saving_tips


<p>Since introducing the Faster Payment System (FPS) by the Hong Kong Monetary Authority, interbank transfers have become faster, easier, and free of charge. Besides transferring money to friends or merchants, the FPS can also be used for bill payments, topping up digital wallets, and locating card numbers.</p>



<p>Need help with how to use FPS? Want to understand more about its functions? Wondering what to do if you can’t receive money through FPS? Read this tutorial immediately for a comprehensive understanding of FPS.</p>



<h2 class="wp-block-heading">Latest: Hong Kong&#8217;s FPS Soon to Connect with Thailand&#8217;s PromptPay</h2>



<p>The Monetary Authority has announced that Faster Payment System (FPS) will be connected to Thailand&#8217;s similar real-time transfer service &#8220;PromptPay&#8221; on December 4, 2023. Once this connection is established, Hong Kong residents traveling in Thailand will be able to use the FPS feature of their Hong Kong bank accounts or e-wallets such as PayMe and Octopus to link with PromptPay. This will allow for quick payments by exchanging Hong Kong dollars for Thai Baht.</p>



<p>HSBC Bank will act as the agent bank for FPS cross-border payments to Thailand, determining the exchange rate from Hong Kong dollars to Thai Baht via FPS. The participating banks and e-wallets will determine the actual fees.</p>



<p>At the same time, Thai tourists can also make payments in Hong Kong using PromptPay. However, there are currently only about 50,000 merchants in Hong Kong that accept payments through FPS.</p>



<h3 class="wp-block-heading">🇹🇭More about PromptPay </h3>



<p>PromptPay is a very popular payment service in Thailand. It supports transactions using mobile numbers, Thai ID numbers, and QR codes, offering an experience similar to FPS. However, its acceptance among merchants far surpasses that of FPS. In Hong Kong, FPS is commonly used for P2P transactions but is less commonly used for shopping. In contrast, in Thailand, most merchants, be they large businesses or small market stalls, accept PromptPay payments.</p>



<p>As for the specific payment procedures, exchange rates, and fee details for connecting FPS with PromptPay, these are still to be announced. Drawing from the current user experience of PromptPay, it is anticipated that Hong Kong residents in Thailand will be able to make payments quickly by scanning a merchant&#8217;s QR code or using a mobile number, just like locals, which is expected to be easily adopted by Hong Kong tourists.</p>



<h2 class="wp-block-heading">What is Faster Payment System (FPS)?</h2>



<p>The Hong Kong Monetary Authority introduced the &#8220;Faster Payment System (FPS)&#8221; in 2018. The FPS is a real-time online transfer and payment system that connects Hong Kong banks, with features including:</p>



<ul>
<li>Operating 24/7, instant processing of transfers and payments</li>



<li>Supports both Hong Kong dollars and Chinese yuan</li>



<li>Transfer money between different banks and digital wallets</li>



<li>Suitable for P2P transfers, transfers to merchants, payment of government bills, etc.</li>



<li>Use eDDA to link to digital wallets, virtual bank accounts, securities accounts, and other services and quickly transfer funds between different accounts or set up automatic transfers.</li>
</ul>



<h2 class="wp-block-heading">How to Register for Faster Payment System (FPS)</h2>



<p>Major banks in Hong Kong, such as HSBC, Standard Chartered, Bank of China, as well as livi bank and ZA Bank, all have Faster Payment System features; digital wallets like Octopus, AliPay HK, WeChat Pay HK, PayMe, etc., can also activate and link to FPS.</p>



<p>The methods to register for FPS in major banks and digital wallets are similar. You can register for the FPS service via your mobile phone number, email address, Hong Kong ID, or Faster Payment System Identifier (FPS ID). Registering with a mobile phone number will receive a confirmation SMS; if you register using other methods, you will receive an email notification.</p>



<h2 class="wp-block-heading">FPS Default Receiving Account</h2>



<p>When registering for the FPS, you can designate one of your accounts as the default receiving account for your mobile phone number, email address, or identity card number.</p>



<p>For example, if you register the FPS service with HSBC and Bank of China using your mobile phone number but set HSBC as your default receipt account, then whenever anyone makes a transfer using your mobile phone number through the FPS, if they do not specify a receiving bank, the funds will be deposited into your HSBC account.</p>



<figure class="wp-block-image size-large is-resized"><img decoding="async" src="https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2023/06/image-473x1024.png" alt="" class="wp-image-29739" width="237" height="512" srcset="https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2023/06/image-473x1024.png 473w, https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2023/06/image-139x300.png 139w, https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2023/06/image-768x1663.png 768w, https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2023/06/image-709x1536.png 709w, https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2023/06/image-946x2048.png 946w, https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2023/06/image.png 1125w" sizes="(max-width: 237px) 100vw, 237px" /><figcaption class="wp-element-caption"><em>▲Bank customers can set the FPS’s transfer limit via online or mobile banking.</em></figcaption></figure>



<h2 class="wp-block-heading">Setting Transfer Limits for FPS</h2>



<p>FPS allows users to set limits restricting the maximum amount a user can transfer to strike a balance between convenience and financial security. There are no uniform standards for FPS transfer limits among banks. Each bank allows customers to customize their transfer limits in different ways. These typically fall into the following categories:</p>



<ul>
<li><strong>Daily Limit for Small Transfers:</strong> Small transfers is FPS’s most commonly used P2P transfer function. It refers to quick transfers that do not require additional identity verification. Most banks set the FPS small transfer limit at HK$10,000, but you can adjust this to a lower amount.</li>



<li><strong>Daily Limit for Registered Payees:</strong> You can set a higher daily transfer limit for frequently used payees. The bank sets the upper limit and generally can reach HK$1 million to HK$1.5 million.</li>



<li><strong>Daily Total Limit for Non-registered Payees:</strong> The daily transfer limit for non-registered payees is lower, usually from HK$200,000 to HK$500,000.</li>
</ul>



<p>In addition, some banks allow customers to set transfer limits for merchant transactions and the total limit for each category of transfers. Most banks provide more detailed transfer limit setting functions on their online banking accounts, while mobile app transfer limit settings are more straightforward. Each bank or e-wallet has different methods for setting limits, so if you’re unsure about something, don’t forget to ask the bank customer service.</p>



<h2 class="wp-block-heading">How to make a transfer with FPS?</h2>



<p>Using FPS to transfer funds is straightforward; most people should be able to do it quickly. Here are the main steps:</p>



<ol>
<li>Enter the payee’s information (mobile phone number/email/account number / FPS ID).</li>



<li>Enter the transfer amount and currency. If needed, you can set the transfer time and frequency (for example, you can set up a monthly transfer to a specific account) and add note information.</li>



<li>Verify the information and confirm to complete the transfer.</li>
</ol>



<figure class="wp-block-image size-large is-resized"><img decoding="async" src="https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2023/06/image-1-473x1024.jpg" alt="" class="wp-image-29740" width="237" height="512" srcset="https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2023/06/image-1-473x1024.jpg 473w, https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2023/06/image-1-139x300.jpg 139w, https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2023/06/image-1-768x1662.jpg 768w, https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2023/06/image-1-710x1536.jpg 710w, https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2023/06/image-1.jpg 887w" sizes="(max-width: 237px) 100vw, 237px" /><figcaption class="wp-element-caption"><em>▲The image above shows the user interface of livi bank.</em></figcaption></figure>



<h2 class="wp-block-heading">How to Use FPS QR Code for Payments or Receiving Money?</h2>



<p>FPS has a QR code feature for payments and receipts, which can be used for P2P transfers and bill payments. Here are the steps:</p>



<ol>
<li>Generate an FPS QR code from a mobile app that supports the FPS QR code (or obtain the QR code from a bill).</li>



<li>The payer scans the QR code.</li>



<li>The payer enters the payment amount and details and completes the payment.</li>
</ol>



<h2 class="wp-block-heading">How to use FPS for Paying Credit Card Balance?</h2>



<p>FPS can be used for bill payments and credit card balance payments. It can be used in ICBC Asia, Hang Seng, ZA Bank, livi bank, etc. You only need to register your credit card bill on the payment page, and you can make interbank credit card balance repayments.</p>



<p>However, please note that the issuing bank may need to wait one or two days to confirm the receipt of payment, so making interbank credit card repayments earlier is recommended.</p>



<h2 class="wp-block-heading">Using FPS to Register for Direct Debit (Automatic Transfer)</h2>



<p>FPS has an “Electronic Direct Debit Authorization” (eDDA) feature that lets your specified service provider debit your bank account directly.</p>



<p>You can use eDDA to link your e-wallet (such as Octopus and PayMe), virtual bank (such as livi bank), and or securities accounts (such as Futu Securities) to your traditional bank account under your name. Then, you can directly withdraw funds from the bank account on the mobile app of the above services.</p>



<p>Another everyday use of eDDA is to set up automatic transfers to pay public utilities, tuition fees, and other bills. The main difference from traditional automatic transfer services is that customers can complete the application entirely on online banking or mobile apps without filling out forms and queueing at the bank counter.</p>



