Traditionally, opening a business bank account in Hong Kong can be a daunting task, as there are several steps and procedures to complete before you can open an account.
Nowadays, alternative banking solutions are emerging, which is good news for online businesses looking for more business banking options for their e-commerce store.
1. 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 visiting an HSBC Business Centre. You will receive your account number immediately online;
- Until December 31, 2021, you can save up to HKD 495 on account-opening application fees if you complete your entire application online or apply to open an account online before visiting a branch;
- Save 25% on online foreign exchange transactions for 90 days.
Eligibility: Sole proprietorships, limited companies and other entities can apply.
More information.
2. 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 DBS Bank, headquartered in Singapore, it is Hong Kong's seventh-largest bank by total assets.
Features and benefits:
- Mobile access to all your business banking services;
- Ideal for daily banking transactions;
- Unlimited daily transactions;
- Waiver of account-opening fees up to HKD 1,200;
- Waiver of service fees for the required minimum deposit balance during the first 12 months;
- Waiver of telegraphic transfer fees on the DBS IDEAL online banking platform.
Eligibility: Limited companies, sole proprietors, partnerships, clubs and associations can apply.
More information.
3. 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 Singapore's Oversea-Chinese Banking Corporation. 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 manage your business with ease while providing strong local support.
Features and benefits:
- Access to 15 currencies for your current deposits, statement savings deposits and time deposits;
- Manage the issuance of letters of credit and payroll services through a single account;
- A range of treasury solutions is 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 can apply.
More information.
4. Open a bank account with Hang Seng Bank in Hong Kong
Hang Seng Bank Limited is a banking and financial services company based in Hong Kong, with its 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 (in HKD, RMB and foreign currencies), time deposit accounts, investment accounts and gold statement accounts, making it suitable for an e-commerce business bank account.
Features and benefits:
- Sole proprietors or limited companies can open an account entirely online as new customers. The opening process takes approximately 5 days, and you also receive a waiver of HKD 1,200 in account-opening administrative fees;
- Waiver of the annual fee for the first two years;
- Payroll service;
- Temporary overdraft of up to HKD 10,000 to prevent bounced checks or failed automatic payments.
Eligibility: Local, foreign and Mainland Chinese businesses can apply.
More information.
5. 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 was the first overseas branch of Agricultural Bank of China Limited. It offers customers a range of products and services, such as trade finance, syndicated loans, wealth management, foreign exchange transactions, bond investments, derivatives, deposits, foreign exchange transactions, project loans and structured products.
Features and benefits:
- Comprehensive account management and enhanced fund security. You can give your employees varying levels of access according to their roles. Control accounting processes to ensure transaction compliance and the security of corporate account funds;
- Improved capital efficiency. Your account balances are updated immediately, allowing you to know your exact cash position and use your funds wisely;
- High-quality experience and customer service.
Eligibility: For customers who hold a corporate retail account (such as a savings account or current account) or a time deposit account with ABCHK.
More information.
Our role
At Merritt Asia, we do everything possible to advise and assist you in choosing the bank account that best meets your business needs. For more information, please contact us by email at
support@merritt.group.
