Once you have registered a company, the next step is opening a bank account. A bank account makes it easy to transact business because clients can pay for services, the company can clear bills, and your tax obligations can be met.
As you ponder the bank to open a corporate account with for the company, it is also important to factor how you will access funds in the account. This post outlines how to access funds if set up Hong Kong company.
Make direct withdrawals from the bank account of choice
If you travel to Hong Kong regularly or want to reside there, consider going for direct cash withdrawals. Just like other bank accounts, you only need to present all the required documents showing you are authorized to make withdrawals.
If you intend to allow another person to access the account and saved funds, you will have to supply their details and confirm their position in the company to the bank of choice.
Many banks in Hong Kong have advanced mobile apps that allow clients to access their money easily. With the apps, it is like carrying the bank right in your pocket because you can check balances, review your account statements, and enjoy top security for the account.
Besides this, you can access money and make payments to other accounts that your bank allows. This usually takes about a day to verify all the details.
Online money transfers
Because many people with corporate bank accounts are spread all over the world, most banks in Hong Kong have online money transfer services.
If you prefer to use this service, you are given personal logins and passwords to access the account and request to make payment. You interact with the account directly with the bank to select the withdrawal method, the recipient, and confirm the process.
With online transfers, most banks set limits for their clients within a single working day, and you have to call in case you need to extend the limit. Besides, the banks will transact your money depending on live exchange rates in Hong Kong and New York. However, if you transact over the weekend when the currency market is closed, your money will be changed using the latest exchange rates.
Utilize credit cards
Today, most banks offer credit cards or work with international credit card companies to give clients cards. Unlike with international or wire transfers, credit cards are accepted all over the word.
Whether you are on holiday in Hawaii, Caribbean, Europe or any other place in the globe, credit cards are accepted. However, it is important to ensure your bank account is always up-to-date by following the bank statements. Besides, you should also ask the credit card provider for regular statements to avoid overspending and risk of scams.
International money transfers
Over the last one decade, international money transfers have become very reliable in transferring money in real time from one part of the globe to another.
Today, many international money transfer methods allow you to transfer any amount from one point to another. Check with your Hong Kong bank to confirm the options available and countercheck they are also applicable in your home country. Some of these methods may include Western Union, PayPal, Skrill, and Worldfirst among others.
How to access funds if set up Hong Kong Company is as important as setting up and opening the business company. Make sure to review the bank of choice very carefully before selecting it for the corporate bank of choice. You can get this info from respective banks, your company registration agency, analysts, or a financial expert.