Fusion Bank Review
What you need to know about the newly launched virtual bank.
Fusion Bank has joined few other banks in the Hong Kong virtual bank market only on 21 December 2020 and has already somewhat 10,000 registrations. In this review, you will learn about the new bank’s features, how to sign up and what you should watch out for.
HKD0
Monthly fee
5%
Default Interest Rate
Details
| Product Name | Fusion Bank Account |
|---|---|
| Monthly fee | HKD0 |
| Supported currencies | HKD, CNY, USD |
| More Info |
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
What are the features of Fusion Bank’s account?
- 24/7 customer support. If you need help, you can get in touch with the customer service team through live chat on the app or on phone around the clock.
- Free. For general banking such as making and receiving local transfers, it is completely free. minimum saving requirement.
- 5% interest rate. The first 40,000 customers can get an interest rate of 5% for their HKD saving for the first three months. Maximum deposit amount is HKD38,000.
- Supports other currencies. You can hold HKD, CNY, USD in your account and exchange the currencies anytime instantly. No fees on exchange.
- Live exchange rate. They use real-time exchange rate for your transactions and the rate is locked in for you for 30 seconds.
- Easy sign up process. You can open an account as little as 5 minutes as long as you have everything needed.
- Monthly eStatement. You can view your eStatement on the app on the first day of each month. You will receive SMS, push notifications and email about it.
How to sign up
- Download their app on Google Play or App Store. Search with ‘Fusion Bank’. You can also go to their website and scan the QR code.
- Verify your phone number with One Time Password.
- Take a photo of your HKID card.
- Fill in your basic personal information like name, address etc.
- Enjoy banking at your fingertips.
Is Fusion Bank safe?
Fusion Bank is a licensed virtual bank in Hong Kong and a member of Hong Kong’s Deposit Protection Scheme. That means eligible deposits taken by the bank are protected by the scheme up to a limit of HK$500,000 per depositor.
The bank also uses biometrics like fingerprint for login to further secure your account operations and transactions. Also, the bank has a mobile security token within the app.
The app can also detect if your device has been modified or jailbroken. If so, you won’t be able to access to your account due to the fact that modified devices potentially pose security threats.
section_heading heading=”Bottom Line” icon_name=”illustrative-star”]For now, its functions are limited and might not have other features that other virtual banks have. For example, Fusion doesn’t have business account and doesn’t have international remittance yet. It does have interesting interest rates offers compared to traditional banks and the app is handy for managing your day-to-day budget. Always compare your virtual banks options before you really go for one.