Bank cards in Hong Kong: a guide for smarter spending

As global markets become increasingly digital, businesses in Hong Kong are seeking more efficient tools to manage their finances in day-to-day operations. Company cards, as a fundamental financial instrument, not only support routine payments and expenditures but also play a critical role in supply chain management, eCommerce transactions, and cross-border payments.

What is a company card?

A company card is a payment instrument issued by a bank or financial institution that links directly to a business bank account. It allows businesses to make payments online or in physical stores for a wide range of corporate expenses, including purchasing goods, software subscriptions, settling supplier invoices, and covering business travel costs. There are two types of company cards: physical cards and virtual cards.

What is a virtual company card?

A virtual company card is a digital payment card issued by a bank or fintech platform, without a physical form, designed specifically for online payments. Most virtual cards can be issued instantly and function the same as physical cards, supporting payments on eCommerce platforms, subscription services, and cross-border transactions. They offer the same level of security and flexibility, such as spending limits and customisable usage settings, making them ideal for businesses managing digital and remote payments.

Why do businesses need company cards?

Company cards provide a centralised and efficient payment method for businesses. By issuing cards to specific teams or departments, companies can consolidate expenses on a single platform, reducing manual processing and minimising reconciliation errors. They also enable real-time payments, offering faster processing than traditional methods like bank transfers or cheques, which helps improve cash flow and resource flexibility. With detailed transaction records, businesses gain full visibility into spending, allowing for better budget control, expense tracking, and financial planning.

Company cards in supply chain payments

Company cards enable faster, streamlined payments to suppliers, replacing slower methods like wire transfers or cheques. Transactions are processed instantly to improve supply chain efficiency. They also provide clear, automated records, reducing the risk of errors or duplicate payments and simplifying financial reconciliation.

Advantages of virtual company cards in eCommerce and cross-border payments

Virtual company cards offer significant advantages for eCommerce and cross-border payments. Businesses can issue cards instantly online, and each card can be customised with spending limits, validity periods, and usage scopes based on departmental or project needs. Some virtual cards also support multi-currency transactions, allowing companies to pay in local currencies and reduce foreign exchange and cross-border fees. Every transaction is clearly recorded and kept separate for each card for reconciliation and financial reporting. Additionally, built-in security features such as auto-disabling help mitigate risks from fraud or misuse.

Flexible fund allocation and project settlement

In project management, businesses often need to flexibly allocate funds to handle unexpected procurement needs or supplier payments. With company cards, the finance team can quickly assign budgets to specific projects and set spending limits and transaction alerts for each card, enabling precise budget control. This approach not only improves the efficiency of fund allocation but also facilitates real-time settlement of project expenses.

Requirement and setup for Hong Kong businesses applying for company cards

While applying for company bank cards in Hong Kong is relatively mature and convenient, businesses must still comply with relevant regulations and banking policies. Below are the common application requirements and procedures:

Requirements for opening a corporate bank account

Before applying for a bank card, businesses must first open a corporate bank account. Businesses are generally required to provide basic documents such as the Business Registration Certificate, Certificate of Incorporation, the applicant’s identity documents, and proof of address, as well as business proof documents. Some banks may also require the company to submit operational details or expected cash flow information to assess risk.

Supported banks

Many traditional banks in Hong Kong (such as HSBC, Bank of China, and Bank of East Asia) offer corporate company card services. Emerging virtual banks (such as ZA Bank and Mox Bank) also provide corporate account services, through which companies can apply for bank cards. Traditional banks are generally more stable and suitable for handling large transactions, while virtual banks offer more convenient digital services, making them ideal for startups and small businesses.

Operating and managing company cards

Commercial payment with physical cards

Through physical company cards, employees can make purchases at online or offline merchants and access services such as ATM withdrawals. Companies should assign cards in advance to department heads or employees on business trips, and set spending limits and spending categories to prevent misuse of funds.

Reconciliation and fund management

Some company cards support real-time synchronisation of transaction data with the company’s financial system, making it easier for daily reconciliation and financial reporting. In addition, certain platforms offer automated expense categorisation, enabling businesses to quickly monitor spending trends, enhance transparency, and improve the accuracy of bookkeeping.

Online payments and real-time transactions

Company cards are particularly well-suited for handling various types of online payments, such as software subscription fees, digital advertising, and online procurement. Compared to traditional wire transfers, company cards allow for immediate deduction of funds, effectively reducing both the time and transaction costs associated with international payments.

Security controls and limit settings

Modern company cards are equipped with comprehensive security mechanisms, such as real-time transaction notifications, per-transaction limits, and monthly or annual spending caps. Businesses can configure different permissions for each employee or individual card to ensure that fund usage remains compliant, controlled, and secure.

Comparison of fees and advantages for traditional company cards vs. Airwallex Borderless Visa Card

When choosing a company card solution, businesses should take a holistic view of both the associated costs and potential benefits. Common fees include annual fees, transaction fees, foreign exchange (FX) fees, and withdrawal charges. Physical cards may also incur shipping costs, whereas virtual cards can usually be issued instantly and often come at no additional cost.

Airwallex Borderless Card: designed for global businesses

The Airwallex Borderless Card is a modern, multi-functional virtual card solution tailored for today’s global businesses. Combining low costs, flexible controls, and seamless international payments, it is particularly well-suited for cross-border businesses and eCommerce operators.

With 0% cross-border fees, the Airwallex Borderless Card significantly reduces operating costs for businesses managing payments in multiple currencies. Businesses can issue cards instantly via Airwallex’s all-in-one platform and customise usage parameters and spending limits in real time, enabling precise control over fund allocation, and preventing misuse or overspending.

Corporate cards are more than just payment tools.  They are strategic instruments for optimising liquidity and managing financial risk. Choosing the right solution, and leveraging both physical and virtual card features, empowers businesses to stay agile and competitive in the global market.

Source:

Information regarding various corporate cards was sourced as of April 2025 and is for reference only. Please visit the official websites for the most up-to-date details.

1. https://www.hangseng.com/content/dam/hase/zh_hk/business/cards/PDF/keyfactsstatement.pdf

2. https://www.business.hsbc.com.hk/zh-hk/regulations/commercial-tariffs

3. https://www.americanexpress.com/zh-hk/business/business-card/