Best virtual banks in Hong Kong: List of virtual bank offers


Livi bank referral code: 166ebdbt

1% interest rate: first 50K HKD, 0.4% up to 500K
5% cash back some online merchants


Mox bank invitation code: 32UX5M

5% rebates: specific merchants
0.3% interest rate savings: up to 500K


ZA Bank invitation code: OURHOMEKONG

0.31% interest rate: first 200K
Up to 200% instant shopping rebates (lucky draw)


Welab code: FPI3KQ

Time deposit interest rates 0.8-1.5%


Inmotion code: 1H0K3W1

6% dining and all online shopping rebates
3.5-4.5% interest rates

Credit cards:


Standard Chartered Bank/Smart card Code: HKR976-8619

5% grocery shopping: Taste, Park n Shop, Don don donki, Watsons + more Spend $4000, get $1000 rebates: new user


Standard Chartered Cathay pacific Code: HKR1345-37098

Extra 63,000-103,000 miles
$4 to 1 mile (Category of your choice: e.g. dining)




$100-500 welcome gift + $1000 new user stock : use the link
Lifetime free commission HK stocks
Lowest US stocks commission fees (to banks)

Keep up to date with new rewards in the Facebook group!

What is the best virtual bank in Hong Kong?

The best ones at the moment are Inmotion, Fusion, Welab, Livi bank and ZA bank. Take a look at the virtual bank promotions below to see their high rebates and interest rates for savings.

Hong Kong virtual banks

There has been the rising popularity of Hong Kong virtual banks recently. These virtual banks are gamifying their apps and making banking more enjoyable and modern. Smart phone and financially savvy users are jumping on the Hong Kong virtual bank trend. 

Hong Kong virtual banks offer a variety of deals on better rebates, promotional deals at specific merchants and better virtual bank interest rates (compared to traditional banks) on your savings. They are offering more competitive deals as they are trying to attract users from other virtual bank and traditional bank competitors. 

What is virtual bank Hong Kong?

Hong Kong virtual banks offer a variety of deals on better rebates, promotional deals at specific merchants and better interest rates on your savings. You can send and receive money with these virtual banks. Some of the virtual banks in Hong Kong gamify the process (e.g. sending lai see money for Chinese New Year). Some of the virtual banks allow you to exchange foreign currencies too. 

Credits or debit cards are provided for you so you can spend easily online and offline.

List of virtual banks in Hong Kong that you can open an account online:

There are eight virtual banks that have obtained licenses to operate in Hong Kong, offering a variety of deals on better rebates, promotional deals at specific merchants and better interest rates on your savings. 

  1. Mox bank
  2. Livi bank
  3. ZA bank
  4. Airstar bank
  5. Ant bank
  6. Fusion bank Hong Kong
  7. Welab virtual bank
  8. Ping An OneConnect Bank
  9. (Inmotion Bank is a bank account that can be opened online but is not considered a virtual bank as they do have physical branches of banks: they offer the use of Apple pay/Google pay)

How do I open a virtual bank in Hong Kong?

Follow the links to download the app. Use these codes for your first $900+ HKD (for other bands and investment referral codes, refer to the top of the page) and you can then start referring friends:

Livi referral code: 166ebdbt
ZA referral code: OURHOMEKONG
Welab referral code: FPI3KQ
Mox referral code: 32UX5M
Inmotion bank invitation code:

Download the app now: 


ZA bank:

Welab virtual bank:

Mox bank:

Inmotion bank:

Which bank is best for fixed deposit in Hong Kong?

Which is the best savings account in Hong Kong? Check out the comparison below to see the highest interest rates for fixed deposit and interest rates in saving accounts

Virtual banks Annual interest rates
Welab time deposit interest rates
Welab time deposit: 0.8-1.5% annual interest rate
Livi interest rates
1% annual interest rate (first 50K HKD)
ZA interest rates
0.31% annual interest rate (first 200K HKD)
MOX interest rates
0.3% annual interest rate (first 500K HKD)

Virtual bank promotions

Virtual banks Promotion offers/cashback Maximum rebates
Livi promotion
5% rebates for some online merchants: groceries, HKTVmall
Max 400 HKD per month
6% rebates for all online shopping and dining
Max 200 HKD per month
ZA promotion
Up to 200% INSTANT rebates (offline and online shopping)
Max 10K HKD rebate per transaction
MOX promotion
5 - 10% rebates at specified merchants/restaurants: Amazon, McDonalds etc
Standard chartered smart card promotion
5% for all groceries: Taste, Park n Shop, Watsons, HKTVmall etc

