Entrepreneurship & Small Business

Thoughts on banks for startup business: HSBC in particular

  • Last Updated:
  • Sep 16th, 2021 10:33 am
[OP]
Sr. Member
User avatar
Mar 5, 2012
644 posts
342 upvotes
Canada

Thoughts on banks for startup business: HSBC in particular

Hi,
Do you have any recommendations when it comes to banking for startups.
I was thinking of HSBC as it's right across our work.
Have you had any experiences with them or do you recommend any other banks?
Thank you RFD
9 replies
Deal Addict
Apr 13, 2005
1379 posts
1375 upvotes
Markham, ON
I have an account with DUCA credit union.
No monthly fees, everything is done online.
Have had it for a couple of years, working great, no issues.
My needs are pretty basic & straight forward though. (Receive funds via EMT or deposit from Paypal; Pay bills online.).
FIDO, Freedom Mobile, Koodo, Public Mobile, TELUS customer.
[OP]
Sr. Member
User avatar
Mar 5, 2012
644 posts
342 upvotes
Canada
mrtin905 wrote: I have an account with DUCA credit union.
No monthly fees, everything is done online.
Have had it for a couple of years, working great, no issues.
My needs are pretty basic & straight forward though. (Receive funds via EMT or deposit from Paypal; Pay bills online.).
Great, just trying to figure out if there are any horror stories I should protect myself from.
Deal Addict
Apr 13, 2005
1379 posts
1375 upvotes
Markham, ON
BigKids wrote: Great, just trying to figure out if there are any horror stories I should protect myself from.
DUCA, like HSBC aren't like the Big 5, so there aren't branches everywhere. This is my only "issue".
The closest branch to my house is about 12 KMs.
I only needed to visit the branch once, to setup the account (you will have to visit the branch to open business accounts).
They will do a personal credit check.
FIDO, Freedom Mobile, Koodo, Public Mobile, TELUS customer.
Member
User avatar
Dec 24, 2007
304 posts
481 upvotes
under tall pines
+1 for (any) credit union. my buisness banking costs like 6$ a month. i have a relationship with my bank and they do a lot to help me and make my life easier
Deal Fanatic
Jan 21, 2018
5108 posts
5227 upvotes
Vancouver
I've only used HSBC for personal banking (Premier level), and honestly I've never encountered a bank as slow and bureaucratic as HSBC. They seem to take twice as long and require twice as many visits to the branch as other banks.

For business banking we use BMO for historical reasons, including BMO Harris in the U.S.. They have pros and cons: high fees, mediocre service, long cheque clearance times (ridiculously long for USD cheques, worst of any Canadian bank) - but they have a full range of business services, and BMO Harris works ok for routine U.S. operations.
[OP]
Sr. Member
User avatar
Mar 5, 2012
644 posts
342 upvotes
Canada
Scote64 wrote: I've only used HSBC for personal banking (Premier level), and honestly I've never encountered a bank as slow and bureaucratic as HSBC. They seem to take twice as long and require twice as many visits to the branch as other banks.

For business banking we use BMO for historical reasons, including BMO Harris in the U.S.. They have pros and cons: high fees, mediocre service, long cheque clearance times (ridiculously long for USD cheques, worst of any Canadian bank) - but they have a full range of business services, and BMO Harris works ok for routine U.S. operations.
Thanks
Deal Fanatic
User avatar
Jul 26, 2007
5721 posts
3225 upvotes
Toronto
Is HSBC free?

If this is your first business account, get any of big 3 business plans from $0 to $20 per month. Plus sign up for no fee business account from duca or any other credit union.

I been using TD for long as I remember and it feels good to drop to $5 per month recently as I hardly go to physical branch any more. Signed up with duca few years back and only transactions for TD is from and to duca. Keeping TD alive for God knows why but it's good to know I can walk in and get whatever I need from TD like dependable loans or wire transfer that I need done immediately and not having 2nd thoughts about it.
Newbie
Mar 15, 2009
94 posts
7 upvotes
Toronto
I used to have a business account with HSBC, then they decided to stop offering that service and I had to close my account and move it.
Looks like they have changed their mind on this issue...
In any case, I have my account with BMO, they have a basic account, all online, no service fee for basic transactions, but there are fees for certain types of account activity.
You might want to check them out and compare.

Cheers
[OP]
Sr. Member
User avatar
Mar 5, 2012
644 posts
342 upvotes
Canada
Thank you all for your input.

Top