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Mox Bank Review [2023]: Features, Fees & Alternatives

Mox Bank review

Mox Bank is a Hong Kong-licensed virtual bank backed by Standard Chartered and a member of the Deposit Protection Scheme. This means that each customer’s funds are protected up to HKD 500,000.

Mox provides a free personal account that you can open in a few minutes, but only people living in Hong Kong are eligible to open an account.

They also provide other banking services, including credit and debit cards (both virtual and physical cards), time deposits, loans, and FX services.

Screenshot of Mox Bank's website

Virtual banking is changing the way we manage our finances, and if you're in Hong Kong, you've probably heard of Mox Bank. Launched in 2020 and backed by major corporations, Mox Bank has quickly become a top choice for people who want to bank on their phones.

But is Mox Bank the right choice for you? In this article, we will take a closer look at what Mox Bank has to offer—from its core services to its fee structure. We'll also give you a list of alternative virtual banks to give you a better understanding of the options available.

Before You Proceed

Statrys does not directly compete with Mox Bank because we do not provide personal bank accounts. However, we're still committed to providing an unbiased, thorough review to help you make an informed choice.

Our insights are derived from industry experience and discussions with clients who have also used our competitors' services. While we'd love for you to choose us, what's most important is that you make the decision that's right for you.

If you have any feedback regarding this review, please contact us at

Mox Bank Pros and Cons

Here, we have summarised the pros and cons of Mox Bank for you to consider before opening an account.

Why Mox Bank may be a good option

Why Mox Bank may be a good option

  • 100% online account opening
  • Relatively high interest on deposits
  • Virtual and physical debit and credit Mastercard®
  • Earn cashback of up to 3% in each transaction

Why Mox Bank may not be a good option

Why Mox Bank may not be a good option

  • Only available in Hong Kong
  • It is only available on the mobile app. Mox Bank may not be your best option if you prefer face-to-face banking services.

What is Mox Bank?

Mox Bank is a virtual bank in Hong Kong that offers only personal accounts. It was launched in 2020 and is owned and operated by prominent entities in Hong Kong:

  • Standard Chartered Group: a leading international banking institution
  • HKT: Hong Kong’s leading telecom
  • PCCW: Multimedia, entertainment, property development, and investment group
  • Largest online travel agency in Asia

Mox Bank has a virtual banking license under the Hong Kong Monetary Authority (HKMA) regulation. It is also a member of the Deposit Protection Scheme, protecting eligible deposits up to HKD 500,000. It’s one of the most popular personal banking apps in Hong Kong, trailing only behind ZA Bank.   

Their virtual account lets you receive money and pay anyone in Hong Kong, earn interest and cashback, apply for credit, split purchases into monthly instalments, and have only one card that acts as both a debit and credit card.

💡 Tip: Discover the best payment cards in Hong Kong from our lists of best credit and debit cards in Hong Kong.

Requirements for Opening an Account

There aren’t many requirements to open a Mox bank account. It comes down to these three things:

You will also have to provide information and documentation about yourself. These include:

  • Personal and contact information (ID, place of birth, mobile number, email, residential address, and more)
  • Tax country/city and tax ID
  • Employment and income
  • Purpose of the account
  • Preferences for receiving marketing information

How to Apply for a Mox Bank Account

The account opening process for Mox is extremely straightforward and takes only a few minutes.

Simply download the Mox app from the App Store or the Google Play Store. Enter your phone number and proceed with the process.

You’ll then be prompted to take a photo of your HKID and a selfie. This is a common way for virtual banks to verify your identity. 

Please note that having a Standard Chartered bank account does not automatically qualify you for a Mox account. You still have to apply for a Mox account separately.

🔎 Tip: Check our step-by-step guide on how to open a Mox Bank Account.

Dedicated account managers for the Statrys business account.

Mox Bank Products

The bank offers a standard virtual account that lets you spend, save, borrow, and transfer money.

Mox Card

When you open a Mox bank account, you automatically get a virtual Mox card for free. You also have the option to obtain the physical card, which will be delivered within 5-7 working days. Mox card is unique in a couple of ways.  

First, it’s the first numberless bank card in Asia. It comes without a card number, expiry date, or CVV visible on the card–enhanced security to protect you from fraud. Still, you can easily access your card number via the mobile app. You can also change your PIN and daily limit in the app for added security.

Second, the Mox card functions as both a debit and credit card. It also lets you seamlessly switch between the two. Simply open the Mox app, tap “View Details,” and then the “Flip” button. To switch back, repeat the process.

