HSBC: online transfers, handling fees and processing times

HSBC, a prominent bank in Hong Kong, has been one of the options for opening a corporate account. Founded in 1865, the bank has expanded its operations to cover 60 countries and regions, serving 40 million customers worldwide.

The bank offers a variety of financial services, including three account options for businesses – the HSBC Sprint Account tailored for start-ups, the HSBC Business Direct Account designed for small and medium-sized enterprises, and the BusinessVantage Account for more established companies. This article will discuss the remittance process, fees, and time for HSBC business accounts, and compare them with the all-in-one financial platform, Airwallex, to help businesses make a wise choice.

What are the benefits of opening a business account with HSBC?

Online account setup

Opening an account is easy: simply complete the online application form, upload required documents, and verify your identity. You can begin transacting within three business days.

The online account opening fee is HK$1,300, while that for in-branch applications is HK$1,600.

Streamlined financial management with single account number

You can manage transactions, savings, time deposits, foreign exchange, investments, and more, all through a single account number.

Free payroll service setup

HSBC business account users can set up four automatic payroll deposits or payments without paying annual or registration fees.

Same-day remittance to Mainland China

Transfering funds to Greater China through HSBC could be same-day crediting*, without any additional charges^; You can also benefit from same-day crediting for transfers within eight Asia-Pacific regions (Mainland China, Taiwan, Macau, Singapore, Malaysia, Korea, Japan, Australia) between HSBC accounts.

*Only applicable to HSBC Business Direct and BusinessVantage Accounts

^Original transaction fees still apply. Telegraphic transfer fees vary between HK$100 and HK$125 for each transaction. An extra charge of HK$200 applies for non-major currencies.

Step-by-step guide: HSBC online transfer and account opening

To remit through HSBC, you must first apply for and activate a business account. Businesses can open an account remotely by following the steps:

1. Complete the online application form, including details about the business, its structure and contact information.

2. Upload the business registration certificate, proof of address and identification documents of all shareholders.

3. Receive a verification code via SMS.

4. Once the bank approves your application, you can officially activate your account by verifying your identity through the HSBC Business Express mobile app.

It is important to note that remote account opening is only available for limited companies, partnerships, or sole proprietorships registered in Hong Kong. All relevant shareholders must possess a Hong Kong identity card. Or else, you may have to visit a branch in person or verify your identity via a video call.

Once your HSBC business account is successfully activated, you can make local and international remittances through HSBC Online or Mobile Banking. Simply log in to the business online banking platform and click on “Payments and Transfers” to initiate remittances via HSBC. You can also keep an eye on the status of your payments by using the “Payment Tracking” feature.

Remittance fees and processing time of HSBC

Below is the updated fee schedule for HSBC Bank, effective as of 1 November 2024.

Via HSBCnet/Business Internet Banking

*Only applicable to USD and HKD.

Processed at a branch location

Additional charges

Comparing remittances via HSBC and Airwallex

While HSBC provides a diverse range of business account options, Airwallex prioritises efficiency by providing only one global business account. This approach speeds up the decision-making and application processes, and hence, allows users to manage international transactions and finances with greater ease.

Comparison of add-on features and services

Airwallex: a one-stop financial and remittance solution designed for global businesses

With an Airwallex Business Account, you can open Global Accounts in 23+ currencies, manage transactions in 60+ currencies and accept payments from clients across over 180 countries. Our advanced financial technology automates your business’ financial management, allowing you to save time and focus on expanding into the international market.

Open an account now to unlock your global growth potential.

​​Sources: 

Information on HSBC was retrieved as of December 2024, from below sources. Information provided is for reference only. Please refer to the official website of HSBC for the most up-to-date details.

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

2. https://www.business.hsbc.com.hk/zh-hk/regulations/compare-accounts 

3. https://www.online-banking.business.hsbc.com.hk/portalserver/onboarding/account-opening 

4. https://www.business.hsbc.com.hk/en-gb/products/hsbc-sprint-account

5. https://www.business.hsbc.com.hk/en-gb/products/hsbc-business-direct

6. https://www.business.hsbc.com.hk/en-gb/products/businessvantage 

7. https://www.business.hsbc.com.hk/zh-hk/products/foreign-exchange-spot-fx 

8. https://www.business.hsbc.com.hk/en-gb/regulations/document-checklist

9. https://www.business.hsbc.com.hk/en-gb/products/asia-pacific-same-day-remittance-services

Disclaimer: We wrote this article in December 2024. The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every six months. This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [email protected]. Airwallex (Hong Kong) Limited is regulated by the Customs & Excise Department and holds a Money Service Operator license (MSO License No. 16-09-01929).