The HSBC Standard Corporate Current Account is designed to support businesses with a range of features and benefits. This account aims to streamline your banking needs efficiently and cost-effectively. This article delves into the core elements of the HSBC Standard Corporate Current Account, detailing its features, benefits, associated fees, and eligibility criteria to help you make an informed decision for your business.
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Key Features and Benefits
Low Minimum Balance Requirement
One of the standout features is its low minimum balance requirement. Businesses must maintain a minimum balance of AED 20,000 (or equivalent in foreign currency).
Alternatively, a combined balance of AED 100,000 across multiple accounts is acceptable. This flexibility helps businesses manage their funds efficiently without the burden of high minimum balance constraints.
Fee-Free Maintenance
Unlike many other corporate accounts, the HSBC Standard Corporate Current Account does not charge a monthly maintenance fee. This structure can lead to considerable savings, particularly for small to medium-sized enterprises aiming to optimize their banking expenses.
Currency Options and Preferential Rates
This account supports multiple currencies, including AED, USD, GBP, EUR, and JPY, making it ideal for businesses operating in international markets. Handling various currencies helps reduce the complexities and costs associated with currency conversions.
Businesses can enjoy preferential Forex rates on transactions involving USD, GBP, EUR, and JPY, leading to significant cost savings. This feature makes international trade and currency exchange more economical.
Free Transactions and Services
Cash and Cheque Transactions – Businesses can benefit from free cash and cheque transactions using HSBC’s business ATMs and deposit machines, simplifying the cash flow process and providing a cost-effective solution for handling daily transactions.
Phone Banking and Customer Service – HSBC offers free phone banking services and access to Business Customer Service Centres across the UAE, with extended hours to accommodate busy schedules. This ensures businesses can manage their accounts efficiently without visiting a branch.
Transaction Limits and Charges
Cheque Transactions – The account allows unlimited inward clearing and house cheque processing. Over the branch counter, cheque transactions are limited to 5 credits.
Cash Transactions – There is no limit on free cash transactions at deposit machines and ATMs. However, over the branch counter, businesses are limited to 5 credits and 5 debits, with a charge of AED 20 per transaction if this threshold is exceeded.
International and Local Transfers
Outward FCY TT (Manual) – Manual foreign currency transfers incur a fee of AED 100 per transaction.
Outward Local TT (Manual) – Manual local transfers in AED have a fee of AED 75 per transaction.
Local TT (Electronic) – Electronic transfers are more cost-effective, with a fee of AED 40 per transaction for both foreign currency and local transfers.
Inward SWIFT TT (Not Involving FX Conversion) – Inward SWIFT transfers without currency conversion have a fee of AED 22 per transaction.
Bank Account Opening Process
Opening an account online is straightforward. Fill out the online application form with your details, and an HSBC product advisor will contact you for further assistance.
Required Information
- Full Name
- Company Name
- Telephone
- Annual Revenue
- Nationality
Digital Banking Convenience
The Alinma App offers features such as opening a new savings account, subscribing to Instant Savings, and donating to charitable organizations, enhancing the banking experience with digital convenience.
Business Select Packages
HSBC offers Business Select Packages (BSP) tailored to different business needs.
- Standard Corporate Account: For businesses with flexible banking needs and low minimum balance requirements.
- BSP Basic Account: For businesses with straightforward financial needs.
- BSP Premium Account: For businesses with higher transaction volumes and complex banking needs.
Our Personal Feedback on HSBC Business Banking
Service Charges Concerns – HSBC’s service charges, including remittance fees, can add up, especially for businesses with frequent transactions. Alternatives like OCBC Wing Hang and Standard Chartered offer lower fees.
Account Opening Time – HSBC’s account opening process is traditionally slow, but HSBC Kinetic allows sole traders and sole director companies to open an account within 48 hours, combining reliability with modern convenience.from modern digital banking solutions, providing a faster and more efficient option for those eligible.
Related FAQs
What is the minimum balance required to maintain the HSBC Standard Corporate Current Account?
The minimum balance required to maintain the HSBC Standard Corporate Current Account is AED 20,000 (or equivalent in foreign currency) in each account. Alternatively, businesses can maintain a relationship level balance of AED 100,000 across multiple accounts.
Are there any fees for cash and cheque transactions?
There are no fees for cash and cheque transactions made through business HSBC ATMs and cash/cheque deposit machines. However, for transactions conducted over the branch counter, there is a limit of 5 credits for cheque transactions and 5 credits and 5 debits for cash transactions. If transactions exceed these thresholds, a charge of AED 20 per transaction applies.
Can the HSBC Standard Corporate Current Account be opened in multiple currencies?
Yes, you can open the HSBC Standard Corporate Current Account AED and other major foreign currencies, including USD, GBP, EUR, and JPY. This multi-currency option is ideal for businesses operating in international markets, providing greater flexibility in managing their finances.
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| ADCB Current Account | CBQ Current Account – Commercial Bank Of Qatar |
| SABB Islamic Current Account | Commercial Bank Dubai Current Account |
I’m Bander, a financial analyst focusing on the Middle East markets. I simplify tricky financial ideas into practical tips. I love helping you understand your money better, so you can make smart choices that fit your own situation.