How to Open a Dah Sing Business Account in HK

What Services Does a Dah Sing Bank Business Account Provide?

Dah Sing Bank offers two primary account services for Hong Kong SMEs: the "328 Business Banking Account" and the "328 Business Banking Quick Start Account."

The main difference lies in their scope: the "328 Business Banking Quick Start Account" is a fast-track option designed for startups and SMEs, but it only provides basic banking services and excludes local and telegraphic transfers involving cross-border fund flows. If an enterprise requires these services, they must submit an additional application to the bank.

The standard "328 Business Banking Account" provides comprehensive banking services, including:

• Multi-currency current accounts.
  
• Multi-currency savings accounts covering 14 foreign currencies.
  
• FPS (Faster Payment System) transfers.
  
• "Easy Pay" payroll services and other commercial banking functions.
  
• Real-time management of account balances and transaction records.
  

Dah Sing Business Account: Required Documents

Required documents for a "328 Business Banking Account" depend on the company type. Generally, documents such as a Business Registration Certificate, shareholder identification, and Articles of Association are required to comply with the Hong Kong Monetary Authority’s (HKMA) Anti-Money Laundering regulations and internal bank approval requirements.

Documentation Checklist:

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Note: After submitting all documents, enterprises should be aware that the bank may request supplementary proof of recent business activity to verify operational authenticity. Missing documents may extend the approval timeline.

Dah Sing Business Account: Opening Fees

Hong Kong-registered companies opening an account at Dah Sing Bank must pay an account opening fee of HK$1,200. If a company is classified as a "Special Company" after a search, an additional fee of HK$10,000 is required. For overseas-registered companies, the account opening fee is HK$10,000. Additionally, the Business Registration or Limited Company search fee is HK$200 per item.

While these are one-time charges, they can increase initial operational pressure for Hong Kong SMEs, especially startups, when combined with other hidden service costs. In contrast, emerging financial platforms like Aspire offer a one-stop business account with zero opening fees and no search fees, helping to reduce the burden during the startup phase.

Dah Sing Business Account: Opening Process

Eligible SMEs can open a business account online by uploading documents, completing identity verification, and submitting an electronic signature—all without visiting a branch. However, in certain cases, physical confirmation at a designated Business Banking Centre may be required.

General Online Application Steps:

• Prepare Documents: Gather necessary info based on company type (e.g., BR, ID proof).
  
• Create File: Fill in preliminary details in the online application form.
  
• Identity Verification: Use the 328 Business Mobile App to scan your HKID and take a selfie for verification.
  
• Data Verification: A Dah Sing staff member will call to verify application details.
  
• Electronic Signature: Sign the online application form to confirm the account opening.
  

*Eligible online applicants must not currently hold a 328 Business Banking Account, must possess a valid mobile number and email, and must be a Hong Kong-registered Sole Proprietorship, Partnership, Limited Company, Organization, Society, or Trust.

Dah Sing Business Account: Minimum Balance

Dah Sing’s 328 Business Banking Account has no mandatory minimum deposit. However, if the Average Daily Total Relationship Balance for any calendar month is less than HK$30,000, a Low Balance Service Fee of HK$100 per month will be charged. This aligns Dah Sing with other traditional banks, where a monthly service fee is applied if the minimum balance is not maintained.

Dah Sing Business Account: Fees and Charges

Beyond the opening fee, Dah Sing Bank business accounts involve numerous common charges, including the HK$100 low balance fee and various costs related to inward and outward remittances in different currencies. These cumulative fees increase the pressure on Hong Kong SMEs, especially during economic volatility when stable balances are hard to maintain, thereby eroding profit margins.

Common Fee Items

Dah Sing Bank generally charges more for common items for "328 Business Banking (Elite)" customers, such as:

• Issuance of HKD Cashier's Order: HK$25 per copy.
  
• Loss Reporting of HKD Cashier's Order: HK$400 per copy.
  
• Bulk Cash Deposit: 0.25% of the total amount (Minimum HK$75).
  

Remittance Fees

• Outward Remittance (Telegraphic Transfer): Standard customers pay HK$120 per item plus a HK$130 cable charge. For 328 Business Banking (Elite) customers performing HKD/USD transfers, the fee is HK$60 plus the same cable charge.
  
• Inward Remittance (HKD): Standard customers are charged HK$70, while 328 Business Banking (Elite) customers are charged HK$35.
  

Dah Sing VS Aspire: Which is Better?

Compared to traditional banks with cumbersome procedures and endless fees, Aspire's highlight is that it charges no account opening fees, has no minimum balance requirements, and waives monthly fees, allowing you to invest every cent into your business growth.

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Aspire vs. Traditional Banks: Key Differences

The core difference lies in operational efficiency and service depth.

Traditional Banks: Excellent for offline support, handling physical cash, cheques, and eDDA. However, they have high entry barriers and lengthy processes. For startups without an operating track record or overseas directors, the process is unfriendly, often requiring in-person interviews and weeks of auditing. Cross-border fees and monthly maintenance become hidden costs.

Aspire: Perfectly complements these shortcomings:

• Simple Procedures: All-digital process with no in-person interviews. Same-day approval is possible.
  
• Lower Transaction Costs: FX costs up to 3x lower than banks (spreads from 0.18%). Using multi-currency accounts to pay/receive locally can result in zero remittance costs.
  
• Instant Expense Management: Issue unlimited corporate cards instantly with real-time category and limit controls.
  

Beyond Banking: Scaling Your HK Business with Aspire’s All-in-One Finance OS

Aspire provides a one-stop solution for Hong Kong enterprises, perfectly integrating global transfers, expense management, and accounting automation into a single platform. With just one Aspire business account, you can fully control your corporate finances:

• Global Payment: Fully digital account opening with approval as fast as the same day. Supports 130+ countries and 40+ currencies, with FX spreads as low as 0.18% (costs are up to 3x lower than banks).
  
• Transfer Network: In addition to built-in FPS (Free) and CHATS to ensure local payments and payroll arrive on time, Aspire features a powerful local transfer network—allowing you to directly receive and send money overseas like a local. Compared to traditional SWIFT wire transfers, local transfers eliminate layers of intermediary bank fees and significantly shorten arrival times, helping you save on transfer expenses at the source.
  
• Spending Control: From Invoicing to paying Bills, the process is fully automated. You can instantly issue controllable corporate cards and pair them with "snap-and-claim" features to automatically categorize employee expenses. All transaction data syncs seamlessly with Xero, QuickBooks, and NetSuite, solving all administrative pain points from payroll to reconciliation on one platform.
  
• Operational Rewards: Turn your spending into returns! Earn 1.2% unlimited cashback on major business expenses, e.g. marketing and SaaS subscriptions. Your account also comes with over USD 500,000 in business rewards, covering tools like Google Workspace and Slack, rebating your operating costs from the start.
  

Open an account for free now to experience a smarter, more flexible business financial solution and accelerate your business growth!