<h2 class="wp-block-heading">FAQ About FPS</h2>



<div class="schema-faq wp-block-yoast-faq-block"><div class="schema-faq-section" id="faq-question-1686932021077"><strong class="schema-faq-question">What is the FPS transfer limit?</strong> <p class="schema-faq-answer">There is no uniform limit for FPS. For most banks, the small transfer limit is HK$10,000; the limit for unregistered payees generally does not exceed HK$500,000; the transfer limit for registered payees varies from HK$1 million to HK$1.5 million, and customers can set their transfer limits for different payee categories.</p> </div> <div class="schema-faq-section" id="faq-question-1686932034609"><strong class="schema-faq-question">What if I can’t receive money with FPS?</strong> <p class="schema-faq-answer">Under normal circumstances, FPS can realize immediate transfers and the payee will usually receive the transfer notification within a few seconds. If the other party claims they can’t receive the money, you should first check whether the payee information you entered is incorrect.<br/><br/>In addition, as one phone number or email can be linked to multiple FPS accounts, the payee should also check whether the funds have been deposited into other accounts under their name. If the problem persists after verifying the information, you should immediately contact the bank for assistance.</p> </div> <div class="schema-faq-section" id="faq-question-1686932044740"><strong class="schema-faq-question">Does FPS have a handling fee?</strong> <p class="schema-faq-answer">Personal bank account customers generally won’t be charged for using FPS; business bank accounts might incur charges.</p> </div> <div class="schema-faq-section" id="faq-question-1686932061464"><strong class="schema-faq-question">Does PayPal support FPS?</strong> <p class="schema-faq-answer">PayPal currently does not support the FPS.</p> </div> <div class="schema-faq-section" id="faq-question-1686932071009"><strong class="schema-faq-question">Does the Jockey Club account support FPS?</strong> <p class="schema-faq-answer">The Hong Kong Jockey Club’s online betting account supports immediate transfers via FPS; once successfully registered, you can instantly deposit and transfer between the specified bank account and the betting account.</p> </div> </div>


There is no uniform limit for FPS. For most banks, the small transfer limit is HK$10,000; the limit for unregistered payees generally does not exceed HK$500,000; the transfer limit for registered payees varies from HK$1 million to HK$1.5 million, and customers can set their transfer limits for different payee categories.

What is the FPS transfer limit?

Under normal circumstances, FPS can realize immediate transfers and the payee will usually receive the transfer notification within a few seconds. If the other party claims they can’t receive the money, you should first check whether the payee information you entered is incorrect.<br/><br/>In addition, as one phone number or email can be linked to multiple FPS accounts, the payee should also check whether the funds have been deposited into other accounts under their name. If the problem persists after verifying the information, you should immediately contact the bank for assistance.

What if I can’t receive money with FPS?

Personal bank account customers generally won’t be charged for using FPS; business bank accounts might incur charges.

Does FPS have a handling fee?

PayPal currently does not support the FPS.

Does PayPal support FPS?

The Hong Kong Jockey Club’s online betting account supports immediate transfers via FPS; once successfully registered, you can instantly deposit and transfer between the specified bank account and the betting account.

Does the Jockey Club account support FPS?

Explore the complete guide to using the Faster Payment System (FPS). Learn registration, setting limits, handling fees, and troubleshooting tips.

FPS User Guide: Registration, Limits, Fees, Troubleshooting


<p><em>“What’s the difference between Virtual Banks and Traditional Banks?”</em></p>



<p><em>“Which virtual bank has come out on top?”</em></p>



<p><em>“Why are virtual banks offering such high deposit rates?”</em></p>



<p>In recent months, several <a href="https://www.planto.hk/en/blog/neo-virtual-banks/">virtual banks</a> have launched in Hong Kong. Consumers who are not familiar with the banking industry may not know where to start despite their interest in virtual banks’ attractive offers. ZA Bank is the first virtual bank to officially launch in Hong Kong. It also offers a relatively more comprehensive service range. If you’re interested in virtual banks and innovations, ZA Bank would be the right place to kick-start your “virtual banking” journey.</p>



<h4 class="wp-block-heading">Jump to:</h4>



<ul>
<li><a href="#welcome-offer">ZA Bank high interest time deposit offer</a></li>



<li><a href="#Open-account">5 minutes account opening process</a></li>



<li><a href="#ZA-Card">ZA Card: safe, simple and enjoy up to 11% cash rebate</a></li>



<li><a href="#useful-features">Other useful features</a></li>
</ul>



<h2 class="wp-block-heading" id="welcome-offer"><strong>Enjoy ZA Bank account opening cash rewards with exclusive Planto invitation code</strong></h2>



<p>ZA Bank has offered an exclusive invitation code to Planto’s audience. You can use the designated invitation code to open a ZA Bank account from now on until 31st March 2023.</p>



<p>Use Planto&#8217;s exclusive invitation codes <strong>「PLANTOZA」</strong>to enjoy rewards:</p>



<figure class="wp-block-table"><table><tbody><tr><td>HK$150 cash reward</td><td>Successfully open an account and maintain 30-day average daily balance of HK$20,000 to enjoy HK$150 cash reward.</td></tr><tr><td>+3.2% P.A. HKD time deposit rate up coupon</td><td>Enjoy +3.2% P.A. rate up coupon on 3 months time deposit of up to HK$50,000.</td></tr></tbody></table></figure>



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<h2 class="wp-block-heading" id="Open-account"><strong>How to open a ZA Bank account in 5 minutes&nbsp;</strong></h2>



<p>Virtual banks’ services are mostly provided through mobile application, and the same applies to ZA Bank. To open a ZA Bank account, users just need to go through a simple and intuitive online process which can be done any time and from anywhere. These steps include:&nbsp;</p>



<p>1. Search “ZA Bank” from Apple App Store or Google Play Store and download the ZA Bank mobile application. (To install directly via apk, please visit and download from bank.za.group. Please switch the store to Hong Kong if no results were found.)&nbsp;</p>



<p>2. Register with mobile phone number and email address (Remember to use the promo code &lt;<strong>PLT150</strong>&gt; or <strong>&lt;PLT180&gt;</strong> to get the rewards</p>



<p>3. Scan your HKID using phone’s camera&nbsp;</p>



<p>4. Verify identity with facial recognition&nbsp;</p>



<p>5. Fill in basic information such as occupation and address, and customise your ZA card number</p>



<planto-button link="https://www.planto.hk/en/redirect/?params=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">I want $150 cash reward（promo code：PLANTO150）</planto-button>



<p><img decoding="async" width="602" height="289" src="https://lh4.googleusercontent.com/UNdCynsEz9r3LDrh7WrKLWWKS-xBrdLo8XVkml73DXytyikD_l6oOD1A6CxHtUAF1245IzblttasOrAl_e0P2VBjYRb7ZF5f9cUDqAaqJus3X99reUCjgqyW1FrfyQ9gPPJZ8ww"></p>



<h2 class="wp-block-heading"><strong>What are the key functions of ZA Bank’s mobile application?&nbsp;</strong></h2>



<p>ZA Bank mobile application follows a clean and simple UI design with eye-catching mint green and white as its primary color. Unlike mobile application from many traditional banks, contents within ZA Bank’s mobile application are not cluttered which give good user experience even for the first-time user.&nbsp;</p>



<h3 class="wp-block-heading" id="ZA-Card">Up to 11% cash rebate on ZA Bank virtual Visa debit card</h3>



<p>Choose and customize your Visa debit card number while enjoying up to 6% cash rebate from online transactions with <a href="https://cdn.za.group/bank/app/info/en/static/1008057.html">ZA card</a>, while all Deliveroo orders can enjoy up to 11% cash rebate. You will not have to worry about monthly payment, late payment or annual finance charges. You can also add your card to ZA Bank through Apple Wallet.&nbsp;</p>



<p>Besides, you can enjoy a <a href="https://cdn.za.group/bank/app/info/en/static/1008058.html">buy-1-get-1-free offer</a> when you buy a coffee at some famous merchants such as Arabica, Coffee Academics, Cupping Room, LOF10!&nbsp;</p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="365" src="http://34.96.221.168/wp-content/uploads/2020/11/image3-1024x365.jpg" alt="" class="wp-image-12633" srcset="https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2020/11/image3-1024x365.jpg 1024w, https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2020/11/image3-300x107.jpg 300w, https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2020/11/image3-768x273.jpg 768w, https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2020/11/image3-1200x427.jpg 1200w, https://d3pwh2ime6p0el.cloudfront.net/wp-content/uploads/2020/11/image3.jpg 1202w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">ZA Card is a debit card with no annual fees.</figcaption></figure>



<h3 class="wp-block-heading" id="useful-features">FPS and real-time withdrawal</h3>



