Opening an account at Standard Chartered: guide for small and medium enterprises

Running a business in today’s global market requires fast, efficient, and secure financial operations, from managing local transactions to handling international payments. Whether you’re collecting customer payments or paying suppliers, having the right banking partner is essential. This is where traditional banks like Standard Chartered and providers like Airwallex come into play. Both offer a range of services to support small and medium enterprises (SMEs), but they have distinct features and processes.

This guide aims to help SMEs to learn about the essential requirements, steps, and documentation required to establish a Standard Chartered bank account. Also, a comparison between the account opening process at Standard Chartered Bank and Airwallex will be provided, highlighting another cost-effective option for remittance needs.

Basic requirements for opening a Standard Chartered account

Before opening an account with Standard Chartered, SMEs should consult this basic requirements guide to check their eligibility.

Key requirements for opening an account with Standard Chartered include:

• Submission of company background details: such as how funds are sourced, the establishment date of the company, industry experience, and motivations for starting the business.

• Prepare documents that explain the company’s organisational structure and business nature, such as:

  • The company’s products or services, employee count, anticipated annual turnover, and net profit.

  • Primary sources for exports and imports.

  • Major suppliers and customers, expected deposit and withdrawal activities with the Standard Chartered account, income sources, etc.

• Disclosure of transactions with specified countries: any dealings or beneficial relationships with Iran, Syria, North Korea, and the Democratic People’s Republic of Korea and Cuba must be reported.

Please note that the bank may seek further information regarding the applying business operations in foreign countries and any overseas branches or subsidiaries.

Standard Chartered account for SMEs

Small and medium enterprises encounter numerous local and international transactions on a daily basis while facing challenges of financial liquidity at the same time. The “SME Banking” page on Standard Chartered’s website is dedicated to small and medium enterprises. It offers a wide range of services, including account opening, STRAIGHT2BANK online banking service, instant payment and collection options, telegraphic transfers, trade financing, and instalment loans. Meanwhile, businesses operating in both Hong Kong and mainland China with relatively low transaction volumes can choose to process real-time HKD/RMB transactions through FPS and QR codes.

Standard Chartered’s SME banking service

As indicated by its name, Standard Chartered’s SME banking service is tailored to provide financial support to small and medium enterprises. The bank’s SME Banking Centres are located in Tsim Sha Tsui and Causeway Bay respectively. It also provides hotlines for inquiries related to SME Banking and the Loans Department.

Steps and required documents for opening a Standard Chartered account

1. Complete the account opening form: download the form from the bank’s official website, and provide essential company details, including the business registration number, the location of registration, etc.

2. Prepare supporting documents: such as constitutional documents, the company's registration certificate, and identification documents of shareholders and signatories.

3. Select the account type: identify the category of your account type.

4. Schedule an appointment for application: request an appointment online and bring along your application form and documents for submission.

5. Wait for approval: The bank will scrutinise your application. The process generally takes a few business days.

Standard Chartered’s Easy Account Opening Service

Small and medium enterprises can benefit from Standard Chartered Bank’s Easy Account Opening Service by arranging an appointment. Visit the bank’s account opening page for SMEs and complete the necessary information. A bank representative will reach out to you via email or phone to address your needs and queries.

Required information includes:

• Company name, email address, and phone number

• Unique business identifier

• The contact person’s name and title

• Company sales turnover

• The desired method for the meeting with the bank’s representative

Standard Chartered's Straight2Bank online banking service

Standard Chartered’s Straight2Bank is an online banking platform tailored to meet the needs of small and medium enterprises. It provides a range of services including cross-border transactions, real-time payment, and settlement, telegraphic transfers, automated payroll transfers, and foreign exchange, etc. Users may also reach out to the online support centre for assistance.

The Straight2Bank mobile application offers a wide range of functionalities, including cash authorisation, identity verification, account balance viewing, and trade transaction details viewing, etc. Since the bank no longer issues physical security tokens, businesses are required to obtain a mobile security code via the Straight2Bank mobile application for identity verification.

Limitation for Standard Chartered online banking

Although Standard Chartered online banking offers a variety of convenient functionalities, there are still certain limitations. These include daily remittance caps, restrictions to modify or cancel completed remittance instructions, and specific cut-off times for remittances in various currencies. These limitations may hinder transaction efficiency. In addition, some foreign exchange transactions might require extra approvals, which may further delay processing times.

Airwallex Business Accounts: centralised financial management across the globe

Airwallex is an online platform that offers all-in-one financial and transfer services, empowering businesses of all sizes to collect, manage, and move funds internationally. SMEs can open an account anywhere and at any time by visiting Airwallex’s official website. The account would give them access to multi-currency accounts under their business name without opening fees and monthly fees. This eliminates the hassle of waiting in bank lines or navigating complex application procedures for businesses. Applying for an account with Airwallex can be completed in just a few minutes, with approvals granted in as little as one business day.

Airwallex’s Global Accounts enable businesses to receive payments in 23+ currencies without incurring account opening fees and monthly charges. Airwallex’s Global Accounts are ideal for businesses of any size as it does not implement minimum balance requirements or transaction limits. 

Businesses engaged in international transfers can leverage Airwallex to transfer to more than 150 countries in 60+ currencies, and enjoy a faster and more convenient transfer experience as 90% of transactions via Airwallex can be credited on the same day.

Comparing business accounts of Airwallex and Standard Chartered

Frequently asked questions

1. How much does it cost to open an account at Standard Chartered?

For small and medium enterprises opening a local company account, the fee is HK$1,200 per company. For international companies, the fee is HK$10,000 per company.

2. What is the minimum deposit required to open an account with Standard Chartered?

There is no minimum deposit requirement. However, certain business accounts may avoid service charges if they maintain their minimum deposit at a specified level. For example, SME accounts can be exempt from a HK$300 service fee if their average minimum deposit over the past half-year is at least HK$200,000.

3. What are the required documents to open an account with Standard Chartered?

SMEs are required to provide account opening forms, constitutional documents, company registration certificates, and identification documents of shareholders and signatories, etc.

4. Can I open a Standard Chartered account for my business online?

The account opening process cannot be entirely completed online. Businesses can arrange a face-to-face appointment online to get in contact with a bank representative, who will provide guidance on the account opening process.

Sources: 

Information on Standard Chartered was retrieved as of February 2025, from the sources below. Information provided is for reference only. Please refer to the official website of Standard Chartered for the most up-to-date details

1. https://av.sc.com/hk/zh/content/docs/hk-service-charges-zh.pdf

2. https://www.sc.com/hk/zh/business/account-opening

3. https://www.sc.com/hk/zh/help/download-centre/business-banking-forms-and-documents/

4. https://www.sc.com/hk/zh/business/cross-border-straight2bank/

5. https://av.sc.com/corp-en/nr/content/docs/Straight2Bank-%E6%87%89%E7%94%A8%E7%A8%8B%E5%BC%8F%E5%B8%B8%E8%A6%8B%E5%95%8F%E9%A1%8C.pdf

6. https://www.sc.com/hk/businessbanking/document-upload-account-opening/apply/

7. https://www.sc.com/hk/zh/business/terms-and-conditions/

8. https://www.sc.com/hk/zh/business/

Disclaimer: 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 6 months. If you would like to request an update, feel free to contact us at [email protected].