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  2. Best Bank Accounts for E-commerce Businesses

Best Bank Accounts for E-commerce Businesses

Best Bank Accounts for E-commerce Businesses

Traditionally, setting up a business bank account in Hong Kong could be a daunting task, as there are several steps and procedures to clear before you could open an account.

Nowadays, banking alternatives emerge as new banking solutions -good news for online businesses searching for more business bank accounts options for their e-commerce store. To gain a competitive edge, some Hong Kong conventional banks are following suit, crafting their newer banking products in response to the alternative banks’ offerings.

By the way, if you need help dealing with the paperwork of setting up a company, our experienced corporate secretaries in Hong Kong can help you with this.

  1. HSBC

HSBC first launched in Hong Kong in 1865, and today, they serve 40 million customers in 64 countries and territories. HSBC’s Sprint Account could be considered as an e-commerce business bank account as it is tailored around a new startup needs, featuring an integrated banking account to provide you with an easier and smoother banking experience.

Account Name: HSBC Sprint Account

Features and benefits:

  • No monthly service fees for the first 12 months.
  • The Sprint Account could be opened online without going to HSBC’s Business Center. You would receive your account number immediately too online.
  • Until 31st December 2021, you could enjoy up to HKD $495 saving on the account application fee if you complete all your application online or you request for an account online before visiting a branch.
  • Save 25% on your online FX Transactions for 90 days.

Fees: No monthly service fee for the first 12 months, HKD $200 monthly fee waived if the average total relationship balance (TRB) is above HKD $50,000.

Eligibility: Sole proprietorship, limited company/partnership, and other entities can apply.

Website: https://www.business.hsbc.com.hk/en-gb/everyday-banking/business-integrated-accounts/hsbc-sprint-account

  1. DBS Bank

DBS Bank (Hong Kong) Limited is a licensed bank incorporated in Hong Kong. A subsidiary of DBS Bank headquartered in Singapore, by total assets it is the seventh-largest bank in Hong Kong.

Account Name: DBS Business Account

Features and benefits:

  • Mobile access to all your business banking services via IDEAL™, DBS’ online banking platform.
  • Ideal for day-to-day banking transactions.
  • Unlimited daily transactions.

Fees: From now until 31 December 2021, if successfully open DBS Online Account Opening for Business, you are entitled to these rewards helpful for an e-commerce business:

  • Waiver of account opening fees of up to HK$1,200.
  • Waiver of Minimum Deposit Balance service fee required for the first 12 months (valued at HK$2,400).
  • Waiver of 3 months of DBS IDEAL online banking platform telegraphic transfer transactions fee of up to HK$6,900.

Eligibility: Limited company, Sole Proprietor, Partnership, Clubs and associations may apply.

Website: https://www.dbs.com.hk/sme/day-to-day/accounts/business-account

  1. OCBC Wing Hang

Since the end of July, 2014 Wing Hang Bank has been a subsidiary of Oversea-Chinese Banking Corporation of Singapore, and now known as the OCBC Wing Hang Bank that is headquartered in Hong Kong. OCBC Wing Hang’s business account comprises a range of deposit services, payment solutions, capital management, and trade and investment services, helping you run your business with ease, offering strong local support.

Account Name: Business Account

Features and benefits:

  • Access up to 15 currencies for your current, statement savings and time deposits.
  • Handle letter of credit issuance and payroll services all in one account.
  • User-friendly MPF software and calculator for your employees’ MPF calculations.
  • A range of treasury solutions are available to manage your foreign exchange risk, including structured forward and foreign exchange options.

Fees: Waived monthly maintenance fee of HKD $500 if the average total relationship balance is above HKD $100,000.

Eligibility: Limited company, Proprietorship, Partnership, Offshore Companies, Clubs, trusts and associations may apply

Website: https://www.ocbcwhhk.com/business-banking/en/accounts-and-payments/sme-banking-business-account.html

  1. Hang Seng Bank

Hang Seng Bank Limited is a Hong Kong-based banking and financial services company with headquarters in Central, Hong Kong. Hang Seng Bank offers a wide array 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, savings (in HKD, RMB, foreign currencies), time deposit, investment, and statement gold accounts suitable for as a bank for an e-commerce business.

Account Name: Integrated Business Solutions Account

Features and benefits:

  • Sole proprietors or one-person limited companies could open an account completely online for new customers. It takes around 5 days to complete an account opening 5 days and you would also receive a HKD $1,200 fee waiver on account opening administrative fee.
  • Annual fee waiver for the first two years.
  • Payroll Service.
  • Temporary overdraft of up to HKD10,000 to prevent returned cheques or autopay failure.

Fees: Monthly fee of HKD $200 is waived if you keep your total relationship balance above HKD $50,000.

Eligibility: Local, overseas, and PRC companies may apply.

Website: https://www.hangseng.com/en-hk/business/your-business-essentials/account-ibs-account/

  1. ABC Bank

Agricultural Bank of China Limited Hong Kong Branch was established in November 1995. It was the first overseas branch of the Agricultural Bank of China Limited. They offer customers a range of products and services, such as trade finance, syndicated loans, wealth management, foreign exchange, bond investment, derivatives, deposits, money exchange, project loans, and structured products.

