HSBC: Overview and Account Opening Guide

HSBC Holdings plc, originally founded in Hong Kong and Shanghai in 1865, is one of the world’s largest international banks and the leading European bank by market capitalization in 2025. Headquartered in London, HSBC maintains a dual Asian and Western identity, with Hong Kong serving as its most important hub.

As of 2025, HSBC operates in 60+ countries and territories, serving more than 40 million customers. Its strong presence across Asia, Europe, and the Middle East makes it a preferred institution for both individuals and corporations seeking global financial services and cross-border wealth management.

Bank Profile

• Founded: 1865 (Hong Kong & Shanghai)
• Headquarters: London, United Kingdom
• Market Cap (2025): ~USD 360 billion
• Global Presence: 60+ countries, including Singapore, Hong Kong, the U.K., and the U.S.
• Key Services: Retail banking (checking, savings, mortgages, cards) Corporate and commercial banking Private banking and wealth management Global markets and investment banking Trade finance and cross-border payments

Why Choose HSBC?

• Global footprint connecting East and West
• Strong focus on Asia, particularly Hong Kong, Singapore, and China
• Full-service bank offering both retail and institutional solutions
• Extensive cross-border wealth management for expatriates and high-net-worth individuals (HNWIs)
• Competitive trade finance services for global businesses

Account Types Available

1. Personal Accounts Everyday checking and savings accounts International bank accounts for expats Debit and credit cards
2. Business Accounts SME banking services Corporate accounts with multi-currency features International trade finance solutions
3. Private Banking (HSBC Global Private Banking) For clients with investable assets starting from USD 2–5 million Wealth planning, family office services, and global investment portfolios

Account Opening Requirements

For Individuals (Residents in HSBC Markets):

• Government-issued ID (passport or national ID)
• Proof of address (utility bill, bank statement, or lease)
• Employment or income proof (for certain accounts)

For Non-Residents / Foreign Clients:

• Valid passport
• Proof of overseas address (bank statement or utility bill)
• Tax identification number (for FATCA/CRS compliance)
• In some cases, minimum deposit requirements (USD 5,000–10,000 for international accounts)

For Corporate Accounts:

• Certificate of Incorporation
• Articles of Association / Company constitution
• Business address verification
• Identification of directors and shareholders
• Tax documents and financial statements

Step-by-Step Account Opening Process

1. Initial Contact Book an appointment at an HSBC branch (Singapore, Hong Kong, London, or New York). Expats may use HSBC’s “International Banking Centre” for remote guidance.
2. Document Submission Provide ID, proof of address, and financial documents. Corporates must submit incorporation papers and shareholder details.
3. Compliance Review HSBC conducts KYC and AML checks, including cross-border risk screening.
4. Approval Timeline Personal accounts: 5–10 business days International accounts: 2–3 weeks Private banking: up to 1 month
5. Account Activation Clients receive account details, debit/credit cards, and digital banking credentials.

Advantages & Considerations

Advantages

• Strong global reputation and East–West connectivity
• Excellent cross-border banking solutions for expats and corporates
• Comprehensive private banking for wealthy individuals

Considerations

• International accounts may have higher minimum deposits
• Compliance is strict, especially for offshore applicants
• Fees may be higher than local/regional competitors

Frequently Asked Questions (FAQ)

Q1: Can foreigners open an HSBC account in Singapore?
A1: Yes, HSBC Singapore supports both personal and corporate accounts for foreigners, subject to document verification and minimum deposits.

Q2: What is the minimum balance requirement?
A2: For standard accounts, it may start from SGD 2,000–5,000. For Premier or Private Banking, thresholds are much higher.

Q3: Does HSBC still have a strong presence in Hong Kong?
A3: Yes, Hong Kong remains HSBC’s largest and most profitable market, especially for private wealth and trade finance.

Internal Link

• Link from Global Top 20 Banks by Market Cap 2025 → “HSBC” anchor text
• Related banks: [Standard Chartered Guide], [Citibank Account Opening], [UBS Private Banking Overview]

HSBC, Hongkong and Shanghai Banking Corporation, account opening, private banking, retail banking, corporate banking

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles