Expand business beyond Hong Kong with Multi-currency account

What are multi-currency accounts?

A multi-currency account lets you send, receive and hold payments in multiple currencies. It lets you avoid fluctuating conversion rates that can get costly at times. 

A normal bank account automatically converts international currencies into local ones which —depending on the conversion rate at that time —may cause you to lose money.  

With multiple currency accounts, you can hold foreign currency in your account and convert it when you please — basically when the conversion rates are in your favour. 

How do multi-currency accounts work?

A multi-currency account acts as an international checking account with multiple sub-accounts for different currencies. It allows an account number for each currency so you send and receive payments in that account. Your personal details such as name and SWIFT code remain the same for all currencies that you hold. 

It supports regular banking actions such as:

• Money withdrawal
• Sending and receiving payments
• Access funds with cheques and e-wallets
• Earn interest (depending on the service provider)

You can open a multiple currency account in Hong Kongthat supports your preferred currencies like USD, EUR, GBP, AUD, IDR and many more. The number of currencies depends on your service provider which ranges from 10-150 currencies across the globe.

A multi-currency account saves you time, money and sanity on international payments, which brings us to our next point - benefits for your business.

Benefits of a multi-currency account in Hong Kong

A multi-currency business account is very useful if your business sends or receives payments internationally, buys or sells goods in multiple locations across borders or has a global workforce/vendors/consultants. It enables you to send and receive payments hassle-free under one account. 

Here are the benefits of a multi-currency account for your business:

Single Account for all international transactions

Some businesses open multiple bank accounts in different countries to send and receive payments in local currencies. But it adds the burden of maintaining a minimum balance in each one of them and is inconvenient too.

A multi-currency account allows you to create sub-accounts for different currencies. You can share the unique account number for each currency and send or receive payments easily which is very convenient.

Save Money on Foreign Exchange Costs

Saving currency conversion costs is the chief benefit of a multi-currency account.  When you receive an international payment, banks need to convert them into your local currency. They deduct money as per the ever-changing foreign exchange rates.

The fee may seem small for one transaction but it sums up to a significant amount in the long run. A multi-currency account allows you to receive the payment in foreign currency and hold it till the conversion rate is favourable. It eliminates the market uncertainty so you never lose money due to high conversion rates. 

Reduced Waiting Time

Merchants often hold receivables because the conversion rates are not in their favour. But with a multi-currency account, you can send or receive money anytime and convert it later.

Smooth International Transactions

As much as you’d love to send and receive money in your own currency, that’s not always the option. Both vendors and customers want to steer clear of foreign exchange risk. With a  multi-currency account, you can accept payments in your client or customer’s local currency and pay vendors in their preferred currencies. No more eyeing the conversion rates before every single international payment. 

How to open a multi-currency account in Hong Kong?

You can open a multi-currency account offline, at physical branches or sign up for a digital account. Generally, if you choose offline, you may be required to visit a  branch, fill out forms and open an account with a set initial deposit. If you fall below the minimum balance, you’ll be charged a fall below fee. Although, the process becomes easier if you already have an account with the provider.

Digital accounts are easier to create as compared to offline mode. To open a digital account, you need to:

• Register online using your Email.
• Provide personal information such as name, number and address 
• Verify the information with a government-issued ID
• Your account is live once verified 

Eligibility criteria to open a multi-currency account in Hong Kong

In Hong Kong, eligibility criteria vary by provider but generally include requirements specific to Hong Kong's regulatory environment. Hong Kong-registered businesses typically need to provide their business registration certificate, certificate of incorporation and proof of registered address. For sole proprietors and partnerships, additional documentation may be required.

Foreign businesses can also open multi-currency accounts in Hong Kong, though they face additional documentation requirements and may need to demonstrate a connection to Hong Kong or Asia-Pacific markets.

Make sure you check the eligibility criteria and documents required on your service provider’s official website. 

Charges involved in a multi-currency account 

A multi-currency account comes with its own set of charges depending on the service provider. Below are the different types of charges that you incur in your multi-currency account. 

Remember that each institution has its own set of charges. Banks, Neo banks and fintech account providers differ in what kind of fees they may take or exclude.

Set up fee

Each service provider charges a setup fee for a multi-currency account. Basically an account opening fee.

Initial Deposit

You must submit an initial deposit before making transactions from your multi-currency account. The limit for this deposit varies as per the service provider and currencies required.

Account fee

Some providers charge a fixed monthly account fee which is deducted at the beginning or end of each month. Monthly maintenance fees in Hong Kong typically range from HKD 15-120. Some banks waive this fee if you maintain certain minimum balances or meet monthly transaction requirements.

Fall below fee/ Service Charge

Some banks require multi-currency account holders to maintain a minimum balance. Falling below that can cost you money which is called “fall below” fees or service charges. 