<p>Just like any traditional banks, ZA Bank supports FPS and you can swiftly transfer money to and from your existing bank account without any handling fee. Given FPS is a standardized transfer method initiated by the Hong Kong Monetary Authority, the FPS function in ZA Bank is the same as any other traditional banks. This means funds can be transferred instantly after registration using phone number, email address or FPS ID.&nbsp;</p>



<h3 class="wp-block-heading">Add money with &#8220;Easy Deposit&#8221;</h3>



<p>ZA bank’s rolling out a brand-new deposit experience. You can bind your account at other banks and add money to ZA Bank in seconds.</p>



<h3 class="wp-block-heading">30 minutes approval personal loan</h3>



<p>ZA Bank has made a pledge to ensure that your loan application will be reviewed <a href="https://cdn.za.group/bank/za-bank-portal-web/assets/files/en/terms/Promotional%20Terms%20and%20Condition.pdf">within 30 minutes</a> after all the required documents are submitted. Consumers will get HK$10 for every minute of overtime, and this amount can go up to HK$500 (Some people may start to wish that ZA Bank processes their loan slowly!).&nbsp;</p>



<p><strong>A</strong> <strong>“Less is more” virtual banking experience&nbsp;</strong></p>



<p>There have been many success stories among virtual banks around the world – however one common question that consumers often ask was “if I have a traditional bank account already, why should I open a virtual bank account?” this is a fair question, and the answers can be found below.&nbsp;</p>



<p>While it is true that the breath and variety of services offered by virtual banks is often limited when compared to any traditional banks, traditional banks’ mobile applications are usually equipped with cluttered or complicated interface.&nbsp;</p>



<p>You may think of virtual banks as “lite” version of the traditional, full service banks. Depending on your needs, this may not be a bad thing since it allows virtual banks to focus on making its online services convenient and accessible 24 hours. Furthermore, virtual banks’ services come with competitive fees and promotions.&nbsp;</p>



<p>As Hong Kong’s first virtual bank, ZA Bank has taken the initiative to introduce banking innovations to Hong Kong consumers – this ranges from seamless account opening, high interest time deposit, fast approval loan and ability to customize various notifications. Our team at Planto has tried out ZA Bank’s mobile banking experience and the amount of investment into user experience design was noticeable throughout the user journey.&nbsp;</p>



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<h2 class="wp-block-heading"><strong>Frequently asked questions&nbsp;</strong></h2>



<div class="schema-faq wp-block-yoast-faq-block"><div class="schema-faq-section" id="faq-question-1604312012310"><strong class="schema-faq-question">What protection is in place for deposit at ZA Bank? </strong> <p class="schema-faq-answer">ZA Bank is a member of the Hong Kong Deposit Protection Scheme with a maximum deposit protection amount of up to HK$500,000 per depositor. </p> </div> <div class="schema-faq-section" id="faq-question-1604312031114"><strong class="schema-faq-question">What is a virtual bank? </strong> <p class="schema-faq-answer">Virtual banks are banks that mainly provide services through digital platforms such as the internet and mobile application. The concept of virtual banking has been popular for many years in the U.S. and Europe. In Hong Kong, virtual banks are licensed and regulated by the Hong Kong Monetary Authority just like all traditional banks. ZA Bank was the first to launch among 8 virtual banking license holders in Hong Kong. Learn more about Hong Kong virtual bank <a href="https://www.planto.hk/en/blog/neo-virtual-banks/">here</a>. </p> </div> <div class="schema-faq-section" id="faq-question-1604312062505"><strong class="schema-faq-question">Why is the interest rate offered by ZA Bank higher than other banks? </strong> <p class="schema-faq-answer">Given a virtual bank like ZA Bank mostly serves customers online, it can save on operating costs such as rent and employment, the benefit of cost-saving can then be passed on to their customers in the form of higher interest or fee reduction. Furthermore, given all virtual banks are new to the market, there will likely be many promotions in order to attract new customers. </p> </div> <div class="schema-faq-section" id="faq-question-1604312085788"><strong class="schema-faq-question">Does ZA Bank have physical branches or staff for customer service? </strong> <p class="schema-faq-answer">ZA Bank mostly operates online through the mobile application, hence the bank has no physical office. However, as a pioneer in the era of banking digitalization, all ZA Bank’s services can be completed online, unlike traditional banks requiring customers to line up at physical branches.</p> </div> </div>



<p>To contact ZA Bank’s customer service staff, you may call +852 3665 3665 or email to <a href="mailto:bank.opinion@za.group">bank.opinion@za.group</a>.&nbsp;</p>



<p>*Offer is subject to ZA Bank’s <a href="https://cdn.za.group/bank/app/info/en/static/1008066.html">terms and conditions</a>&nbsp;</p>



<p>To borrow or not borrow? Borrow only if you can repay.</p>



<p></p>


ZA Bank is a member of the Hong Kong Deposit Protection Scheme with a maximum deposit protection amount of up to HK$500,000 per depositor. 

What protection is in place for deposit at ZA Bank? 

Virtual banks are banks that mainly provide services through digital platforms such as the internet and mobile application. The concept of virtual banking has been popular for many years in the U.S. and Europe. In Hong Kong, virtual banks are licensed and regulated by the Hong Kong Monetary Authority just like all traditional banks. ZA Bank was the first to launch among 8 virtual banking license holders in Hong Kong. Learn more about Hong Kong virtual bank <a href="https://www.planto.hk/en/blog/neo-virtual-banks/">here</a>. 

What is a virtual bank? 

Given a virtual bank like ZA Bank mostly serves customers online, it can save on operating costs such as rent and employment, the benefit of cost-saving can then be passed on to their customers in the form of higher interest or fee reduction. Furthermore, given all virtual banks are new to the market, there will likely be many promotions in order to attract new customers. 

Why is the interest rate offered by ZA Bank higher than other banks? 

ZA Bank mostly operates online through the mobile application, hence the bank has no physical office. However, as a pioneer in the era of banking digitalization, all ZA Bank’s services can be completed online, unlike traditional banks requiring customers to line up at physical branches.

Does ZA Bank have physical branches or staff for customer service? 

 ZA Bank is the first virtual bank to officially launch in Hong Kong. It also offers a relatively more comprehensive service range. If you’re interested in virtual banks and innovations, ZA Bank would be the right place to kick-start your “virtual banking” journey.

ZA Bank Account Opening & Review: Get up to HK$870  in Reward


<p>For anyone who might have been thinking about emigration and overseas retirement &#8211; Planto recently featured an article <a href="https://www.planto.hk/zh/blog/taiwan-hongkong-living-compare">comparing the cost of living between Hong Kong and Taiwan</a>. This month, Planto’s Founding Member &#8211; Apinun Narkhan, is going to compare costs of living in the two cities.&nbsp;</p>



<p>Having spent many years in Hong Kong and Bangkok, I find that both cities are vibrant &amp; full of opportunities and things to explore – but how do income and costs of living compare? Lets find out!</p>



<h2 class="wp-block-heading"><strong>House rental</strong></h2>



<p>UBS’s <a href="https://www.ubs.com/microsites/prices-earnings/en/">2018 Prices &amp; Earnings</a> reported rental cost for standardized 2 furnished bedroom or 3 unfurnished bedroom apartments in Hong Kong to be US$3,947 (~HK$31,000) and Bangkok to be US$766 (~HK$6,000), that is about 5 times cheaper than Hong Kong.</p>



<p>To put this into perspective, lets take a look at a few apartments in Asoke, a prime shopping/office location intersected by both MRT and BTS trains. Fully furnished, 2 bedroom apartments (~600sqft) in this area which are within walking distance from both train stations generally cost around HK$8,000 to HK$9,000 per month!</p>



<figure class="wp-block-image"><img decoding="async" src="https://lh4.googleusercontent.com/y7zYAai0dOBGhRDiVcCpWDOYZkgmXofB3YQgwNQlYkyu4GTIknpm9IpkIwCZce1OTOeddy1P-AQiHBkxh5JTtqIyWXfPpRD6_HjIsXXHkT3CoxGG9pN1m-jqoZsf9CGkVdLEVX5c" alt=""/></figure>



<figure class="wp-block-image"><img decoding="async" src="https://lh5.googleusercontent.com/VmHmuQQlyFfj27oTDiieb7UXEKT9P635JRjNb5KC1mZyWWjiVZefRGLzu24ZOswcBwOaGB_uZ04qsRr84QjFOPfu3OUwbhrOEM5aqiKQxvx47zz_oeek9-iINdPZp4kP5v1X4S9h" alt=""/></figure>



<figure class="wp-block-image"><img decoding="async" src="https://lh4.googleusercontent.com/V43IOkBiJNm8nkTSJnJ_ZIDEYzgZ5CdkNxu5v-ZDfjSq6w0rx9ILxkPTGx_UobsmFTm7Ck7XU1USliP-YX0UNZRxyMUgdVl4wI75ahbGPNQ1wGVfEjlCH3Y-hbT298-e3zsGQMUR" alt=""/></figure>



