HSBC Business Banking

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HSBC Business Banking Review, Exchange Rates, Fees Calculator & User Score

  • Fees and costs: Very Good
  • Transfer speed: Good
  • Safety and reliability: Very Good
  • Customer satisfaction: Good

Advantages

  • Free accounts for startups
  • Low markup on the exchange rates

Disadvantages

  • Monthly fees

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What is HSBC Business Banking?

HSBC is a British multinational company offering banking and financial services. Their business account offer is suited for both large and small companies. They can help you launch your startup or can provide you with experienced specialists to help deal with your extensive and multinational finances and transactions. Apart from a regular bank account, you can also get loans to fund your company or insurance to protect your business.

How Does HSBC Business Banking Work?

With the business account at HSBC bank, you gain access to internet banking real-time balances, statements, transfers, and payments 24/7.

HSBC has prepared an offer for startups and small businesses with perks such as free accounts, lower fees and help for the first year of operation, but the bank also has a professional offer for large companies to handle their finances with them.

If you are just starting, the bank has an extensive offer of loans and gives you access to financing and borrowing to help fund your launch. They also offer business specialists support and provide a variety of tools and articles to help you grow your business or start trading overseas.

HSBC Business Banking Fees and Costs

For new businesses, there is an 18-month free period. After that, you need to pay 5.50GBP per month for account maintenance. You can also deposit 3,000GBP in cash per month for free, while any amount above it will cost you 0.50GBP for each 100GBP deposited. Most of the online transactions and operations are free of charge, while payouts and transfers through bank branch have additional charges.

The bank can also adjust the business account cost and fees to your needs if your company is doing well on the market. You can read that: “For businesses with a turnover up to £2m, our “Best Tariff Promise” means we’ll review your account every year to ensure you’re always on our best standard tariff for your business.”

HSBC Business Banking Exchange Rate

The markup on the exchange rates for commercial purposes is kept below 1% for most of the popular currencies compared to the average market rates. Some of the pairs may be more expensive to exchange, like, for example, MXN, RON or SAR, and TRY, which have a significantly higher percentage markup.

HSBC Business Banking Limits

The exchange rates are applied for transactions above $4. The CHAPS payment option is particularly useful to businesses that need to make some urgent and domestic payments.

HSBC Business Banking compared to other business accounts

With the attractive offer for startups and free banking period, the HSBC for business account seems like a right choice compared to their competition. The account maintenance is not that expensive, and the high level of security and reliability of the bank makes your funds safe. However, there are online platforms which provide cheaper services and can handle better your international finances, as all of the transactions with HSBC go through a regular bank network, which can generate lots of costs, especially with bulk payments.

How to use HSBC Business Banking?

Business API

Unlike other platforms, the bank doesn’t seem to provide any technological payment support for your project. However, they offer a team of experts to help you with your business finances.

How to sign up?

You can apply online through a form on their website. However, it’s best to contact the bank’s representatives or visit the local branch to get the latest details about the offer. While opening the account, you need to provide all of your business information and estimated turnover, but also personal information from you or any potential partners or co-founders.

Is HSBC Business Banking safe and reliable?

HSBC is a multinational and well-regulated bank, which means they need to comply with all of the financial regulations and laws and are also checked by the government institutions. With many years of experience and millions of accounts and processed transactions, the company seems to be reliable and secure to use. They haven’t had any significant safety breaches and handle the finances of huge businesses with millions of dollars.

Moreover, HSBC has introduced a special “Security Device” to authorize your online transactions. With this enabled, even if a hacker gets access to your account, he won’t be able to do anything without your permission. The bank explains that: “Your Security Device is a two-factor authentication device that will help protect you from fraud when you use Business Internet Banking. With this technology, you enjoy a far more secure online banking service. Your Security Device is unique to your Business Internet Banking and is protected by a PIN code. The security codes it generates are displayed only on your device and are therefore seen only by you.”

Customer Support

You can reach the bank via a phone call or set up a meeting with your advisor in the local bank’s branch.

The bank reminds their customers to have their account number and sort code, or the 16-digit card number ready for the phone verification before contacting the support.

Final Thoughts

HSBC Business Banking Review

HSBC business account seems like a reliable option, especially for small businesses or startups, as they get a free period and initial help to run their company finances. The exchange rates for an international transaction are quite attractive, which is an advantage for companies dealing with international customers. The bank also offers loans and funds to get started and can offer a variety of other tools, insurance, or expertise. The platform is designed quite well, and the sign-up process is straight-forward and easy.

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