ZA Bank Business Account Review [2025]: Features, Fees & Customer Support

What Is ZA Bank?

Founded in 2017, ZA Bank is the first licensed 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.

ZA Bank offers a range of banking services to individuals and businesses in Hong Kong, including multi-currency accounts, business banking, loans, and investments. By partnering with Wise, ZA Bank enables personal account users to make affordable, fast overseas remittances. As a member of the Hong Kong Deposit Protection Scheme (DPS), eligible deposits are protected up to HKD 800,000.

Serving over 700,000 users, ZA Bank has been recognised as SME Digital Innovation of the Year - Hong Kong by The Asian Banking & Finance Awards 2024. [1]

ZA Bank Features

While ZA Bank offers both personal and business banking solutions, this article focuses on business banking services.

Business Bank Account

ZA Bank provides virtual bank accounts to businesses in Hong Kong only.

Here are the key features of the business bank account. [2]

• Hold money in HKD, CNY and USD in one account number.
• Send and receive local payments within Hong Kong in HKD, CNY, and USD via the FPS and CHATS payment systems.
• Send and receive overseas payments in HKD, CNY, and USD via the SWIFT payment network.
• Earn interest up to 0.1% from your account balance.
• Convert money instantly between supported currencies 24/7 with no extra charges or handling fees. You can check the exchange rate in real-time through ZA Bank’s platforms.
• Send payroll up to 1,000 transactions in one go. Simply upload the template with all the details.

Also, there are daily and monthly limitations you should keep in mind when making transactions. [3]

If you open an account online and require a higher limit, you can contact your relationship manager to request an increase.

Business Loans

ZA Bank offers a range of SME financing options, including government-backed guarantee loans and flexible revolving credit. [4]

• SME Financing Guarantee Scheme (SFGS): ZA Bank participates in the SME Financing Guarantee Scheme (SFGS) by HKMC Insurance Limited, offering government-backed loans with up to 80% or 90% guarantee. Businesses can choose between revolving loans or instalment loans.
• Business Revolving Loan: A flexible, unsecured loan designed for SMEs needing credit access without collateral.

ZA Bank’s Feature Rating is 5/10.

ZA Bank is a suitable choice for Hong Kong SMEs focusing on the local market, offering free local transactions, bulk payroll features, and flexible financing options. It works well for businesses dealing primarily in HKD, CNY, and USD.

Compared to other business account providers like Airwallex and HSBC Hong Kong, ZA Bank has some limitations in certain areas. It doesn’t offer payment cards and accounting integrations, so businesses may need external tools for expense management and bookkeeping.

International payments are processed via SWIFT, which may involve higher fees compared to local payment networks. In addition, currency support is limited to HKD, CNY, and USD.

For SMEs operating locally, ZA Bank is a viable option, but businesses with global needs may find other providers more flexible and cost-effective.

Fees Charged by ZA Bank

ZA Bank doesn’t require a minimum balance or charge monthly fees for its business account. However, there is a fee to open an account, along with other service charges. Key fees include [5]:

General Fees

Receive Transfer Fees

Send Transfer Fees

ZA Bank’s Fees Rating is 6.5/10

ZA Bank’s business account has no monthly fees and low FPS transfer costs, making it a good choice for local transactions. However, the account opening fee (HKD 1,200 - 10,000) is high, especially compared to competitors that offer free setups. The extra charges like HKD 200 for inactive accounts can also add up.

SWIFT transfers cost HKD 50–HKD 100, with HKD 200 for changes or cancellations. ZA Bank does not disclose exchange rate margins or FX fees, so businesses may not know the total cost of an international transfer upfront.

ZA Bank is a cost-effective option for local businesses, but its setup fees and lack of clear FX rates may be a consideration for companies handling frequent international transactions.

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).
• Additionally, ZA Bank provides a Help Centre in Traditional Chineses and English with self-service resources for common queries. [6]

ZA Bank’s Customer Support Rating is 9/10

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.

While ZA Bank mentions relationship managers, it’s unclear whether they provide ongoing, personalised support for businesses or just assist with account setup. If they provided clear, dedicated support, the score would be 10/10 instead.

Requirements for Opening a ZA Bank Business Account

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

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. [7]

The account opening process can be done online only if your business meets the following conditions:

• Sole Proprietorship: The owner must be a Hong Kong tax resident, hold a valid HKID, and be 18 or above.
• Partnership: All partners must be HK tax residents, natural persons (not companies), hold valid HKIDs, be general partners, and the partnership cannot exceed 3 partners.
• Limited Company: All shareholders and directors must be HK tax residents, natural persons, hold valid HKIDs, and the company cannot have more than 4 shareholders or directors.

If your business does not meet these conditions, you must attend an in-person meeting with ZA Bank to sign the account opening documents.

The Ease of Opening a ZA Bank Business Account is 7.5/10

ZA Bank offers a fully online account opening process, making it more convenient than traditional banks. However, strict eligibility criteria—such as requiring all shareholders and directors to be HK tax residents and limiting business size—exclude many companies.

Those who don’t qualify must meet in person to complete the application process, which removes the benefit of online banking. It’s easy for simple businesses but less accessible for others.

ZA Bank Business Account Alternative: Statrys

If ZA Bank doesn’t meet all your specific needs, consider Statrys.

Statrys is a licensed payment service provider in Hong Kong that offers digital-only solutions, including multi-currency business accounts tailored to businesses registered in Hong Kong, Singapore and the British Virgin Islands (BVI).

With a Statrys business account, you can hold funds in 11 major currencies: HKD, CNY, USD, EUR, GBP, SGD, AUD, JPY, CHF, NZD, and CAD, with one account number. Local payments in Hong Kong are free to receive, and sending payments cost just HKD 5.

Statrys supports local payments in 12 currencies, providing faster and cheaper transactions for paying suppliers and employees. Businesses can also lock in exchange rates for up to 12 months with forward contracts.

Additionally, Statrys offers payment cards for online and in-store purchases, plus ATM withdrawals worldwide where Mastercard® is accepted.

Statrys offers dedicated account managers, providing more personalised support compared to many digital banking alternatives. You can contact them via phone, WhatsApp, and WeChat whenever needed.