<h2 class="wp-block-heading"><strong>Food and beverages</strong></h2>



<p>Instead of referring to any survey or benchmark, I will drive right into cost comparisons between specific dishes!</p>



<h4 class="wp-block-heading">Everyday food</h4>



<p>Kra pao, or stir fried minced pork with basil leaf rice – a very common Thai dish that you can find anywhere in Bangkok typically cost around THB35 – THB 40 (HK$10). In Hong Kong, BBQ pork rice or 2-choice rice can easily cost HK$30 – HK$40.</p>



<figure class="wp-block-image"><img decoding="async" src="https://lh3.googleusercontent.com/iLaqRCp4-8ka_H3spCbCvMT5srrYwg-2JAgVIX1Tur8kCYXSSr4gF0qVOZa7dsxOtZQ6DK5fOmzrJyjMQEMBgV9DDyaiqJtmU2f-ve92qoAGVJ5-tNhGmvzULK_xnxow0weBaHnk" alt=""/></figure>



<figure class="wp-block-image"><img decoding="async" src="https://lh4.googleusercontent.com/6iFiYibgPKQPXa9PNS9XDIj9FEStq6Ev_4dmxOZOrFAt6mv-ctSoq30h6v4oBmNKfmEnn9QHC1bskdzNWweYRlrCfR9LOu_oczs32K_QE58Cs6fLycFUXWnGVPCJ_oWJVfSMcuqc" alt=""/></figure>



<h4 class="wp-block-heading">Noodle</h4>



<p>Pad Thai is probably one of the most well-known Thai dishes globally – in Bangkok a plate of Pad Thai typically costs between THB40 – THB60 (~HK$15 – although this could also goes up to HK$40 or HK$50 with a serving of large river prawn). In Hong Kong, I typically pay HK$30 – HK$40 for 港式乾炒牛河 at local eateries without drinks.</p>



<figure class="wp-block-image"><img decoding="async" src="https://lh4.googleusercontent.com/I8XIvcl8dAhxt2keG_JAqzNQvlGqklAEESqMdzkMytA-tjFxXQxmwbMeWsRfjNpcu8NglKVE4YGCKAvBqaxPog46sSDiBdGdID2DC9rkB1KopROopd0F4TidZxWBDQch7do7Cchk" alt=""/></figure>



<figure class="wp-block-image"><img decoding="async" src="https://lh4.googleusercontent.com/BlCaTSG5KDkaMGIhvbz_cO25Yc-wpG1PwtDRnUElyHaISViXGRfAmh4NEjzxdsqzHJ1I6xeLhENfMplUx_FbcsKe3Xy3zYNYR0aSJQebq_rFZl3ga5ZFBEJATlfn8tDAKhzjlW4P" alt=""/></figure>



<h4 class="wp-block-heading">Milk tea</h4>



<p>For many (including mine), life is dull without bubble milk tea. If you are a fan of Thai milk tea, you can have a cup of milk tea (with or without bubbles) from a popular Thai chain, Cha TraMue for about HK$10. In Hong Kong, there are a wide range of bubble tea options like Sharetea, ComebuyTea, and Ten Ren which typically cost around HK$20+ per cup.</p>



<figure class="wp-block-image"><img decoding="async" src="https://lh3.googleusercontent.com/0AEbuHfVAu8a_dUewt_GOAwcsWGjl3kD4XxzWJV8L4o2rEZvGR7IE-II4o6y252z1l9ysI5rTOqXD2qtIRaIo9PvhEZ9NOqpQJjWYFXCJKMRASb0e6ABGdvyjb1i0Olhh8tBguNm" alt=""/></figure>



<figure class="wp-block-image"><img decoding="async" src="https://lh5.googleusercontent.com/wMBCftsSWHGddKHo-k6_Nyzx_6_KrXW-vdv4pQOqn2uUWXt3fru9hsompgdXwtVxsJX_GuRkkcGrQQ0Ib5cm87HTABRba0mt03v3pIhtfUX5lKFSzIk_BcNyo5ofxkmJizxgi4ci" alt=""/></figure>



<h4 class="wp-block-heading">Dessert</h4>



<p>The price of coconut ice cream in Bangkok and soft serve in Hong Kong (for example Mister Softee) are surprisingly similar (around HK$7-8) so we will move slightly up scale for dessert – shibuya honey toast, my absolute favorite.</p>



<p>When it comes to honey toast, AfterYou is a must-visit in Bangkok (its popularity is justified by its IPO status with HK$3bn market cap). A classic honey toast at After You cost about THB 200 (~HK$50), this is sufficient for 2 people. In Hong Kong, we often see long lines in front of TeaWood cafes, honey toast there cost about HK$78, not much higher than Bangkok’s price.</p>



<figure class="wp-block-image"><img decoding="async" src="https://lh4.googleusercontent.com/eFcbdFsp83jvFoTed_djp5_-nUt65UYQFeVskvnRrfh2S_QyWxp2t8Ybd3W7Jg4wDsT0gxCk2S3zXZCSXptxKYuxPmwzfsthiF4i1PDzyXi8YPUzxM_MX8MH8lUKLJhnftz1hLex" alt=""/></figure>



<figure class="wp-block-image"><img decoding="async" src="https://lh6.googleusercontent.com/2U-EPhvivYyfUb6XByWt8FIzKkWbLqssF0HJeGHwty513BcNwgxf3pcuHK6HDRiVRU0aGQwkMLPqES72zdMSIsqaqFThFqC4qhVBBEQjsDaGNndcomO3YiTWSMLoHIum985EPn_k" alt=""/></figure>



<h4 class="wp-block-heading"><strong>Public transportation</strong></h4>



<p>In Hong Kong, my 20-minute journey to work on the MTR costs HK$8.5 when I pay with Octopus. A similar train ride on Bangkok’s BTS would cost about THB44 (~HK$11), which is more expensive than Hong Kong!&nbsp;</p>



<p>On the other hand, taxi’s starting fare in Bangkok is THB35 (~HK$8), this is cheaper when compared to HK$24 in Hong Kong.</p>



<h4 class="wp-block-heading"><strong>Income</strong></h4>



<p><a href="https://hk.jobsdb.com/en-hk/wp-content/uploads/sites/2/static/salary-report/2019/190124_student_PR_eng.pdf.pdf">JobsDB</a> reported average fresh graduate salary in Hong Kong to be at HK$16.9k. While in Thailand, <a href="https://th.jobsdb.com/th-th/articles/%e0%b8%88%e0%b9%8a%e0%b8%ad%e0%b8%9a%e0%b8%aa%e0%b9%8c%e0%b8%94%e0%b8%b5%e0%b8%9a%e0%b8%b5%e0%b9%80%e0%b8%9c%e0%b8%a2%e0%b9%80%e0%b8%87%e0%b8%b4%e0%b8%99%e0%b9%80%e0%b8%94%e0%b8%b7%e0%b8%ad%e0%b8%99">JobsDB</a> quoted average fresh graduate salary to be between THB25.2k to THB29.9k (~HK$6.3 – 7.5k), close to 3x lower than Hong Kong. However, unlike Hong Kong where finance and banking jobs pay the most – jobs like business consultants and lawyers are the best paying jobs for fresh graduates in Thailand.</p>



<h4 class="wp-block-heading"><strong>Verdict and other considerations</strong></h4>



<figure class="wp-block-table"><table><tbody><tr><td><strong>Category</strong></td><td><strong>When compared to Hong Kong, Thailand is …</strong></td></tr><tr><td>Housing</td><td>5x cheaper</td></tr><tr><td>Food</td><td>2x – 4x cheaper</td></tr><tr><td>Transportation</td><td>1x – 3x cheaper</td></tr><tr><td>Salary</td><td>3x lower</td></tr></tbody></table></figure>



<p>If you are considering emigration, the cost of living is definitely lower in Bangkok, but getting 3x pay cut will mean your absolute earning/saving amount will decrease as well – this could impact your future if you decide to move back to Hong Kong or a more expensive city. Other considerations to keep in mind include Thailand’s country personal income tax rate as well as emerging country’s cost inflation which tend to be higher than developed economy in a longer run.</p>



<p>If overseas retirement is in your mind, saving up in Hong Kong for retirement in Bangkok is also an option. Extra considerations apart from costs, language and cultural differences are <a href="https://localiseasia.com/thailand-safety-for-traveling-and-living/" target="_blank" rel="noreferrer noopener">safety</a>, healthcare quality and getting long-term visa. For long-term visa, you can obtain investment visa in Thailand by for example buying an apartment worth THB10million (~HK$2.5million), in this case your family will also be eligible to apply for visa as well.</p>



<p>Personally, I have had the privilege of working in Hong Kong while spending most of my holiday time in Thailand – this has been extremely economical. In a long run, I am looking to return home and enjoy early retirement there!</p>



<p>If you have any questions about emigration consideration or retirement saving feel free to have a chat with us on Planto app’s livechat or email us at hello@planto.hk!</p>



<hr class="wp-block-separator"/>





<h4 class="wp-block-heading">Recommended Readings</h4>



<ul id="block-040a54b7-293d-482b-a06f-74bc77d41108"><li><a href="https://www.planto.hk/en/blog/overseas-mortgage-interest-expense/">Can personal loan in Hong Kong reduce your mortgage interest expense?</a></li><li><a href="https://www.planto.hk/en/blog/personal-loan-interest-rate-factors/">how interest rate and payment term impact overall interest expense</a></li><li><a href="https://www.planto.hk/en/blog/property-ownership-internal-transfer/">HK Homeowners Gain Tax Advantages by Transferring Property Ownership. Here’s How it Works and the Risks</a></li><li><a href="https://www.planto.hk/en/airstar">Airstar Bank Personal Loan〡 Instant Approval Online〡Exclusive Cash Rebate</a></li></ul>


A comparison between cost of living of Hong Kong and Bangkok covering different aspects such as rental, food and transportation.

