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

What is Standard Chartered Hong Kong?

Standard Chartered Hong Kong is a wholly owned subsidiary of Standard Chartered, a British multinational banking group headquartered in London with a presence in over 50 countries.

In Hong Kong, it is a licensed bank that offers products and services to individuals and businesses. For business customers, it provides a range of business, commercial, and corporate banking services, including business accounts and lending solutions.

Standard Chartered Hong Kong was locally incorporated in 2004 and is one of the three authorised note-issuing banks in Hong Kong, along with the Bank of China (Hong Kong) and HSBC. It operates under the official name Standard Chartered Bank (Hong Kong) Limited. 

Standard Chartered Hong Kong Pros and Cons

Here are the pros and cons that you may want to consider before opening a business account with Standard Chartered Bank in Hong Kong.

Standard Chartered Hong Kong Features

Standard Chartered Bank in Hong Kong provides features for business clients similar to other traditional banks.

Their banking products and services include business accounts, mobile banking apps, international payment services, business instalment loans, business overdrafts for SMEs, cash management services, investment and insurance solutions, and more.

Let’s look at the major features.

Business Accounts

Standard Chartered Bank offers multiple types of business accounts depending on the country of operation. In Hong Kong, it appears that there are four types of business accounts available: business account, premium business account, international trade account, and overseas company account. Standard current, savings, and deposit accounts are also available for business clients. 

However, the details about each type of account are not provided on their website. For more information, you should directly contact their Business Banking Centre.

For business clients, Standard Chartered Hong Kong offers a remittance service that provides access to multi-currency accounts supporting 11 major currencies, including AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD, and RMB. Clients can receive and pay in these currencies locally and internationally using SWIFT telegraphic transfer, while FPS bank transfers in HKD and CNY are available for local transactions in Hong Kong. 

You can also make same-day overseas remittances to Mainland China and Taiwan with later cut-off times. Moreover, when opening a business account, clients can opt to link their current or savings account to a trade account with the International Trade Account Banking Plan. This offers convenient access to control and manage cash and trade services.

Other Services

Standard Chartered Hong Kong also offers the following services for business banking clients:

• Online Banking Platform: Business clients can conveniently manage cash, transactions, and payrolls via Straight2Bank. This secure mobile banking experience can be accessed via an app or web browser.
• Payroll & Employee Services: You can manage payroll, tax, MPF contributions, and HR management reports with this additional service.
• Foreign Exchange: Standard Chartered HK offers a FX platform with membership tiers. They offer spot and forward contracts, as well as exchange rates at pre-set rates, so when your desired rate is reached, the funds will be automatically converted. You can access this service with the SC Mobile App.
• Business Overdraft: SMEs can have access to overdraft facilities with flexible repayment options and credit limits up to HKD 1,400,000.
• GBA One: The GBA One feature allows business clients to open accounts simultaneously in the Greater Bay Area (GBA) – Mainland China and Hong Kong.

Standard Chartered Hong Kong’s Feature Rating is 4/5

Standard Chartered Hong Kong offers four types of business accounts for businesses, from local SMEs to overseas companies. 

Their key strengths include features that allow users to open an account simultaneously in Hong Kong and Mainland China and to make financial transactions in 11 major currencies, including HKD, RMB, EUR, and USD. These features are beneficial to businesses operating internationally, especially in the Greater Bay Area.

However, some details about their business accounts are slightly difficult to find on the website.

Fees Charged by Standard Chartered Hong Kong

Standard Chartered Bank is straightforward with the fees associated with their business accounts. You can refer to their service charges document for more detailed and up-to-date information. 

Here’s a summary of the applicable fees for business accounts.

For foreign exchange services, the fees are waived if the amount exchanged is within the daily limit. However, there is a charge of 0.25% of the total deposit or withdrawal amount when the limit is exceeded. Limits are higher for Priority Banking customers.

Standard Chartered Hong Kong’s Fee Rating is 3/5

They are transparent regarding the fees for each service they provide for business accounts. 

Although there are maintenance fees for all four types of accounts, they are waived if the account balance exceeds certain limits. On the negative side, there are substantial fees when receiving and sending funds, which may not be preferable for small businesses that are looking to make frequent transactions. The other weakness is overseas companies must pay significantly more than local companies to open an account.

Standard Chartered Hong Kong Customer Support

If you have queries regarding business accounts, you can contact the  Business Banking Service Hotline at +852 2886 6988 from 9 AM to 6 PM on weekdays and from 9 AM to 1 PM on Saturdays. You can also simply visit a branch to talk in person.

Standard Chartered Bank also has a virtual assistant chatbot that can assist with basic enquiries concerning personal banking and credit cards. Unfortunately, a live chat function with a customer support agent is only available for clients with existing accounts.

After you have opened an account, you can communicate with a dedicated Relationship Manager (MyRM) online via text messages and audio calls. However, this feature is only available to selected Priority Banking and Priority Private clients. 

Standard Chartered Hong Kong’s Customer Support Rating is 2.5/5

They provide helpful answers to frequently asked questions on their contact and support page, usually with step-by-step guides for issues that can be resolved through the SC Mobile App.

However, it is not possible to get in touch with a live agent for general queries online if you are not an existing customer. Considering the fact that we could not find detailed information about the business accounts they offer, the lack of human customer support for potential clients might be a weakness.

Eligibility Requirements for Opening a Standard Chartered Hong Kong Account 

To open a business account with Standard Chartered Hong Kong, your business must be registered as one of the following:

• Sole proprietorship
• Partnership
• Limited company
• Society or association
• Owners incorporation

Apart from local companies, businesses incorporated in China, Taiwan, the British Virgin Islands, Belize, Bermuda, Cayman Islands, Samoa, and Seychelles are also eligible to open a business account with Standard Chartered Hong Kong. Companies from other countries may apply for an account as well, as long as they can provide the required documents in the checklist.

You cannot open an account if your business is incorporated in a sanctioned country or operates in a prohibited industry. Sanctioned countries include Cuba, Iran, North Korea, Sudan, Syria, Crimea, and Sevastopol. You must also provide information on direct or indirect associations with businesses in those countries and Myanmar when opening a business account.

Some businesses in industries, including mining, fossil fuel power, oil and gas, agribusiness, and fisheries, may not be eligible for any financial services provided by Standard Chartered. The completed list of prohibited activities and position statements are on their website.

The Ease of Opening an Account with Standard Chartered Hong Kong Rating is 3/5

To open a business account with Standard Chartered Hong Kong, you can make an e-appointment, and they will contact you within seven working days. 

The account opening form and document checklists can be found online, but, as a traditional bank, you must visit a branch in Hong Kong to initiate the application. This can be inconvenient for offshore businesses.

Standard Chartered Hong Kong Alternatives