ZA Bank Business Account Review [2024]: Features, Fees, & Alternatives

What Is ZA Bank?

Founded in 2017, ZA Bank is the first virtual bank in Hong Kong, an initiative by ZhongAn Online P&C Insurance. The company is backed by industry giants, including Jack Ma of Alibaba, Pony Ma of Tencent, and Mingzhe Ma of Ping An Insurance.

Licensed by the Hong Kong Monetary Authority (HKMA) in 2019, ZA Bank is also a member of the Hong Kong Deposit Protection Scheme (DPS). This ensures a secure banking experience for its customers.

ZA Bank offers a range of banking services, including multi-currency accounts, business banking, loans, and investments. By partnering with Wise, ZA Bank provides its users with affordable and fast cross-border payment solutions.

Serving over 700,000 users, ZA Bank has been recognised as the Virtual Bank of the Year – Consumer (Hong Kong) by The Asset Triple A Digital Awards 2023.

Recently, ZA Bank announced its partnership with OKX Hong Kong, a front-runner in the virtual asset exchange and Web3 technology domain. This collaboration is in line with ZA Bank's strategy to support the city's ambition of becoming a global Web3 hub.

📌 Note: The DPS protects eligible deposits up to HKD 500,000 per person.

ZA Bank Pros and Cons

ZA Bank Features

Let's dive into what ZA Bank has to offer for businesses.

Business Account

ZA Bank provides virtual business accounts to Hong Kong businesses only.

Here are the key features of the business bank account.

• Multi-currency savings account in HKD, CNY, and USD
• Local fund transfers and payment services in HKD, CNY, and USD via FPS and CHATS
• Overseas transfer (Inward and Outward) in HKD, CNY, and USD via SWIFT payment network.

However, there are some limitations you should keep in mind when making transactions.

Other Services

Apart from the business account, ZA Bank also offers other banking services, including

1. Time Deposits

• Supported in HKD, CNY, and USD.
• The periods range from 7 days to 12 months.
• The minimum deposit amount is HKD 1, CNY 1, or USD 1.
• Interest rates from 0.1% to 3.65%.

2. Foreign Currency Exchange Services

• Supported in HKD, USD, and CNY
• No daily limit on the number of transactions.
• Instantly processed transactions
• 24/7 service
• No extra charges or handling fees

3. Business Loans

• Businesses can access two different types of business loans from ZA Bank up to a value of HKD 18 million:
• 80% guarantee revolving loan: offered under the SME Financing Guarantee Scheme with a repayment period of up to 7 years
• Unsecured revolving loan: with a flexible drawdown date and repayment terms.
• No arrangement fee for either loan.

4. Batch Payment and Payroll

• With daily limits of HKD 10 million and HKD 50 million, respectively.

ZA Bank’s Feature Rating is 3.5/5.

ZA Bank business accounts are well-suited for smaller businesses in Hong Kong. Its multi-currency business accounts help businesses handle different currencies more efficiently and save money on foreign exchange costs.
However, its supported currencies are limited compared to competitors in the market. Also, there are transfer limits applied when transferring money to accounts outside ZA Bank. Moreover, if your business frequently deals with cross-border transactions, it may be expensive because SWIFT is the only option available for international transfers.
Because of these reasons, we rated ZA Bank's business account 3.5 out of 5.

Fees Charged by ZA Bank

ZA Bank’s Fees Rating is 4/5.

ZA Bank charges reasonable and straightforward payment fees. However, if your business has a complex structure, there is an additional account opening fee of HKD 10,000 at a minimum. Also, it's worth noting that we could not find information regarding foreign exchange rates, making it difficult to determine whether their conversion rates are competitive. 

ZA Bank Customer Support

You can reach out to ZA Bank through various channels, which are:

• Email: bank.opinion@za.group
• 24/7 Hotline: +852 3665 3665
• 24/7 Online Live Chat
• Query form
• ZA Bank office: Unit 1301, Level 13, IT Street, Cyberport 3, 100 Cyberport Road, Hong Kong (Appointment is required)

According to ZA Bank, if further investigation is required, they will contact you with a final result within 30 calendar days.

ZA Bank’s Customer Support Rating is 4/5.

ZA Bank offers numerous communication channels for customers who need assistance. Their hotline and live chat support are both available 24/7, ensuring that customers can reach out to the ZA Bank team at any time. Additionally, customers who prefer in-person consultation can make an appointment to visit their office.

However, for more complex cases that may require further investigation, ZA Bank will send an acknowledgement letter within 7 days and provide a final result within 30 days. Based on this, we have rated ZA Bank's customer support 4 out of 5.

Requirements for Opening a ZA Bank Business Account

Only businesses incorporated in Hong Kong can open a business account with ZA Bank.

💡Tip: If you plan to start a business in Hong Kong. Read our guide to learn about how to set up a Hong Kong business.

Business Account Eligibility

Below are the eligibility criteria for opening a ZA Bank business account:

• Be a sole proprietorship, partnership, or limited company
• Be established or incorporated in Hong Kong
• A sole proprietor must be aged 18 or over
• Tax resident of Hong Kong only

Required Documentation

The required documents depend on the type of your business. In general, you'll need to have at least the following documents on hand:

• Form for opening a business account
• Copy of an individual’s identity documents
• Copy of residential address proof
• Copy of a business registration certificate
• Proof of business, such as a sales contract or invoice
• Foreign Account Tax Compliance Act (FATCA) documents
• Common Reporting Standard (CRS) documents

For more information, ZA Bank provides a document checklist for business account opening on its website.

The initial account opening process can be done online. However, the director or person in charge of the company must be physically present in Hong Kong to meet face-to-face with ZA Bank and sign the contract. This meeting cannot be held online.

💡Tip: Here’s a detailed guide on how to open a ZA Bank account. 

The Ease of Opening an Account Rating for ZA Bank is 2.5/5

ZA Bank doesn’t offer a remote account opening option and a physical visit is required to complete the process. Therefore, it may take a few weeks to activate your account. For this reason, ZA Bank is given a score of 2.5 for the ease of opening an account.

ZA Bank Alternative

💡Tip: Discover more ZA Bank alternatives and learn how ZA Bank and Statrys compare in detail.