HSBC Business Account Singapore: Everything You Need to Know

As one of the world’s leading international banks, HSBC is a popular choice for Singapore businesses looking for ways to manage their overseas transactions. HSBC offers several business account options, from basic current accounts to comprehensive multi-currency solutions.

Its reputation inspires trust. But traditional business banking often comes with significant hurdles: high monthly fees, complex fee structures, lengthy approval processes, and high foreign currency conversion fees that can eat into your profits. So, how does HSBC measure up?

In this HSBC business account review, we'll break down their account types, fees, and requirements to help you determine if it's the right fit for your business needs. Plus, we'll introduce Wise Business - an alternative that can help businesses in Singapore manage international transactions with less hidden fees and greater transparency.

Table of contents
What is HSBC business banking? How HSBC business banking works How to open an HSBC business account in Singapore HSBC business account pricing Is HSBC Business account great for Singapore businesses?

What is HSBC business banking?

HSBC is one of Singapore's major international banks, offering business banking services through their HSBCnet digital platform. The bank offers several key services for Singapore businesses:

• Core business accounts for day-to-day SGD banking operations
• Multi-currency accounts with Global Wallet functionality for international transactions
• Trade finance packages for import/export businesses
• Business deposit accounts for earning interest on surplus funds
• Commercial cards for managing corporate expenses

Put simply, HSBC aims to be a one-stop banking solution for businesses that need both local and international financial services.

How HSBC business banking works

Core business account

HSBC's standard business account serves as the foundation for day-to-day SGD banking operations. This account handles local FAST and GIRO payments, with set fees of SGD 0.50 per item, making it suitable for businesses primarily operating within Singapore - but also a source of additional business expense.¹

The account comes with access to HSBCnet digital banking platform, PayNow Corporate integration, and cheque book facilities. However, it's limited to SGD transactions only, so you'll need additional products for international operations.

Multi-currency business account with Global Wallet

For businesses that regularly handle international transactions, HSBC offers a multi-currency business account enhanced with Global Wallet functionality. This solution allows companies to hold and manage up to 11 currencies within a single account structure.

Supported currencies include: SGD, USD, EUR, GBP, HKD, CNY, AUD, CAD, and NZD.

The Global Wallet provides local account details in six international markets, enabling same-day wallet-to-wallet transfers and real-time foreign currency conversion through the HSBCnet platform and mobile app.

One significant drawback to HSBC is their exchange rate markups of 0.3% - 1.5% above the mid-market rate. In addition, their corporate card has a foreign currency transaction fee of 3.25%.¹ These could significantly affect the international transaction costs when running your business.

💡If you're looking for more corporate card options,
➡️Check out our review of the best corporate credit cards in Singapore

HSBCnet Digital Platform

One feature that sets HSBC apart is their comprehensive HSBCnet platform. It provides account management, foreign exchange dealing, trade finance functionality, and integration with accounting software like Xero, SAP Business One, and Oracle NetSuite.

This is helpful when you're managing multiple currencies or handling complex business operations. The platform also includes dual approval workflows, customisable payment limits, and real-time transaction monitoring.

However, the platform can be complex to navigate, and users often report that the extensive features come with a steep learning curve.

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How to open an HSBC business account in Singapore

Opening an HSBC business account follows a 5-step process: submit an online enquiry, upload required documents, attend a business appointment (in-branch or video call), wait for internal review (3-10 working days), then receive your account details and HSBCnet access.

You'll need to provide identity documents for directors and shareholders, business registration papers, source of wealth documentation, and details about your business operations - but this is all fairly standard when opening a traditional business bank account.

To get started, complete HSBC's online Business Account Enquiry form and a Relationship Manager will contact you to guide you through the process.²

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HSBC business account pricing

HSBC's fee structure varies depending on the account type and services used. Here's a summary of their main business account fees:

Account features	Fees¹
Account opening deposit	SGD 30,000 in first year
Minimum balance	SGD 50,000 with monthly fall below fees of SGD 70
FAST/GIRO transfers	SGD 0.50 per item
Telegraphic transfers (electronic)	0.125% commission (minimum SGD 20) + cable charge (minimum SGD 20)
Foreign currency conversion (Global Wallet)	0.3% - 0.9% above mid-market rate
Foreign currency conversion (standard)	Up to 1.5% above mid-market rate
Corporate cards	SGD 150 annual card fee; 3.25% Foreign transaction fee
Digital banking access (HSBCnet)	Up to SGD 120 per profile per month

*Details accurate as of 8th August 2025

What type of Singapore business stands to benefit most from HSBC?

