OCTIS vs Airwallex vs an HSBC business account in Hong Kong
A licensed bank with deposit protection against a low-cost multi-currency account. What each costs a new company.
Last checked · 5 sources
Otty's short answer
HSBC is a licensed bank: your deposits are covered up to HK$800,000, and you get lending and local banking. It costs more to start (HK$1,300 to open online plus a HK$10,000 initial deposit) and can take days to weeks. Airwallex costs HK$0 to open, has no minimum balance and lists FX from 0.2%, but it is not a bank. Many companies hold both.
Side by side
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| What matters | OCTISHong Kong company + OCTIS global plan | Airwallex | HSBC Hong Kong |
|---|---|---|---|
| Account opening fee | Set by our licensed partner; quoted before you commit | HK$0 | HK$1,300 online; HK$1,600 branch |
| Initial deposit | Set by our licensed partner; quoted before you commit | None | HK$10,000 or US$1,000 |
| Monthly fee | Set by our licensed partner; quoted before you commit | HK$0 (Explore) | From HK$200 unless waived |
| Fee waiver | Set by our licensed partner; quoted before you commit | Not needed | Balance of HK$100,000 or HK$500,000 |
| FX markup | Set by our licensed partner; quoted before you commit | From 0.2% over interbank | Bank rate; not published |
| Telegraphic transfer out | Set by our licensed partner; quoted before you commit | HK$120 to HK$200 | HK$150 to HK$250 (reported) |
| Local FPS transfers | Set by our licensed partner; quoted before you commit | Free | Free (reported) |
| Opening time | Set up through licensed partners alongside your incorporation | As fast as 48 hours | About 3 working days online |
| Overseas-owned company | 100% foreign ownership allowed; owners can live anywhere | Not published | HK$11,000 fee; 10+ working days |
| Currency accounts | International multi-currency account via licensed partners | 20+ (Airwallex count) | 11 currencies (Statrys count) |
| Company cards and gateway | Corporate card and payment collection via licensed partners | Company cards; gateway | Not checked |
| Regulator | OCTIS is not a bank; partners are licensed | Customs and Excise (MSO) | HKMA licensed bank |
| Deposit protection | OCTIS is not a bank | No, not a bank | Up to HK$800,000 |
Data sources & disclaimer: Comparison data was compiled from publicly available sources — including the competitors' own published pricing and feature pages — captured on 9 November 2026. Figures reflect the typical or advertised pricing at that time and may have changed since; plans, inclusions and prices vary by provider, region and promotion. OCTIS is independent and not affiliated with the named companies; all trademarks belong to their respective owners. This comparison is provided in good faith for general information only and is not professional, legal or financial advice — please verify current details with each provider before deciding.
Which one fits you
OCTIS · Hong Kong company + OCTIS global plan
Choose OCTIS if you want the company, accounts, CRM and an account through licensed partners handled by one team, not a bank itself.
Airwallex
Choose Airwallex if you want to open fast, keep the balance fee-free and pay suppliers abroad at low FX cost.
HSBC Hong Kong
Choose HSBC if you need a licensed bank, deposit protection, lending, cash deposits or a bank letter for tenders and landlords.
What the table does not show
What a new HSBC account costs
Based on a March 2026 guide (written by a rival, Statrys), a Hong Kong company applying online pays HK$1,300 to open and a HK$10,000 initial deposit. A branch application costs HK$1,600. An overseas company pays HK$11,000. Monthly fees start at HK$200 and are waived at a Total Relationship Balance of HK$100,000 or HK$500,000 depending on the account. One tier waives fees for the first 12 months. Check HSBC's own tariff before you apply.
Where Airwallex is cheaper and faster
Airwallex lists no opening fee, no minimum balance, FX from 0.2% above interbank and free local transfers. It states approval can take as little as 48 hours. A SWIFT payment costs HK$120 to HK$200 against HK$150 to HK$250 reported for banks. The saving matters most if you hold foreign currency or pay overseas suppliers regularly.
Where HSBC is the safer choice
HSBC is a licensed bank under the HKMA. Eligible deposits are protected up to HK$800,000 per depositor per bank. Airwallex is a licensed money service operator but not a bank, with no deposit protection. HSBC also offers lending, cash handling and branches. The cost is more paperwork, fees and, for overseas-owned companies, a longer process.
Where OCTIS fits
Bank or fintech, every statement ends up in your bookkeeping. OCTIS bookkeeping reconciles HSBC and Airwallex statements together, and we handle Hong Kong incorporation, company secretary work, profits tax and audit by a Hong Kong CPA practice. OCTIS is not a bank, does not hold your money and has no partnership with any provider here. Ask about 10–30% off your current bill.
Frequently asked questions
How much does an HSBC business account cost in Hong Kong?
A March 2026 guide reports HK$1,300 to open online and HK$1,600 at a branch, plus a HK$10,000 initial deposit. Monthly fees start at HK$200 unless you meet the balance rules. Confirm on HSBC's tariff.
Is Airwallex safer than HSBC?
They carry different protections. HSBC is a licensed bank with Deposit Protection Scheme cover up to HK$800,000 per depositor. Airwallex is a licensed money service operator, not a bank, so that cover does not apply.
How long does it take to open an HSBC business account?
A March 2026 guide gives about 3 working days online for eligible Hong Kong companies, about a week at a branch and 10 or more working days for overseas companies. Other guides report several weeks, so allow extra time.
Can an overseas-owned company open an HSBC account?
Yes, but it is slower and costs more. The guide reports an HK$11,000 opening fee for overseas companies and a longer review. Airwallex and Statrys onboard online without a branch visit.
Should a Hong Kong company use both a bank and Airwallex?
Many do. A bank account handles deposit-protected cash and lending. A multi-currency account handles FX, cards and online collections at lower cost. Keep one primary bank relationship for credit history.
Sources
Checked on the date above. Links open the provider's or regulator's own page.