Like Tree6Likes

WeLab Bank

Reply
Page 1 of 2 1 2 LastLast
  1. #1

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    14,010

    WeLab Bank

    Has now launched:

    https://www.welab.bank/en/

    This is the third (?) digital only bank now. They seem to offer a debit card, which the other two don't seem to offer.

    shri likes this.

  2. #2

    Join Date
    Dec 2002
    Location
    ???
    Posts
    32,540

    8% cash back with terms and conditions...

    Can anyone find these T&C?


  3. #3

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    14,010
    Quote Originally Posted by shri:
    8% cash back with terms and conditions...

    Can anyone find these T&C?
    Haven't had time to look in detail to the offering by WeLab, but note the following:

    - debit card / ATM card. Good
    - Time deposit rate of around 1.1% which isn't bad compared to the existing banks
    - Very low deposit requirements. May be good for FDHs.
    - During the Offer Period, an 8% cash rebate will be awarded to each eligible transaction made by the WeLab Debit Card (virtual and/or physical WeLab Debit Card) in any currency. If the eligible transaction is made in a currency other than Hong Kong Dollars, the cash rebate will be calculated based on Hong Kong Dollars after conversion at the applicable exchange rate. The maximum aggregated transaction amount eligible for the cash rebate shall be capped at HKD 3,000 for the entire Offer Period.
    - The Offer applies to a Welab Bank Limited’s (“WeLab Bank”, “we”, “us” or “our”) customer (“you” or “your”) who holds a valid bank account with us.

  4. #4

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    14,010

    From now until 31 August 2020, earn 8% cash rebate for any eligible spending with your WeLab Debit Card up to HKD 3,000 – real cash credited directly back into your account!

    shri likes this.

  5. #5

    Join Date
    Mar 2017
    Location
    north point
    Posts
    467

    Interestingly they allowed me as an American to onboard. I got rejected during ZA's application journey before I was even able to submit.

    shri and LoganH like this.

  6. #6

    Join Date
    Dec 2002
    Location
    ???
    Posts
    32,540
    Quote Originally Posted by pin:
    From now until 31 August 2020, earn 8% cash rebate for any eligible spending with your WeLab Debit Card up to HKD 3,000 – real cash credited directly back into your account!
    I guess I won't be paying my son's school fess with this card!

  7. #7

    Join Date
    Mar 2007
    Posts
    279

    So maximum is $240 cash back? not bad


  8. #8

    Join Date
    Feb 2019
    Posts
    632

    Two questions:

    1) these digital banks will be useful if they can start competing down the absurd management fees for MPF deposits - any sight of that on the horizon?

    2) if FDHs can get these, and they have an account back home, they could save savage FX fees to remit money home via eplatforms... might that happen?

    Other than that the ebanks seem mostly fluff?


  9. #9

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    14,010
    Quote Originally Posted by GentleGeorge:
    Two questions:

    1) these digital banks will be useful if they can start competing down the absurd management fees for MPF deposits - any sight of that on the horizon?

    2) if FDHs can get these, and they have an account back home, they could save savage FX fees to remit money home via eplatforms... might that happen?

    Other than that the ebanks seem mostly fluff?
    Their savings rates are pretty good compared to traditional banks.

    Also its all online!

  10. #10

    Join Date
    Jul 2004
    Posts
    3,680
    Quote Originally Posted by GentleGeorge:
    Two questions:

    1) these digital banks will be useful if they can start competing down the absurd management fees for MPF deposits - any sight of that on the horizon?

    2) if FDHs can get these, and they have an account back home, they could save savage FX fees to remit money home via eplatforms... might that happen?

    Other than that the ebanks seem mostly fluff?
    You are day dreaming..
    1) MPF by design is a mess with lot of admin and overhead so a) VBs are not authorized (so far) to provide MPF and b) even if they do in future, can not afford lower fee at lower scale and higher overhead

    2) There are players like Instarem/Transferwise and many more to remit money at lower fee/better rates and beyond a point nobody can offer better than that, businesses have to survive after all..

    So yes VBs are mostly fluff in general but they do provide valuable banking access to lower-end of spectrum at lower fees and i think that is its main purpose and important one if it opens up easy and cheap credit facilities for them, rest all other attractions are just temporary to grab market share.. The amount of money FDHs loose to loan-sharks in interests is unimaginable, this could be a game changer for them as well..
    pin and GentleGeorge like this.

Reply
Page 1 of 2 1 2 LastLast