What is Neat?
Neat is a Hong Kong-based current account that makes everything easily accessible. You can open an account with Neat in less than 10 minutes. More so, you are at the advantage of being able transacting with over 50 currencies when making your international and local purchases. Therefore, with Neat, you can receive a salary, send money, make payments and manage your money anywhere. You will get a Neat prepaid Mastercard issued by ePaylinks.
What fees does Neat charge?
There are no minimum monthly or annual fees related to acquiring a Neat prepaid Mastercard. However, once you lose the card, you will incur a cost of HK $50 to replace it. A minimum ATM withdrawal of HK $25 incurs a fee of HK $25. However, you will get an HK $4 refund for your transactions.
The Hong Kong merchants who work with an international brand incur a 1.5% fee in HK Dollar transaction foreign merchant. Inquiry of balance incurs a charge of $4. Also, as long as your account has money in it, inactivity for six months incurs a monthly cost of $12.5. On the contrary, you will not incur any charges even after inactivity for more than six months if your account balance is zero.
What are the neat personal benefits and features?
- Get paid. You can easily get paid through neat once you follow the carefully laid out payment instructions. Moreover, clients, friends and employers can easily make payments into the account from anywhere in the world. Also, you can easily top up your account through bank transfers, cash top-ups or direct card transfer through FPS.
- Easy online account opening process. With Neat, you can bid goodbye to the tiresome paperwork. Also, you do not have to go through the hassle of making long queues in the bank to open an account. Accounts with Neat are entirely mobile. You get to manage your finances, open your account, send money or block your card through the Neat App.
- The prepaid Mastercard. In ten minutes, you can open your neat account incase you are new in Hong Kong, and you are facing any difficulties getting a credit card. To have a Neat prepaid MasterCard, all you need to do is complete the registration process on the Neat App. You can download the Neat App from the respective app stores, which are available on both Android and iOS devices. More so, you do not require any salary statement, proof of address or credit history to obtain the account. To your advantage, you will have unlimited access to the Neat App and the Mastercard that will help you spend money anywhere in the world.
- There are no annual commissions or fees. Both the app and the Neat card are free. Therefore, you will not incur any fees or commissions for the service whether you shop offline or online. Moreover, there is no minimum yearly expenditure amount or minimum balance that the company requires. Since the Neat Mastercard is a prepaid card, you will not get into any debt through it, neither will you incur any interest charges.
- You can shop and spend anywhere in the world, online or offline. Neat is an excellent travelling companion. With the prepaid Mastercard, you can shop around the world online and offline. Better yet, you will carry out your transactions with the best exchange rates and efficiently with over 50 currencies. As a result, the app transparency lets you see what you spend on in real-time. Hence, it will be hard to get into debt since you can only spend as per your limit.
- Send money to family and friends. Neat helps you efficiently send money to your friends and family instantly. Whether you are bailing out a person in need or you are sorting out your share of your split bill, Neat has got you covered. All you need to do is type in your amount, select the contact on the receiving end and you are good to go.
Does Neat offer a Business Account?
Yes, Neat offers a business current account focusing on startups and young SMEs with the following fantastic benefits once you incorporate it with your business.
- Neat provides you with tools such as a dashboard that gives you the insight and gets you in control of the progress of your business finances. Thus, you will achieve a commendable increase in productivity in your business.
- The business account is easy to set up just like the personal subscription. Hence, you can access your bank account at any time and anywhere.
- The account comes with extraordinary features that carefully organize admin tasks for you. Thus, your focus is more on your business.
- You will automatically have a Hong Kong bank account number. Since Neat works with a variety of e-commerce platforms, you can manage disbursements and receive payments easily.
- With the business account, you will easily pay employees and sort out invoices quickly.
- The App features contain the ability to save pictures of receipt, and thus, lost receipts will no longer be a problem.
You can quickly complete a business application if you have a Business Registration Certificate that is valid and director’s passport and beneficial owners.
How safe is your money with Neat?
In case you are wondering if your money is safe with Neat, you do not have to worry because since Neat is not a Bank, your money is stored in other segregated and licensed banks. These banks ensure proper safeguarding policies, and therefore, even if something happens to Neat, your money is safe. As an award winner from the Hong Kong government for the easy account opening and managing process, you get to relate with the best company in the industry. Moreover, all your card transactions are under secure protection of the Mastercard Network and rules.
Final Thoughts on Neat Review
Neat saves you from the hassle of having to deal with traditional banking institutions; thus, you save time to do your business. The company’s mission to make things smooth for clients and enabling easy and affordable transactions all over the world has brought about its success today. With the revolutionized and easy account opening process, Neat is worth a try.
Crispus is a finance professional with more than a decade experience in the industry. Over the years, Crispus has written in-depth articles on leading platforms like CCN, Marketwatch, and Seeking Alpha. He also runs a Forex education and managed account company called WestEndFx.