After reviewing Statrys, our team agreed that it’s a solid bank choice for Hong Kong businesses. This is because of their features – among the many conveniences is their 100% online onboarding process, which only takes about 2 to 3 working days.

Even their web and mobile platforms satisfied our list. We find them intuitive, user-friendly, and easy to use. It’s also a major plus that these can be integrated with Xero, so SMEs can take advantage of this for real-time bookkeeping.

We also appreciate their transparent pricing, as they have no collection fees and offer competitive FX rates based on the mid-market range. For reference, businesses that conduct cross-border activity can use this for significant cost savings.

Another major offering is their physical and virtual Mastercard cards through their UK arm. Their payment network relies on DBS Hong Kong for secure transactions, supporting SWIFT, CHATS, and FPS transfers.

Opening an account with them is a generally pleasant experience. However, we met a few applicants who had their accounts rejected after submitting personal documents. A clearer pre-screening criterion would have helped prevent this.

Goes above and beyond 

Used Statrys for my company incorporation in Hong Kong, and I’m really satisfied. Their team was friendly, knowledgeable, and went above and beyond to ensure a smooth process. They handled all the paperwork efficiently, provided valuable guidance, with responsive customer service. highly recommend for anyone looking for a reliable with transparent pricing for company incorporation service in Hong Kong”

Jennifer NSIMBA | Google Reviews

We find NBP to be a solid choice for those who want to connect with a state-backed financial institution. With support from the Pakistani government, NBO has a high degree of financial stability and an international network.

One of the best things about them is their digital offerings. Their digital mobile app has all the features we’re looking for: account management, money transfers, and balance inquiries.

The range of account types is also comprehensive, considering they have an option for various customer needs. For instance, they offer funding through student loans, as well as agriculture-focused accounts for those in the sector.

And since they offer Islamic banking services, they also have separate branches and services tailored to Shariah-compliant needs.

We find their investment offerings to be solid as well, including Pakistan Energy Sukuk and Fatima Fertilizer bonds. In addition to this, they’re also helpful when it comes to cross-border trade facilitation, which is a type of support we commend.

The only area that they fell short in was their dated website and interface, which could undergo a rehaul. Their app is a good alternative, but fixing this issue can take things further.

Convenient

“Convenient”

Abdul Hamid | Google Reviews

Hang Seng Bank is a popular option among HK locals. Their best strength lies in the fact that they cover a wide range of banking services. This includes personal, commercial, private, and prestige banking.

In particular, we find their prestige private banking tiers to be solid for those who need robust financial services. This one gives clients a wide range of investment solutions, 24-hour wealth support, and a dedicated relationship manager.

On the retail side, we found their foreign currency time deposit quite attractive. They offer up to 15.8% PA for specific currencies when combined with exchange transactions. In line with this, they also provide FX and market rate updates via WhatsApp.

The bank also stood out for its proactive cybersecurity education and alerts. Clients are regularly warned about impersonation scams and given access to a detailed Security Information Centre.

However, despite the positives, we were consistently met with complaints about long wait times at physical branches. Even basic updates like phone number changes need in-person visits, so we really think they’re due for an upgrade.

A great experience

“I needed to transfer some money back home and Cheung Ho Yin,Leo helped throughout the process. He was very helpful, answered all my questions and triple checked everything. Great experience overall!”

Mosab Qaissiah | Google Reviews

Being home to many Filipino overseas workers, we made it a point to find banks that cater to them too, and we think BDO is the best choice. It’s one of the few Philippine-based banks with a full-service international presence.

We find this branch helpful for remittance services, especially for clients sending money to the Philippines. In fact, account holders can open peso savings or ATM accounts right from Hong Kong and have them linked with their accounts back home.

On top of that, we find it valuable that clients can easily settle bills, fund their accounts, and make transfers all via this bank. For reference, expats usually have to go through foreign banks and be subject to high international fees.

In general, basic banking services can be easily done here, such as opening an account, ATM assistance, and credit card inquiries. They also accommodate ATM-only accounts, which we found to be a preference among Filipinos in the city.

That said, counter service is slow, with only about 4 staff members actively assisting customers at a time. Their phone etiquette could use some improvements too.

Happy service

“Happy to see a philippine bank in central hongkong”

Marc Cua | Google Reviews

With a legacy of over 150 years in Hong Kong, BNP Paribas has established a reputation for premium banking services. In particular, the bank is an ideal option for corporate clients, institutions, and high-net-worth individuals.

We find it useful for clients who are tied to cross-border trade and investment, as its European roots and global network offer competitive advantages.

As for reliability and credibility, the bank is pretty much unbeatable in Asia in terms of long-term growth. This is because they’re board members of the Hong Kong Association of Banks (HKAB) and Hong Kong Interbank Clearing Limited (HKICL).

For corporate and institutional clients, they offer tailored services that include structured financing, global markets support, and advisory services on mergers and acquisitions. The industry-specific expertise is also a major plus in this area.

As for private banking clients, we liked that they’re served through dedicated relationship teams and personalized wealth solutions. To complete their comprehensive suite, clients can also access estate planning, succession, and long-term investments.

The one area that may fall short, however, is approachability – we did encounter clients who felt that the interactions were “snooty” or distant. This may be intimidating for smaller businesses or clients who are unfamiliar with their services.