Established in 1865, HSBC started its operations in Hong Kong and later went on to branching out to 64 countries. Today, the bank serves more than 40 million customers worldwide by offering various banking services and products ranging from personal, business, and corporate bank accounts, loan and credit services, including investment banking and deposit schemes. The bank came to UAE in the year 1946 with the Imperial Bank of Iran as its forerunner.
HSBC has a variety of business accounts to cater to the requirements of thriving businesses in the UAE. Understanding the clients’ needs, the bank provides customised services for their quick financial growth and fund management. The HSBC Business Banking Elevate suits large volumes and frequent transactions in UAE and across the globe. As a business account holder, you also receive a dedicated relationship manager for convenient fund management. Additionally, HSBC’s worldwide network gives you international platform to conduct your business transactions. The following article enlightens you with the features and benefits of the HSBC Business Banking Elevate account.
Benefits of HSBC Business Banking Elevate Account
Along with the customised banking services, HSBC provides several benefits that add to your business requirements. Additionally, you get adequate flexibility for big and recurring transactions. The following are the key benefits of the HSBC Business Banking Elevate account.
- With the HSBC Business Banking Elevate account, you get a dedicated relationship manager to monitor your cash flow, investments and fund management.
- HSBC provides you with global business exposure with its worldwide network.
- With an award-winning online banking interface, HSBC offers you complete freedom to manage your funds from anywhere at any time.
- The bank offers convenient loans to fuel up the business operations. You also get flexible repayment tenure against the business loan.
- With the HSBC Business Banking Elevate account, you can acquire commercial mortgage loans for the office premises and have better control over the expenses.
- The bank assists the business with financial management, investments, payments etc. It also provides a convenient cheque authorisation process with complete security and safety.
- With the HSBC business bank account, you also get a corporate credit card to manage your funds and cover daily expenses. HSBC corporate credit card allows annual fee waiver for up to 15 credit cards.
- Make your reconciliation simpler with HSBC payroll solutions. The bank offers automated payroll solutions saving your time and effort.
- With HSBC Business Banking, you get a bank account package that includes current and call accounts, HSBC Premier banking status (Personal banking).
Detailed Features of HSBC Business Banking Elevate
With a range of benefits, HSBC Business Banking Elevates provides numerous features to add to your business banking experience. With an international reach and dedicated relationship management, you get full opportunities to focus on the business while the bank assists your cash flow and finances. The following are the key features of Business Banking Elevate
- A Business Banking Package - For emerging businesses, a single account cannot fulfil the transaction payment requirements. For the same reason, the bank offers a business account package that includes a current and call account and HSBC Premier banking status for one year.
- Average Monthly Balance - The accountholders need to maintain a minimum of AED 500,000 as an average monthly relationship balance. If the individual fails to maintain this amount, the bank levies a fall below the charge of AED 750 on the Elevate business account.
- Easy Business loans and Corporate Mortgage - For efficient business operation, you need a continuous cash flow. To resolve this, HSBC offers quick business loans with minimal documentation. Additionally, you also get a corporate mortgage to set up your office infrastructure and reduce the expenses.
- Foreign Exchange - With the HSBC Business Banking Elevates, you get simplified international transactions according to the latest forex rates and banking information.
- HSBC Corporate Card - Along with numerous ways of accessing your funds, you get HSBC corporate credit card to meet your day to day business expenses. Additionally, the bank offers an annual fee waiver on five credit cards.
- Award-Winning Online Banking Platform - Get extensive business banking solutions at your fingertips with HSBCnet. The bank provides its account holders with round the clock access to the business funds for non-stop business operations.
- Business Account with International Reach - HSBC Business Banking Elevate offers the account holder a worldwide platform and global reach across 64 countries to help your business thrive globally.
Top Reasons to Choose HSBC Business Banking Elevate Account
Among various reasons to have a business account from HSBC, here are the top reasons to choose the HSBC Business Banking Elevate account.
- HSBC Business Banking Elevate is a business account package that consists of a current account, call account and an HSBC Premier status personal banking account.
- You get a dedicated relationship manager to assist your investments, cash flow and fund management.
