HK online/ virtual banks

[nathanroad]

I'll be moving to Hong Kong in early 2022. Please pardon these questions that might sound silly...

- If I have a job, can an employer pay me directly into these virtual bank accounts?

- Can funds be wired globally into these virtual accounts? The Mox FAQ page says, wiring can only be done via FPS which I believe is a Hong Kong-only transfer service.

- If the answer to the above is YES and YES, why not use virtual banks as your main bank account instead of bothering with a traditional bank account?

[zzzzzz]

No outgoing swift. No multicurrency transfers, bill pay, paper checks, multicurrency debit, octopus and other autodebit.

But yes, you could forgo all the above...

[pin]

You could try a hybrid online account with a proper bank like Citi plus

[kittykaitak]

I want a back up bank account should there be any more government handouts. I currently only have a HSBC joint account with my wife so we’ll create separate accounts just in case the government does any of their extra hurdles again - they didn’t like joint accounts recently so we had extra paperwork. It seems like a virtual bank could be useful should we leave HK too. No plans yet but I’m certainly thinking about it (everyone I speak to is antsy).

Does anyone have any experience with the banks to be recommended or avoided? I don’t need anything fancy, just a good user interface.

Any from this list good? Any others not mentioned?

https://hongkongliving.com/virtual-banks-hong-kong/

[eightfivetwo]

There may be 8 but there are really only 3 that matter: ZA Bank, Mox, and WeLab. In your case, maybe go with Mox.

ZA: Best known for its gamified cashback lucky draw and buy 1 get 1 free coffee at a few coffee shops; personally I don't like their app (clunky) and the game - while offering "up to 200% cashback" - really only gives you about 1% when you average it out.

Mox: Most professional looking bank, best app, and straightforward interest (paid daily) and cashback (paid instantly); downside is you have to keep track of a long and constantly changing list of merchants that give 5% cashback

WeLab: Best customer service by far; downside is not too many promotions

[shri]

If you are setting up a virtual bank account in HK because you might be leaving town.. Consider costs and issues with overseas transfers and the ability to maintain multi currency accouts.

Might be based but the new HSBC multi currency debit card seems ideal coupled with a hsbc now account. No cost for maintenance.

And interface? I use the HSBC app a few times a week to check if cash has come in or transfer cash for mortgage etc, pay credit card bills or check what new charges are in the credit card acct. The only time I have had to login to the website was to renew some W8 forms.

The easy invest app works just fine for my limited needs.

The Mrs uses SC and we also use DBS.. both are fully functional and no maintenance fees.

[pin]

Have a look at Citi Plus. Seems to be Citi online only but with full service in terms of online transfers, international transfers etc. Haven't used it myself though.

[shri]

What pin brought up reminded me that I left my previous post incomplete...

Look for a no fee account at a bank that is accessible to you from your home country with a local account - might save some transfer fees if and when needed, even if it is an ATM in a dodgy backstreet in your local Chinatown.

[bdw]

Nearly two years since I left HK, I still have accounts with Standard Chartered, HSBC and Citibank HK. All you have to do is tick the box on their online banking websites to receive all notices and statements via email instead of regular mail. Probably there is a pile of mail at my postal address somewhere in HK but I am ignorant to all that and everything is sweet .

Citibank HK even lets me register an Aussie +61 mobile number as my main phone number so any one time passwords etc I need to do my regular banking or if the app shits itself and I have to reinstall it, or get a new phone, etc, gets SMS'd straight to my Aussie phone now and dont even need to keep a HK phone number.

[shri]

Merged a couple of threads..