, available on desktop, tablet, and mobile devices.
  • Corporate ATM Card: Link the card to your business account to withdraw, deposit, transfer, check balance, pay bills, or donate via JETCO and China UnionPay ATM networks across Hong Kong and abroad.
  • Loan Services: Request loans online to fund and support your growing business.
  • Trade Services: Offer products to facilitate import and export activities, making sure that your business operations run smoothly.
  • Insurances: Offer different types of insurance, from liability to marine and cyber insurance, to mitigate and protect your businesses from unforeseen risks.

DBS Hong Kong’s Features Rating is 4.5/5

The overall rating of 4.5 out of 5 for DBS Hong Kong's business account services reflects their well-rounded and effective suite of banking solutions tailored to various business needs. 

They stand out with specialised accounts, including multi-currency, RMB Corporate, and Social Enterprise options, which cater to specific financial requirements. The additional support services such as loan services, trade services, and insurance make them a one-stop banking solution for businesses operating internationally, especially engaging with Chinese companies.

DBS Hong Kong Fees

All Business Integrated Accounts General Fees
Account Opening Fee • Local Company: Start from HKD 1,200
• Overseas Company: Start from HKD 10,000
Special Company: Start from HKD 10,000
Company Search Fee • HKD 150 (for local company)
• HKD 2,000 (for overseas company)
Monthly Fee Waived if the average total deposit balance over the month reaches HKD 50,000
Otherwise, HKD 250
Account Annual Administration Fee • Overseas Company: HKD 5,000
• Special Company: HKD 5,000
Account Closed Within 3 Months of Its Opening HKD 200/USD 25
Local Payments
Via FPS system
Receive Non-merchant payment: Free Merchant payment: Refer to the bank charges schedule.
Send First 50 transactions: Free Then: HKD 5 per transaction
Via RTGS system
Receive HKD 15 per transaction
Send • HKD 55 per transaction (via online banking)
• HKD 200 per transaction (via branch)
Correspondent Bank Charges At cost
Via FPS system
Receive HKD 65 per transaction
Send • HKD 115 per transaction (via online banking)
• HKD 200 per transaction (via branch)
Cable Charges HKD 100 per cable (waived if sent via online banking)
Corresponding Bank Charges
RMB to Mainland China At cost
RMB to overseas HKD 250 per transaction
EUR/GBP HKD 400 per transaction
JPY 0.07% of the payment amount (HKD 250 - 1,000)
HKD/USD & other currencies HKD 250 per transaction
ATM Card
Annual Card Fee Waived
Cash Withdrawal in Macau / China HKD 25 per transaction
Visa Plus Service Cash Withdrawal HKD 25 per transaction
China UnionPay Service Cash Withdrawal HKD/RMB 15 per transaction

DBS Hong Kong’s Fees Rating is 3.5/5

DBS Hong Kong's fee structure is rated 3.5/5 due to its complexity and potential costliness. The charges for local and international transactions can be unpredictable due to additional fees after initial free transactions and varied costs for SWIFT transfers.

Additionally, while ATM withdrawal fees are reasonable on a per-transaction basis, they could add up for businesses that require frequent cash access. This pricing model could pose a challenge for startups, smaller companies, and businesses that engage in frequent international money transfers.

DBS Hong Kong Customer Support

DBS offers multiple channels to contact its customer support team, which include

  • Call BusinessCare: +852 2290 8068
  • Fill in the inquiry form
  • Chatbot
  • Visit any DBS branches

Customer service is available from 9 AM to 6 PM on weekdays and 9 AM to 1 PM on Saturdays, excluding public holidays.

DBS Hong Kong’s Customer Support Rating is 4/5 

While DBS's customer support offers in-person and phone call options for those favouring traditional methods, the absence of 24/7 support could be a significant drawback for businesses that operate across different time zones or require immediate help after standard hours. Considering these factors, DBS’s customer support earns a rating of 4 out of 5.

Requirements for Opening a DBS Hong Kong Business Account

DBS Hong Kong welcomes all types of business entities to open a business account. They provide an option for online account opening, subject to the fulfilment of the following conditions.

  • Your business must be a limited company, partnership, or sole proprietorship incorporated and registered in Hong Kong. 
  • Your business must not include any corporate entities as directors, shareholders, partners, or authorised signatories.
  • Your business must not have more than 4 directors, shareholders, or partners, and at least 1 of them must hold a valid Hong Kong ID card.

DBS notes that the online application can be completed in just 15 minutes, and your account can be opened in as fast as 2 working days.

If your business does not meet these requirements, you still have the opportunity to apply. You can fill out the application form either manually or online. Afterwards, you have to schedule an appointment with the DBS team to proceed.

💡 Plan to open a business in Hong Kong? Discover the easiest way to set up your Hong Kong business.

Required Documents

For a successful application, you need to prepare and submit the necessary documents, including:

For a comprehensive list of required documents, you can refer to the document guide.

The Ease of Opening an Account Rating for DBS Hong Kong is 3.5/5

We rate the ease of opening an account with DBS 3.5/5. This reflects the balance between the efficient, quick online application for businesses that meet specific criteria and the limited transparency regarding the timeframe for those proceeding via non-online channels, which could pose challenges for planning and operational setup for some businesses.

DBS Hong Kong Alternatives

  DBS logo Statrys logo Rapyd logo
Multi-currency Business Account yes yes yes
Eligible Countries Many countries, but we cannot find the list of eligible countries. Hong Kong, Singapore, and the BVI. Most countries
International Payments via SWIFT yes yes yes
Real-Time Payment Tracking yes yes yes
Account Monthly Fee Waived if reached the required account balance.

Otherwise, HKD 250.
Free (if 5 or more outgoing transfers made in the month) Couldn’t find information.
Required Minimum Account Balance HKD 50,000

no no
Account Opening Time 2 business days (for online applicants)

Yet, we cannot find the expected timeframe for non-online applicants.
3 business days Can take up to 30 days
Cards  Applicable ATM card Applicable physical and virtual cards Applicable physical and virtual cards
ATM Withdrawal yes yes yes
Accounting Software Integration yes yes yes
FX Rates and Fees Not specified FX rates and fees Based on real-time mid-market rate + FX Fees as low as 0.15% Not specified FX rates and charges a fee of 1% or 3% (depending on the integration and conversion method)
Trustpilot Reviews Doesn’t have reviews on Trustpilot 4.6/5 based on 261 reviews 2.3/5 based on 239 reviews
Customer Support Channel Phone, Query form, Visiting branch, Chatbot Website, Email, Phone, Live chat, WhatsApp, WeChat Customer support portal, Hotline (only in the UK and Ireland), Query form
Statrys mobile application dashboard showing a total balance in a business account.


What is DBS Bank?

DBS Bank is a leading financial services group in Asia, known for its comprehensive range of banking and financial services to individuals, SMEs, and corporations.

What services does DBS Bank offer?


What are the key features of a DBS business account?


Can my business apply for a business account online with DBS Bank?


How long does it take to open a DBS business account?



More info
Statrys competes directly with DBS Hong Kong in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.

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