What is Money Safe?

Money Safe is an anti-fraud and-scam protection feature launched by the Hong Kong Monetary Authority (HKMA) to provide extra protection for your bank deposits. By locking your funds in an account with Money Safe protection, the locked amount cannot be withdrawn or transferred via any channels or methods — including cash withdrawal, Faster Payment System (FPS), local transfers or cross-border transfers. This helps reduce the risk of fraudsters instantly moving your money out of your account.

Protect your money from fraud and scams

You can easily lock your funds via our WeLab Bank App. Money Safe works like a safe — you can choose to lock up part or all your funds. Once locked, these funds cannot be used for any transfers, safeguard them against scams and fraud. To unlock your funds, you must visit our office in person for identity verification.

Support different currencies

You can use the Money Safe service to lock funds in your HKD and foreign currency Core Accounts and GoSave 2.0 Time Deposits. The lock is applied immediately after you complete the steps on the WeLab Bank App.

Continue to earn interest

Funds within your Money Safe account can earn interest at prevailing deposit rates. For higher returns, you can set up a GoSave 2.0 Time Deposit under Money Safe protection.

How do I activate Money Safe?

Lock your funds securely in just a few steps through the WeLab Bank App:

Step 1

Login to our WeLab Bank App, go to Money Safe page under Settings

Login to our WeLab Bank App, go to Money Safe page under Settings

Step 2

Read through the important notes and click Lock Funds to proceed

Read through the important notes and click Lock Funds to proceed

Step 3

Select the currency and amount you wish to lock

Select the currency and amount you wish to lock

Step 4

Funds are successfully locked

Funds are successfully locked

What should I be aware of before locking my funds in Money Safe?

Once the fund is locked, you must schedule an appointment and visit the WeLab Bank office in person for identity verification before requesting the unlock. You will only be able to use the funds after the entire unlocking process is completed. The process will take 3 business days, after which we will credit the funds back to your Core Account. As the unlocking process takes time, please ensure you keep sufficient funds available for daily use!

Can GoSave 2.0 Time Deposits be locked under Money Safe?

Yes. As long as your time deposit meets the minimum locking amount, you may lock it under Money Safe along with the interest it earns. Upon maturity, both principal and interest will automatically renew for one month at the prevailing Money Safe interest rate for the respective currency.

Lock your funds in Money Safe to protect your deposits now!
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What should I be aware of when locking my funds in Money Safe?

Once you have locked any funds for Money Safe protection, we will stop processing any Transaction pursuant to any instruction received by us for related fund after lockeding it (including any instruction given by you) until the locked funds are released from Money Safe protection with a specified procedure.

How to release my locked funds?

If you want to unlock the fund from Money Safe protection, you must schedule an appointment and visit the WeLab Bank office in person for identity verification before requesting the unlock. You will only be able to use the funds after the entire unlocking process is completed. The process will take 3 business days, after which we will credit the funds back to your Core Account. As the unlocking process takes time, please ensure you keep sufficient funds available for daily use!

Money Safe Unlock Service Appointment Hotline: +852 3898 6988
Money Safe Unlock Service Hours: Monday to Sunday, 9:00 am – 5:00 pm

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Remarks

Terms and Conditions applied. Please click here for details.
Funds locked in Money Safe are eligible deposits under the Hong Kong Deposit Protection Scheme (DPS). WeLab Bank is a member of the DPS. Eligible deposits taken by the Bank are protected up to HKD 800,000 per depositor.