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[Beginner’s Guide] Why WeLab Bank Offers the Best FX Rates — Understand “Spread” and Save Up to HKD 583¹!

Lifestyle29 Sep 2025
In Hong Kong, whether you're investing or sending money overseas, foreign currency exchange is a key part of everyday financial planning. But have you ever wondered why exchange rates vary so much between banks? The answer lies in the “spread”! In this article, we’ll explain what a spread is and how WeLab Bank manages to offer the best FX rates — helping you save more.

What Is an FX Spread? A Must-Know Concept for Beginners

The “spread” refers to the difference between the bid price (buy) and the ask price (sell) quoted by a bank or FX platform. Simply put, it’s the hidden cost you pay when exchanging currencies — and the profit margin for the bank or platform.Example:
  • Quoted rate: USD/HKD bid at 7.7807, ask at 7.7497
  • Spread formula: Bid – Ask
  • Spread = 7.7807 - 7.7497 = 0.0310
If you exchange HKD to USD and then immediately convert it back, you’ll lose money due to the spread. The wider the spread, the higher your cost; the narrower the spread, the better the deal.For instance, if you exchange HKD 100,000 to USD with a spread of 0.0310 (310 pips), the cost difference could be around HKD 398. This difference arises because when you exchange at the higher ask rate, you receive fewer USD compared to the bid rate, meaning you effectively “lose” nearly HKD 400 in the process.This example clearly illustrates how the spread directly impacts your foreign exchange costs — which is why choosing a bank with a narrower spread is so important!

FX Rate Comparison by WeLab Bank — Let AI Help You Find the Best Exchange Rates Effortlessly!

When it comes to currency exchange, one of the most time-consuming tasks is tracking daily exchange rates and comparing spreads, fees, and rates across different banks. But with WeLab Bank’s “Compare the best exchange rates with AI” website, you can skip the hassle and compare rates with ease.WeLab Bank leverages AI to automatically aggregate exchange rates from multiple banks, helping you quickly identify the best FX rate — no need to manually check each bank. It even calculates how much you can save, simplifying the entire foreign exchange process. That’s how WeLab Bank delivers truly the best FX rates!WLB - Blog Banner AI Best Rate (EN).png

How to Exchange Foreign Currency with WeLab Bank — Just 2 Simple Steps

After checking the AI-powered Best FX Rate Comparison, you can easily exchange your preferred foreign currency at the best rate directly through the WeLab Bank App — with $0 exchange fees and $0 WeLab remittance fees*.Step 1:Open the WeLab Bank App and select “Transfer” from the homepage, then go to “Foreign Exchange”. Here, you’ll see a list of available foreign currencies, including USD, CNY, AUD, CAD, CHF, EUR, GBP, JPY, NZD, and SGD.Step 2:
Choose the foreign currency you want to buy, then enter the amount in either HKD or the foreign currency. The system will instantly display the latest exchange rate. Once you confirm the rate, simply swipe to complete the transaction — the foreign currency will be credited to your account immediately, ready for saving or investing.WLB - Blog Banner 2 steps (EN).png

Looking for the Best FX Rates? WeLab Bank Offers Transparent Pricing with 0% Spread!

When searching for the best exchange rates, it’s not just about comparing the rates themselves — you also need to consider the spread and fees. WeLab Bank offers three major advantages: competitive FX rates, $0 exchange fees, and $0 cross-border remittance fees* — making it a top choice for both currency exchange and international transfers.As a licensed digital bank in Hong Kong, WeLab Bank operates with significantly lower overhead costs compared to traditional banks. This allows us to maximize customer value by offering exchange rates at cost price, without profiting from FX spreads — delivering what we call the WeLab Bank Best Rate!Our 0% spread means that WeLab Bank sets its FX rates based on our actual cost, without adding the typical markup commonly seen in the industry. In other words, you get direct access to our cost rate — no hidden charges, no inflated spreads.

Example — Exchange HKD 100,000 into 4 Popular Currencies (AUD, GBP, CNY, and USD)1:

Save up to HKD 572 on AUD:
Bank S’s AUD sell rate is 5.1889, giving you approximately AUD 19,271.91. WeLab Bank’s sell rate is 5.1592, giving you around AUD 19,382.85. The difference of AUD 122.19 means you could save up to HKD 572 with WeLab Bank1.Save up to HKD 583 on GBP:
Bank S’s GBP sell rate is 10.5931, giving you approximately GBP 9,440.12. WeLab Bank’s rate is 10.5314, giving you around GBP 9,495.41. The difference of GBP 55.29 means you could save up to HKD 583 with WeLab Bank1.Save up to HKD 496 on CNY:
Bank S’s CNY sell rate is 1.0999, giving you approximately RMB 90,917.36. WeLab Bank’s rate is 1.0944, giving you around RMB 91,374.27. The difference of RMB 456.91 means you could save up to HKD 496 with WeLab Bank1.Save up to HKD 386 on USD:
Bank S’s USD sell rate is 7.8107, giving you approximately USD 12,802.95. WeLab Bank’s rate is 7.7819, giving you around USD 12,850.33. The difference of USD 47.38 means you could save up to HKD 386 with WeLab Bank1.WLB - Blog Banner AI Rate (EN).png

Earn 0% Spread with One App — Your Guide to WeLab Bank’s Best Exchange Rates

  • WeLab Bank Best Rate^ AI Exchange Rates at a Glance
WeLab Bank uses AI to compare foreign exchange rates across major banks, making it super easy to get the best rate when exchanging foreign currency. That’s what we call the WeLab Bank Best Rate!Learn more about AI exchange rate: Compare the best exchange rates with AILearn more about foreign exchange: Exchange Currency with Ease
  • Zero Fee on Cross-Border Transfers*
During the promotion period, all outbound remittance transactions successfully made through the “Cross-Border Transfer” function of the WeLab Bank App are exempt from WeLab remittance fees. The actual waived fee amount ($0) will be displayed directly in the WeLab Bank App when you submit the remittance transaction.Learn more about global remittance: Guide for Global Remittance
  • Security
WeLab Bank is a licensed bank in Hong Kong, and your deposited foreign currency is protected by the Deposit Protection Scheme, with a maximum coverage of HKD 800,000 per depositor2, making it safe and reliable.Learn more: Deposit Protection SchemeWant to manage your money more effectively? Start using the WeLab Bank App now to experience the most cost-effective way to exchange USD and take your financial planning to the next level!
Disclaimers:^Terms and conditions apply. Please refer to Compare the best exchange rates with AI for details.*From now until December 31, 2025, all outward remittance successfully made through the “Global Remit” function in the WeLab Bank App can enjoy WeLab Bank remittance handling fee waivers. Terms and conditions apply: https://welab.app.link/e/aNd7u0OM5Ub(1) The example uses exchange rates announced by Bank S and WeLab Bank at 10:21 AM on September 24, 2025, rounded to four decimal places for easier comparison. Actual exchange rates rates may vary due to market fluctuations. Please refer to the rates shown in the WeLab Bank App on the day of transaction for the most accurate information.(2) WeLab Bank is a member of the Deposit Protection Scheme. Eligible deposits taken by this Bank are protected by the Scheme up to a limit of HKD 800,000 per depositor.Currency exchange involves risks. Foreign exchange markets are subject to unpredictable fluctuations. If you choose to convert your HKD or foreign currency deposit to other currencies, such foreign exchange transactions will be subject to risk arising from exchange rates fluctuation. As a result, you may suffer losses. The information above is not and does not constitute or form part of any offer, recommendation, invitation or solicitation to subscribe to or to enter any transaction.
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