Choosing the Right Business Account :
Traditional Banks vs. Fintechs in Hong Kong

Contributed by AsiaBC | 30 Jun 2023

Asia Business Centre (Asia Business Centre (AsiaBC) [HK+SG Bank Account Opening / Company Formation / Company Secretary / Accounting & Tax])

Peter Drucker famously said, “The best way to predict the future is to create it.” This quote couldn’t be more true in the world of business banking, where being proactive and strategic can help you secure a solid corporate account that builds a strong foundation for your enterprise’s long-term growth and success.

However, finding the match made corporate account for your company that fits your business needs with exceptional features and benefits can be daunting with the different and easily-available options in the market. 

If you are in search of the perfect financial account setup service, look no further! This entrepreneur-friendly blog will help you navigate the ins and outs of corporate banking : 

  • The Power of Business Bank Account in HK
  • Traditional Banks vs FinTechs
  • Top 3 Traditional Business Accounts in HK
  • Top 3 FinTech Accounts in HK
  • Get Your Business Banking Right with AsiaBC

The Power of Business Bank Account in HK

In our previous blog, The 5 Best Features of a Hong Kong Bank Account, we covered how having a separate account for your business finances can be a game-changer. In case you missed it, corporate accounts go beyond just storing your profits – they provide you with the opportunity to :

  1. Keep a close eye on your cash flow by maintaining well-organised bookkeeping records that track revenues earned, expenses incurred, payments made, and invoices issued.
  2. Making payments using your business name establishes your company as a legitimate and trustworthy entity, which can help build a professional and credible image in which potential investors and suppliers will have confidence.
  3. Transparent and up-to-date financial records allow auditing authorities to generate comprehensive accounting and tax reports that accurately reflect your business’s income and expenses.

Traditional Banks vs. FinTechs

The world of banking is rapidly evolving, and modern entrepreneurs are turning to digital alternatives such as FinTech. In our previous blog post, “Is Traditional Bank Out? Find Out the Best-Fit Banking Platform Nowadays,” we explored the pros and cons of traditional banks and FinTechs. Here’s a quick overview of what sets them apart :

Traditional Banking – A widely recognized financial institution that provides diverse banking services, including deposits and withdrawals, loans, bill payments, ATMs, and online and mobile banking. Traditional banks have branches strategically located throughout the country to meet the needs of their esteemed customers.

FinTechs – An alternative to traditional banking that uses technology to enhance and automate financial services, products, and processes. They offer a secure platform by partnering with licensed custodian banks and being backed by the Deposit Protection Scheme.

Top 3 Traditional Business Accounts in HK

Navigating the corporate banking world can be daunting, especially when searching for the perfect partner to help support your business growth. If you have a hard time figuring out where to start, we’ve put together a list of the top 3 banks in Hong Kong that local and international entrepreneurs choose for business banking :

HSBC

HSBC’s Business Integrated Account is an all-in-one financial service designed for businesses of all stages, offering customised banking solutions to support companies’ international growth and expansion.

  • Open to registered limited companies, partnerships or sole proprietors with business operations in Hong Kong and have 2 individual directors, shareholders or authorised signatories.
  • Account types : Sprint Account for startups, HSBC Business Direct and BusinessVantage for local SMEs. Minimum deposits may vary depending on which account you will open. 
  • Opening fee : HK$1,300
  • Other fees : Monthly fees can be waived depending on the account’s average daily balance
  • Multi-currency account : Yes – up to 12 currencies.
  • Corporate cards : Yes. 

Bank of China

BOCHK is the ideal banking partner for startups, SMEs, and established enterprises, providing tailored business account options, user-friendly online and mobile banking services, and a convenient currency settlement platform for seamless business dealings with Chinese partners.

  • Businesses registered in Hong Kong, China, or overseas as sole proprietorships, limited companies, or partnerships are eligible to apply.
  • Account types : Business and personal 
  • Opening fee : HK$1,200
  • Other fees : Monthly charges can range from HK$200 to HK$450. The bank also collects fees for deposit and withdrawal transactions, overdraft fees, and wire transfers.
  • Multi-currency : Yes – over 10 currencies
  • Corporate cards : Yes

Standard Chartered Bank

Standard Chartered caters for entrepreneurs with high-interest and low minimum balance requirements. It also provides efficient cross-border transactions with free online banking, fund transfers, bill payments, monthly e-statements, and trade finance solutions.

  • Applicant’s business must be a sole proprietorship, partnership, limited company or owner incorporation.
  • Account types : Business and personal
  • Opening fee : HK$5,000
  • Other fees : The bank will charge HK$300 monthly for account maintenance. Telegraphic transfers cost HK$55 for receiving payments and HK$200 for outward remittance.  
  • Multi-currency : Yes – 11 major currencies
  • Corporate cards : Yes

Top 3 FinTech Accounts in HK

FinTechs are now revolutionising how businesses manage their finances, offering more flexibility, convenience and cost-effectiveness, making it the perfect alternative to traditional banking. Here are the most popular FinTechs in Hong Kong that are changing the game when it comes to digital banking :

Airwallex

Airwallex designed its all-in-one business account for clients who needs a complete cross-border payment solution to actively manage their finances across multiple currencies and trade globally, both online and offline.

  • All jurisdictions are eligible to apply.
  • Airwallex has ZERO minimum balance requirement, no opening and monthly fees, but the account will be subject to charges for transactions less than USD 250. 
  • Multi-currency : HKD, USD, EUR, RMB +7 more.
  • Corporate cards : Yes – Border-less virtual card
  • Payment platforms : Paypal, Amazon, Shopify & more.

Statrys

Statrys caters to clients who need to make international payments and are looking for exceptional customer service. Applicants can easily open their account by presenting their Business registration and director’s passport. 

  • Open to businesses registered in Hong Kong, Singapore, and BVI. 
  • Statrys has ZERO minimum balance requirement and NO opening fee except for special cases depending on incorporation location and/or company structure complexity. Statrys account has no transaction limit, but collects a monthly fee of HKD88 for unlimited incoming payments.
  • Multi-currency : HKD, USD, EUR, GBP + 7 more.
  • Corporate cards : Yes 
  • Payment platforms : PayPal, Stripe, Shopify

Currenxie

Currenxie’s versatile digital banking solution is approved by the Amazon PSP and supported by Payout API and Foreign Exchange Contract (FEC), catering to small and medium-sized businesses who need a quick domestic account in the EU, UK, US, CA or AU within just 3 days.

  • Clients from all jurisdictions are welcome to apply.
  • Currenxie account has ZERO minimum balance requirement and NO opening or monthly fees. 
  • Multi-currency : HKD, USD, EUR, RMB + 16 more.
  • Corporate cards : Yes – Credit card
  • Payment platforms : PayPal, Amazon, Shopify, & more.

Get Your Business Banking Right with AsiaBC

Having a separate account for your business is a smart financial move that establishes your company’s authenticity and reliability and is vital in building a solid base for your business’s long-term growth.

AsiaBC understands that securing a business account can be tedious, especially for entrepreneurs who are just starting out. With their extensive knowledge of the KYC procedure and the bank’s client appetite, our team performs a thorough pre-assessment and develops a personalised application to find you the ideal platform that best suits your company’s profile. So you focus on what matters most — your business.

Ready to discover the perfect business account that fits your unique needs? Shoot us an email at business@asiabc.com.hk or have a quick chat with our experts via WhatsApp +852 6547 1314. Say goodbye to stress and hello to success with AsiaBC by your side.

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