Cost of living comparison: Hong Kong vs. Bangkok, from a Thai person living in Hong Kong

<p>Wealth is the accumulation of your everyday effort. Renowned English journalist, Caroline Frost, had to take out a hefty loan to finish her master’s degree. Determined to pay off the debt as soon as possible, she made five changes in her everyday grind, and successfully saved $42,700 (HKD, applied to all amounts below) all within a year. Read on to know how she did it! This content is brought to you by <a href="https://www.moneysmart.hk/en">Moneysmart</a>. </p>
<h2 id="prep-lunches--20k-saved">Prep lunches — $20k saved</h2>
<p>$133 was how much Caroline used to spend on lunch and dessert everyday. After switching to homemade salad, fruits, yoghurt and cheese, she was able to cut her lunch expense down to $265 per week. Persisting through the year, this saved her a whopping $20,014.</p>
<p>If you work in one of the typical business districts of Hong Kong, you are hard-pressed to find an eatery that will serve a meal for below $50. That’s $18,250 around the year, and you can easily save a large chunk of it by preparing your own lunches.</p>
<h2 id="quit-coffee--10k-saved">Quit coffee — $10k saved</h2>
<p>A Starbucks coffee is a morning routine to many. Mediocre taste aside, it was also a $41-a-day habit for Caroline that gave her nothing but a caffeine addiction. By cutting store-bought coffee altogether, she saved herself $10,458.</p>
<p>For the unrelenting coffee lovers, Nespresso is a great alternative. At $988 for the base machine (and this is just its regular price) and around $3.5 per pod, your investment pays for itself after just 27 servings of the concentrated brain fuel!</p>
<p>Bubble tea is another staple for many HKers in recent years. Averaging at $30 a cup (and 300kcal if you care), you would save yourself a lot of silver and guilt by exploiting your office pantry’s dusted teabags instead.</p>
<h2 id="walk-to-work--10k-saved">Walk to work — $10k saved</h2>
<p>Caroline used to spend $630 a week on public transport. She was able to cut her weekly transport fares down to $438 by changing her daily commute routine, i.e. get out two metro stations early and walk to the office. This healthy switch saved her $9,984 over 12 months.</p>
<p>Understandably, the bustling tempo of this city might not allow such leisure. But fret not, with an abundance of regular <a href="https://www.planto.hk/en/blog/transportation-saving-tips">commuter offers from KMB and MTR</a>, as well as the Public Transport Fare Subsidy Scheme, shedding transport expenses is a walk in the park.</p>
<h2 id="switch-to-cheaper-hair-products--15k-saved">Switch to cheaper hair products — $1.5k saved</h2>
<p>Caroline has always preferred upmarket brands when it comes to shampoo and hair conditioner, but things got hairy for her wallet when each bottle cost her at least $85. A simple search in the drugstore netted her quality substitutes at $25 per bottle, saving her around $1,500 across the year. </p>
<p>In fact, the difference in quality of non-medical hair products is often negligible between brands. Check out the Consumer Council’s reports to get the biggest bang for your buck.</p>
<h2 id="cancel-your-subscriptions--744-saved">Cancel your subscriptions — $744 saved</h2>
<p>Caroline had a monthly subscription of Vanity Fair. It was certainly a shame that the coffee table of her apartment would look less posh, but cancelling the subscription plan saved her $744 for the rest of the year. </p>
<p>With the subscription model so prevalent these days (streaming services, loot crates, newspapers and magazines, etc.), the least we can do is to find that one underused service and cut it out of our life. </p>
<p>(This article is sourced from this original publication with permission from <a href="https://www.moneysmart.hk/en">MoneySmart</a>. Translations have been made by Planto.)</p>
<h2 id="tip-track-analyse-and-control-your-expenses-in-one-app"><strong><em>Tip: Track, Analyse and Control Your Expenses in One App</em></strong></h2>
<p><img decoding="async" src="http://34.96.221.168/wp-content/uploads/2019/12/group-5.jpg" alt=""></p>
<p>One of the standout functions of Planto, an integrated finance management app, is to <a href="https://www.planto.hk/en/blog/expense-tracking-budgeting-101/?utm_source=plantoawebsite&amp;utm_medium=websiteblog&amp;utm_campaign=LifestyleChangestoSave40k">help you control your expenses through smart budgeting</a> and reminding you of your subscriptions. Make better financial decisions with your consumption habits in the palm of your hand. <a href="https://www.planto.hk/en/?shortlink=4d696cd7&amp;pid=Blog%20-%20Text%20Link&amp;is_retargeting=true">Click here to download Planto</a>.</p>
<p><strong>Recommended Reads:</strong></p>
<ul>
<li><a href="https://www.planto.hk/en/blog/credit-card-compare-recommend/?utm_source=plantowebsite&amp;utm_medium=websiteblog&amp;utm_campaign=LifeStyleChangestosave40k">Best Credit Cards for You in Hong Kong</a></li>
<li><a href="https://www.planto.hk/en/blog/expense-tracking-budgeting-101/?utm_source=plantoawebsite&amp;utm_medium=websiteblog&amp;utm_campaign=LifestyleChangestoSave40k">Budgeting with Planto</a></li>
<li><a href="https://www.planto.hk/en/blog/mpf-tdf-dis-compare/?utm_source=plantowebsite&amp;utm_medium=websiteblog&amp;utm_campaign=LifeStyleChangestosave40k">MPF Simple Strategy &#8211; Target Date Fund (TDF) and Default Investment Strategy (DIS)</a></li>
</ul>


5 Lifestyle Changes To saving 40k a year. Wealth is the accumulation of your everyday effort. Determined to pay off the debt as soon as possible, she made five changes in her everyday grind, and successfully saved $42,700 (HKD, applied to all amounts below) all within a year. 

5 Easy Lifestyle Changes To Save 40K A Year


<p>Budgets are an integral part of your personal finance but it doesn&#8217;t mean it has to be restrictive! We&#8217;re making it simple to budget with 3 main features: <a href="#goals">goals</a>, <a href="#spending-limits-by-category">spending limits by category</a> and <a href="#custom-budget-cycle">custom budget cycles</a></p>



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<h2 class="wp-block-heading" id="goals">1. Goals</h2>



<p>A goal in Planto is simply achieving a certain amount in a period of time. For some, it could be a trip to Europe (e.g. $13,000 in 4 months). For others, it could be building up your net worth (e.g. $100,000 in 6 months).</p>



<p>As soon as you set a goal, Planto will build a basic budget for you, and if you attach your account to a goal, we&#8217;ll help you measure progress towards it.</p>



<p>Even if you don&#8217;t hit your budget for the month, you&#8217;ll still be making progress towards your goal!</p>



<figure class="wp-block-image"><a href="https://d3p3a214b6u455.cloudfront.net/images/blog/SetGoals.jpg" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://d3p3a214b6u455.cloudfront.net/images/blog/SetGoals.jpg" alt="Set Goals"/></a></figure>



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<h2 class="wp-block-heading" id="spending-limits-by-category">2. Spending limits by category</h2>



<p>In case you really need that extra push, you can also set budgets to control your spending for specific categories.</p>



<ol><li>Just go to the Monitor tab</li><li>Click a category</li><li>Click the &#8230; in the top-right</li></ol>



<p>And set a budget for that category! As you get closer to the limit, Planto will automatically notify you and keep you in check.</p>



<figure class="wp-block-image"><a href="https://d3p3a214b6u455.cloudfront.net/images/blog/SetCategoryBudget.jpg" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://d3p3a214b6u455.cloudfront.net/images/blog/SetCategoryBudget.jpg" alt="Set Spending Limit"/></a></figure>



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<h2 class="wp-block-heading" id="custom-budget-cycle">3. Adjusting your budget&#8217;s start &amp; end date</h2>



<p>Some people like to think about money in calendar months. Others prefer mid-month to mid-month, or payday to payday. You can choose which day you want the months in your budget to start.</p>



<p>Just head to the Profile section and choose &#8220;Adjust Budget Cycle&#8221; and choose when you want to start your budget!</p>



<figure class="wp-block-image"><a href="https://d3p3a214b6u455.cloudfront.net/images/blog/SetBudgetCycle.jpg" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://d3p3a214b6u455.cloudfront.net/images/blog/SetBudgetCycle.jpg" alt="Adjust Budget Start &amp; End Date"/></a></figure>



<p>We&#8217;re always working on new things and smarter ways to help you manage your money so if you have any suggestions for us, just reach out!</p>



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    <next-steps-list-item type="content" link="https://www.planto.hk/en/blog/planto-tag-record-track-expense" title="[Planto 101] Using #Tags to create custom categories"></next-steps-list-item>
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Planto helps you budget with savings goals, spending limits and budget cycles. Whether you're saving up for a wedding or aiming to increase your net worth, we give you the tools you need to make it happen. It's powerful, simple and it makes Planto the only budgeting app you will need.

