How to open an OCBC business account?

A business account is crucial for operational success. The right one does more than just simplify cross-border transfers, receipts, and currency exchange; it provides essential, value-added features that significantly save your business time and money.

This article outlines the key benefits of an OCBC business account, details the required documents, and explains the application process.

What is OCBC?

OCBC is Singapore’s longest-established local bank, tracing its origins back to a 1932 merger of three major Chinese banks. Built on deep roots in Asia, the group maintains a broad operational network across ASEAN and Greater China, supplemented by offices in major global financial hubs such as New York, London, and Sydney.

Eligibility for an OCBC business bank account

The OCBC business account is designed for SMEs that aim to scale across borders. Companies must:

• Be registered in Hong Kong with a valid Business Registration Certificate (BR)

• Operate as a sole proprietorship, partnership, or limited company (with no more than two partners or directors)

• Ensure the sole proprietor, partner, or director is a Hong Kong permanent resident

• Be owned by natural persons only (no corporate shareholders)

• Have an annual turnover not exceeding HK$10,000,000

Types of OCBC bank accounts

OCBC’s primary business product is the SME Business Account, which is a multi-currency account that supports 15 currencies. It offers general business features, such as payroll, accounting, business loans and insurance. You can also apply for a separate business debit card. All day-to-day banking can be performed via OCBC Velocity and the bank’s Business Mobile Banking app.

Procedures for opening an OCBC business account

Step-by-step guide to account opening 

To open an OCBC SME Business Account, you need to complete a three-step online process:

1. Visit OCBC’s official website and fill out the online application form

2. Download the Business Mobile Banking app, verify your identity and upload a signature template

3. OCBC will then conduct an internal review

Required documents

To ensure a smooth process, prepare the following documents before you apply:

• Business Registration Certificate (BR)

• HKID

• Details about your business operations, ownership structure and tax status

The bank reserves the right to request further information. If your company does not meet the eligibility criteria or lacks the required documents, the application may be delayed or rejected.

Fees and charges

Minimum balance requirements and monthly fees

The OCBC SME Business Account has no minimum balance requirement and does not charge a monthly management fee, making it friendly for smaller startups.

International remittance and currency conversion costs

OCBC Business Account holders can remit funds to designated bank accounts in over 60 countries, making it easy to pay overseas suppliers. Fees apply depending on the transfer methods.

HKD wire transfer fees:

RMB and USD transfer fees:

For currency conversions, OCBC’s Velocity platform allows business customers to view live exchange rates and convert currencies securely and instantly.

Limitations and considerations for Hong Kong corporate customers

When choosing a business account, look beyond the basic application steps and documents. Consider account opening fees, monthly management fees and minimum balance requirements. For example, OCBC’s current waiver of account opening and monthly fees is a limited-time welcome offer – always check the website or confirm with a branch for the latest terms. Note that remote applications still undergo internal review; if an application is unsuccessful, you may be asked to attend a branch for an in-person interview and further document checks.

If your day-to-day banking involves cross-border payments, pay special attention to currency conversion fees and processing times. High FX or intermediary charges can quickly eat up your margins. Payment delays can also damage supplier relationships and may lead to fines or other losses.

Moreover, if your business handles significant FX flows, choose an account that supports multi-currency balances. Without one, you risk forced double conversions on receipts and payments; combined with exchange-rate volatility, this can create unpredictable and unnecessary costs.

Better alternative to traditional banks: Airwallex offers cost-effective cross-border payment services

Choosing the right business account can increase your business competitiveness. You can apply for Airwallex Business Accounts online, which charges no account-opening fee or monthly fees. This helps businesses reduce operating costs, improve profitability and expand globally with ease.

Wider global coverage

Once your online application is approved, you can receive payments directly from 60+ countries in 20+ currencies with an Airwallex Global Account, avoiding forced currency conversion.

For overseas payments, Airwallex supports transfers to 200+ countries in 90+ currencies. With our local payment networks in 120+ countries, you can bypass SWIFT and enjoy faster (often same-day) payments and lower conversion costs, freeing up cash for reinvestment.

Transparent pricing

Opening an Airwallex Business Account online is free, with no account opening fee, monthly fees or hidden charges. You can convert currencies at our market-beating rates and pay a surcharge as low as 0.2% above the interbank rates.

All-in-one financial capabilities

The comprehensive suite of Airwallex solutions also includes practical tools for day-to-day operations. For example, instead of jumping through hoops to apply for corporate cards the traditional way, you can issue multi-currency company and employee cards from the Airwallex platform whenever you need them. The virtual Visa card allows you to pay day-to-day expenses and track every transaction in real time on one single platform. You can also set spending limits for each card to gain better control of team spend.

eCommerce merchants can also benefit from Airwallex’s global payment solution. Whether you sell on your own site or through platforms like Amazon and Shopify, Airwallex’s code-free plugins make it easy to integrate with your existing system, accept payments and streamline operations.

Open an Airwallex business account now, and scale faster with a one-stop financial platform and payment solution. 

Frequently asked questions

1. Can Hong Kong residents open an OCBC business account remotely? 

Yes. Hong Kong residents can open an OCBC Business Account remotely. You simply need to provide your Business Registration Certificate (BR), HKID, and information about business operations, ownership, and tax status. Complete the online form, verify your identity using the Business Mobile Banking app, and upload a signature template to complete your remote application.

2. What are the common additional documents Hong Kong businesses may be asked to provide?

Online account opening applications are subject to the bank’s internal approval. If necessary, you may be required to provide additional information, such as proof of income and residential address.

Sources:

Information on OCBC was retrieved as of September 2025, from below sources. Information provided is for reference only. Please refer to the official website for the most up-to-date details.

1. https://www.ocbc.com.hk/business-banking/zh/accounts-and-payments/sme-banking-business-account.html

2. https://www.ocbc.com.hk/digital-services/web/hk2/obs-customer-sme/globao?language=zh-hk&source1=pweb

3. https://www.ocbc.com.hk/cmh/files/servicefee/SF_booklet_Business_tc.pdf

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 6 months. If you would like to request an update, feel free to contact us at [email protected].