Hi, - PLEASE READ AND ADVISE ME ASAP
I have a HONG KONG business i successfully registered. If anyone knows anything about Hong Kong is how suspicious their banking system is to Small Businesses. The amount of paper work required is sometimes irrelevant to Small Business Practices. For example, we are pre-revenue at the moment, recently registered, looking to start selling online. To open a Hong Kong bank account we need to submit our turnover reports. We have no turnover. We need to submit a business plan. We have no clear business plan other than just try some dropshipping methods out and see what works.
These documents are irrelevant, waste time, and we have been going around in circles trying to setup accounts physically.
But we thought we could register with Shopify Payments using a Currenxie account (An online multi currency business account) however it stipulates on Shopify that:
Hong Kong SAR China - The bank account must be with a physical bank in Hong Kong SAR China and in HKD currency.
Therefore I assume Shopify will not payout our money, given the bank account is with Currenxie and not a traditional physical bank in Hong Kong?
PLEASE ADVISE a third party payment provider that can assist? Can we recieve payments via .... PAYPAL ? / STRIPE? / PAYONEER? Or will we encounter "online bank account" discrimination on other platforms as well?
Elias here with Shopify Support. Thank you for reaching out.
I understand you’re experiencing an issue with receiving your payouts on Shopify Payments and bank accounts in Hong Kong are more difficult to acquire. I’m afraid I don’t have any insight on acquiring a bank account in Hong Kong. However, you are absolutely correct that Shopify Payments requires a supported physical bank. On the other hand, you may also consider using your personal bank to receive your payouts before switching to a third-party gateway.
That said, there are many third-party gateways you can use in Hong Kong, including PayPal. I can’t be sure whether they can accept Currenxie bank accounts, so I recommend reaching out to the gateway directly and inquire on that. Here is a list of supported payment gateways in Hong Kong for our platform.
I hope this helps answer some of your concerns for your payouts. If you have any other questions on this topic, don’t hesitate to let me know!