Budgeting with Planto

<p><strong>The Octopus Card.</strong> Whether it is for commute, simple purchases or even getting <a href="https://www.planto.hk/en/blog/public-transport-fare-subsidy-scheme">transportation subsidies</a>, it is is an important part of the lives of all who live in Hong Kong. Knowing this, we have now added Octopus as part of the accounts supported and so you can see all your finances in one place on Planto.</p>
<h2>Benefits of Linking Octopus &#8211; Record &amp; Analyse your expenses</h2>
<p>Just like any other accounts linked on Planto, you are able to see the breakdown of all your top ups and expenses. These transactions can be viewed and sorted by date and categories and you are able to get insights on your spendings to see how you can better control where your money is going.</p>
<h2>How do I link to my Octopus?</h2>
<p>If you have downloaded the Octopus App, please make sure you can see your transaction records before you link it to Planto. If you already activated this function, please skip to step 3.</p>
<ol>
<li>Download Octopus app from Play Store or App Store.</li>
<li>Register your Octopus card. If you use an Android phone with NFC, or an iPhone with NFC (iPhone 7 and later with iOS13) you can register your Octopus using the latest version of the Octopus app. For older phones, please register at an <a href="https://www.octopus.com.hk/en/consumer/card-replacement/octopus-service-points/index.html#list">Octopus Service point.</a> Click here to learn more about <a href="https://www.octopus.com.hk/en/consumer/mobile-payment/octopus-app/register/index.html">Octopus registration</a>.</li>
<li>After registering your Octopus, you can link it to Planto. Press the purple <strong>+</strong> sign on the Monitor tab.</li>
<li>Choose <strong>Link a bank account</strong>, and choose <strong>Octopus</strong>.</li>
<li>Enter your Octopus credentials. Tada! Octopus is linked.</li>
</ol>
<p>For more details, you can refer to our <a href="https://www.planto.hk/en/blog/101/Octopus">Octopus instructions</a>.</p>
<p>Try it out and let us know what you think! We’d love to hear how you have been using the feature and how we can improve it even more😊</p>


The Octopus Card. Whether it is for commute, simple purchases or even getting transportation subsidies, it is is an important part of the lives of all who live in Hong Kong. Knowing this, we have now added Octopus as part of the accounts supported and so you  can see all your finances in one place on Planto. 

Octopus automatic tracking is now available on Planto!

<p>At Planto, we believe managing your finances should be simple, but we also want to ensure you can manage your finances the way you want.</p>
<p>A month ago, we launched <a href="https://www.planto.hk/en/blog/planto-tag-record-track-expense">#tags</a> to help you understand your spending, now we’re launching what we call Manual Accounts.</p>
<h2 id="why-we-created-manual-accounts✋🏻"><strong>Why we created Manual Accounts✋🏻</strong></h2>
<p>Although we support more than 30 Hong Kong financial institutions, we know we’re still missing providers such as PayMe, Octopus and PayPal, as well as other financial providers of loans and investment services which can be a big part of your finances. We’re still working hard to bring these to you, but felt strongly about building an alternative solution for you in the meantime,</p>
<p>which is why we created Manual Accounts.</p>
<p>Manual Accounts give you the flexibility to create any accounts not currently supported by Planto and makes our manual tracking features a lot more powerful as it allows you to manage all your finances in one place. <em><strong>It makes Planto the only budgeting app you will need.</strong></em></p>
<p>We also know that some of you may not want to link your accounts, so we also built this feature to make sure it meets your needs so that you get the same level of insights as any other users.</p>
<h2 id="what-exactly-can-you-do-with-it🤔"><strong>What exactly can you do with it?🤔</strong></h2>
<p>With manual accounts, you can create a preset Octopus, PayMe or Cash Wallet, or opt to customize your very own account.</p>
<p>Our presets are pretty intelligent &#8211; every time we detect an Octopus top-up, a PayMe transfer in or out of your account or an ATM withdrawal, your wallet balance will change automatically.</p>
<p>But if you want total customization, you can create a custom account where you can choose any currency and create any kind of account, from savings or investments to credit cards or even your mortgage!</p>
<p>After you’ve made your account, the rest is simple. Any expense you add will reduce your wallet amount, and any income will increase it! You can now even track your goals against your manual accounts. You will see it as an option after you set your house or custom goals!</p>
<h2 id="so-how-do-i-actually-use-it👍🏻"><strong>So how do I actually use it?👍🏻</strong></h2>
<ol>
<li>Go to the <strong>Accounts</strong> tab, press the purple <strong>+</strong>, then press <strong>Add Manual Account</strong>.</li>
<li>You can choose from preset accounts like PayMe, Cash and Octopus, or choose the Custom option.</li>
<li>To add a transaction, press the purple <strong>+</strong> again and choose <strong>Add a Transaction</strong>.</li>
<li>Select a category for your transaction, fill in the Amount and Date to save.</li>
<li>You can also change the Currency and Account of the transaction, add descriptions or attach a receipt.</li>
</ol>
<h2 id="herere-some-ideas-for-when-manual-accounts-would-be-handy💡"><strong>Here’re some ideas for when manual accounts would be handy💡</strong></h2>
<ul>
<li>You want to track your cash on hand</li>
<li>You want to track e-wallets and Octopus</li>
<li>You have overseas bank accounts that you want to track as part of your net worth in the app</li>
<li>You have financial assets (loans, mortgages, investments) in institutions not yet supported by Planto (tell us if you’d like to see them in the app!)</li>
<li>You want to track your goals and see your progress against the accounts</li>
</ul>
<p>Try it out and let us know what you think! We’d love to hear how you have been using the feature and how we can improve it even more😊</p>


Manual Accounts give you the flexibility to create any accounts not currently supported by Planto and makes our manual tracking features a lot more powerful as it allows you to manage all your finances in one place. It makes Planto the only budgeting app you will need.

