HSBC Business Account Review: Overview of Products

The HSBC business banking accounts were discontinued in the United States in 2021.¹ Thouhg HSBC has discontinued their business account, known as Fusion in the US, they still offer specific, niche business products.

In this article, we will discuss HSBC's products and also talk about the Wise Business account as a way for international businesses to get a reliable, low-cost account that integrates into their way of working.

Looking to operate your international business with less fees?

Get a Wise Business account >>

Trustpilot: Great with 200,000+ reviews⁹
Accounting Integration: QuickBooks, Xero, Sage, Wave, and more

HSBC Business Account Products

As HSBC offers more niche business products in the United States, it is important to note that there is an absence of certain key information that you will have to attain directly from their team. The information you might struggled to find are fees and specific criteria and information required for obtaining any of their products.

Let's go through the description of each product.²

Innovative Banking³

HSBC's innovative business banking product focuses on early-stage and growing companies. Specifically, the companies that would take advantage of this product are looking for a hands-on approach from their bank regarding their financial management.

This account comes with a dedicated relationship manager and network of experts with HSBC that can assist these specific companies to access venture capital and investors, as well as influencers, customers, and additional global opportunities.⁴

Features
Competitive interest rates
Simplified commercial cards program
Dedicated relationship management
Fraud Protection
Package Pricing: A Suite of Products

Fees: It's important to note that products and services offered by HSBC for their business solutions in the United States can require that you reach out directly to them.

Trade

HSBC international expertise allows their clients to tap into their products for importing, exporting, and engaging in international trade. Let's go through some of their highlighted products and services in this area.

1. Guarantees⁵

Use HSBC's knowledge to establish favorable terms with buyers and suppliers. In addition, you can get HSBC's tailored solutions, such as standby letters of credit. These standby letters of credit can be financial or non-financial and can be a lifesaver in markets where businesses are less comfortable with guarantees.

2. Imports⁶ 

Importing can be a stressful thing for a growing business. HSBC's service can give you access to working capital and help you manage the rigors of importing. This includes improving your cash flow, terms with suppliers, and payments with buyers.

3. Open Account⁷

The Open Account solution puts HSBC's customers in contact with organizations that are in good standing. This helps their clients eliminate the time and potential pitfalls that go along with establishing relationships with unknown companies in different markets.

4. Working Capital⁸

HSBC assists in improving just how you use your working capital. One of the main things they highlight is improving your supply chain and ironing out bottlenecks that slow down your access to funds and supplies.

5. Receivables Finance⁹

As cash flow can either make or break a fledgling business, receivables finance helps companies manage through the crucial periods where their money is tied up and their payments haven't arrived yet. HSBC offers this service with up to 90% of invoice value coverage.

6. Exports¹⁰

HSBC offers a few solutions related to exporting your goods. This includes export financing, letters of credit to ensure you get paid (even if it's not on time), and export documentary collections. Again, the services provided around exports taps into HSBC's focus on international markets. Both cash flow, supply chain management, and financing come into play with exporting as well.

Commercial Cards

HSBC offers commercial cards to various customers types. Let's take a look at which ones might be right for you.

1. Global Commercial Credit Cards¹¹

The Global Commercial Credit Card is an all-in-one tool that allows you and your employees to manage and control your expenditures and global capital.

Features
Optimize your corporate cards program with full visibility over employee spending
Online recording of transactions and account reconciliation
Commercial purchasing card
Virtual card
One card for purchasing, and travel and expenses

2. HSBC VIP Travel and Expense Cards¹²

The HSBC VIP Travel and Expense Card helps you move around the world without worrying about how you'll manage your expenditures and reconciliation after your trip ends.

Features
Airport Lounge Access
Trip Delay and Cancellation Insurance
Complementary WIFI
Virtual card
One card for purchasing, and travel and expenses

3. HSBC Corporate World Elite Mastercard®¹³

Features
Comprehensive Benefits: Airport Lounge Access and ability to skip or get credit towards TSA PreCheck™
Class Leading Rewards: Earn unlimited points which can be redeemed for a variety of purposes
Engaging Client Experience: Handle your account through one platform
Extensive Coverage & Protection: Insurance coverage on your baggage, mobile phone, rental car, trip

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An Alternative to HSBC Business Accounts — Wise Business

Wise Business, formerly Transferwise, is a banking alternative with a flexible, low-cost international business account. Their goal is to help you avoid the hassles that come with traditional banking through transparent pricing and global reach.

