Guide to opening a business account with Citibank

Business accounts help companies to manage their finances more effectively. As a global leading bank, Citibank offers three different business account options that cater to companies of all sizes. 

This guide covers the account types, account opening process, requirements, and online banking services for Citibank’s business accounts. It also compares the features and services of Citibank and Airwallex, helping you to make the right selection according to your needs.

Basic requirements for opening a Citibank business account

The CitiBusiness platform is tailored for small and medium-sized enterprises (SMEs). Companies can choose from three account types – Citibanking, Citi Priority, or Citigold – based on their business scale. The required documents vary by company structure, such as sole proprietorship, partnership, or private limited company. 

Companies are usually required to submit copies of Hong Kong ID cards or passports of their decision-makers or directors, residential address proof, valid Business Registration Certificate, and company address proof. 

Limited companies must also provide a Certificate of Incorporation, the company’s memorandum, and articles of association. 

If your business has tax obligations in the US, you will also be required to submit the relevant tax documents.

Once all documents are submitted, Citibank will conduct a preliminary review and may request additional information if necessary. Incomplete submissions can cause delays, while businesses failing to meet the bank’s criteria may face rejection.

Types of Citibank business accounts

Citibank offers three business account tiers – Citibanking, Citi Priority, and Citigold. Citibanking has no minimum balance requirements, making it ideal for smaller or newly established businesses. Meanwhile, Citi Priority and Citigold are more suitable for companies on a larger scale, requiring a higher daily average balance – HK$500,000 and HK$1,500,000 – respectively.

Monthly fees and service features differ across the three account types. Some accounts waive monthly fees if the minimum average daily balance is maintained. 

Please note that Citibank does not offer online account opening currently. Applicants must visit the CitiBusiness Center (Mongkok branch) or book an appointment in person, which may be less convenient for business owners.

Steps to open a Citibank business account

1. Schedule an appointment and visit the Citibank Mongkok branch.

2. Complete and sign the application form. The bank staff will then verify your information.

3. Submit all required documents, such as identity proof, Business Registration Certificate, and proof of business operations.

4. The bank will review your application and may request supplementary information or an in-person interview.

5. Once the application is approved, you will receive a notification from Citibank and can begin using your account and the online banking services.

Citibank’s online banking services

Citibank’s online banking platform offers a suite of services that are similar to other traditional banks, including telegraphic transfers, local interbank transfers, remittances, and global transfers, etc. When opening a CitiBusiness account, companies can also set up cheque accounts, savings accounts, and currency management solutions under their business account for ‌more efficient cash management.

Besides online banking services, all Citibank branches provide SME advisory and document collection services, as well as 24/7 phone banking support. Through Citibank's Global Wallet, account holders can withdraw cash from overseas Citi and Mastercard ATMs without having to pay handling fees.

Limitations of Citibank online banking services

While Citibank offers a wide range of online banking services, certain procedures or transactions – such as the initial account opening – must still be completed in person. In addition, instant online remittances from Hong Kong Citibank accounts to overseas Citibank accounts may be subject to transaction reviews. Businesses are advised to stay informed about Citibank’s policies and relevant regulations to ensure compliance and secure transactions.

Comparing business accounts: Citibank vs. Airwallex

Airwallex supports 24/7 online account opening. Companies don’t have to visit a branch and can receive approval for the application in as little as 48 hours. Airwallex Business Accounts are designed for companies of all sizes, from startups and SMEs to eCommerce merchants. Businesses can open an account for free without having to pay monthly fees, maintenance fees, or other hidden charges. Once the account is opened, they can instantly create accounts with local bank details in over 20 currencies for receiving payments. These accounts come with no minimum deposit or transaction requirements and can help to save up costs from currency exchange.

With Airwallex, companies can pay suppliers and overseas staff in over 200 countries, and save up to 80% on conversion fees in 60+ currencies with exchange rates as low as 0.2% above the interbank rate. 95% of transactions can arrive on the same day, which can help to boost operational efficiency and supplier trust.

Airwallex’s payment gateway integrates seamlessly with eCommerce platforms and supports over 160 local payment methods, including credit cards, Apple Pay, and Google Pay. These allow merchants to receive payments from customers in more than 180 countries. Besides, businesses can also issue Company Cards and Employee Cards for free. Cardholders can enjoy 0% foreign transaction fees and earn 1% cash rebates on all local and international spending (T&Cs apply). 

Frequently asked questions

1. How much does it cost to open a Citibank business account?

The account opening fee for local companies is HK$2,000, while overseas companies have to pay HK$8,000. Monthly fees depend on ‌account type and balance, with some accounts eligible for fee waivers. Meanwhile, Airwallex Business Accounts does not charge account opening, maintenance, or hidden fees.

2. What documents are required for opening a Citibank business account?

Applicants must provide a Certificate of Incorporation, Business Registration Certificate, identification and address proof for directors and key personnel, and proof of business operations. Depending on the company type, applicants should provide their company’s memorandum and articles of association, board resolutions, and other relevant documents.

3. Can I open a Citibank business account online?

No. Citibank requires applicants to visit a branch in person to submit documents and complete the account opening process. Airwallex, on the other hand, offers 24/7 online account opening, with approval in as little as 48 hours. Businesses can access a wide range of services immediately upon successful application. Sources:

Information regarding opening a Citibank business account was obtained from the following sources as of June 2025. This information is provided for reference only. For the most up-to-date details, please visit the respective official websites.

1. https://www.citibank.com.hk/chinese/citibusiness/about-us/?lid=HKZHCBLCZLNTLABOUTUSCZLN

2. https://www.citibank.com.hk/english/personal-banking/pdf/useful-documents/service-fee.pdf

3. https://www.citibank.com.hk/chinese/citibusiness/about-us/?icid=HKCZUNCZHCBCBCAUS

4. https://www.citibank.com.hk/english/personal-banking/pdf/useful-documents/service-fee.pdf

5. https://www.citibank.com.hk/english/personal-banking/pdf/useful-documents/service-fee.pdf

Disclaimer: This article was prepared in June 2025 based on voluntary online research and publicly available information. We have not personally tested every tool or provider mentioned. This article is for educational purposes only, and readers should independently evaluate each service provider based on their specific business requirements. Content is updated every six months. To request an update, please contact us at [email protected].