Opening a HSBC business bank account: Everything you need to know

If you’re setting up your own business or already own one, you might be interested in commercial banking services from HSBC. They support businesses at different stages with their HSBC sole trader account, business debit cards and a suite of services designed for established, UK-registered companies.

When you’re choosing the right account for your business, it’s crucial to look at the full list of features and fees. At this point, you must consider what services you might need now and in the future. It’s also worth comparing business bank accounts offered by traditional banks with modern alternatives, including the Wise Business multi-currency account.

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What are the different account types for businesses with HSBC Bank?

HSBC provides several business account options, including accounts for SMEs, community associations and charities, as well as corporate banking for large organisations.

Below are some of the most popular choices for UK businesses.

HSBC kinetic current account¹

Best for: Sole traders and single director shareholders. You can apply online in minutes, and most accounts are open within 48 hours.

HSBC kinetic current account features

Note: The account supports international payments, but it does not offer a dedicated multi-currency or foreign currency holding account. Also note that the account management is limited to the sole trader or single director, with no additional user access.

If you’re a sole trader working with international clients, a Wise Business multi-currency account can be a convenient option. With the Essential plan (free), you can send, hold, and convert money in over 40+ currencies.

If you need to receive payments with local account details for 40+ major currencies, including EUR and USD, you’ll need the Advanced plan, which has a one-time fee of £50. You can also spend abroad using the Wise Business debit card, often with lower foreign exchange fees than traditional banks.

Small business account HSBC²

Best for: Small businesses and startups that need everyday banking and support with growth tools. Offers banking solutions up to £100k.

HSBC small business account features

HSBC’s Small Business Banking Account has no monthly fee and includes free UK digital transactions. Some services, like cash handling or foreign currency accounts, may incur additional fees or require separate setup. Dedicated relationship managers are not included with this account.

HSBC Business Banking account³

Best for: Medium-sized companies, charities, and organisations with more complex banking needs that benefit from a dedicated Relationship Manager and a wider range of services. HSBC Business Banking customers typically have borrowing needs above £100,000.

HSBC business banking features

Notes:

• 12 months free electronic banking on the primary account; standard fees apply afterward.
• Visa Business Debit and Commercial Cards available; subject to credit checks.
• Foreign currency and international payments supported; charges may apply.
• Dedicated Relationship Manager and specialist teams provide tailored support.

HSBC Foreign Currency business account⁴

Best for: Small and medium‑sized companies doing business overseas that need foreign currency banking and international transaction support. HSBC provides specialist accounts to help manage foreign currencies, international payments, savings and deposits.

HSBC offers a range of foreign currency business accounts that can help when you trade in currencies other than sterling. You can open accounts in any tradable currency, including current accounts, instant‑access savings and fixed‑term deposits. These accounts allow you to hold, manage and view your balances online using Business Internet Banking.

International account options

You can choose from:

• Foreign currency current accounts: Receive and make payments in multiple currencies, reducing conversion costs.
• Instant access savings accounts: Earn interest on balances in major currencies.
• Fixed-term deposits: Lock funds for a set period to earn fixed interest.
• Online management: View and manage accounts via HSBC Business Internet Banking. Some fixed-term products may require specialist support.

This suite of accounts helps businesses manage currency exposure and receive and make payments in multiple currencies. You can potentially earn interest, all while keeping banking consolidated under HSBC.

Alternative to the HSBC international business account

Wise Business can be a more cost-effective and more transparent alternative to an HSBC international business account, especially if you make frequent overseas payments or need to receive money from other countries. Wise uses the real mid‑market exchange rate and shows all fees upfront, rather than marking up the rate behind the scenes as most banks do.

With Wise Business you can hold and manage multiple currencies, get local bank details in key markets to receive payments cheaply, integrate with accounting tools like QuickBooks or Xero, send batch payments, and even automate transfers via API.

There are low transparent fees per transfer (rather than hidden markups), and some incoming payment types (e.g., SWIFT) may carry small charges. But, these are generally still far lower than bank costs, making Wise particularly attractive for cross‑border business operations.

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What are the requirements to open a HSBC business bank account?

The eligibility required for opening an HSBC business account depends on what type of account you apply for and your business type. For all accounts, however, you must be a UK tax resident and be at least 18 years old.

The Small Business Banking Account is suitable for businesses who are startups or small businesses and need borrowing solutions for up to £100K.² You’re eligible to switch to a Business Banking account if you are a small or medium enterprise that requires a dedicated Relationship Manager, have an annual turnover of up to £15m and borrowing needs of over £100K. You can contact the team to see if you are eligible.

The HSBC Kinetic account has the lower account requirements, most suitable for sole traders. This includes:

HSBC Kinetic current account requirements¹

International Foreign Currency Account requirements⁴

The International foreign currency account requires you to have a Sterling Business Account first. There are no minimum or maximum balances required. You can book an appointment to discuss opening an account and a Business Specialist or dedicated Relationship Manager, depending on whether you have a Small Business or Business Banking Account.

How to open an HSBC business account?

The method to opening a HSBC business account depends on what type of account you need. For the Kinetic account, you need to download the HSBC app to apply. Business Banking account applicants should fill in an online form on the HSBC website. For a Small Business Banking account, you can apply with HSBC online. Whereas, you’ll need to call 03457 60 60 60 to apply for an International Foreign Currency Account and set up the account via an appointment with a Business Specialist.

To apply for an HSBC business account, you will need to provide information such as:⁷

• Companies House registration information
• Full business address and contact details
• Estimated annual turnover
• Personal details (full name, date of birth, contact details, and address)
• HSBC bank account details if you are an existing personal customer
• Have a smartphone with a camera
• Details of any debit or credit cards linked to your business

HSBC business account fees

The fees charged by HSBC for your business account will vary depending on a number of different factors.

New customers may get a fixed-term fee-free banking period, which is then followed by a further option of a reduced fee product, before switching to the regular prices. There are also different tariffs for existing customers, depending on the exact services you choose, so it’s worth looking carefully at the pricing details to make sure you select the right package for your business.

Here are some of the main fees for each account type present in this article:

HSBC Kinetic account⁵

Note: when making a payment outside of the app, such as in a branch or via phone you may be charged per transfer. For example, CHAPS transfers by phone or in branch are £20 within the HSBC banking group or £30 to accounts outside of the HSBC banking group. Similarly, Bill payments are £15 outside of the app.⁵

Small business account HSBC

HSBC business banking fees

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Getting the right banking option for your organisation is essential, to make sure you’re not paying more than you need to, and allow you to focus on running your business.

Doing some research in advance can pay big dividends, as the functionality and costs of different accounts can vary widely. HSBC offers a range of products for UK business customers.

However, if you need a multi-currency account, or expect to send and receive international payments frequently as your business grows, it’s worth comparing the products available against a specialist multi-currency business account such as Wise, to see which will work best for you.

*Disclaimer: The UK Wise Business pricing structure is changing with effect from 26/11/2025 date. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QuickPay QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.

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Sources used:

1. HSBC Kinetic Current Account | Business Banking | HSBC
2. Business account for start-ups | Business Banking | HSBC
3. Business Banking Account | HSBC
4. Foreign Currency Account | International Business | HSBC
5. HSBC Kinetic | Price list
6. Business Debit Card
7. Opening a Small Business Account
8. Business Banking | Price List HSBC

Sources last checked on January 21, 2026.