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.
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.
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 Bankâ€, “weâ€, “us†or “ourâ€) customer (“you†or “yourâ€) who holds a valid bank account with us.
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!
Interestingly they allowed me as an American to onboard. I got rejected during ZA's application journey before I was even able to submit.
So maximum is $240 cash back? not bad
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?