WeLab Bank kills FX fees with HK’s first multi-currency debit card

The new Mastercard allows spending in 11 currencies at "at-cost" prices.

WeLab Bank has partnered with Mastercard to launch a multi-currency debit card, becoming the first digital bank in Hong Kong to offer the product.

The WeLab Global Wallet Debit Card allows customers to hold and spend in 11 currencies, including the US dollar, Japanese yen, euro, renminbi, and the Singapore dollar.

Users can exchange currencies in the WeLab Bank app and lock in rates before spending or withdrawing cash overseas.

The bank said foreign exchange is provided at cost price with no mark-up and no foreign transaction fee. Customers receive 0.4% cashback on overseas spending in 10 major currencies.

The card can be used at Mastercard merchants worldwide and for cash withdrawals through Hong Kong’s JETCO network and Mastercard ATMs.

Funds are deducted from the corresponding foreign currency account.

WeLab said overseas spending on the card rose more than threefold within a month of its launch in December.

The bank uses an AI-based system to compare exchange rates with major Hong Kong banks and calculate savings for users.

Chief executive Tat Lee said the bank is positioning foreign currency accounts for spending, saving and wealth management.

Mastercard Hong Kong and Macau general manager Helena Chen said multi-currency debit cards are seeing growth in issuance and spending as outbound travel increases.

The move adds to competition in Hong Kong’s digital banking sector, where lenders are using fee-free foreign exchange and travel features to attract users.