Hong Kong is a financial hub with a thriving business community, and as such, businesses require robust banking solutions to manage their finances.
In this article, we compare the business accounts offered by HSBC Hong Kong and Statrys, two prominent financial institutions in Hong Kong.
The comparison aims to provide information on the increasing range of quality business accounts available, their features, and how they stack up against each other.
We also offer an in-depth HSBC Hong Kong review so you can fully understand what products are offered.
In a market that lacks transparency, we have used our best efforts to put together a comparison that may help you make your choice.
Now, let’s move to the comparison:
Accounts & Payments
|Multi-currency Business Account in Hong Kong|
|Local Payments in Hong Kong|
|Hong Kong Company Registration|
|Supported Currencies for Local Payments||HKD, AUD, EUR, GBP, IDR, INR, PHP, SGD, THB, TRY, USD, VND||HKD, USD, GBP, EUR, SGD, DKK, CZK, AUD, BGN, HUF, CHF, NZD, NOK, RON, PLN, ZAR, SEK*|
|International Payments (SWIFT)|
|Supported Currencies in a Multi-currency account||HKD, USD, EUR, GBP, CNY, JPY, CHF, AUD, SGD, CAD, NZD||HKD, AUD, CAD, EUR, JPY, NZD, GBP, RMB, SGD, CHF, THB, USD|
*Note: HSBC HK supports Sending money via Global Money Transfers to over 50 countries/regions in their local currencies and supports a SWIFT network of 200+ countries and regions in more than 40 different currencies.
HSBC Hong Kong provides three business accounts, namely Business Integrated Accounts, which combine savings, current deposit, and time deposit accounts under a single account number.
Each of the three accounts (Sprint Account, Business Direct, BusinessVantage) offers a range of banking solutions to help businesses manage their finances and transactions effectively.
In addition, all HSBC business accounts can receive and pay in 12 currencies.
Businesses can transact and invest 24/7 through the HSBC Internet banking portal or mobile banking app.
They can also use new collection and payment methods, like QR codes and digital wallets, to streamline their financial management.
Statrys, on the other hand, offers a multi-currency account in Hong Kong that supports local and international payments (SWIFT) that can be used to receive and make transfers in 11 currencies.
It is primarily suited for small businesses and startups in Hong Kong looking for digital payment solutions.
They offer a range of services to help businesses manage their finances, including business accounts, debit cards, and FX services.
Statrys also provides a user-friendly online platform that allows businesses to manage their accounts and payments efficiently.
To open a business bank account with Statrys, your business must be incorporated in Hong Kong, Singapore, or the BVI.
If your company isn’t incorporated in any of the three jurisdictions, you can use Statry’s company registration service to create a company in Hong Kong for only HKD 8,600.
|Local Collection Accounts||Hong Kong||HKD, SGD, USD, AUD, CAD, CNY, EUR|
With HSBC Global Wallet, businesses can easily hold, manage, and receive payments in multiple currencies from their Business Internet Banking account.
This convenient service enables businesses to conduct transactions quickly and efficiently, regardless of the location of their customers and suppliers.
|Local Payout||HKD, AUD, EUR, GBP, IDR, INR, PHP, SGD, THB, TRY, USD, VND||USD, EUR, GBP, CAD, AUD, JPY, SGD, HKD, AED*|
Note*: 'Send like a local' transfers are fee-free for both the sender and the payee, but some banks may charge a fee for international transfers. You will need to check with your bank on what these charges are.
Local payouts are an excellent choice for paying services, freelancers, and contractors in their country with their currency. These aren’t processed via SWIFT but via the local payment system of the country where your payee is based.
Statrys covers much of the world with local payouts that benefit both your company and the recipient, as there’s conveniently no currency conversion involved.
HSBC Hong Kong’s Global Money Transfers service enables fee-free and faster transfers to over 50 countries/regions in their local currencies.
For eligible countries/regions and currencies, transfers can be completed within one working day, and this service is exclusively available on the HSBC HK Mobile Banking App.
Foreign Exchange Services
|Supported Currencies||USD, GBP, EUR, HKD, SGD, CNY, JPY, CAD, AUD, NZD, and CHF||HKD, USD, CNH, EUR, GBP, JPY, AUD, CAD, CHF, NZD, SGD, THB, DKK, NOK, SEK, ZAR, AED, PHP, INR, BHD, CZK, KWD, MXN, SAR, KRW|
|FX Services||Spot and Forward||24-Hour FX, FX Order Watch, FX Rate Alert, Telegraphic Transfer for overseas payments, and FX Time Deposit|
HSBC provides a comprehensive suite of foreign exchange (FX) services, including real-time currency exchanges and overseas remittances, as well as valuable insights to help you make informed FX decisions through tailored insights and live charts.
In addition, the HSBC offers Rate Alert allows you to set up your target exchange rate and receive notifications via your preferred channel once it has been reached.
With Order Watch, you can set up your preferred currency pair, target exchange rate, and order amount.
Statrys offers exchange rates based on the real-time mid-market rate, enabling businesses to make informed decisions about when to execute trades.
