The 5 best banks to open a business bank account in Hong Kong
Traditionally, opening a business bank account in Hong Kong can be a daunting task, as there are several steps and procedures to go through before you can open an account.
Nowadays, banking alternatives are emerging as new banking solutions, good news for online businesses looking for more business bank account options for their e-commerce store.
Open a bank account with HSBC in Hong Kong
HSBC was launched in Hong Kong in 1865 and now has 40 million customers in 64 countries and territories. HSBC’s Sprint account can be considered a bank account for e-commerce businesses, as it is designed to meet the needs of a new startup, with an integrated bank account to provide you with an easier and smoother banking experience.
Features and Benefits:
– No monthly service fees for the first 12 months;
– The Sprint account can be opened online without going through the HSBC Business Center. You will receive your account number immediately online;
– Until December 31, 2021, you can save up to HKD 495 on the account application fee if you complete your entire application online or apply to open an account online before visiting a branch;
– Save 25% on your online foreign exchange transactions for 90 days.
Eligibility: Sole proprietorships, limited liability companies and other entities may apply.
Open a bank account with DBS Bank in Hong Kong
DBS Bank (Hong Kong) Limited is a licensed bank incorporated in Hong Kong. A subsidiary of Singapore-based DBS Bank, it is the seventh largest bank in Hong Kong in terms of total assets.
Features and Benefits:
– Mobile access to all your business banking services;
– Ideal for daily banking transactions;
– Unlimited number of daily transactions;
– Waive account opening fee up to HK$1,200;
– Service fee waived for the minimum deposit balance required for the first 12 months;
– Waiver of wire transfer fee from DBS IDEAL online banking platform.
Eligibility: Limited liability companies, sole proprietors, partnerships, clubs and associations are eligible to apply.
Open a bank account with OCBC Wing Hang in Hong Kong
Since the end of July 2014, Wing Hang Bank has been a subsidiary of the Oversea-Chinese Banking Corporation of Singapore. It is now known as OCBC Wing Hang Bank, headquartered in Hong Kong. OCBC Wing Hang’s commercial account includes a range of deposit services, payment solutions, capital management, and trade and investment services, helping you run your business with ease, offering strong local support.
Features and Benefits:
– Access to 15 currencies for your current deposits, statement savings deposits and term deposits;
– Manage letter of credit issuance and payroll services through a single account;
– A range of treasury solutions are available to manage your foreign exchange risk, including foreign exchange options and structured forward contracts.
Eligibility: Limited companies, sole proprietorships, partnerships, offshore companies, clubs, trusts and associations are eligible to apply.
Open a bank account with Hang Seng Bank in Hong Kong
Hang Seng Bank Limited is a Hong Kong-based banking and financial services company with headquarters in Central, Hong Kong. Hang Seng Bank offers a wide range of financial services, including online banking and savings accounts. Hang Seng Bank’s Integrated Business Solutions account is an all-in-one account that integrates HKD current accounts, savings accounts (HKD, RMB, foreign currencies), time deposit accounts, investment accounts, and gold statement accounts, suitable as a bank for an e-commerce business.
Features and benefits:
– Sole proprietors or limited liability companies can open an account fully online for new customers. The opening time is about 5 days and you also get a HK$1,200 exemption on the account opening administrative fee;
– Annual fee waiver for the first two years;
– Payroll service;
– Temporary overdraft of up to HK$10,000 to avoid returned checks or automatic payment failures.
Eligibility: Local, foreign and PRC companies can apply.
Open a bank account with ABC Bank in Hong Kong
The Hong Kong branch of Agricultural Bank of China Limited was established in November 1995. It is the first overseas branch of Agricultural Bank of China Limited. It offers its customers a range of products and services, such as trade finance, syndicated loans, wealth management, foreign exchange, bond investments, derivatives, deposits, foreign exchange, project loans and structured products.
Features and Benefits:
– Comprehensive account management and enhanced security of funds. You can give variable access to your employees based on their role. Controls accounting processes to ensure transaction compliance and security of funds in corporate accounts;
– Improved capital efficiency. Account balances are updated immediately, so you know exactly where you stand with your cash and can use your funds wisely;
– Quality customer service and experience.
Eligibility: For customers who have a business retail account (such as a savings account, current account) or term deposit account with ABCHK.
What we do
At Merritt Asia we will do our best to advise and assist you in choosing a bank account that best suits your business needs. For more information, please contact us by email at support@merritt.group.