Which is the best virtual bank in Hong Kong? : virtual bank Hong Kong comparison

  • Livi bank has 5% rebates for some online merchants whereas Inmotion bank has 6% rebates for all online shopping and dining (you also get $600 rebates for the first $6000 you spend as a welcome offer, with no credit card fees if you sign up during the promotion period). This means you get 16% for the first $6000 you spend on these two categories! 
  • Interest rates: Livi bank has 1% annual interest rate for up to 50K only, Inmotion has a time deposit offer of 1.5-2.5% as of now (for 3-4 months), where you can withdraw the money or fractional parts of the money without cancelling the time deposit and with NO penalty fees charged. 
  • Livi bank has 5% rebates for some online merchants whereas ZA bank has up to 200% lottery draw rebates for both online and offline shopping (ZA bank’s rebates are not guaranteed, whereas livi’s 8% for online is guaranteed). 
  • Interest rates: ZA bank has 0.55% annual interest rate up to the first 200K, whereas livi bank has 1% annual interest rate for up to 50K only
  • Livi bank has 5% rebates for some online merchants whereas Mox bank has 5% cashback for specific merchants only (e.g. McDonalds, Amazon, citysuper etc) and 10% cashback for foodpanda
  • Livi bank has 1% rebates for other offline shopping and Mox bank has 1% cashback for everything else (that are not the specific merchants)
  • Interest rates: ZA bank has 0.31% annual interest rate up to the first 200K, whereas Mox bank has 0.3% annual interest rate for up to 500K
  • Welab has 3% rebates for F&B (but only after 4 transactions) (max 500 HKD per month) whereas Livi bank only has special promotion for online shopping rebates of 8% (all the other types of spending only have 1% rebates)
  • Interest rates: Welab bank has 0.8-1.6% time deposits of 3 months (higher amounts of money compared to Livi and also higher interest rates) 

Virtual bank vs traditional bank

Virtual banks have higher cash back and interest rates compared to traditional banks. Virtual banks have an interest rate of 0.7-1.6%, whereas traditional banks only have less than 0.1%. Livi virtual bank has 5-8% cash back for some online merchants and Inmotion has 6% cash back for all dining F&B and online shopping, making these two virtual banks the highest cash back compared to traditional banks like HSBC, Standard Chartered and American Express. 

How to get livi 8% online shopping rebates?

Apply for the livi paylater card (mastercard) to enjoy the 5-8% cashback for specific online merchants.  If you just use the livi debit card, that will only be 3%, but is for all online shopping merchants. Inmotion has higher online shopping rebates at 6%, so this should be used first.

What is the best virtual bank for online shopping?

Inmotion offers 6% cash back for all online shopping (including Amazon and iHerb), making it the highest cash back for online shopping.  ZA has a lucky draw of 0.7-200% for all shopping so it’s a lucky lottery if you’re willing to take the risk! Inmotion’s monthly max rebate is $200 HKD, whereas ZA’s max is $10,000 HKD per spending. 

What is the best virtual bank for dining?

The best virtual bank for dining rebates is Inmotion. Inmotion offers 6% on Food and beverage cash back. However, the max per month is $200 HKD. Mox offers 5% rebates but only for specific merchants. Once you’ve maxed out the Inmotion 6%, you could consider the HSBC red card to get 4% on your dining or other traditional bank cards. Check out our article here for the best cash back cards in Hong Kong for other spending categories including groceries.


Can a foreigner open a bank account in Hong Kong online?

Yes! Non residents and foreigners can open online bank accounts;

“Hong Kong allows everybody to open a bank account, regardless of Hong Kong resident or non-resident. Note, however, that foreigners opening a bank account in Hong Kong may be subject to more additional requirements for verification/identification purposes, compared to that for a local resident.” (BBCIncorp, 2021)

Which HK banks can open accounts online?

The eight virtual banks listed above are banks that you can open accounts online. Inmotion is another HK bank account that can be opened online. These virtual banks offer a virtual card and may offer a physical one too. You may either use them online, via Apple pay/Google pay, use a QR code, or use the physical card depending on the bank account. 

Yes, Welab is protected under the Deposit Protection Scheme up to HK$500,000 per depositor. Welab is a licensed bank in Hong Kong, and eligible customer deposits at Welab bank is protected. There is a physical debit card you can use for online and offline shopping. As with all things online and offline, safety measures should be taken.

Are virtual banks safe?

Yes, the other virtual banks are all protected under the Deposit Protection Scheme up to HK$500,000 per depositor. All licensed banks in Hong Kong, are under this protection scheme. As with all things financial and related to security, safety measures and precautions should be taken. 


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