Standard Chartered is one of the banks in Hong Kong. The article will introduce the requirements, process, and types of accounts for opening an account with SC.
Mox by Standard Chartered offers customers a flexible combined credit and debit card, ways to earn cash back on spending, and interest on your savings.
This guide runs through the key features of the Mox account including benefits and fees.
Mox has some great perks but not the comprehensive suite of services available from some accounts. You can’t send international payments with Mox for example - so we’ll also cover how to use Wise to send money overseas for low fees and with the real exchange rate.
Mox Bank is a fully digital bank, which was launched in 2020 and is a partnership between Standard Chartered, HKT, PCCW and Trip.com.¹ That means it’s a powerful combo of a banking giant, a telecom and lifestyle leader and Asia’s largest online travel agent.
As a virtual bank, Mox doesn’t have branches. Instead, you can manage your money 24/7 from your mobile and online. And because of some clever lifestyle partnerships, Mox customers can also benefit from cash back, rewards, exclusive offers and more. With Mox credit at the time of writing you’ll get 1% cashback on all spend, with specials of 5% - 10% for spending with partner companies. With Mox debit, you’ll get 0.5% on all spend - as real cash back, not restrictive reward points.
Mox Bank is regulated by the HKMA, which means your money is insured up to 500,000 HKD per depositor. Here are some of the key features of a Mox account - we’ll dive deeper into the most important of these in just a moment.
- Combined credit and debit card
- No annual fee
- Virtual and physical cards available
- Apply for credit and get a decision in minutes
- Manage your account online and on the go
- Compatible with Apple Pay and Google Pay
- Earn cash back on spending and 0.65% interest on savings²⁺³
- Split your payments and choose a payoff time of 3 to 36 months
Mox is a fairly new service, and new products are still in the pipeline. This means that you won’t necessarily see all the functionality that you’d get with a regular bank account just yet.
As we mentioned above, Mox doesn’t currently offer customers the opportunity to send payments overseas. Instead, you can easily send a cross border payment with Wise via FPS. Wise payments use the real mid-market exchange rate and just low transparent fees. Because you can send using FPS all you need is your recipient’s email, mobile number of FPS ID - no messing around with awkward bank account details. Payments are fast, secure and can be set up entirely online or using the Wise app for convenience. Send to dozens of countries and currencies for less, with Wise.
When you apply for a Mox account you'll automatically get a linked account card. However, you won’t get a separate Mox bank debit card and a Mox bank credit card. Instead you’ll get one card which has debit function already enabled, and can then apply to add credit options to the same card. The end result is a neat combined card you can use for both credit and debit spending.
Mox Credit Card features include⁴:
- No annual fee
- No late payment fees
- Up to 56 days interest free
- Get in-app reminders when your payment is due
Additional fees apply for Mox credit options, including interest, cash advance and split purchase fees. Key costs are outlined below - check the fees out in full before you apply.
You can open a Mox account easily online. If you also want to use the Mox credit option you’ll need to make a second application online for that - you’ll usually get a decision in minutes.
Apply online for a Mox account by clicking the Apply Now option on the Mox website. You’ll need the following documents and information to hand⁵:
- Preferred name
- Email and phone number
- Residential address
- Tax ID
- Occupation and income
- Reason for opening the account
Once your main Mox account is arranged you can apply for credit to use your Mox card as a combined credit and debit card. You’ll need your HKID card to apply and - depending on the situation - may need to upload documents to support your application.
Before you choose any financial product you’ll want to know what the associated fees and charges look like. Here’s a rundown of the key costs for Mox bank accounts - including the Mox credit and debit card fees you’ll need to know about⁶.
|Fee type||Mox fee|
|Local ATM withdrawals||Jetco free of charge Mastercard network 20 HKD|
|International ATM withdrawals||Jetco 30 HKD/transaction- Jetco exchange rate applies Mastercard network 30 HKD/transaction + 1.9% - Mastercard exchange rate applies|
|Overseas spending with Mastercard||1.9% foreign exchange fee|
|Card replacement fee||50 HKD 350 HKD for the metal card|
|Credit purchase interest||34.69%|
|Cash advance costs||100 HKD or 3% of the value of the advance - whichever is higher + interest 37.68%|
|Split purchase costs||One off fee up to 5 HKD Monthly fee up to 0.6% purchase cost Early repayment fee up to 2% of the remaining payment|
Mox is a really interesting new proposition on the scene in Hong Kong. Getting a combined debit and credit card can give you more flexible spending, with the bonus of earning cashback and interest as you save. Take a look at the full details online if you think Mox might be the one for you.
And if what you love about Mox is the convenience of managing your money online and on the go - but you need to send a payment abroad, check out Wise. Just like Mox, everything is digital, fast and simple to use - and you’ll always get the best possible exchange rate with low transparent fees too. See if you can save with Wise today.
|Interested in other virtual banks? Read more on: ZA Bank｜WeLab Bank|
Sources used in this article:
Sources last checked on 12-Aug-2021
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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