Take Your Startup to the Next Level with Multi-Currency Business Accounts

As more startups and tech companies seek efficient solutions, the demand for fast and hassle-free business banking has never been higher. While traditional Hong Kong banks may be turning down applications or closing accounts, innovative alternatives are stepping in to provide the solution that business owners have been waiting for.

These high-tech platforms offer a modern twist on business banking by providing Multi-currency Business Accounts – designed to help startups thrive with ease and flexibility. This solution is tailored for the new generation of entrepreneurs looking to get their business off the ground without the usual delays.

As of 6 Aug 2020, Singapore has emerged as a strong alternative to Hong Kong in terms of international business banking services. Certain banks in Singapore are offering a remote business account opening service for a limited time, available only to selected clients. These banks support companies incorporated in Hong Kong as well as other offshore jurisdictions. You can find more details about opening a business bank account in Singapore here.

This addition helps provide more options for startups looking to establish their presence internationally and access efficient banking solutions.

• Faster, Smarter Way to Bank for Modern Startups
• Limitations of Multi-Currency Business Accounts
• Traditional Banking vs. Multi-Currency Accounts
• Choosing the Right Banking Solution with AsiaBC

Startups are increasingly turning to innovative platforms for a more flexible and efficient approach to managing their business finances. Let’s highlight how these alternative banking solutions are reshaping the way global ventures access and manage their accounts, offering greater flexibility and faster setups to meet their growing needs.

• Unique bank account number. These platforms provide startups with a unique bank account number under their business name, rather than assisting with traditional account applications. While they aren’t banks themselves, they partner with licensed banks to offer individually assigned accounts, ensuring client funds are held securely in their own name, not the platform’s.
• Your money is in the bank. The platform connects clients to their own dedicated bank accounts, ensuring that funds are securely held by licensed banks, not the platform itself. In the event of issues, client funds remain protected and safely stored under the client’s name.
• Streamlined account opening and fast approval. By operating outside traditional banking regulations, these platforms offer greater flexibility in onboarding. Startups can open accounts remotely without in-person meetings and with fewer documentation requirements, such as no need for “proof of business.” This streamlined process allows for quick account approval, often within two weeks.
• Multi-bank accounts for better currency conversion. The platform partners with various banks to offer dedicated accounts across different jurisdictions. This setup enables better currency conversion rates, such as receiving JPY payments into a JPY-based account instead of converting from HKD, saving on conversion fees.

While the Multi-Currency Business Account offers impressive flexibility and innovative features, it’s essential to consider its limitations compared to traditional bank accounts. Understanding the underlying structure—where various dedicated bank accounts are managed through the platform—can help identify potential drawbacks for your business.

• Account limits. Each dedicated bank account comes with a maximum balance, set by the platform based on your business’s trade volume. Some platforms may also cap transfer amounts to external banks, potentially restricting flexibility.
• No value-added benefits. Unlike traditional banks, Multi-Currency Business Accounts don’t offer interest or financial products such as investments, insurance, or loans, as these platforms aren’t banks.
• Service fees. Platforms charge handling fees for each inbound and outbound transaction, in addition to any external bank charges that apply during bank-to-bank transfers.

While both traditional banks and multi-currency business accounts offer essential services, they each bring unique advantages and limitations. It’s important to weigh these differences carefully to choose the solution that aligns best with your business needs.

AsiaBC guides you through the process, offering expert advice and tailored solutions to set up your business account with ease. Whether you’re looking to simplify your banking experience or explore more flexible options, AsiaBC’s personalized service ensures you make the most informed decision.

Ready to streamline your business finances? Get in touch with our team of experts via WhatsApp at +852 6547 1314 or email business@asiabc.com.hk, and let AsiaBC help you navigate the best banking options for your global venture.