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  • 1 Post By jobin

Open US Bank Account for HK incorporated company

  1. #1

    Open US Bank Account for HK incorporated company

    Hi, since my suppliers are US based, I figure it will be better to have a US bank account to do online payment.

    Anyone has any experience opening a US business account for your HK incorporated company?

  2. #2

    Join Date
    Aug 2012

    Good question. It is easy to open a US dollar account with most major banks, but it seems you get less than perfect exchange rates when converting HK dollar to US dollar. Does anyone know which banks are best for this purpose? or any other advise?

  3. #3

    Join Date
    Oct 2006

    I think the OP meant opening a bank account in the US, not opening a USD denominated account with a Hong Kong bank

  4. #4

    Join Date
    Dec 2013
    Hong Kong

    We make payments out to US firms and have no problem doing it from a HK bank account. Not sure exactly what you gain, given the addition costs of running another account would offset any small exchange rate savings.

  5. #5

    Yep. What I mean is to open a bank account in USA.

    Why I wanted to do this is because:

    1. Hedging - on quarterly basis, buy in USD
    2. Save on TT charges - with the previous point, consolidate a lump sum to be TT to US bank
    3. Conveniences - with US credit/debit card and online banking, easier to pay suppliers or do US online purchases where foreign credit cards are not accepted
    4. Small payment - there are times where my payment might only be USD100 or less, not worth doing a TT with just USD100
    5. Local banking ATM - when I'm in US for business trip and need cash, I can have a local bank there with the conveniences of withdrawing cash.

  6. #6

    Join Date
    Jul 2011

    Suggest you go to USA and present your documents to bank of your choice.

    pandancake likes this.

  7. #7

    Join Date
    May 2006

    Your reasons are valid - except for the hedging. You'd have to do the HKD to USD conversion at a HK bank anyway.

    HSBC can do it, not sure how much it costs and not sure if they'd give you a credit card too: