Top 6 Banks in Hong Kong

Given that Hong Kong is one of the top international financial centers, it is not surprising that Hong Kong’s banking sector enjoys a particularly favorable position in the world.
There are 163 licensed banks and 8 virtual banks catering to commercial lending and personal banking needs.
While it is incredibly easy to find a bank, who is the banking system’s crown jewel from the long list of banks in Hong Kong?
Check out this compilation of the Best National Banks in Hong Kong to Consider for Your Business.
Here’s a list of the best banks in Hong Kong for your banking needs:
Before we dive deep into the list of banks in Hong Kong, here’s a look at how the banking sector operates.
Hong Kong is home to a thriving banking industry regulated by the Hong Kong Monetary Authority (HKMA).
HKMA classifies the banks into three tiers based on the deposit amount, nature of business, and deposit term. The three tiers are collectively called Authorized Institutions. They are:
These banks can operate current and savings accounts and accept deposits of any size from the public.
They can also use the term’ bank’ in their name without restriction.
Such banks can only accept deposits of HKD 500,000 or more.
They can be incorporated both within and outside Hong Kong.
Such banks can accept deposits of HKD 100,000 or above with a minimum maturity of 3 months.
Below is a list of the most popular banks in Hong Kong:
Bank of China (Hong Kong) is the 4th largest bank in the world and manages total assets worth HKD 3 trillion and above.
It provides a full suite of banking services, including corporate banking, personal banking, and treasury services.
With over 190 branches, the Bank of China also ranks as the 2nd largest commercial banking group in Hong Kong.
Here’s a look at the advantages and disadvantages associated with the bank:
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Here’s a look at the fees payable for key services:
Hong Kong and Shanghai Banking Corporation (HSBC) is the biggest bank incorporated in Hong Kong, with over 220 branches throughout the region.
Known as “Wayfoong” in Cantonese, which means “focus of wealth,” HSBC Hong Kong is well known for its range of personal, commercial, and corporate banking financial services across Asia.
Here’s a look at the advantages and disadvantages associated with the bank:
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Here’s a look at the fees payable for key services:
Hang Seng Bank is one of Hong Kong’s leading banks and a member of the HSBC group. It offers personal and commercial banking services.
It has 260 outlets in Hong Kong, 20 outlets in Mainland China, and a presence in Macau, Singapore, and Taipei.
Here’s a look at the advantages and disadvantages associated with the bank:
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Here’s a look at the fees payable for key services:
Standard Chartered is one of three commercial banks with an HKMA license to issue banknotes. Asia Banker magazine has voted it as 3rd strongest commercial bank in the Asia Pacific region.
It operates 75 branches across Hong Kong.
Here’s a look at the advantages and disadvantages associated with the bank:
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Here’s a look at the fees payable for key services:
Citibank Hong Kong was the first foreign bank to start operations in Hong Kong. Apart from commercial banking, Citibank also offers investment banking services.
It has 48 branches throughout Hong Kong and is also the largest credit card issuer in the country.
Here’s a look at the advantages and disadvantages associated with the bank:
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Here’s a look at the fees payable for key services:
Bank of East Asia is the biggest independent in Hong Kong and provides a bouquet of services including consumer finance, retail banking, and corporate banking services.
It has 17 branches throughout Hong Kong.
Here’s a look at the advantages and disadvantages associated with the bank:
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Here’s a look at the fees payable for key services:
Not all banks are created equal — services offered and fees vary widely.
Whether you opt for international or local banks, picking the best one suited to your banking needs is extremely important. After all, banks are an essential cog in the wheel for your business operations.
From providing long-term and short-term finances to remitting funds, there’s hardly any aspect of your business where banks don’t play a role. So make sure to consider what each bank can offer you carefully before you sign up with one.
If you are a foreign business wondering How to Open a Company Bank Account Online in Hong Kong, contact Air Corporate immediately.
We can assist with establishing your bank account with a physical or virtual bank in Hong Kong, making it convenient for entrepreneurs and small businesses to operate effectively. If you already have an account with an HK bank but cannot make any withdrawals, we can also guide you on How to Fix a Suspended or Frozen HK Bank Account.
The exact eligibility criteria depend on the type of account you want to open and the bank where you want to open the account. As such, anyone can open an account in Hong Kong.
HSBC, Citibank, Bank of China, and Standard Chartered are some of the top choices.
However, the exact match depends on what the customer is looking for.
In terms of the assets held, HSBC ranks as the largest bank in Hong Kong. In 2021, the bank held assets worth HKD 10 trillion.
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