Introducing Planto’s Manual Accounts

<p>With the soaring living costs (unlike our salary), saving money is becoming harder and harder, especially for millennials. Here are the top 5 tips to save on transport expenses! </p>
<h2 id="1-mtr-early-bird-discount-till-31-may-2019">1. MTR Early Bird Discount (till 31 May 2019)</h2>
<p>Getting up early does not only keep you from being late for work, it can also help you to save money. From Monday to Friday (except public holidays), between 7:15 and 8:15 a.m., Adult Octopus holders can enjoy a 25% fare discount when exiting from the below stations. </p>
<p><img decoding="async" src="http://34.96.221.168/wp-content/uploads/2019/12/transportation-saving-tips1.png" alt="MTR map"></p>
<h2 id="2-mtr-and-kmb-monthly-pass">2. MTR and KMB Monthly Pass</h2>
<p>Crossing the harbour, or “getting over the ocean”, to get to work is not cheap. If you are also strained by this costly journey, do check out the monthly passes offered by MTR or KMB, and save up a few hundred dollars. </p>
<p>Here are the prices of MTR Monthly Pass Extra and KMB Monthly Pass: </p>
<p>West Rail Line (Tuen Mun &#8211; Nam Cheong): $515</p>
<p>West Rail Line(Tuen Mun &#8211; Hung Hom): $600</p>
<p>Tung Chung Line (Tung Chung &#8211; Nam Cheong): $405</p>
<p>Tung Chung Line (Tung Chung &#8211; Hong Kong):    $635</p>
<p>East Rail Line (Sheung Shui / Wu Kai Sha – East Tsim Sha Tsui): $485</p>
<p>KMB Monthly Pass: $780</p>
<p>Let’s say John lives in Tuen Mun, and he works in North Point 22 days a month.<br />
If he uses the Adult Octopus card, 1 trip would cost $28.4, making a monthly total of $1,249.6.<br />
However, if he uses Tuen Mun &#8211; Nam Cheong Monthly Pass, his transport expenses would be decreased to $999, almost 20% off! </p>
<p>Remarks: Fare and discounts might be adjusted from time to time, please refer to the  <a href="http://www.mtr.com.hk/en/customer/tickets/monthly_pass_extra.html">MTR</a>  and  <a href="http://www.kmb.hk/en/news/press/archives/news201808232695.html">KMB</a>  official website. </p>
<h2 id="3-mtr-fare-savers">3. MTR Fare Savers</h2>
<p>Can you imagine saving $2 from a single tap? Go to an <a href="http://www.mtr.com.hk/en/customer/tickets/monthly_pass_extra.html">MTR Fare Saver</a> and immediately save $2 for your next ride from designated stations. Although most of the Fare Savers might not be at the most convenient spots, the short detour will be worth an extra daily saving of $2. </p>
<h2 id="4-government-transport-expense-subsidy">4. Government Transport Expense subsidy</h2>
<p>Is your new year resolution to save more money? Start up saving up to HKD300 per month with the Public Transport Subsidy Scheme. If your monthly public transport expense is over $400, you can enjoy a 25% subsidy over the excess amount, claiming up to $300 a month! You can get the money starting from 16 Feb 2019. Click <a href="https://www.planto.hk/en/blog/public-transport-fare-subsidy-scheme">here</a> are more details. </p>
<h2 id="5-octopus-credit-card-promotion">5. Octopus credit card promotion</h2>
<p>Octopus works with credit card companies to provide transport expense rewards, like  <a href="https://www.octopus.com.hk/en/consumer/latest-promotions/citi.html">Citi Octopus Platinum Card</a>, <a href="https://www.octopus.com.hk/en/consumer/latest-promotions/boc.html">BOC credit card</a>, <a href="https://www.octopus.com.hk/en/consumer/latest-promotions/hsbc.html">HSBC credit card</a> and <a href="https://www.cncbinternational.com/personal/credit-cards/motion-credit-card/en/index.jsp">CNCBI Motion Credit Card.</a> If you choose smartly, you can enjoy tons of cash rebates and rewards. </p>
<h2 id="about-planto">About Planto</h2>
<p><a href="https://www.planto.hk/en/">Planto</a> is a Hong Kong fin-tech start-up that brings the new generation a revolutionary intelligent personal finance application. We are generously supported by <strong>iDendron, from The University of Hong Kong</strong> and <strong>Cyberport</strong> to help Hong Kong users to manage their finances and save money, starting their journeys towards life goals like purchasing a flat, getting married, travelling and studying.</p>
<p>Like the <a href="https://www.facebook.com/planto.hk/">Planto Facebook </a> page and follow our <a href="https://www.instagram.com/planto.hk/">Instagram</a> now to receive useful tips on personal finances!</p>


With the soaring living costs (unlike our salary), saving money is becoming harder and harder, especially for millennials. Here are the top 5 tips to save on transport expenses! 

[2019 Saving Tips] Top 5 tips to save on your transport expenses

<p>Counting down to the new year? No, we say counting down to the Public Transport Fare Subsidy Scheme of the Hong Kong government that would start on the first day of 2019. </p>
<p>With this scheme, those with transport expense over $400 can save up to $300 a month. It might not seem a lot, but if you leverage this saving smartly, you might save enough for a flight ticket to Taiwan. </p>
<h2 id="6-key-points-of-the-public-transport-fare-subsidy-scheme">6 Key points of the Public Transport Fare Subsidy Scheme:</h2>
<p><strong>Target:</strong> There are no age or income requirements to be eligible for the scheme and there&#39;s no application needed either &#8211; everyone&#39;s welcome! Commuters with monthly public transport exceeding $400 will enjoy a subsidy of 25% of the actual public transport expenses in excess of $400, subject to a maximum of $300 per month. </p>
<p><strong>Coverage:</strong> Applicable to most public transport like MTR, franchised buses, green minibuses, ferries and trams. No matter what you take, this scheme&#39;s got you (almost) covered. <a href="https://www.ptfss.gov.hk/en-side-menu.html#/en-sch-02">Click here to learn more.</a> </p>
<p><strong>Effective and subsidy collection date:</strong> The scheme will be effective from 1 Jan 2019. Commuters can collect the subsidy of the previous month starting from 16 Feb. The subsidy of each month is valid for collection within three months. </p>
<p><strong>Subsidy collection spots:</strong> You can collect the subsidy from MTR station, light rail customer service centre, 7-Eleven, Circle-K, Wellcome, Octopus Service Point, and mobile app (Android devices with NFC or iOS mobile devices complemented with Octopus Mobile Reader)</p>
<p><strong>Co-existing discounts:</strong> Commuters can still enjoy other public transport discounts (including different monthly passes and elderly concessions) and the subsidy would be calculated based on the actual monthly public transport expenses.  </p>
<p><strong>Octopus/Cash expenses tracking:</strong> Transport tickets purchased by Octopus directly, like MTR Monthly Pass Extra, KMB Monthly pass and some ferry tickets, the expenses would recorded automatically. For transport tickets purchased by cash or other methods, like MTR City Saver, Tuen Mun-Nam Cheong Day Pass, Lantau Pass and Aberdeen – Yung Shue Wan Monthly Pass, commuters have to register through “Designated Transport Ticket Self-registration Points” or assisted by staff in 30 days after the ticket purchase in order to link up the expenses with the Octopus card. <a href="https://www.ptfss.gov.hk/en-side-menu.html#/en-ope-02">Click here</a> to learn more.</p>
<h2 id="mtr-fare-rise">MTR fare rise</h2>
<p>Unfortunately, MTR would increase its fare along with the subsidy scheme.  </p>
<p>Tung Chung – Hong Kong Monthly Pass Extra: $620 -&gt; $635</p>
<p>Tung Chung – Nam Cheong Monthly Pass Extra: $395 -&gt; $405</p>
<p>Sheung Shui / Wu Kai Sha – East Tsim Sha Tsui Monthly Pass Extra: $475 -&gt; $485</p>
<p>Tung Chung &#8211; Nam Cheong Monthly Pass Extra: $500 -&gt; $515</p>
<p>Tuen Mun &#8211; Hung Hom Monthly Pass Extra: $585 -&gt; $600</p>
<p>Now let’s find out how much you&#39;ll actually save using the scheme!</p>
<h2 id="subsidy-calculation">Subsidy calculation</h2>
<p>($Monthly transport expense &#8211; $400) x 25% = subsidy amount (maximum $300)</p>
<p>For example:</p>
<p>Monthly transport expense $500, subsidy amount: ($500 &#8211; $400) x 25% = <strong>$25</strong></p>
<p>Monthly transport expense $800, subsidy amount: ($800 &#8211; $400) x 25% = <strong>$100</strong></p>
<p>Monthly transport expense $1,600, subsidy amount: ($1,600 &#8211; $400) x 25% = <strong>$300 (maximum)</strong></p>
<p>Let’s look at some real-life scenarios:</p>
<p><strong>1. Transport subsidy X MTR Monthly Pass X Interchange discount</strong></p>
<p>Mr. Chan lives in Tin Shui Wai. He works in Kwun Tong 22 days a month, he takes the MTR and green minibus every day. The cheapest way would be using MTR Monthly Pass, decreasing his expenses from $1007.8 to $855.8 (15% off). </p>
<p><img decoding="async" src="http://34.96.221.168/wp-content/uploads/2019/12/planto-transport-fare-subsidy1-en.png" alt="Example 1"></p>
<p><img decoding="async" src="http://34.96.221.168/wp-content/uploads/2019/12/planto-transport-fare-subsidy2-en.png" alt="Example 1 Calculation Breakdown"></p>
<p><strong>2. Transport subsidy X KMB Month Pass</strong></p>
<p>Mr. Leung lives in Sheung Shui. He works in Wan Chai 22 days a month. The cheapest way would be using KMB Monthly Pass, decreasing his expenses from $780 to $685 (12% off)</p>
<p><img decoding="async" src="http://34.96.221.168/wp-content/uploads/2019/12/planto-transport-fare-subsidy3-en.png" alt="Example 2 and Calculation Breakdown"></p>
<p><strong>3. Transport subsidy X MTR City Saver</strong></p>
<p>Ms. Lau lives in Sham Tseng. She works in North Point 22 days a month. The cheapest way would be using MTR City Saver, decreasing her expenses from $691 to $618.2 (11% off)</p>
<p><img decoding="async" src="http://34.96.221.168/wp-content/uploads/2019/12/planto-transport-fare-subsidy4-en.png" alt="Example 3"></p>
<p><img decoding="async" src="http://34.96.221.168/wp-content/uploads/2019/12/planto-transport-fare-subsidy5-en.png" alt="Example 3 and Calculation Breakdown"></p>
<p> <strong>4. Transport subsidy X Airport Staff Fare Concession</strong></p>
<p><img decoding="async" src="http://34.96.221.168/wp-content/uploads/2019/12/planto-transport-fare-subsidy6-en.png" alt="Example 4"></p>
<p>Mr. Ng lives in Siu Sai Wan. He works at the airport 25 days a month. The cheapest way would be taking Citybus using the Airport staff fare concession, decreasing his expenses from $1,350 to $1,112.5 (18% off)</p>
<p>Reference: <a href="https://www.ptfss.gov.hk/en-main.html#/en-home">Public Transport Fare Subsidy Scheme official site</a> </p>
<h2 id="about-planto">About Planto</h2>
<p><a href="https://www.planto.hk/en/">Planto</a> is a Hong Kong fin-tech start-up that brings the new generation a revolutionary intelligent personal finance application. We are generously supported by <strong>iDendron from The University of Hong Kong</strong> and <strong>Cyberport</strong> to help Hong Kong users to manage their finances and save money, starting their journeys towards life goals like purchasing a flat, getting married, travelling and studying.</p>
<p>Like <a href="https://www.facebook.com/planto.hk/">Planto Facebook </a>page and follow our <a href="https://www.instagram.com/planto.hk/">Instagram</a> now to receive useful tips on personal finances!</p>


With the Public Transport Fare Subsidy Scheme, those with transport expense over $400 can save up to $300 a month. It might not seem a lot, but if you leverage this saving smartly, you might save enough for a flight ticket to Taiwan. 