These charges are deducted on a daily or monthly minimum balance depending on the service provider’s guidelines. Most fintech companies don't require a minimum balance so there’s also no fall below fees. 

Cash Conversion Fee

All service providers charge a currency conversion fee whenever you convert HKD into another currency or vice versa. Some providers charge more if you convert currencies outside of exchange market hours. 

Cash Holding Fee

Some providers charge an amount to hold money above a certain limit. For example, holding over USD 100,000 might incur a monthly fee of 0.01%-0.05%. The percentage may be deducted monthly and varies depending on the service provider. 

Card Transaction Fee‍

You get a physical debit card or a virtual card with your multi-currency account and there are charges for its usage. These charges involve ATM fees, conversion fees and withdrawal fees which vary with currency and service provider. 

Check out all the fee details before choosing a service provider. One may charge a percentage for a service which the other may provide for free. Fee structure differs based on subscriptions, plan type and currencies offered. 

Who offers multi-currency accounts in Hong Kong?

Compare multiple service providers to choose the best multi-currency account in Hong Kong. The process and requirements differ for each of them. You can enjoy more than 150 different currencies depending on what provider you choose. 

There will be different benefits and charges for each of them. For instance, banks charge a percentage or fixed amount for various account actions such as service charges and withdrawal charges. 

Some providers offer physical and virtual cards which come in handy if you want to purchase something from a small vendor or use for business travel expenses. However, fixed charges apply for all card transactions. Some providers come with no minimum balance required while some offer integration with accounting software for easy invoicing and reconciliation. Choose a provider whose features align with your business.

Below is the list of the best multi-currency accounts in Hong Kong:

• HSBC - HSBC's Integrated Business Solutions account supports 14 currencies including USD, EUR, GBP, and RMB. It requires a minimum initial deposit of HKD 10,000 and a monthly average balance of HKD 50,000 to waive the monthly fee of HKD 200. The account offers comprehensive cross-border services, particularly strong integration with mainland China, and comes with features like trade financing and BusinessVantage Plus.

• Standard Chartered - Standard Chartered's Business Banking account handles 13 major currencies including USD, EUR, and RMB. The account requires an initial deposit of HKD 50,000 and maintains a minimum balance requirement of HKD 100,000 to waive the monthly fee of HKD 100. It provides preferential forex rates and free incoming telegraphic transfers.

• Bank of China (Hong Kong) - BOCHK's Business Integrated Account supports 12 currencies with particularly competitive RMB services. The account requires HKD 50,000 as initial deposit and a minimum balance of HKD 50,000 to waive the monthly fee of HKD 150. It offers special cross-border payment solutions for China trade and integrated RMB services.

• Hang Seng Bank - Their Business Banking account handles 11 currencies and requires an initial deposit of HKD 10,000. Monthly fee of HKD 150 is waived with a minimum balance of HKD 50,000. The account offers integrated trade solutions and preferential rates for cross-border payments.

• DBS Hong Kong - DBS's SME Banking account supports 13 currencies including USD, EUR, and RMB. Initial deposit requirement is HKD 20,000 with a minimum balance of HKD 50,000 to waive the monthly fee of HKD 100. Offers digital banking features and regional connectivity across Asia.

• Aspire - Aspire provides access to over 30 currencies across 130+ countries with no minimum balance requirements or monthly fees. The platform offers competitive FX rates up to 3 times cheaper than traditional banks, along with modern features like spend management tools, unlimited virtual cards, and accounting software integration. You can sign up to Aspire, the account opening is fully digital and typically completed within 24 hours.

• Wise - Wise's multi-currency account supports transactions in 70+ countries with transparent FX rates. No minimum balance required but charges apply for currency conversions and certain transactions. Offers both physical and virtual cards, with two free monthly ATM withdrawals up to HKD 2,800, after which a 1.75% fee applies.

• Airwallex - Specifically designed for Hong Kong businesses, Airwallex supports 23+ currencies with no monthly fees or minimum balance requirements. Offers competitive FX rates, virtual payment cards, and integration with popular accounting software. Particularly strong for businesses trading with mainland China and Australia.

• Statrys - A Hong Kong-based digital solution supporting 11 major currencies. No minimum balance required and offers competitive FX rates. Provides virtual cards, payment automation tools, and specific features for Hong Kong SMEs engaging in international trade.

Scale your business with cross border payments 

Cross-border payments help you scale your business quickly and efficiently. Don’t let high exchange fees take away from growth. Join Aspire to enjoy borderless payments with the lowest FX fees, unlimited virtual cards, and tools like spend management, and payable management and receivable management so you can manage your business finances more efficiently as you grow.

Combine smooth international transactions with effortless financial management to make smarter business decisions. Sign up to Aspire today!