Business Bank accounts

HSBC Business Accounts in the Philippines: What You Should Know

Sanjeed V K

30.10.25

Read time 5 minutes

HSBC is one of the world’s largest banks, with a long history rooted in financing trade between Asia and Europe. The bank has been operating in the Philippines for over 150 years, providing a wide range of financial services to both personal and business customers.¹

In this guide, we’ll explore the types of business accounts HSBC offers in the Philippines, the range of services available, associated fees, and the kinds of companies that might benefit most from an HSBC business account.

While you’re exploring different account options, we’ll also introduce Wise Business — a multicurrency business account that helps companies in the Philippines manage international payments more easily and cost-effectively.

Table of contents
What is an HSBC Business account and how does it work? HSBC Philippines business banking features HSBC Philippines business account pricing Which types of businesses in the Philippines benefit most from an HSBC Business account? Limitations of HSBC Business in the Philippines Steps to open an HSBC Business account Wise Business: A great alternative to HSBC Business?

What is an HSBC Business account and how does it work?

HSBC’s business accounts in the Philippines are primarily designed for large enterprises, institutional clients, and corporate organizations. Unlike some banks that publicly list their business account options and onboarding requirements, HSBC Philippines does not provide detailed information about these on its website.

Instead, businesses are encouraged to contact HSBC directly to discuss opening an account. The bank provides tailored solutions based on the company’s size, industry, and international banking needs. Account opening and management are typically handled through direct engagement with a Relationship Manager.

However, based on information from HSBC’s HBAP Tariff and Service Charge Guide², the bank likely offers the following types of business accounts in the Philippines:

Treasurer-in-Trust For (TITF) Account
Current Account
Savings Account
Foreign Currency Deposit Account (FCY Account)
Term Deposit Account

HSBC Philippines business banking features

Choosing HSBC as your business banking partner can unlock a range of tailored solutions. After consulting with a Relationship Manager, you can determine which features best fit your needs and what fees or requirements apply.

HSBCnet: A digital banking platform to manage global accounts, track cash flow, make payments, and access trade and supply chain tools. Includes ERP integration, 24/7 support, and strong cybersecurity.³
HSBC Omni Collect: A unified solution for collecting payments in-store and online. Supports cards, eWallets, bank transfers, and QR codes via eCommerce, mCommerce, and over-the-counter.⁴
HSBC Connect: A secure system that links your internal platforms with HSBC’s. Automates payments and collections, ideal for businesses handling large volumes of financial data or cross-border transactions.⁵
HSBC Corporate Card: Manage business expenses and working capital with greater control. Use the card for travel, entertainment, and everyday business expenses.⁶
Credit and Lending: Access short- and long-term financing tailored to your business needs. Strengthen working capital for daily operations or fund long-term capital projects.⁷
Bank Guarantees and Financial Assurance: Builds trust in business deals by assuring partners that HSBC will fulfill payment obligations if needed—reducing risk, freeing up cash, and helping you secure contracts.⁸

HSBC Philippines business account pricing

HSBC Philippines charges a variety of fees for its banking services, including monthly account maintenance fees, percentage-based and fixed transaction fees, annual card fees, and more.

The table below provides an overview of some of the main fees that HSBC Philippines business account holders may encounter:

Account features	Fees
Monthly account fee	10,000 PHP per PHP account or 200 USD per USD account
Minimum balance	No minimum balance requirement if 35 transactions are made per month
PESONet transfers	HSBCnet: 50 PHP Manual: 700 PHP
Priority Payments via PhilPaSS	HSBCnet: 500 PHP Manual: 1,200 PHP
USD local payments (PDDTS)	HSBCnet: 5 USD Priority: 20 USD Manual: 50 USD
Telegraphic transfers (electronic)	HSBCnet: 12 USD (+ USD 33 if sender pays all fees) Manual – 60 USD (+ USD 33 if sender pays all fees)
Corporate cards	Annual Fee: 2,400 PHP (waived for the first year)⁹
Treasurer-in-Trust For (TITF) accounts	Opening fee: PHP 2,000 PHP Closing fee (if not converted to corporate account): 2,250 PHP
Digital banking access (HSBCnet)	Waived

*Details accurate as on 22nd October 2025

Which types of businesses in the Philippines benefit most from an HSBC Business account?