- With the HSBC Business Elevate account, you get a corporate credit card with an annual fee waiver for up to 5 cards.
- HSBC offers an international reach to your business with an extensive network of branches across 64 countries.
- With HSBCnet online banking, you get a full suite of business banking services at your fingertip.
- The bank offers personalised payroll solutions according to the client’s business needs.
Eligibility Criteria for HSBC Business Banking Elevate Account
Before opening a business account in HSBC bank, the applicants need to satisfy a few eligibility criteria. The requirements determine your capability to maintain the bank account and the type and extent of services you would need while operating your business. The following are the eligibility criteria for HSBC Business Banking Elevate.
- Any business that is based in UAE and has a Business Domicile of UAE.
- A business in the UAE whose annual turnover doesn’t exceed AED 180 million or USD 50 million.
- The Businesses that are assisted under the relationship management of HSBC Business Banking UAE.
Documents Required for Opening an HSBC Business Banking Elevate Account
After the applicants verify their eligibility, they need to collect the requisite documents as the bank asks. Following is the list of documents that an applicant needs to submit while applying for the HSBC Business Banking Elevate Account.
- An original passport and proof of residence of all the representatives and the signatories,
- An original passport and a copy of the director of the company,
- An original and a copy of Emirates ID of the business representatives and the stakeholders,
- A valid trade license from the Department of Economic Development,
- Articles and Memorandum of Association,
- Last 6 months’ bank account statements of all the company’s stakeholders,
- Shareholders Registry,
- A list of investors, current clients and potential clients
- Details about the business account-related activities,
- Certificate of Company Incorporation.
- Reference letter from the business partner/partners.
Note - Apart from the above-mentioned documents, the bank may ask you to submit additional proof related to the business partner, business operations, personal details of signatories, etc.
How to Apply for HSBC Business Banking Elevate?
The bank provides several online and offline channels to apply for the Business Banking Elevate account. Using the online mode, you can open a bank account with a few simple clicks savings your effort and time. You may also visit the bank in person and fill the account application form. Following are the ways to open an HSBC business account.
- Online Application - To apply online, individuals can visit the official website of HSBC and navigate to the business banking section. Select HSBC Business Banking Elevate account and click on ‘Apply now’. After filling out their personal and contact details, they need to submit the application form. The bank will contact them within a working day for the subsequent account opening process.
- Offline Application - Individuals can visit the nearest HSBC bank branch with all the related documents. Later, they need to fill the application form, attach all the required documents and submit it to the bank’s representative. After reviewing your application, the bank will open your account and dispatch the details to your registered address.
Charges and Fees on HSBC Business Banking Elevate Account
Following is the list of various charges applicable on HSBC Business Banking Elevate Account in the UAE.
|Type of Charge
||Amount in AED
|Minimum Average Balance per month
|Fall below Charges (If the average balance criteria id not met)
|International Telex Transactions
|Local Telex Transaction
|Inward Telex Transaction (International )
|Inward Telex Transaction (Domestic)
|HSBCnet Set up
|HSBCnet Monthly Fee
|WPS Payroll Solution
Frequently Asked Questions
Q1: What is the minimum average balance I need to maintain in the HSBC Business Banking Elevate account?
Ans: An account holder needs to maintain a minimum balance of AED 500,000 in their Elevate account to avoid fall below charges.
Q2: What are the fall below charges in the HSBC Business Elevate account?
Ans: Fall below charge is levied on the accounts having a lower average relationship balance than the limit set by the bank. For HSBC Elevate Business Accounts, the bank charges AED 750 every month when the balance falls below the limit.
Q3: Do I need to pay for HSBCnet online banking services?
Ans: Yes, to use the HSBCnet, the Elevate account holders need to pay a monthly fee of AED 200.
Q4: Do I need to pay for the dedicated relationship manager?
Ans: The bank does not charge any fee for allocating a relationship manager for HSBC Business Banking Elevate account holders.
Q5: What are the charges for inward telex transactions in the HSBC business account?
Ans: For domestic inward telex transactions, the account holder needs to pay AED 1 and inward international telex transfers charge AED 3 per transaction.