Statrys Payment Platform Ecosystem

How to Open a Livi Bank Account

Statrys Team
Published: 17 Jun 2021

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    What payment platform a person chooses is as personal as their style, what they eat, and how they decorate their house.

    Today’s world offers almost unlimited options for banks that handle personal accounts.

    Some people prefer a traditional bank with a brick-and-mortar location.

    Others prefer to do their banking virtually via an app on their phone.

    For those who prefer mobile banking and are in Hong Kong, Livi Bank might be a great choice.

    Livi Bank is a Neobank that offers personal accounts and a debit card, and everything is handled within an app on the customer’s phone.

    Opening a Livi Bank Account

    Opening a Livi Bank account is a simple process, but there are some parameters that customers need to meet.

    For one, the person must be 18 years of age or older and they must hold a Smart Hong Kong Identity Card.

    They also need to be a Hong Kong resident with valid Hong Kong addresses.

    Last, they need to be living in Hong Kong currently and be in possession of a Hong Kong mobile number.

    If the person applying for an account does not meet those requirements, they will not be able to open an account at Livi Bank.

    If the person does meet all of those requirements, an account can be opened instantly.

    There are some cases where there could be an issue with the personal information that was provided.

    In that case, the customer can reach out to liviCare and get an update on the status of their application.

    Benefits of Using Livi

    One of the biggest perks of opening an account at Livi Bank is that it’s completely free.

    There are no fees, minimum deposits, or maximum deposits.

    LiviSave

    The LiviSave account lets the customer’s money work for them.

    The LiviSave account has competitive interest rates.

    The structure is set up as follows:

    • For the first 50,000 HKD and below, the annual interest is 1.00% p.a.
    • For accounts with 50,000 HKD to 500,000 HKD, the annual interest is 0.50% p.a.
    • For accounts above 500,000 HKD, the annual interest is 0.01%

    These savings rates are far above any other bank in Hong Kong and are what’s attracting plenty of new customers to the Livi Bank platform.

    One feature the company offers is a unique rewards program with Yuu.

    “Yuu with Livi"

    By paying with a Livi Bank debit card, the customer earns Yuu points that can be earned at over 2,000 shops in Hong Kong and then redeemed.

    Some of the Yuu partners include 7-Eleven, Ikea, and Pizza Hut.

    Another fun way to earn rewards with Livi Bank is their Pay & Shake feature.

    The customer pays with a QR code on their phone and following the transaction they are prompted to shake their phone for a reward.

    Everyone is allowed up to three shakes a day to earn extra HKD.

    Cashback Rewards

    A third benefit of opening an account with Livi Bank is their Mastercard cashback rewards program.

    Members can earn up to 8% cashback on online orders along with 1% cashback on all other purchases, up to 500 HKD per month.

    With Livi Bank, all deposits of up to 500,000 HKD are protected by the Deposit Protection Scheme.

    This includes both the interest and principal.

    The overall goal of Livi Bank is to be a people-first company that focuses on a simple and secure banking experience.

    Livi Bank is backed by the Bank of China and Jardine Matheson Holdings, making it credible for anyone with concerns of using a fully mobile bank.

    Livi Bank is best for consumers who are looking for high interest rates on deposits and won’t be making frequent withdrawals.

    The interface is widely considered easy to use and is a great option for those who are just starting a savings account or who want to earn cashback on their frequent online purchases.

    Drawbacks of Using Livi

    The main negative of Livi Bank at the moment is that there is no way to withdraw cash without facing a fee from an ATM.

    They are not currently set up with any withdrawal options.

    So, if a customer regularly withdraws cash, they would likely have to set up an account at a second bank for that purpose.

    Livi Bank is not necessarily a good option for those looking for a more robust financial entity.

    There is no investment platform and Livi Bank’s accounts aren’t compatible with foreign currencies.

    If the customer does a substantial or even a reasonable, amount of travel they may want to look at another banking option altogether, or just adding an additional bank to help with international needs.

    Businesses need virtual bank accounts too but it's just as hard in Hong Kong to get a virtual bank as it is to get a traditional bank.

    At Statrys, we're not a bank, but we provide the same virtual business accounts banks won't bother giving SMEs.

    Apply for a Statrys virtual business account today and get approved in under 48 hours.

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    Statrys Limited is licensed as a Money Service Operator (No. 19-02-02726) in Hong Kong. Statrys UK Limited is a Small Payment Institution (FRM: 911226) registered with the Financial Conduct Authority in the United Kingdom. Statrys UK Limited (FRM: 902805) is a registered agent of PayrNet Limited (FRM:900594), an Electronic Money Institution authorised by the Financial Conduct Authority in the United Kingdom under the Electronic Money Regulations 2011 for the issuing of electronic money. Trade financing services are offered by our partner, Velotrade Management Limited, regulated by the Securities and Futures Commission of Hong Kong (CE Ref #BJL007)