HSBC is a reputed global banking bank, It comes with a wide range of services across the United Kingdom and many other countries.
If you are looking to open an HSBC business account, you are on the right path.
HSBC offers a range of business accounts from current accounts for startups to complex financial products for International corporations.
HSBC offers a range of products and services including transactions in foreign currencies, sending money overseas, and more.
Well, if you are very interested in knowing more about opening an HSBC business account, continue reading this article.
In this article, I’ll cover HSBC business accounts, including their benefits, types, requirements, opening process, and fees.
Understanding HSBC Business Account:
HSBC is a trendy name in the banking sector, many people are familiar with this name.
It offers business banking services for startups, corporate customers, small businesses, and more. Any business banking is available to HSBC, from loans, insurance, payment options, business development support, etc.
But, not all banking services are available to all customers and business types. The fee structure may not be the most attractive one here.
HSBC offers a wide range of business bank accounts and services, the customers are divided according to the business type and services.
Here, I am providing an overview of some of the features of business banking accounts/services at HSBC.
| Features Banking Account | Small Business Account | Charitable Bank Account | Business Account |
|---|---|---|---|
| Monthly account fee | 8GBP | 5 GBP | 10 GBP |
| Electronic Transfers to your account | Free | Free | Free |
| Cash and cheque deposits | It depends on the amount | It depends on the amount | It depends on the amount |
| International Transfers between HSBC banks | Free | Free | Free |
| International Payments exchange rate | Fees from 17GBP + | Fees from 17GBP + | Fees from 17GBP + |
The Benefits Of HSBC Business Account:
The benefits of an HSBC business account include:
- Free banking services for up to 12 months
- Overdraft available
- You can use the HSBC UK business banking app to scan and deposit cheques
- Visa commercial card is available, there will be no annual charges for the first year.
- Competitive International payments
- Mobile app
- text alerts
- Telephone banking
- Online banking
- Virtual Assistant
The Different Types Of HSBC Business Accounts UK:
HSBC offers different types of business accounts to suit the customers.
There are also accounts available for charities and community associations. Also, they offer corporate banking types for large organizations.
Here, I am providing a few of the business account options available with HSBC.
1. HSBC Sole Trader Account:
Best for: Single director shareholder and Sole Trader. You can easily apply in minutes and most accounts will open within 48 hours.
Features:
- Fees for the first 12 months: free
- Debit Card: Yes
- Overdraft application: Yes
- Accept Card and Contactless Payments: Yes
- Categorized spending: Yers
- Making international payment in-app: No
- Foreign currency account: No
- Multi-User access: No
2. Small Business account HSBC:
Best For: Small businesses that require almost everyday banking services. You can apply online and most of the accounts open within 48 hours
Features:
- Fees For the First 12 months: Free
- Debit Card: Yes
- Overdraft and business loan application: Yes
- Integration with Sage: Yes
- Employee Expense cards: Yes
- International payments: Yes
- Foreign currency account: Yes
- Relationship manager: No
3. HSBC Business Banking Account:
Best For: Medium-sized companies including non-profit organizations, which require a dedicated relationship manager and a large set of banking services
Features:
- Account management through the app: Yes
- Credit Card: Yes
- Debit card: Yes
- Overdraft and loan application: Yes, needs to credit check
- Employee Expense cards: Yes
- International Payments: Yes
- Foreign currency account: Yes
4. HSBC International Business Account:
Best For: Small and medium-sized companies doing Overseas
Features:
- International current account: Yes
- Instant access savings account: Yes
- Account Management Online: Yes
- Fixed-term deposit account: Yes
What are the Requirements To Open an HSBC Business Account in the UK?
The Small Business account and Business account are available for the registered companies in the UK.
However, the sole trader account requires some specific documents, including:
HSBC Sole Trader Account Requirements:
Other than Sole trader or sole Director and Sole Shareholder of a limited Company, the sole trader must be a UK tax resident. He or she must have an iPhone 6 or higher version or an Android mobile device.
How to Open a Business Account In HSBC:
You can open an HSBC Small Business account if you are a small business owner. You can easily apply for the HSBC business account online.
To open an HSBC business account you need to provide the following information.
1. Companies House Registration Number
2. Full business address
3. Business contact details
4. estimated business turnover
5. Personal information such as your name, address, date of birth, contact details, and more
6. If you are a current personal customer, provide your present account number
7. Details of Debit and Credit cards
HSBC Business Account Fees:
The HSBC Business account fees may vary depending on various factors. New customers may get a fixed-term fee-free banking period. Then they can have a reduced fee product before switching to the regular fee structure.
Here, I am providing the main fees for each account type.
1. HSBC Sole Trader Account:
- Monthly fee: 6.50 Pounds (Free for the first 12 months)
- Local payments in and out: free
- Local transaction with debit card: Free
- Local ATM Withdrawals: 0.60% of the amount
- International transactions with debit card: 2.75% of the amount
- International ATM withdrawal: 2.75 % of the amount + 1.5% withdrawal fee
- SEPA International payments in: 0.20 Pounds
- SEPA International Payments out Free
2. HSBC Small business account:
- Monthly fees: 8 Pounds (free for the first 12 Months)
- Local payments In and Out: Free
- Local transaction with debit card: Free
- Local ATM Withdrawals: 0.25 pounds + 0.60% of the amount (free for the first 12 months)
- International transactions with debit card: 2.75% of the amount
- International ATM Withdrawl: 2.75% of the amount +1.5% withdrawal fee
- SEPA international payments in: 0.20 pounds
- SEPA international payments out: 0.24 Pounds
3. HSBC Business Banking Fees:
- Monthly Fees: 10 Pounds (Free for the first 12 months)
- Local payments in and out: Free
- Local transactions with debit cards: Free
- Local ATM withdrawals: 0.25 Pounds + 0.60% of the amount ( ree for the first 12 months)
- International transactions with debit card: 2.75% of the amount
- International ATM withdrawal: 2.75% of the amount +1.5% withdrawal fee
- SEPA International payments in: 0.20 pounds
- SEPA International payments out: 0.24 Pounds
FAQ:
How long does it take to open a business account with HSBC in the UK?
Ans: The business bank account makes your business faster and simpler. You can apply to open a business account through the app of HSBC. Most of the accounts will be opened within the first 48 hours if everything goes right.
Can I open a HSBC business account if I do not live in the UK?
Ans: No, it is not mandatory that you must live in the UK to open a business bank account with HSBC. HSBC’s digital banking option allows you to manage your account from abroad.
Is the HSBC business account good?
Ans: According to Google ratings and reviews, 94% of HSBC business account holders stated that they would recommend the HSBC business banking option to their friends and family. The customers highlighted HSBC’s excellent customer service and competitive rates. However, there are some negative comments on the internet regarding HSBC’s online banking.
Does HSBC have business accounts?
Ans: Yes, there are a handful of business account options with HSBC including small-business banking accounts HSBC, sole trader business banking accounts with HSBC, and more.
Conclusion:
Getting the right business banking account is very essential for every business. So, you must ensure you are not paying more than necessary. Thus, you can focus on the other functioning of the running of your business.
HSBC is one of the most reputed banks in the world. It offers a range of business products and services. It has different types of business accounts to consider. Here, I have provided all the necessary information regarding different business accounts with HSBC.
You can choose the business account type that suits your business the most. It is worth comparing a variety of products to know which works best for you.
