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

About HSBC

Founded in 1865, The Hong Kong and Shanghai Banking Corporation (HSBC) stands as one of the world's largest banking and financial services organisations, with assets totalling 3 trillion dollars. 

Their extensive network spans 62 countries and territories, encompassing Europe, Asia, the Middle East and Africa, North America, and Latin America.

HSBC employs approximately 220,000 full-time equivalent workers globally. They cater to around 39 million customers across three main global businesses: Wealth and Personal Banking, Commercial Banking, and Global Banking & Markets. 

As evidence of its recognition, HSBC has received numerous awards, including the recent Central Banking Awards 2023 - Asset Services Provider Award and the Euromoney Awards for Excellence 2023 - World's Best Bank for Public Sector.

HSBC Hong Kong Business Account Pros & Cons

Featured Reviews 

David Shaw rated HSBC ⭐⭐⭐⭐

The business banking team has always been 100% professional and happy to help any time. I fully recommend this bank if you're seeking to do business in HK. Source: Trustpilot Review

Anna Jin rated HSBC ⭐⭐⭐⭐

I have been with this bank at the Happy Valley branch over 20 years and have always received helpful service. They have went out of their way to help an old lady. Source: Trustpilot Review

However, we examined overall customer feedback on Trustpilot to give you a complete picture of HSBC Hong Kong. Based on 87 reviews, HSBC Hong Kong received a score of 1.3 out of 5.

It is important to note that this Trustpilot page has not been claimed by HSBC, so there is no one actively monitoring the reviews or responding to the comments.

HSBC Hong Kong Business Account Features

HSBC offers three types of Business Integrated Accounts to Hong Kong businesses, which are accounts that combine savings, current deposits, and time deposit accounts under one single account number.

Key Features of Business Integrated Accounts:

• All accounts support HKD, RMB, and various foreign currencies, including USD, GBP, CAD, AUD, JPY, NZD, EUR, SGD, CHF, and THB.
• Facilitate local HKD transactions instantly through FPS and engage in global transactions via the SWIFT payment network.
• Transact and invest 24/7 via the HSBC Internet banking portal or the HSBC mobile banking app. 
• Modern collection and payment methods, such as QR codes and digital wallets, for multi-currency business accounts.
• Receive WeChat notifications for real-time updates on account balance and transactions

The benefits mentioned above are relevant to all three options for an HSBC Hong Kong business integrated account. Next, we will briefly outline the three options.

1. HSBC Sprint Account

The HSBC Sprint Account is designed to support new startups and accelerate their growth. 

Here are the key distinctions of the HSBC Sprint Account:

• First 12 months service fee waiver.
• Enjoy the most favourable service fee waiver of the 3 HSBC business account offerings. 
• Access HSBC's extensive branch, phone, and ATM network.
• The lowest required average account balance among the 3, at HKD50,000
• Seamless online banking through HSBC Business Express Mobile App

2. HSBC Business Direct

The Business Direct Account is for growing SMEs. With this account, you can:

• Make same-day remittances to Greater China, which benefits businesses with customers in Mainland China and Taiwan. 
• Direct-channel assistance, with convenient access to phone banking, cheque and cash deposit machines, ATMs, and our award-winning Business Internet Banking and HSBC net banking platform.
• The required average account balance is HKD100,000. You also get access to a credit facility of up to HKD10,000,000, which can be utilised for overdraft and documentary credit issuance.
• Seamless online banking through HSBC Business Express Mobile App and Business Internet Banking 

3. HSBC BusinessVantage

The BusinessVantage account is for more established SMEs. With the waiver of the initial 50 transactions for over-the-counter fees, it also suits businesses that have a similar mix of online and over-the-counter transactions. 

Key features of HSBC BusinessVantage include:

• Initial 50 over-the-counter transaction fees waived
• Transfer funds within the same day to Greater China
• Credit limit extends up to HKD10,000,000
• Multi-Channel Support, with access to transaction centres, branches, Business Internet Banking/HSBCnet, phone banking, and automated machines.
• Seamless online banking through HSBC Business Express Mobile App and Business Internet Banking 
• Higher average account balance requirement at HKD500,000

Business Account Affiliated Products 

In addition to the business accounts, there are other applicable products that can be applied for after your account is approved. 

A distinct fee or subscription might be required for these additional products. 

HSBC Global Wallet 

• Integration with the HSBC Integrated Business Account for easy cross-border transactions
• Manage payments in 6 currencies

Corporate Cards

• 6 HSBC corporate card options with unique features, rewards, and benefits.
• No foreign transaction fees for the HSBC Business Debit Mastercard®.
• Rewards, interest-free periods, and special benefits for other card options.

Foreign Exchange

• Access FX services on the online banking platform and mobile app.
• Support for 25 currencies, spot trades, and preferred rates with a minimum transaction amount.

Other Services

• Integration with Xero accounting and iMGR HR and Payroll software.
• Streamline operational efficiency and real-time reconciliation.
• Export and import solutions 
• Investment opportunities

HSBC Hong Kong’s Business Account Features Rating is 4/5

HSBC Hong Kong's business account offerings are robust, with tailored features for different stages of business growth. The additional services provide comprehensive support, though the higher balance requirements and region-specific features in some accounts might limit their appeal. For businesses operating within or connected to Hong Kong, these accounts offer substantial benefits, particularly in terms of growth support, credit facilities, and international transaction capabilities. The ratings reflect the balance between extensive features and specific limitations or requirements of each account type.

