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

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Features - 3.5/5

Fees - 4/5

Customer Support - 4/5

Ease of opening an account - 2.5/5

Our Rating Methodology

Click "More info" to understand how we calculate our ZA Bank Business Account ratings.

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 pros

  • 24/7 access to virtual banking services through the ZA Bank app and the website. 
  • A suite of banking services caters to SMEs
  • Deposits are protected up to HKD 500,000

ZA Bank cons

  • Only business registered in Hong Kong is eligible to open an account.
  • A physical visit is required to complete the account opening process.
  • Limited supported currencies compared to other options available in the market.
  • Daily and monthly transaction limits are applied when transferring money to accounts outside ZA Bank.
  • No payment cards are provided to make purchases and withdraw cash at ATMs.

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.

Transfer type Daily transaction limit (HKD) Monthly transaction limit (HKD)
ZA Bank's same-name account transfers No limit No limit
Third-party account transfers Default limit for accounts opened online: HKD 500,000
If you opened an account with a relationship manager, the limit increases to HKD 10 million.
The default limit for accounts opened online is HKD 5,000,000
If you open the account with a relationship manager, there will be no limit.

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

General Fees  
Account Opening Fee on the Website HKD 1,200
Account Opening Fee with Relationship Manager HKD 10,000
Additional Account Opening Fee for Companies With Complex Structures Minimum HKD 10,000
Company search Applied via the website: HKD 300
Applied via Relationship Manager: HKD 1,000
Dormant Account Charge  HKD 200
Monthly Fee for Business Account Waived
Paper Statement (On Request)  HKD 150 per request
Company information amendment HKD 200
Transfer Fees
Receive Transfers
CHATS payments HKD 15
FPS payments Non-Merchant: Waived
Merchant: 0.6% of transferred amount
Telegraphic transfers via SWIFT HKD 50
Send Transfers
To ZA Bank account Waived
To other local banks via CHATS Handling fee: HKD 50
Cancel or amend payment: HKD 200 
HKD transfers via FPS (below HKD 1 million) HKD 1
HKD transfers via FPS (HKD 1 million or above) HKD 10
CNY transfers via FPS (below CNY 1 million) CNY 1
CNY transfers via FPS (CNY 1 million or above ) CNY 10
Telegraphic transfers via SWIFT Handling fee: HKD 100
Cancel or amend payment: HKD 200 

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:
  • 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:

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

  ZA Bank logo Statrys logo Rapyd logo
Multi-currency Business Account in Hong Kong yes yes yes
Supported Currencies for Sending Local Payments HKD, CNY, and USD HKD, CNY, THB, AUD, USD, EUR, GBP, SGD, IDR, KRW, VND, INR, PHP, and TRY 50+ currencies
Eligible Countries Hong Kong Hong Kong, Singapore, and the BVI Hong Kong, and the UK
SWIFT Payments yes yes yes
Real-Time SWIFT Payment Tracking No information provided yes yes
Customer Support Channels Email, Phone, Online Live Chat, Query forms, ZA Bank office Website, Email, Phone, Live chat, WhatsApp, WeChat Customer support portal, Hotline (only in UK, Ireland), Query form
Cards No cards provided for business accounts 1 physical card and up to 4 virtual cards per cardholder No limit for both virtual and physical cards
ATM withdrawal no yes yes
Account Opening Time Several weeks 3 business days Can take up to 30 days
Accounting Software Integrations yes yes yes
Trustpilot Reviews No reviews on Trustpilot 4.6/5 based on 240 reviews 2.4/5 based on 234 reviews
Account Monthly Fee Free HKD 88 (with a dedicated account manager) USD 99
FX Rate Not specified Interbank rates Not specified
FX Fee No handling fee As low as 0.1% (depending on exchange volume) 1.00% or 3.00% (depending on the integration and conversion method)

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

Dedicated account managers for the Statrys business account.


What is ZA Bank?

ZA Bank is a Hong Kong-based virtual bank that provides a range of virtual banking services such as saving accounts, loans, and investments. It was founded in 2019 and is licensed by the Hong Kong Monetary Authority.

Is ZA Bank safe?


Does ZA Bank offer multi-currency business bank accounts?


Does ZA Bank offer both personal and business accounts?


Can I open business accounts online?



More info

Statrys competes directly with ZA Bank in the payment industry, but we are committed to providing an unbiased and thorough review. Click More info to read the full disclaimer on our review.

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