HSBC is versatile - but it specifically targets its services to:

• Large enterprises with substantial account balances (SGD 200,000+) that can avoid monthly fees by opening a Premier account³
• Trade-focused businesses requiring documentary credits and sophisticated trade finance
• Established companies needing comprehensive banking relationships with dedicated support
• Companies already in the HSBC ecosystem globally who want consistent banking across markets

For example, you might choose HSBC if you're a Singapore trading company that needs letters of credit and bank guarantees for international suppliers. Or you might use their services if you're a subsidiary of a multinational corporation that already banks with HSBC globally.

However, many Singapore SMEs might find the high fees and complex processes challenging, particularly when all they need is simple international transfers or multi-currency management.

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Wise Business - a great alternative to the HSBC business account

💡Need to pay or get paid in foreign currencies? Wise Business could be a better alternative business account as you can hold, send, receive and exchange 40+ currencies all in one place. You’ll always get the mid-market rate with low, transparent fees. Even better, you can connect Wise Business cards to your account to control team spending in real time and reduce admin.

• Hold and manage 40+ currencies for all your international transactions.
• Pay foreign currency bills and ad-hoc business travel expenses using the Wise Business card without hefty foreign transaction fees.
• Get your first Wise Business card for free when you open a Wise Business account.
• Always get the mid-market rate with transparent conversion fees starting from 0.26%.
• Seamless integrations with popular accounting software.

➡️Get started with Wise Business today

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The biggest challenge for Singapore SMEs with traditional banking: Cost transparency

HSBC's fee structure is complex, with many smaller charges that can quickly add up. These range from:

• Charges for local transfers to non-HSBC accounts,
• fees of up to SGD 120 for access to HSBCnet, to
• annual corporate card fees of SGD 150.¹

Understanding your true HSBC banking costs can, therefore, be tricky, and is often done in hindsight. The minimum balance fee of SGD 70 (unless you maintain SGD 50,000+ balance), coupled with complex exchange rate markups, can significantly impact the cash flow of smaller businesses.¹

HSBC does offset some of this expense with its broad functionality, becoming a full-service partner for larger enterprises. As well as offering comprehensive banking services, it provides relationship management and trade finance capabilities - creating cumulative value for its customers by bringing many financial services together in one place.

💡If you're exploring business banking options for your Singapore company,
➡️Check out our review of the best corporate bank accounts in Singapore

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Is HSBC Business account great for Singapore businesses?

HSBC has some strong features for Singapore businesses, particularly larger enterprises. These include:

• Comprehensive services: Full range of business banking, trade finance, and corporate services
• Global presence: Established international network for multinational operations
• Multi-currency support: Global Wallet functionality for managing 11 currencies
• Digital platform: HSBCnet provides extensive functionality for complex business needs
• Relationship management: Dedicated support for qualifying business accounts

However, it’s important to be aware of the drawbacks:

• High costs: SGD 70 monthly fee unless you maintain SGD 50,000+ balance
• Poor foreign exchange rates: the markups can go up to 1.5% above mid-market rate outside Global Wallet
• Lengthy processes: Account opening can take 3-10 working days, up to 20 for complex structures
• High minimum deposits: SGD 30,000 standard opening requirement

These can be dealbreakers for smaller businesses and enterprises, many of which don't require the full range of HSBC's services.

If your business needs are more straightforward, and you want to get set up fast, an alternative like Wise Business could be a better option as your primary business account.

You can often get a Wise Business account opened online in a fraction of the time it takes with most traditional corporate banks. Wise Business can serve your local SGD banking needs by functioning as your main business account in Singapore for everything from receiving payments to running payroll.

As your business expands, and you need to make global money transfers — both for receiving customer payments and sending money to pay suppliers and contractors — Wise offers this at a significantly lower cost with transparent fees and the mid-market rate for currency conversions.

In other words, Wise Business is a future-proof, scalable business finance solution that can grow with your business.

➡️Get Started with Wise Business today

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Sources:

1 - HSBC Business Download Centre (Commercial Bank Tariffs)

2 - HSBC Business Account Opening Process

3 - HSBC Premier

Sources checked on 8th August 2025