HSBC Hong Kong Business Account Fees

The costs for your HSBC Hong Kong business account depend entirely on the account that you choose. This table provides an overview of some of the costs you can expect for each account. 

HSBC's monthly fee is charged on the fourth working day of each month.

It's worth noting that fees are subject to change. Please refer to the fees and charges page for the latest information.

HSBC Hong Kong’s Business Account Fees Rating is 3/5

On the positive side, there's a 12-month fee waiver for the Sprint Account and no monthly fees for maintaining specific average balances across all account types. 

However, the high average balances, high account opening fee (HKD 1,300), and charges for inactive accounts can be burdensome. International transactions and various related services also come with substantial fees. While some transactions are free, the overall fee structure seems more favourable for well-established businesses with consistently high balances and transaction volumes.

HSBC Hong Kong Customer Support

If you need help, HSBC has several channels available for their customers to contact them. HSBC's business hours are Monday to Friday, 9 a.m. – 6 p.m. Hong Kong Time (HKT) UTC+8

Here are some of the contact methods:

• Visiting any branches
• Chatbot
• Chatbox in the website or mobile app
• Email
• Hotline: +852 2748 8288 (Chinese and English language)

Some services are available through the hotline channel 24/7. Please check the details on the contact page.

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

Overall, HSBC Hong Kong's customer support seems robust and versatile, with multiple channels catering to different needs and preferences. The availability of 24/7 services for certain needs via the hotline is a significant plus. However, the actual quality of support, responsiveness, and convenience for international clients during off-hours would need further customer feedback for a comprehensive evaluation.

The overall rating reflects the extensive support options available and the inclusive language support, with room for improvement in round-the-clock accessibility and potential variation in service quality across channels.

Requirements For Opening An HSBC Business Account

The requirements to open an HSBC Hong Kong business account online are straightforward, but you must fulfil all of them. 

Here are the requirements: 

• Your business must be a limited company, partnership, or sole proprietorship
• Your business must be incorporated or registered in Hong Kong
• Your business must have operations in Hong Kong
• Your business must not have any corporate directors or shareholders.
• Your business must not have more than 2 individual directors, shareholders, or authorised signatories.

📌 Note: If you do not meet all of the above requirements for the online application, you will need to visit a physical branch to open an account.

In addition, HSBC Hong Kong may request directors or authorised signatories without a Hong Kong Identity Card to verify their identity via a video call or in-person meeting.

Specific Eligibility for HSBC Sprint Account

To qualify for an HSBC Sprint Account, the business entity must:

• be a limited company, partnership, or sole proprietorship;
• be incorporated and operate in Hong Kong;
• have a single-layer structure;
• be established for less than 3 years; and
• have an annual turnover of USD 3 million or less. 

HSBC Sprint Account does not support trade services or offer access to HSBCnet. 

Eligibility for HSBC Business Direct and HSBC BusinessVantage 

After extensive research, we could not find the details regarding the specific eligibility for HSBC Business Direct and HSBC BusinessVantage on the HSBC website. 

📝 Note: For all account types, customers can submit an application online, and eligible customers have the option to open an account remotely.

Required Documents 

After you confirm that you are eligible to open a business account, the next step is to submit your documents to support your application. 

Fundamental documents include:

• Valid identification document(s) of all authorised signatories, all beneficial owners, all persons purporting to act, one key controller, and all direct appointees
• Proof of address of all beneficial owners, sole proprietors, key controllers, direct appointees, and persons purporting to act 
• Valid Business Registration Certificate or Certificate of Incorporation (CI).
• Memorandum and Articles of Association (M&A) and Articles of Association
• Foreign Account Tax Compliance Act (FATCA) documents
• Common Reporting Standard (CRS) documents
• Sources of wealth or sources of funds support documents (e.g., financial statements, proof of loan, etc.).
• HKD cheque of HKD 10,000 for the initial deposit

It’s important to note that the required documentation will vary depending on your company entity and the type of HSBC business account you are applying for. 

Please refer to the account opening document checklist for detailed information.

Once you’ve prepared documentation, visit the registration page or click Apply through a mobile application. 

🔍 Tip: Explore the detailed guide on how to open an HSBC business account online in 2024.

Remote Account Opening Availability

All customers can submit an online application for HSBC business accounts, and eligible individuals can open an account remotely.

Should you not meet the criteria for the remote application, a visit to a physical branch will be necessary to open an account. Furthermore, HSBC Hong Kong may request directors or authorised signatories without a Hong Kong Identity Card to undergo identity verification through a video call or an in-person meeting.

HSBC Hong Kong’s Business Account Ease of Opening Account Rating is  3.5/5

While HSBC Hong Kong's business account offers robust features and a clear process for local companies and newer businesses, the strict eligibility requirements and lack of detailed information on certain account types may limit its appeal to a broader audience. The thorough documentation needed and the modern convenience of remote account opening are positive aspects, but the potential need for in-person interactions and the restricted account features for certain types might detract from the overall user experience.

HSBC Business Account Alternatives