[2019 Saving tips] How to maximize saving from the Transport Subsidy Scheme

<p>Being able to add your own categories has been a popular request from the Planto community. </p>
<p>We&#39;ve now introduced #tags.</p>
<p>While not exactly custom categories, they offer a lot more flexibility and are quick to get started with &#8211; helping you analyze, search and better organize your expenses.</p>
<h3 id="how-do-i-use-them-🧐">How do I use them? 🧐</h3>
<ol>
<li>Go to the <strong>Monitor</strong> tab and tap the transaction you want to assign a tag to.</li>
<li>Input one or more #[your assigned tag name] in the <strong>note section</strong> (you can always edit it later).</li>
<li>Go to <strong>By Category</strong> under the <strong>Monitor</strong> tab and scroll down to see all the tags you&#39;ve created. Click on each tag to see the breakdown and analytics!</li>
<li>Input any tags in the <strong>Search Transactions</strong> bar to see all related transactions.</li>
</ol>
<p>&nbsp;</p>
<p><a href="https://d3p3a214b6u455.cloudfront.net/images/blog/planto-tag-expense-steps-en.png"><img decoding="async" src="https://d3p3a214b6u455.cloudfront.net/images/blog/planto-tag-expense-steps-en.png" alt="How to use tags"></a></p>
<p>&nbsp;</p>
<h3 id="how-to-make-the-most-out-of-them-💡">How to make the most out of them 💡</h3>
<p>You can associate tags with:</p>
<ol>
<li>
<p>A person or a group of friends<br />
E.g: #Bob, #Mum, #CollegeChums</p>
</li>
<li>
<p>A festival or event<br />
E.g. #Christmas, #AnnualDinner, #CNY</p>
</li>
<li>
<p>A subcategory of an existing category<br />
E.g. Under Business category, you could create tags such as #ClientLunch, #Taxi, #OfficeXmasDecorations</p>
</li>
<li>
<p>An emoji to show how you were feeling when the transaction was made<br />
E.g. #😍 #😜 #😭</p>
</li>
<li>
<p>A source of 💰inflow<br />
E.g. #Dividends, #MarkSix7thPrize, #BobInterestIncome</p>
</li>
</ol>
<p>&#8230; or anything else that comes to mind &#8211; you can be as creative as you want with #tags!</p>
<h3 id="wed-love-your-feedback">We&#39;d love your feedback</h3>
<p>Give #tags a try and let us know what you think and how you’re using it by contacting us through Live Chat or email at <a href="mailto:hello@planto.hk">hello@planto.hk</a>. </p>
<p>We&#39;re just getting started so we need your feedback to improve and help you manage your finances better! 🤗 </p>


You can now add tags to your transactions - helping you analyze your spending habits, letting you search easier and more!

#Tags: A new way to create your own categories

<p>The annual Christmas-followed-by-New-Year holidays could be very costly if you indulge yourself in the festive joy, and guess what, entering 2019 with a deficit (or worse, a debt), is definitely not a good way for you to start a new year. Here are some top tips to enjoy the holidays with a low budget, because in the end, the most important thing is to spend it with someone you love, right?</p>
<p><strong>#1 Last minute deals on travel websites</strong><br />
Spending the holidays overseas would always be a nice way to celebrate the new year. Look for some last-minute deals and you might be surprised! Consider somewhere low season in the winter, maybe a Mediterranean or Okinawan Christmas. It would be the best to find flight-hotel packages and make sure you are getting the best price for both. </p>
<p>Some sites that would be helpful when you look for last minute deals are <a href="https://www.expedia.com.hk/en/lastminutedeals?&amp;langid=2057"> Expedia Last Minute Deals</a> , <a href="https://www.skyscanner.net/news/get-best-air-fares-skyscanner-price-alerts?_mp=167bbb3b40629-0ddcbf2241ccfb-35657607-13c680-167bbb3b4079ad_1545042607135&amp;preferences=50929f9cdcf24c8ba6df86b2cad50d36&amp;traveller_context=50929f9c-dcf2-4c8b-a6df-86b2cad50d36&amp;_ga=2.24524282.1974527251.1545042376-106789250.1545042376"> Skyscanner Price Alert</a>  and <a href="https://www.cheaptickets.hk/en/last-minutes"> Cheapticket.hk Last Minute Deals</a> . </p>
<p><strong>#2 Glamping under the stars</strong><br />
If a luxurious trip is too much for you, why don’t you stay in Hong Kong and go on a luxurious GLAMPING? Summon your squad because booking a hostel from <a href="https://www.yha.org.hk/en/"> YHA</a>  will only cost you a few hundred bucks. Just remember to book earlier for popular dates. You can also check out some private campsites, like the <a href="http://www.minglefarm.com/"> Mingle Farm in Tin Shui Wai</a> , <a href="https://www.saiyuen.com/en"> Saiyuen in Cheung Chau</a>  and <a href="http://welcomebeach.com.hk/"> Welcome Beach in Lantau Island</a> . </p>
<p><strong>#3 Potluck to bring good luck</strong><br />
Potluck might be new to Hongkongers but it is a great way to learn about each other’s culture (and secret recipes) &#8211; we all know that each family has that one home-made dish that everyone cannot forget. Holding a potluck party means everyone would have to bring one dish to the party and share. Not only does that save time for the party host but it would also be paying a heart-warming respect to the tradition of sharing in Christmas. So get ready to bring out your best cooking game! </p>
<p>Is your flat too cramped to hold all your friends? Consider booking a party room. You can find party room rental information from <a href="https://www.2book.co/en/"> 2book</a>  and <a href="https://www.venuehub.hk/venue-types/party-room"> Venuehub.hk</a> . </p>
<p><strong>#4 Spend smart with discount apps</strong><br />
Impulse spending is a thing &#8211; we totally get it. Take a look at these discount apps to help you spend smart while you are out with your friends and family: </p>
<ul>
<li><a href="https://eatigo.com/hk/hong-kong/en">Eatigo</a> : A restaurant reservation and discounts app from Thailand, available in Hong Kong, Bangkok, Pattaya, Singapore and Kuala Lumpur, offering up to 50% off discounts.</li>
<li><a href="https://www.theentertainerme.com/">The Entertainer</a> : A popular discounts app from Dubai. Members can have buy-one-get-one-free discounts from a wide variety of restaurants, bars and spas. Although you have to pay a membership fee, it’s just $288 for both 2018 and 2019 membership. </li>
<li><a href="https://www.feedmeguru.com/">FeedMe Guru</a> : This restaurant reservation app targeted middle to high class restaurants, making it easy for users to find fine dining discounts. Sometimes they will even launch a special menu with restaurants! </li>
<li><a href="https://www.myfunnow.com/en/">FunNow</a> : Real-time reservation for bars, restaurants, hotels, spas and recreational activities. There are also a lot of “late bird” discounts for us not-as-early-as-other birds. </li>
<li><a href="https://myicellar.com/">Myicellar</a> : Missing booze for your party? Check out this start-up app that can get you wonderful deals up to 50% off. Make sure you order 3-5 days before the party. </li>
</ul>
<p>After a festive splurge, it’s time to get ready for your New Year Resolution because, this year, you’re going to make it. Try out <a href="https://www.planto.hk/en/"> Planto</a>  if you have a particular saving goal in mind. The app can help you to track and categorize your expenses as well as keep you on track of your 2019 saving plan! </p>
<p><strong>Warm reminder: Special traffic arrangement and weather during Christmas’ Eve and New Year’s Eve.</strong><br />
On 24 Dec and 31 Dec, MTR will offer an extra 803 trains trips and overnight services to ensure you can party all night. This Christmas would be the warmest since 1991, reaching up to 23 degrees but it will start turning colder soon after so you might need to add a jacket after New Year’s Eve. </p>


The annual Christmas-followed-by-New-Year holidays could be very costly if you indulge yourself in the festive joy. Here are some top saving tips to enjoy the holidays with a low budget!

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