How competitive are business accounts in Hong Kong and Singapore?

How competitive are business accounts in Hong Kong and Singapore?

Business account owners benefit from specific exchange rates and transfer fees when it comes to making international payments. While opening such an account can be a challenging and lengthy process in some markets, it is nonetheless a vital element in a company’s growth trajectory. Understanding the value of that account in different territories can also help to guide operations and provide indicators on a sector’s competitiveness. 

International business transfer cost for Hong Kong and Singapore
Cost of sending international payments from local currency to USD (Nov 22)

Looking at our data on Hong Kong and Singapore, the cost of sending international payments from the local currency to US dollars is relatively low for business owners.

Hong Kong and Singapore are both financial hubs in the region and count a wide array of local and international banks in their finance sectors. 

When looking more closely at the data though, Hong Kong is much cheaper than Singapore, with a total margin that is almost three times lower.

This can be attributed to its highly competitive banking environment, leading banks to keep their FX spread low to retain current customers and win new ones. To remain Asia’s leading financial hub, Hong Kong banks need to keep transactional costs on the lower end. 

How can FXC Intelligence help banks compete in the B2B segment?

Read More About
B2B

Ant International’s European growth: President Douglas Feagin on taking Alipay+ beyond Asia

July 18th, 2024

Douglas Feagin, President of Ant International, Interviewed by Lucy Ingham of FXC Intelligence on Alipay+, Antom and Worldfirst's European Growth and Euros sponsorship

Southeast Asia sees flurry of cross-border payments activity

October 16th, 2023

Argentex grows customers in H1 23 but share price dips

September 13th, 2023

+
Sign In
+
Account Registration
By creating an account, you agree to our
Terms and Conditions
+
Please enter your email address
We'll send you instructions on how to reset your password.
+