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Livi bank review

As one of the many virtual banks in HK, what are the benefits it offers?

What are virtual banks?

Virtual banks are banks that operate entirely online. They do not have a physical branch where customers can walk in and get service. Customers can access to their accounts and customer service through the mobile phone apps or on computer. These banks often offer low fee, higher interest on deposits and other perks compared to traditional banks.

Key features

  • liviSave:livi offers demand deposit feature. For your first HKD50,000 of saving, it is subject to 1.00% p.a. Annual Interest Rate. As for the first CNY 1 million of deposit, it is subject to 1.5% annual interest rate.
  • livi PayLater:When you use the card number of livi PayLater to spend, that transaction is paid in installment automatically (with a revolving line of credit). The max amount is HKD50,000 and max repayment period is 36 months. There is no interest (if repayment is made on time) or other fees. There is only a payable monthly fee as low as 0.2%.
  • livi Flexi Loan:If one is already a user of liviSave, one may apply for a loan via the app – no extra documents needed and to be approved as quick as 2 minutes. During the promotion period (until 30 Sep 2022), enjoy APR as low as 1.20% on loans of up to 1,000,000 HKD. Max repayment period is 60 months
  • QR cash and QR payment:You may withdraw cash at over 1,000 ATMs that support UnionPay in Hong Kong using the QR code on your app without a physical card. Those include BoC and BOCOM. You may also pay with the QR code on daily spending such as parking, vending machine, shopping at supermarket and wet market as it is accepted at many merchants. Also, you may get electronic vouchers (u-plan offers) and redeem them when you spend with QR code.
  • livi Debit Mastercard:You can add a virtual debit Mastercard over the app and it’s instantly ready to use. You can add the card to your Apple Pay or Google Pay wallet for payment, which can be used at other e-merchants and physical shops.
  • Connect your yuu account:If you’re already a yuu member, you can connect your livi app and yuu acount. Then you can check your points on the livi app directly.

What are livi bank's current offers?

Current offers of livi bankPromotion period
livi Mastercard – up to 8% cashback with :Spending with livi Mastercard gives you up to 8% cashback and/or extra rewards. The merchants offer 8% cashback include IKEA, Pricerite, Nike, Expedia (use the designated link and use the code “MASTER12” to get a 12% discount and 1000 Expedia Rewards points).Each merchant has different end date
Hotel booking offer:Booking hotel accommodation with your livi PayLater Mastercard, dining and other service gives you 5% cashback and 3-month interest-free installments.Until 30 Sep 2022
liviSave welcome offer:
  • Get a 400 HKD cash reward for successful account opening of liviSave with invitation code “PLAY#LIVI” and completed a single transaction with 200 HKD using livi* during the Promotion Period
  • Get a 100 HKD cash reward for successful application of livi PayLater Mastercard during the Promotion Period
Until 30 Sep 2022
livi PayLater Mastercard welcome offer:
  • Successfully opened a liviSave account with the invitation code “LIVI#1000”, Get a 100 HKD cash reward for successful application of livi PayLater Mastercard (until 30 Sep 2022)
  • Get a 900 HKD cash reward upon a single purchase of 500 HKD at any merchant with livi PayLater Mastercar and instalments plans (until 31 Oct 2022)
/
10X savings interest:Get 10X savings interest for successful account opening of liviSave with invitation code “LIVI#UP”. The Booster Period lasts for 3 monthsUntil 30 Sep 2022
100% Shake Shake:After paying with QR code, shake your phone to earn the reward for your next spending.Until 30 Sep 2022

livi bank's fees

General banking:
  • Low balance in account: no fee
  • Paper monthly statement: free
  • Local transfer/FPS: free
  • Income local transfer: free
  • Local QR code withdrawal: free
livi Debit Mastercard:
  • Annual fee waiver
  • Transactions in foreign currency: 1.9%
livi PayLater:
  • Handling fee: as low as 0.2% per month (please refer to your letter)
  • Early Settlement Fee: 3% of the repayment principal
  • Late Payment Fee: A blanket fee of HK$300 or the instalment payment
    due and payable, whichever is lower.
  • For example, a transaction amount of 1,200 HKD at 0.20% monthly handling fee would incur a monthly handling fee of 2.40 HKD (1,200 HKD x 0.20%).
livi Flexi Loan:
  • Handling Fee: Waived
  • Default interest: 36% p.a
  • Late Payment Fee and Charge: HKD 300 per month if a monthly repayment amount due is not received in full on or before the
    payment due date.

Is livi bank safe?

Deposits of up to 500,000 HKD are protected, including both principal and interest.

Eligibility requirement to open an account at livi bank

  • Aged 18 and above
  • Holder of a valid smart HKID
  • Has a valid Hong Kong address
  • Currently in Hong Kong and has a HK phone number, an email address
  • A smartphone with front and back cameras running iOS 10.3 / Android 7.0 or higher

livi bank Account Opening Process

  1. Download the mobile app (Apple or Android), prepare the info and document needed above
  2. Fill in the details as per instruction. In the account opening process, you need to turn on your (front) camera for facial recognition
  3. Account to be approved instantly. If not, livi will inform you of the application status within two working dats.

Compare Virtual Banks in Hong Kong

1 - 4 of 4
Name Product Mobile view table English Monthly fee Time deposit early withdrawal fee Default interest rate
ZA Card
ZA Card
  • Monthly fee

    HKD0

  • Time deposit early withdrawal fee

    Varies

  • Default Interest Rate

    Varies

HKD0
Varies
Varies
Exclusive Finder Offers
Ends 31 December 2022: Choose between HK$150 cash rebate when you sign up using the exclusive code “FINDER” and +3.2% interest rate with a 3-month time deposit using the code “FINDERTD”. Plus, earn up to HK$720 in interest. T&Cs apply.
Fusion Bank Account
  • Monthly fee

    HKD0

  • Time deposit early withdrawal fee

    HKD200

  • Default Interest Rate

    5%

HKD0
HKD200
5%
Benefit from no monthly fee, good interest rate on time deposits and other promotional offers for new customers.
Airstar Bank Savings Account
  • Monthly fee

    HKD0

  • Time deposit early withdrawal fee

    HKD0

  • Default Interest Rate

    5%

HKD0
HKD0
5%
No fee for early time deposit withdrawal, no minimum deposit and personal loans available.
Mox Bank Account
Mox Bank Account
  • Monthly fee

    HKD0

  • Time deposit early withdrawal fee

    HKD50

  • Default Interest Rate

    0.5%

HKD0
HKD50
0.5%
Simple account-opening process. Users may enjoy cashback of 5-10% on spending. Daily deposit of interest. It offers also the first numberless debit/credit card in Asia.
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Compare up to 4 providers

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