In addition, you can earn cashback when spending with the Mox card. There are two ways to get cashback with Mox Credit:

Please note that the 3% cashback will end on 31 October 2023. Visit the Mox CashBack Table page for the latest information.

Moreover, you can earn 0.5% cashback everywhere you spend with Mox debit.

Finally, you can get the loan instantly from Mox card 24/7 through the mobile app, with no additional documents required. The maximum amount depends on your credit limit. The repayment period ranges from 3 - 60 months with a competitive interest rate.

Smart Saving

Mox Bank provides two ways to help you save money.

For your HKD savings deposits up to HKD500,000, you can earn a daily interest rate of 0.3% per annum. Additionally, a daily interest rate of 0.01% per annum is applicable for all foreign currency deposits, including AUD, CAD, CNY, EUR, GBP, JPY, NZD, SGD, and USD.

Moreover, you can place Time Deposits from as low as HKD1 for up to 24 months. Here is what the interest rate and time deposit tenor look like.

Time Deposit Tenor Interest Rates 
1-month 0.3%
3-month 2.0%
6-month 3.8%
12-month 4.0%
24-month 4.0%

📌 Note: Time Deposit interest rates are subject to change. Please check the Mox website for the latest information.

There are no early withdrawal fees. However, you will not be entitled to any interest accrued if you request an early withdrawal.

Lastly, you can organise your savings by different goals. It is possible to set 5 goals at the same time, name them anything you like, and track their progress.

You can add money manually or set up savings rules such as round-ups that automatically put any spare change into your Goal account.

Smart Borrowing

Mox Bank also lets you apply for loans directly from the app. There are several loan opportunities that they call Smart Borrowing.

1. Instant Loan: No extra documents are needed to apply for this service. The repayment period is up to 60 months, with an interest rate as low as 4.53%.

2. Instant Clear: This service helps you clear any external credit card bills with a 0% interest monthly fee for a repayment period of 3 to 6 months. As shown in the table below, you just have to pay a one-off fee.

Instant Clear Amount One-off Fee
  A repayment period of 3 months A repayment period of 4-6 months 
HKD50,000 or below HKD100 HKD300
HKD50,000 above to less than HKD100,000 HKD250 HKD500
HKD100,000 or above HKD600 HKD1,000

3. Split Purchase: You can split a single or multiple Mox Credit transactions of HKD400+ into an instalment plan of 3-60 months. The APR starts from 5.10%.

4. Split Your Statement: This feature lets you divide your statement balance of HKD2,000+ into smaller instalments after you get the credit statement and any time until 3 days before you fully settle the balance.

5. 0% Merchant Split Purchase: Mox’s name for the Buy Now, Pay Later feature. You can divide your purchases with 0% interest into 3 to 60 instalments.

Money Transfers

All local transfers you make with Mox are sent in real-time. You can send and receive HKD for free to and from your Mox account. You can also receive USD funds, but you cannot send USD or any other foreign currency payments.

Furthermore, you can make FPS payments with Mox and send money to friends and family.

Foreign Exchange Service

Like traditional banks, Mox Bank also offers foreign exchange services for clients. You can access the service through the Mox app and exchange your money instantly, 24/7.

Currently, Mox supports conversions between 10 currencies: HKD, AUD, CAD, CNY, EUR, GBP, JPY, NZD, SGD, and USD.

Fees Charged by Mox Bank

Account Fees

Description Fees
Account opening fee Free
Account monthly fee Free
Minimum deposit HKD0
Balance withdrawal fee (on behalf of a customer) HKD50
Paper statement request HKD50 per copy

Mox Card Fees

Description  Fees
Cash withdrawal on JETCO ATMs in Hong Kong Free
Cash withdrawal on Mastercard® ATMs in Hong Kong HKD20 per transaction
Overseas ATM cash withdrawal on JETCO ATMs HKD30 per transaction*
Overseas ATM cash withdrawal on Mastercard® ATMs HKD30 per transaction*
Foreign exchange handling fee 1.95% (1% imposed by Mastercard® plus a 0.95% fee imposed by Mox)
Cross-border access fee 1.95% (1% imposed by Mastercard® plus a 0.95% fee imposed by Mox)
Mox Card replacement fee HKD50
Metal Mox Card replacement fee HKD350
Dispute charge HKD150 per transaction

* The foreign currency will be converted into Hong Kong dollars by the exchange rate imposed by JETCO or Mastercard® on the transaction date.

Mox Credit Fees

Description  Fees
APR for Retail Purchases 35.99% (0.0907% per day)
APR for Cash Advance 35.91% (0.0871% per day)
Cash Advance Fee HKD100 per cash advance
Split Purchase/Instant Loan/Instant Clear • One-off fee
• Monthly fee
• Early repayment fee: 2% of all remaining principal of the Split Purchase
0% Merchant Split Purchase 2% early repayment fee
Excess Fund Transfer Handling Fee A 2% handling fee if exceeding HKD30,000 monthly
Dispute charge HKD150 per transaction

Foreign Exchange Fees

Description  Fees
Currency Exchange Fee The greater amount between the following two options will apply:

• A variable percentage, up to 1%, of the actual selling amount. The specific percentage will differ based on the currency pair involved.

The minimum unit of the selling currency, or $0.01 USD, or the equivalent of $0.01 USD in the selling currency—whichever of these three is the highest.

Getting in Touch with Mox Bank

To contact Mox Bank, you can reach out to them through these channels:

  • Voice call or live chat function in the Mox app
  • Hotline: +852 2888 8228
  • Submit the form on their contact page
  • Email:

Customer Reviews

To give you a complete picture of Mox Bank, we checked what customers say about them from reviews in the App Store and Google Play Store.

Apple App Store reviews A score of 4.8/5, based on 224 reviews
Google Playstore reviews A score of 4.2/5, based on 19,800 reviews

Mox Bank Alternatives

Looking for options? Although Mox Bank offers a suite of services for customers, it's just one of 8 virtual banks available in Hong Kong. And each of them has its own set of advantages.

Below, we'll list virtual banks that could better fit your financial needs.

WeLab Bank

Screenshot of WeLab Bank's website

WeLab Bank is another licensed virtual bank in Hong Kong. It is owned by Hong Kong fintech company WeLaB Limited. Like Mox Bank, each client’s deposits are protected up to HKD 500,000 under the deposit scheme. They offer various banking services, from savings to investments.

Key Services of WeLab Bank

✅ Account opening online

✅ Personal accounts only

✅ Time deposit

✅ Virtual and physical debit Mastercard®

✅ Receive and send HKD transfers via FPS

✅ Fund investments

✅ Loans

Livi Bank

Screenshot of Livi Bank's website

Livi Bank was founded in 2020 and is backed by Bank of China (BOC) Hong Kong, Jingdon Digits Technology, and Jardine Matheson Group. It operates under the Hong Kong Monetary Authority (HKMA) and the Deposit Protection Scheme. Therefore, Livi is a licensed virtual bank, and clients’ funds are protected under the scheme.

Key Services of Livi Bank

✅ Account opening online

✅ Personal and business accounts

✅ Instant HKD and CNY transfer via FPS

✅ Virtual debit Mastercard®

✅ Up to 8% cashback at selected merchants

✅ Foreign exchange services

✅ Personal and business loans

🔎 Read our article to learn more about Livi Bank and how to open a Livi account.

ZA Bank

Screenshot of ZA Bank's website

ZA Bank was founded in March 2020 by ZA Group, and it is the first licensed virtual bank in Hong Kong. Since its launch, they provided banking services to 650,000 users. Clients can enjoy their service with added security, as ZA Bank operates under the deposit scheme like other virtual banks.

Key Services of ZA Bank

✅ Account opening online

✅ Personal and business accounts

✅ Supported currencies: HKD, USD, CNY

✅ Time Deposit

✅ Local and international payments (via SWIFT)

✅ Virtual and physical Visa debit card (personal account only)

✅ Personal and business loans

✅ Fund investment

🔎 Learn how to open ZA bank accounts with our step-by-step guide

Fusion Bank

Screenshot of FusionBank's website

Fusion Bank is another licensed Hong Kong-based virtual bank. The bank's shareholders include prominent names such as Tencent Holdings Limited, Industrial and Commercial Bank of China (Asia) Limited, Hong Kong Exchanges and Clearing Limited, Hillhouse Capital, and the renowned Hong Kong entrepreneur Adrian Cheng Chi-Kong.

Key Services of Fusion Bank

✅ Account opening online

✅ Personal and business accounts

✅ Supported currencies HKD, USD, CNY

✅ Local and international payments (via SWIFT)

✅ Time Deposit

✅ Investment subscriptions

✅ Personal loans

Dedicated account managers for the Statrys business account.

Final Note

Mox Bank is a great option if you’re looking for innovative banking services. Within a few minutes, you can open an account with Mox Bank and benefit from a relatively high deposit interest rate. Also, you can easily access your Mox card and earn cashback.

Ultimately, it’s always wise to have more than one bank account for diversification. In case issues arise, you will still be able to access your funds.

This review is based on information on the Mox Bank website as of September 2023.


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