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.

List of Top Banks in Hong Kong

Here’s a list of the best banks in Hong Kong for your banking needs:

• Bank of China (Hong Kong)
• HSBC Hong Kong
• Hang Seng Bank
• Standard Chartered Hong Kong
• Citibank
• Bank of East Asia

How Banking System Works in Hong Kong

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:

Licensed banks

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.

Restricted License Banks

Such banks can only accept deposits of HKD 500,000 or more.

They can be incorporated both within and outside Hong Kong.

Deposit-taking companies

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:

1 – Bank of China (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.

Pros and Cons of Bank of China (Hong Kong)

Here’s a look at the advantages and disadvantages associated with the bank:

Pros

Cons

An extremely strong network of branches between Mainland China and Hong Kong, with over 280 branches in Hong Kong and 15 branches and sub-branches in China’s mainland to support the cross-border banking needs of customers  A diverse range of financial products and services are on offer, including foreign currency exchange, international settlement, financing, cash management, and customs clearance assistance  A solid market reputation

The account opening process can be long-winded Not all staff members speak fluent English

 

Bank of China (Hong Kong) Fees

Here’s a look at the fees payable for key services:

• Initial deposit fee – NIL
• Account opening – The application fee is HKD 1200. If the applicant is a company incorporated overseas, the bank levies an additional HKD 5000 plus fees incurred for conducting a company search at actuals.
• Receiving a wire transfer – No fees if the amount received is less than HKD 500 and HKD 60 if the amount remitted is more than HKD 500
• Sending a wire transfer – HKD 240 per remittance between branches of the bank in the mainland and designated branches outside Hong Kong and HKD 100 per remittance through electronic modes
  Information as of date. Please check the bank’s website to know the latest fees.

2 – HSBC Hong Kong

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.

Pros and Cons of HSBC Hong Kong

Here’s a look at the advantages and disadvantages associated with the bank:

Pros	Cons
Offers diverse account options for business customers such as HSBC Sprint Account, HSBC Business Direct, and BusinessVantage The preferred choice of HNIs	Charges higher fees for telegraphic transfers The high minimum deposit for opening a corporate account

 

HSBC Hong Kong Fees

Here’s a look at the fees payable for key services:

• Initial deposit fee – HKD 10,000
• Account opening – HKD 1300 for opening accounts online. HKD 2250 if an overseas HSBC branch facilitates account opening.
• Receiving a wire transfer – HKD 65
• Sending a wire transfer –HKD 100 for the beneficiary account in Mainland China and HKD 125 for the beneficiary account in any other country
  Information as of date. Please check the bank’s website to know the latest fees.

3 -Hang Seng Bank

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.

Pros and Cons of Hang Seng Bank

Here’s a look at the advantages and disadvantages associated with the bank:

Pros	Cons
Local presence and solid reputation in Hong Kong Offers innovative e-services such as Mobile Cash Withdrawal	Global presence is not very strong compared to its competitors Lack of variety in financial products on offer

 

Hang Seng Bank Fees

Here’s a look at the fees payable for key services:

• Initial deposit fee – HKD 20,000
• Account opening – HKD 600 if you apply remotely and HKD 1,200 if you apply through Business Banking Center
• Receiving a wire transfer – HKD 65
• Sending a wire transfer – HKD 85 if the beneficiary account is also with Hang Seng Bank in Mainland China and Macau and HKD 125 if the beneficiary account is in another country/with another bank
  Information as of date. Please check the bank’s website to know the latest fees.

4 -Standard Chartered Hong Kong

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.

Pros and Cons of Standard Chartered Hong Kong

Here’s a look at the advantages and disadvantages associated with the bank:

 

Pros	Cons
Strong global presence with operations in over 60 countries. Dedicated relationship managers for customers	Fees are higher compared to competitors In addition to maintaining a minimum balance, customers have to bear monthly maintenance fees

 

Standard Chartered Hong Kong Fees

Here’s a look at the fees payable for key services:

• Initial deposit fee – HKD 1000
• Account opening – HKD 5000
• Receiving a wire transfer – HKD 55
• Sending a wire transfer – Charges a flat fee plus an additional fee for non-domicile currency. A flat fee is HKD 140 for International Trade Account Customers, HKD 160 for Preferred Business Account Customers, and HKD 200 for Business account customers
  Information as of date. Please check the bank’s website to know the latest fees.

5 -Citibank

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.

Pros and Cons of Citibank Hong Kong

Here’s a look at the advantages and disadvantages associated with the bank:

Pros	Cons
No initial deposit requirement Bespoke private banking services for ultra-high-net-worth entrepreneurs Well-recognized brand globally	Sporadic issues with customer service No online account opening is available in Hong Kong

 

Citibank Hong Kong Fees

Here’s a look at the fees payable for key services:

• Initial deposit fee – NIL
• Account opening – HKD 8000 for an overseas company and HKD 2000 for a local company
• Receiving a wire transfer – waived
• Sending a wire transfer – No fees for online transfers except for Citi Banking clients who need to pay HKD 200. Transfers through manned channels are charged HKD 220 for CitiPriority clients and HKD 100 for CitiGold clients.
  Information as of date. Please check the bank’s website to know the latest fees.