HSBC Business Accounts in the Philippines are best suited for medium to large companies—particularly those with international operations, complex financial needs, or sustainability goals, such as:

Multinational Corporations and Subsidiaries: Companies with a global footprint gain from HSBC’s extensive international network, centralized banking, and personalized client support.
Exporters and Importers: Benefit from trade finance tools, such as export loans, import guarantees, and letters of credit, FX services, supply chain solutions, and access to global payment networks like SWIFT.
Sustainability-Focused Enterprises: HSBC offers green financing and ESG-aligned products, supporting businesses with environmental or social impact goals.
Large Enterprises and Conglomerates: With high transaction volumes and complex needs, these firms benefit from HSBC’s full-service banking and dedicated support.

Limitations of HSBC Business in the Philippines

HSBC Philippines primarily serves medium to large enterprises. Small businesses, MSMEs (Micro, Small and Medium Enterprises) or sole proprietors may find it less practical due to its monthly account fees, annual card fees, and higher charges for local and international transfers. Many of its corporate features may also be unnecessary for smaller operations.

For small to medium-sized businesses, alternatives like Maya Business, which offers low-cost or even free local PHP transactions, or Wise Business, which provides affordable international payments, may be more convenient and cost-effective options for managing domestic and global finances.

Steps to open an HSBC Business account

To open an HSBC Business Account in the Philippines, you will need to contact the bank directly through its official website, as online applications for business accounts are generally not available.

Your enquiry will be directed to an appropriate HSBC representative, who will respond and guide you through the process.

You will need to provide both business and personal details, as is standard for opening any business bank account in the Philippines. HSBC will advise you on the specific requirements, but the following are often requested:

Business registration documents (SEC or CDA)
Authorized signatories (Board Resolution or Secretary’s Certificate)
Valid IDs and TINs of directors, signatories, and beneficial owners
Proof of business address (utility bill or lease contract)
Business permits and BIR Certificate of Registration

➡️ Check out our guide to opening a business bank account in the Philippines

Wise Business: A great alternative to HSBC Business?

HSBC Business suits larger enterprises with complex financial needs. It offers dedicated relationship managers, tailored advice, and specialized services such as trade finance, corporate lending, ESG-aligned products, and white-label payment collection via HSBC Omni Collect — but with higher fees and a more complicated onboarding process.

Wise Business takes a different approach. We enable businesses of any size to send, receive, and hold money in multiple currencies — always using the mid-market exchange rate for currency conversions, with no hidden charges or monthly account fees. For Philippine businesses working with overseas clients or suppliers, Wise is an efficient and cost-effective way to manage global payments.

💡Are bank accounts limited to USD, EUR, or GBP options holding back your business? With a Wise Business multi-currency account, you can access over 10 local account numbers — far more currency options than the handful most banks offer. Plus, Wise makes it easy to hold, send, receive, and exchange 40+ currencies from a single account. With the freedom to send and receive payments in more currencies globally, you can focus on what matters most: growing a local business that knows no borders.

Obtain account details to receive payments in USD, EUR, GBP, SGD, HKD and more for a one-time fee of 1,400 PHP.
Zero fees when you get paid via ACH, FAST, InstaPay/PESONet, & other local transfers.
Send money to pay invoices, suppliers & contractors fast, with less fees
Always get the mid-market rate with transparent conversion fees starting from 0.57%.
Pay your bills and ad-hoc overseas expenses using the Wise Business card without hefty foreign transaction fees.
Seamless integrations with popular accounting software.

➡️Get started with Wise Business today

Final thoughts on HSBC Business accounts

HSBC’s long-standing presence in the Philippines and its strong global network make it a trusted partner for businesses seeking growth and international reach. Its range of services — from trade finance and corporate cards to digital solutions like HSBCnet — supports complex financial operations and strategic expansion.

For enterprises that value personalized banking support and global expertise to help them navigate local and regional complexities, an HSBC Business account is a strong option. However, this level of service comes with higher costs and eligibility requirements, making it more suitable for corporate clients than for smaller ventures.

For startups, MSMEs, and freelancers seeking a more straightforward and accessible solution focused on international payments, Wise Business offers the low fees, transparency, and speed that traditional banks like HSBC often cannot match.

➡️Get started with Wise Business today

Sources:

Sources checked: 22nd October 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.