Overview
HSBC Singapore, at a glance.
HSBC Singapore is a bank headquartered in Singapore, regulated by Monetary Authority of Singapore. Business accounts cost SGD 120 a month. Opening an account takes 3–5 days.
HSBC's Singapore branch is a full bank licensed by the MAS. Singapore-dollar deposits are insured by the SDIC up to SGD 100,000; foreign-currency deposits are not.
Why businesses pick HSBC Singapore
- Global Wallet holds 10 currencies and pays like a local in 10, including MYR
- FAST and PayNow payments cost SGD 0.50
- Free transfers between HSBC Singapore accounts
- Serves Singapore subsidiaries of overseas groups and companies registered abroad
- A full bank, part of a global network
Watch out for
- HSBCnet costs SGD 120 a month per profile
- SGD 70 a month below an SGD 50,000 average balance (USD 50 below USD 50,000)
- USD 1,500 to open for companies not registered in Singapore
- Telegraphic transfers cost 0.125% (SGD 20 to 100) plus a cable charge
- Opening includes a business appointment
Business fit
Will HSBC Singapore accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on HSBC Singapore's published rules
Needs review
HSBC Singapore works with Startups and SMEs, but does not publish the countries it accepts companies from.
HSBC Singapore does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What HSBC Singapore publishes about the businesses it takes on.
Who HSBC Singapore serves
- Startups and SMEs
- Import and export
- Holding companies
- E-commerce
Not supported
Industries and countries HSBC Singapore does not accept, from its own published lists.
Industries
- Not published
Countries
- Not published
Coverage
Where can you use HSBC Singapore?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
10 currencies
- EUR
- USD
- GBP
- CHF
- CAD
- AUD
- JPY
- CNY
- HKD
- SGD
Payment reach
Not published
Who can apply
Company incorporation countries
Not publishedOwner nationality
Not publishedOwner residency
Not publishedCompany types
Singapore companies, including subsidiaries of overseas groups, Companies registered outside Singapore (USD 1,500 fee)
Pricing
What does HSBC Singapore cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
SGD 120
Business account with HSBCnet
SGD 120 per month
SGD 0 setup · SGD 1,440 in year one
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Incoming | ||
| SWIFT / international | SGD 10 | Fixed fee |
| Outgoing | ||
| SWIFT / international | 0.125%, min SGD 20 | Percentage, with a minimum charge · Maximum SGD 100, plus cable charge SGD 20 to 40 |
| To another HSBC Singapore account | SGD 0.5 | Fixed fee · FAST, PayNow or GIRO; MEPS SGD 20 |
Other fees
Currency exchange (FX)
| Cost | Listed amount | How it is charged |
|---|---|---|
| FX markup | Not published |
Onboarding
From application to live account.
Opening an account typically takes three to five business days.
- 1
Apply
Start the application online or through the sales team.
- 2
Company and people
Give the company's registration details, directors and owners.
- 3
Checks
Upload the documents requested and complete identity verification.
- 4
Account live
Once approved, the account is opened and you receive its details.
Documents you need
Not published
FAQ
Your questions, answered.
Is HSBC Singapore a bank?
Yes. The Hongkong and Shanghai Banking Corporation Limited's Singapore branch is a full bank licensed by the Monetary Authority of Singapore. SGD deposits are insured by the SDIC up to SGD 100,000. HSBC runs separately licensed banks in other countries.
How much does an HSBC Singapore business account cost?
HSBCnet access costs SGD 120 a month per profile. The operating account costs SGD 70 a month if the SGD average balance falls below SGD 50,000 (USD 50 below USD 50,000). Companies not registered in Singapore pay USD 1,500 to open.
What is HSBC Global Wallet?
A multi-currency wallet used with an HSBC business account through HSBCnet. It holds AUD, CAD, CHF, CNY, EUR, GBP, HKD, JPY, SGD and USD and pays like a local in 10 currencies, including MYR.
Can a foreign company open an HSBC Singapore account?
HSBC serves Singapore subsidiaries of overseas groups and companies registered outside Singapore, which pay USD 1,500 to open. The process includes a business appointment.
Alternatives
How HSBC Singapore compares.
If HSBC Singapore is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 HSBC SingaporeThis pageBank |  | SingaporeGlobal Wallet |
 DBSBank | | Foreign-owned companies13 currencies |
 OCBCBank | | Foreign-owned companies14 currencies |
 ANEXT BankDigital bank | | No monthly fee4 currencies |
 AspirePayments platform |   | Free planCorporate cards |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.