Account Name: Corporate Online Banking Account

Features and benefits:

  • Comprehensive account management and enhanced fund security. You can give varying access to your employees depending on their roles. Control of accounting processes to ensure the compliance-based operation and funds security of corporate accounts.
  • Improved Capital Efficiency. Your account balances are updated immediately so that you know your exact cash position to use your funds wisely.
  • Good customer experience and service.

Fees: HKD $3,000 account opening charge for companies incorporated in Hong Kong and HKD $250 monthly charge if your Average Daily Combined Balance is below HKD $10,000. If it is between HKD $10,000 and HKD $500,000, the charge is HKD $100/month.

Eligibility: For customers who own a corporate retail account (such as Savings account, Current account) or Term Deposit account with ABCHK.

Website: https://www.hk.abchina.com/en/ebanking_4916/corporatebanking/

  1. Neat

Neat was founded in Hong Kong in 2015 to push the boundaries of financial services capabilities globally. It is an online banking alternative solution for an e-commerce business. Neat’s Global Account is an account for all your local and global business financial needs.

Account Name: Global Account

Features and benefits:

  • You can easily receive payments in USD, EUR, GBP and HKD currencies, with seamless integrations of payment gateways like Stripe.
  • Make quick, and easy transfers to bank accounts locally and internationally to over 35 countries at competitive rates.
  • Set up multiple payees in seconds and send funds with the click of a button.

Fees: No monthly fees, minimum deposit or balance, or fall-below fees.

Eligibility: Limited Companies, Partnerships and Sole proprietors in Hong Kong only may apply

Website: https://www.neatcommerce.com/account/

  1. Wise (Formerly TransferWise)

Launched in 2011 as TransferWise to make international money transfers cheap, fair, and simple, this e-commerce banking solution is now known as Wise. Today, Wise serves 10 million customers who transfer $6 million globally per month -saving customers more than $1.5 billion annually.

Account Name: Wise Business

Features and benefits:

  • Collect your payments like a local and manage your sales earnings from various online platforms and storefronts. You could link your account to Amazon, PayPal and more. You would have a UK account number, Euro IBAN, US routing number, and more, all in one account.
  • You could convert your earnings to 56 currencies at real exchange rates and low fees.
  • With Wise’s debit card, pay expenses online or in-store in multiple currencies without foreign transaction charges.

Fees: It's free to set up a Wise Business account.

Eligibility: Your company must have a Business Register number and address.

Website: https://wise.com/hk/business/

  1. Currenxie

Currenxie Limited is a global financial institution. In Hong Kong, it is a licensed Money Service Operator and holds a Money Lenders License. Currenxie helps clients move billions through one of the largest virtual account networks available today in 28 countries and 18 currencies. Its Hong Kong Multi-Currency Account is especially notable for e-commerce business that sends and receive payments in different currencies.

Account Name: Hong Kong Multi-Currency Account

Features and benefits:

  • Hong Kong Collection Accounts support up to 14 currencies.
  • Open your account online and manage it on the go, with no set-up or maintenance fees.
  • Unique bank account numbers for Hong Kong, Australia, Canada, Indonesia, Japan, Mexico, Singapore, Europe, the UK and the USA.

Fees: No set-up or maintenance fees.

Eligibility: All Hong Kong-registered businesses.

Website: https://www.currenxie.com/en-hk/products/global-account

  1. Statrys

Statrys has been operating since 2018, and today, its clients hail from 85 countries and it has offices in 3 locations. Statrys is a modern and innovative platform designed to cater to SMEs and entrepreneurs seeking flexible payment services and advanced Forex solutions that will enable them to grow their business internationally. Statrys Multi-Currency Business Account is its virtual business account for Hong Kong.

Account Name: Multi-Currency Business Account

Features and benefits:

  • Dedicated account number for your business accounts in 11 currencies.
  • Quick and easy domestic and international payments.
  • Give your clients and suppliers the option to pay in their preferred currency. Statrys offer competitive rates when you exchange money, which means you pay lesser fees.

Fees: HKD $88 monthly fee.

Eligibility: All companies registered in Hong Kong are eligible.

Website: https://statrys.com/business-account

  1. AirWallex

Airwallex was founded in 2015 by Jack Zhang and Max Li, together with their friends from the University of Melbourne, Lucy Liu and Xijing Dai. Now, they employ 600 people across 12 international offices. AirWallex seamlessly integrates with global platforms like Amazon, eBay, Shopify and Paypal.

Account Name: Global Accounts

Features and benefits:

  • AirWallex seamlessly integrates with global e-commerce platforms like Amazon, eBay, Shopify and Paypal and you could receive payments in multiple currencies (US Dollar, Euro, Hong Kong Dollar, Australian Dollar, British Pound).
  • Sync your multi-currency Airwallex transactions to Xero, so that you know who made the transaction and from where, for painless accounting.

Fees: Zero monthly fees, with no minimum transactions.

Eligibility: All companies registered in Hong Kong are eligible.

Website: https://www.airwallex.com/hk/features/global-accounts

Tip

After you have selected a business bank account tailored best for your e-commerce business needs, do not forget to keep your accounting up to date too. We could handle that for you and your Hong Kong company here at Osome.

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