6 -Bank of East Asia

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.

Pros and Cons of Bank of East Asia

Here’s a look at the advantages and disadvantages associated with the bank:

 

Pros	Cons
Services are at par with foreign banks Has a strong reputation in the Hong Kong market as a family-run bank	No global presence A high initial deposit fee

 

Bank of East Asia Fees

Here’s a look at the fees payable for key services:

• Initial deposit fee – HKD 10,000
• Account opening – HKD 10,000
• Receiving a wire transfer – HKD 65
• Sending a wire transfer – HKD 200 plus cable charge if sent through the branch and HKD 20 plus cable charges if sent through online channels. The cable charge is HKD 100 if the beneficiary account is with the Bank of East Asia and HKD 130 for other banks.
  
  Information as of date. Please check the bank’s website to know the latest fees.

Why Choose The Best Banks for Your Business

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.

FAQs

Who is eligible to open a corporate bank account in Hong Kong?

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.

Which Hong Kong bank is best for foreign entrepreneurs?

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.

Which is the largest bank in Hong Kong?

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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As one of the leading financial centers of the world, Hong Kong is the go-to business destination for foreign entrepreneurs. 

For any business operation, banking services are critical since most require a line of credit and other facilities such as making deposits and sending remittances.

Thus, the banking sector in Hong Kong has been vital to the evolution of the region as a top jurisdiction for doing business.

In fact, seventy out of the top hundred international banks across the globe have a presence in Hong Kong. Twenty-nine of them also have regional headquarters in Hong Kong.

But how to pick the best one out of the various banks in Hong Kong?

This article rounds up the top choices you can consider and also provides you with an alternative if you don’t want to transact with traditional banks.

An overview of the banking system in Hong Kong

As an international financial hub handling a huge volume of external and domestic transactions, the banking system of Hong Kong is a highly regulated sector.

No business can accept deposits without obtaining a license from the regulator, Hong Kong Monetary Authority.

There are three types of deposit-taking companies in Hong Kong

Licensed banks

These institutions can carry out all banking transactions as per the Hong Kong Banking Ordinance, including:

• Accepting deposits, regardless of the size of the deposit and its maturity;
• Opening current and savings accounts;
• Granting loans and collecting cheques;
• Freely using the term ‘bank’ freely in their names

Restricted license banks

These institutions are only permitted to carry out certain banking activities. They are primarily engaged in providing merchant banking and capital market services.

While they may operate both within and outside Hong Kong, they can only accept deposits of HKD 500,000 and above, regardless of the maturity period.

Deposit-taking Companies

Licensed banks can own standalone deposit-taking companies that engage in commercial lending, securities business, and consumer finance.

They can accept deposits of HKD 100,000 or above with a maturity of at least 3 months.

Why choose banking services in Hong Kong?

The commercial banking system in Hong Kong is one of the best in the world. It is sophisticated and offers comprehensive one-stop banking solutions, making it immensely attractive for foreign and domestic businesses alike.

Hong Kong ranks among the top five financial centers in the world and is home to some of the most revered financial institutions.

In fact, three out of the top 10 banks in the world are Hong Kong banks.

What to keep in mind while evaluating Hong Kong banks?

Before you go ahead and open a business bank account with a Hong Kong bank, here’s what you should consider:

• Do you have relevant documents to prove your eligibility for a corporate bank account?
• Is the bank account opening process user-friendly? Can you do it online remotely?
• Does the bank provide mobile banking services?
• Can you resolve your issues through the customer service hotline?
• Do you have to maintain a minimum deposit in your account and pay a penalty if you fail to do so?
• Does the bank account support multi-currency options to manage your overseas transactions?
• What are the applicable fees for using ATMs within and outside Hong Kong?
• Do you have to pay additional fees to send money abroad or get it from overseas?
• What is the interest rate on deposits?

If you’re unsure about traditional banks and would like to opt for a more convenient option, opening a bank account online in Hong Kong could also be another option for your business.

Let’s take a look at the top 5 banks in Hong Kong that you should consider for your business.

Top 5 banks in Hong Kong to consider

1. Hang Seng Bank

The Asian Banker ranks Hang Seng Bank as the 4th best bank within the Asia Pacific region. In 2021, Asiamoney rated Hang Seng bank as the best Hong Kong bank for SME clients.

Hang Seng bank offers various services to serve its domestic and global clients. It includes:

• Commercial banking
• Private banking; and
• Personal banking

The bank also supports foreign currency business accounts and savings accounts.

