Guide to opening virtual bank account: Requirements, fees, and business account services

Virtual banks have become increasingly popular in Hong Kong in recent years. What are the benefits of virtual banks? What virtual bank options are available in Hong Kong? This guide provides a direct comparison of their features, fees, and requirements to help you open virtual bank accounts easily. 

If your business handles foreign trade, one-stop financial platforms like Airwallex provide an alternative business account solution with zero setup fees and rapid cross-border transfers.

What are virtual banks?

A virtual bank account provides full financial services entirely through online platforms. These institutions operate without physical branches as all services can be completed online. Customers can open an account, make deposits, and apply for loans through the bank’s mobile application or website.

The Hong Kong Monetary Authority requires virtual banks to primarily engage in retail business and prohibits virtual banks from establishing minimum account balance requirements. Although virtual banks don’t have a physical branch, they must have a physical office in Hong Kong for handling customer inquiries and complaints.

List of virtual banks in Hong Kong

There are eight virtual banks in Hong Kong currently:

Comparing account opening requirements of different virtual banks

When you choose to open virtual bank accounts in Hong Kong, comparing the six digital entities offering commercial services is essential. Reviewing their setup fees, minimum balance criteria, and approval timelines reveals major operational differences. 

Data updated in 2026 confirms that several platforms have adjusted their company search and account opening administrative tariffs. Securing a flexible virtual bank account solution helps early-stage startups navigate these varying onboarding structures smoothly.

These digital financial institutions primarily provide savings and time deposits in HKD, RMB, and USD. They fully support local corporate transfers through the Faster Payment System (FPS) network. However, handling global remittances via a digital virtual bank account involves certain transaction limits. Most providers charge telegraphic transfer fees between HK$50 and HK$250 per cross-border transaction.

Differences between virtual banks and traditional banks

1. Account opening methods and charges

The account opening process for virtual banks is relatively simple and fast compared to traditional banks. It can be completed within 5 to 10 minutes via the virtual bank’s mobile application. Corporate account applicants only have to provide their personal and corporate information, take a photo of identification documents and verify through SMS. The bank will then conduct a company search.

Besides, opening a virtual bank account is generally cheaper than opening a traditional bank account. Most virtual banks don’t impose minimum deposit requirements or monthly service charges.

2. Service hours and access

Traditional banks have fixed operating hours, while virtual banks are not limited by space or time. As virtual banks don’t have physical branches, customers do not have to queue at the bank. They can conveniently access bank services through the banks’ mobile applications or websites anytime, anywhere.

3. Risks and security

Although virtual banks don’t have physical branches, they are required by local authorities to have a physical office. They are also regulated by the Hong Kong Monetary Authority, the same as traditional banks, and participate in the Deposit Protection Scheme, which offers a total deposit protection amount per depositor of HK$800,000.

4. Types of services and products

Currently, traditional banks offer a wide range of online services, including foreign currency exchange, time deposits, loans, and mortgages. Services provided by virtual banks are not as varied as traditional banks as they are still in the early stages of development. They mainly provide time deposits, demand deposits, remittance services, etc. Some also provide loans.

Limitations of overseas remittances via virtual banks

Many business owners discover unexpected operational hurdles right after they open virtual bank account profiles. While local transfers run smoothly, international remittance capabilities across these digital networks remain heavily restricted.

• Incomplete cross-border features: Multiple digital institutions fail to offer international outbound wire transfers entirely. This leaves global e-commerce merchants unable to settle invoices with foreign suppliers safely.

• High legacy network costs: Standard international transfers route through legacy networks. This process incurs steep fees between HK$50 and HK$250, alongside unpredictable intermediary bank deductions.

• Narrow currency selections: Most providers only offer HKD, USD, and RMB portfolios. This forces expensive retail double conversions when businesses attempt to expand into European markets.

Airwallex vs virtual bank corporate accounts

Aside from virtual banks, financial and remittance platforms on the market, such as Airwallex, can also provide financial solutions for eCommerce and various types of small and medium-sized enterprises. 

With Airwallex, you can remit funds to over 200 countries and regions, with local payment channels available for remittances to 120 countries and regions, eliminating costs incurred from cross-border telegraphic transfers. 93% of remittances can even be credited on the same day.

Open an Airwallex Business Account online for free today.

Frequently asked questions

1. Do virtual banks have deposit protection?

All licensed banks in Hong Kong, including virtual banks, must participate in the Deposit Protection Scheme, which offers a total deposit protection amount per depositor of HK$800,000.

2. How can customers of virtual banks withdraw and deposit funds?

Some virtual banks provide physical bank cards, such as ZA Bank, which offers physical withdrawals at ATMs accepting Visa. MOX also allows cash withdrawals at ATMs within the applicable Jetco network.

Meanwhile, customers of virtual banks without physical bank cards will have to transfer funds to their traditional bank accounts with ATMs in order to withdraw cash. It is important to note that not all virtual banks support FPS transfers.

3. Do virtual banks offer account-opening promotions?

Many virtual banks offer account-opening promotions, such as cash allowance and attractive interest rates for time deposits and demand deposits, to attract customers.

4. How to cancel a virtual bank account?

Most virtual banks don’t specify ‌account cancellation methods on their websites. Customers can directly contact customer service representatives for inquiries.

Sources:

Information on virtual banks was retrieved as of June 2024, updated as of May 2026, from their official websites. Information provided is for reference only. Please refer to the official website for the most up-to-date details

1. https://bank.za.group/agreement/pdf/zh_HK/1000427

2. https://www.livibank.com/pdf/Fee%20and%20Charges_TC.pdf

3. https://www.airstarbank.com/pdf/corporate/TariffCorporateBanking.pdf

4. https://www.fusionbank.com/resource/20230315/70ebaf40aca5c221a3727e3505d4c4c9.pdf?t=1678863400&lang=tc

5. https://www.paob.com.hk/tc/index.html

6. https://www.antbank.hk/SME-offer?lang=zh_hk

Disclaimer: The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only, and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every six months. If you would like to request an update, feel free to contact us at [email protected].