This helps protect businesses against currency fluctuations and uncertainty. Moreover, Statrys provides local payout solutions for exotic currencies like INR, IDR, and TRY, among others.
|Card Base Currency||HKD||Debit Cards*: HKD, AUD, CAD, EUR, JPY, NZD, GBP, RMB, SGD, CHF, THB, USD
Credit Cards: HKD, USD, or RMB
|Payment Limit||HKD500,000 per card/year||Depending on the card|
|Cards per Account||Multiple||Depending on the card|
|Card Mobile Application|
|Instant Notification of Spending|
|Control over Spending Limits|
*Note: If your account has sufficient funds, your spending in 12 major currencies will be debited directly from the corresponding foreign currency deposits. However, transactions outside of these 12 currencies will be settled in HKD based on the prevailing exchange rate.
HSBC Hong Kong offers a range of credit and debit cards designed to meet the needs of businesses, including:
- HSBC Business Debit Mastercard®
- HSBC Business Mastercard®
- HSBC RMB Business Card
- HSBC Corporate Mastercard®
- HSBC Purchasing Mastercard®
- HSBC Virtual Mastercard®
These cards offer various benefits, such as interest-free repayment periods, rewards programs, and enhanced convenience and privileges in mainland China.
Additionally, HSBC Hong Kong’s B2B Marketplace and Merchant Offers enable businesses to explore a wide array of merchants and suppliers in different categories accepting B2B payments through their Commercial Cards.
On the other hand, Statrys offers virtual and physical prepaid Mastercards® that you can use for online and in-store payments and ATM withdrawals.
You can also get cards for your team members, and there’s no need to get separate cards for different currencies, making cards and accounts user-friendly.
|Dedicated Account Manager|
|Communication Channels||Website, phone, email, WeChat, WhatsApp||Website, phone, email, Live Chat, Whatsapp|
|Working Hours||9 am to 6 pm Hong Kong time
Monday to Friday (except on HK public holidays)
|Monday to Friday: 9 am to 6 pm
Saturday: 9 am to 1 pm Hong Kong time
For some services open 24/7
Customer service is something that can make or break a business account. If you ever run into issues, you want them to be dealt with quickly and professionally.
Statrys offers a dedicated account manager that is available to you Monday to Friday, 9 am to 6 pm.
You can also get a hold of Statrys’ customer service via the website, email, phone, and even WeChat and Whatsapp.
Although HSBC doesn’t offer dedicated account managers, you can get ahold of their customer service Monday through Saturday through the usual channels.
Accounts & Payments Pricing
|Account Opening Fee||No fee**||HKD1,300|
|Account Monthly Fee||HKD88 (with a dedicated account manager)||Depends on the account|
|Receive Local Payments||Free||Free|
|Receive International Payments (SWIFT)||HKD55||Starts at HKD65 but will depend on other factors such as sending bank and currency|
|Send Local Payments||HKD5 for HKD payments to Hong Kong
HKD25 to HKD50
Local payment to specific countries
|Local payments in HKD/RMB starts at HKD5|
|Send International Payments (SWIFT)||HKD75||HKD100 to HSBC Groups in Mainland China
HKD120 to all others
** Account opening fee may apply for companies not registered in Hong Kong or Singapore, companies with complex shareholding structures, and companies with high-risk business profiles.
Statrys charges HKD88 per month for their business account, which comes with a dedicated account manager.
HSBC offers three types of business accounts in Hong Kong: BusinessVantage, Business Direct, and Sprint Account.
Each account has different requirements and fees based on the previous three months' average total relationship balance and the number of transactions. Inactive accounts may also be subject to additional charges.
|Card transaction in a currency different than the card base currency
(for example, when using the card for a transaction in EUR)
|FX fee based on Mastercard exchange rate + 1.5%||FX fee based on Mastercard exchange rate + 1.95%|
|ATM Withdrawal||1.99% (Minimum HKD31)||Waived for HSBC Group's ATM network in Hong Kong
HKD15-50 for Overseas and non-HSBC Groups's ATMs in Hong Kong
When using your Statrys card in a different currency than your base one, you’ll pay an FX fee based on the Mastercard® exchange rate, plus 1.5%.
HSBC has a range of debit and credit business cards. For HSBC Business Debit Mastercard®, purchases and cash withdrawals in 12 major currencies will be debited directly from your Business Integrated Account if sufficient funds are in place.
For HKD cards, card transactions made in currencies other than HKD will be converted to HKD at a rate of exchange determined by Visa/Mastercard® on the date of conversion plus a 0.95% fee imposed by the bank and a 1% fee charged by Visa/Mastercard® to the bank.
For USD cards, the same applies but with USD as the reference currency instead of HKD. Additionally, for Purchasing Cards, the bank fee is reduced to 0.75%.
This comparison is based on information available on the HSBC Hong Kong website as of June 2023.
Anything we missed? Drop us a message, and we will do our best to make this comparison even more exhaustive.
Can you open an HSBC business bank account online?
What are the requirements to open a business account with HSBC online?
How long does it take to open a business bank account?
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Statrys Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.