Hang Seng Bank Fees

Here’s an overview of fees payable for various services:

Account opening
Biz Virtual+ Account:
HKD600 (if you apply remotely)
HKD1,200 (if you apply through Business Banking Center)

Integrated Business Solutions Account:
HKD1,200 (whether you apply remotely or through the Business Banking Center)

• Initial deposit – HKD 20,000
• Telegraphic transfer
• Receiving a transfer – HKD 65
• Sending a transfer – HKD 85 (if the beneficiary account is with Hang Seng bank in Mainland China or Macau) and HKD 125 (if the beneficiary account is in Mainland China or Macau but with another bank or if the beneficiary account is in another country or territory)

2. HSBC Bank

Hong Kong and Shanghai banking corporation Limited or HSBC is one of the oldest banks operating in the region. On the basis of its balance sheet strength, the bank occupies 2nd rank in the Asia Pacific region, as per the Asian Banker.

It is the preferred choice of many HNI individuals and investors

HSBC Bank offers the following services:

• Commercial banking
• Retail banking and wealth management advisory
• Global private banking, and
• Global banking

HSBC Fees

Account opening

HKD1,300 (if you apply through Account Application Center)
HKD2,250 (if an overseas HSBC branch facilitates the process)

• Initial deposit – HKD 10,000
• Telegraphic transfer
• Receiving a transfer – HKD 65
• Sending a transfer – HKD 100 (if the beneficiary account is in Mainland China ) and HKD 125 (if the beneficiary account is in any other country)

3. Citibank

Citibank was the first among the international banks to offer services in Hong Kong. The bank is now synonymous with a strong global brand, catering to a multitude of customers.

It is a leading investment bank that also caters to commercial and private clients. Non-residents and ex-pats choose Citibank over others when looking for private banking services, largely because of no initial deposit requirements.

It also offers Citi Private Bank services for ultra-high-net-worth entrepreneurs.

Citibank fees

Account opening

HKD 200o (if you open a local company account)

HKD 8000 (if you open a company account for an overseas company)

• Initial deposit – NIL
• Telegraphic transfer
• Receiving a transfer – NIL
• Sending a transfer – fee waived for online transfers. Otherwise, it is HKD 200 for Citibank and CitiPriority clients and HKD 100 for CitiGold clients.

4. Standard Chartered

Established in 2004 in Hong Kong and with a presence in over 60 countries, Standard Chartered has become a preferred choice in the last few decades. It has been a trailblazer in providing a suite of digital banking products and services.

To keep up with the changing landscape, the bank also offers specialized banking solutions for customers in the ESG sector through sustainability loans, green mortgages, and other ESG derivative products.

Standard Chartered Account Fees

Account opening

HKD5,000 (for an account of an overseas company)

• Initial deposit – HKD 1000
• Telegraphic transfer
• Receiving a transfer – Free for Priority Banking clients
• Sending a transfer – HKD 120 for Priority Banking clients and HKD 150 for others

5. DBS Hong Kong

With its headquarters in Hong Kong, DBS is another key player in the banking sector in Hong Kong. Over the years, DBS has been at the forefront of promoting sustainability in the Asia Pacific market through various corporate social responsibility initiatives.

Here are some key benefits that DBS Bank offers to SMEs:

• SMEs and startups in Hong Kong can opt for DBS BusinessClass
• There are various loan application schemes for SMEs
• The bank carries out swift credit checks in case of urgent financing needs

DBS Bank Account Fees

Account opening

HK$1,200 – Local company account

HKD 10,000 – Overseas company account

• Telegraphic transfer
• Sending a transfer – HK$115 per transaction done through ideal banking services and HKD 200 per transaction if the transfer is via branch
• Receiving a transfer – HKD 65

Note – all fees indicated above are as of the date of publication. Please refer to the bank’s website for the latest fees.

Is opening a virtual bank account a better option for you?

While there are several attractive Hong Kong banks to take your pick from, opening an account may not always be a straightforward process.

Instead of remaining stuck in a loop of red tape and bureaucracy, opening a virtual account with a Hong Kong-based fintech company can be a better solution, especially for foreign companies.

For instance, Statrys offers a multi-currency business bank account in Hong Kong. The application process for such an account is extremely straightforward and you can complete it remotely.

A business account as such has all the features one would typically expect from a bank account, like multiple currencies or making local and international payments at a much cheaper rate.

If you are a foreign business, exploring your options of opening a business bank account in Hong Kong, reach out to Air Corporate.

We can assist you with setting up a new company and also with establishing your bank account.

The process is completely remote and less time-consuming, making it convenient for entrepreneurs and small businesses to operate effectively.

FAQs

Can a non-resident open an account in a Hong Kong bank?

Anyone is free to open an account with a bank in Hong Kong.

However, depending on whether the account is for personal use or business use, certain restrictions may apply.

Which is the best bank in Hong Kong?

This would depend entirely on your expectations from the bank.

It is hard to pick a single bank in Hong Kong as each of them offers a unique suite of services, making them all strong contenders.

Is Hong Kong a good jurisdiction for banking?

The banking system in Hong Kong is extremely sophisticated, catering to the needs of modern-age customers.

Whether you want to open a personal account or a business account, there are plenty of options to choose from.

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