Key Features:

• Hold over 40 currencies
• Receive money in global currencies (USD, GBP, EUR, JPY, and more) at no extra cost
• No monthly fees and No minimum balance
• Accounting Integrations: QuickBooks, Xero, Sage

Feature	Cost/Rate
Account Registration	$0
Account Details (Receive Money like Local)	One-time payment: $31
Sending Money	From 0.43%
ATM Fees >$100/month/account	2%
Account Funding Transactions	2%
Wise Debit Card	$5
Converting Money	From 0.43%

Looking to operate your international business with less fees?

Get a Wise Business account >>

Trustpilot Rating: Great with 200,000+ reviews⁹
Over 300,000 businesses use Wise every quarter
No monthly fees or No minimum balance requirement
Accounting Integration: QuickBooks, Xero, Sage, Wave, and more

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

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Payments

Payments, especially international payments, can be a challenge to both small and large businesses. They require attention to both the type of payment, security of the platform, and speed of their delivery. HSBC offers a few products and services that attention to alleviate these business issues.

1. Global Receivables ¹⁴

HSBC assists clients in their collection of payments. Specifically, they offer a product that allows for physicall collection of funds. They allow you to collect cash and payments in multiple countries, and assist you in your electronic fund transfers and bill payments.

2. Global Payables¹⁵

Global payables assists HSBC customers in simplifying their global payment processes.

Features
Credit Transfers: Lowers your time to process paper checks
Account Reconciliation Services: Simplifies the process of manaing outgoing domestic and international payments
Check Outsourcing: Gives you a central location for managing the processing, mailing, and sending of checks
Positive Pay: Checks for fraud and validates check data to ensure correct information

3. Clearing and Foreign Currency Payments¹⁶

Make international transactions in multiple currencies with HSBC's solutions.

Features
Commercial and treasury payments: Speedy electronic payments, both domestically and internationally
International letter of credit reimbursement
Payment settlement services: Helps you mitigate risk through settling FX transactions

Sending Money Internationally: Transparent Fees with Wise Business

Go through your options for sending cross-currency transfers with Wise Business. Free account registration for our send money feature means that you only pay the mid-market rate on your transfer.

Liquidity and Investments

Let's take a look at what HSBC offers in terms of liquidity and investment services.

1. Investments¹⁷

Gives you tools to make use of your excess funds. With reporting, you'll be in the position to take full advantage of your working capital.

2. Liquidity, Liability, and Investments ¹⁸

HSBC offers tools to manage your funds. Let's take a quick look at their features.

Features
Deposit Account: Gives the chance to earn interest on excess funds, through establishing a separate business account
Cash Concentration: Ensures that you aren't storing idle funds and losing the potential to use them effectively
Automated Investment Sweep: Opt in to a tool that sweeps your funds and puts them in the best position to use them wisely

3. Payment Services¹⁹

Under payment services at HSBC, all of their payment features are at your disposal. This includes credit cards, domestic, international payments, and FX payments. This service, in essence, is a combination of the ones described above.

Bottom Line: HSBC Business Products and Services in the United States

While HSBC has lowered the amount of offerings to small and mid-size businesses over the past few years, there are still ways for businesses to use HSBC to get ahead. Specifically, HSBC targets innovative businesses with global ambitions.

Right now, it is difficult to figure out the exact prices that businesses will pay on HSBC's business products and services in the United States. HSBC instead asks their potential customers to reach out.

If you're looking for straightforward fees and prices, take a look at Wise Business fees and prices. Over 300k businesses use our international business products quarterly.

Get a Wise Business account >>

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Sources:

1.Reuters - HSBC Exits Retail Banking
2.HSBC Business - Products and Solutions
3.HSBC Business - Innovation Banking Solutions
4.HSBC Business - Innovation Banking
5. HSBC Business - Guarantees
6. HSBC Business - Imports
7. HSBC Business - Open Account
8. HSBC Business - Working Capital
9. HSBC Business - Receivables Finance
10. HSBC Business - Exports
11. HSBC Business - Corporate Cards
12. HSBC Business - Corporate VIP
13. HSBC Business - Corporate World Elite
14. HSBC Business - Global Receivables
15. HSBC Business - Global Payables
16. HSBC Business - Clearing and Foreign Currency Payments
17. HSBC Business - Investments
18. HSBC Business - Liquidity Liability and Investments
19. HSBC Business - Payments