What is Neat?
Neat Commerce is a Hong Kong-based fintech that offers business current account for entrepreneurs, SMEs and startups. Neat allows you to create multicurrency wallets in HKD, USD, Euro and GBP for your business, issue corporate expense cards (Neat prepaid Mastercard / Neat Visa), make and receive SEPA payments and manage your cashflow from a single dashboard to save you time and money.
What is a multicurrency wallet? Multi-currency wallets enable you to receive and send money in more than one currency. For example, Neat’s multi-currency wallet lets you manage US dollars, pounds, euros, and Hong Kong dollars all via Neat app. Business’s multi-currency wallet can help you to avoid hefty fees, lengthy transfer times, and the hassle of managing many different accounts.
What are the neat personal benefits and features?
- Pay and get paid. You can easily pay local and international suppliers, get paid through Neat business account from clients around 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 Neat Mastercard and Neat Visa card. In ten minutes, you can open your Neat account and create Neat virtual card and later a physical cards for you and your staff. To have a Neat card, 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. 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 and Visa 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 apart from the fees listed below. 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 Neat 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.
- Integration. Neat allows companies to integrate their business accounts with global platforms like PayPal, Amazon, Stripe, Shopify and Xero.
Does Neat offer a Business Account?
Yes, Neat offers a business current account focusing on startups and young SMEs with the following 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 Neat app has 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.
Neat has informed us that they will no longer accept applications for Neat personal card or Neat personal account starting on October 1, 2021.
|Service||Neat fees in USD|
|Monthly subscription (no minimum balance, fall-below fees or hidden charges)||$0/m|
|Receive local payments (applies to all local incoming payments)||$0/m|
|Send local payments (non FPS payments are $8)||$1|
|SEPA payment to EUR / GBP Neat wallet)||Free|
|International payments (correspondent banks may apply additional fees for International payments processed over the SWIFT network)||$12|
|Neat card transactions (when a transaction currency denomination is different than the Base Currency of your Neat Visa Card, the Visa exchange rate will apply)||Free|
|Foreign merchant fee (no foreign merchant fee applies to transactions made in the same currency as your Neat Visa card, irrespective of the country where the merchant is based)||1.5%|
|ATM withdrawal (no minimum fees)||2%|
|Transfer from GBP Neat wallet to account within SEPA||Free|
|Transfer from EUR Neat wallet to account within SEPA||Free|
|Transfer from HKD Neat wallet to Hong Kong bank account via FPS||US$1|
|Transfer from USD Neat wallet to Hong Kong bank account via CHATS||US$8|
|International Payment via SWIFT (including of correspondent bank charge)||US$50|
Neat Company Incorporation Fee Table
|Business Registration Fee||Includes (US$32)|
|Government Incorporation Fee||Includes (US$222)|
|1 Year Registered Office Address (mandatory)||✓|
|1 Year Company Secretary (mandatory)||✓|
|Digital Copy of Official Company Documents||✓|
Neat Supported Countries
Countries where companies can open Neat business account are the following.
- Australia (Limited companies only)
- The British Virgin Islands (Limited companies only)
- Cayman Islands (Limited companies only)
- Hong Kong (Limited companies, sole proprietorships and partnerships only)
- India (Limited companies only)
- New Zealand (Limited companies only)
- Singapore (Limited companies only)
In case you don’t have a company in the countries on the list, Neat offers company incorporation in Hong Kong. See company incorporation fee table in the Neat fees section above.
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, Neat is PCI DSS (Payment Card Industry Data Security Standard) compliant and all your card transactions are under secure protection of the Mastercard Network and rules.
Is Neat a bank? No, Neat is not a bank and it is not supervised by the Hong Kong Monetary Authority. In Hong Kong, Neat is a holder of Money Service Operator Licence, Trust or Company Service Provider Licence and Money Lender’s Licence.
Final Thoughts on Neat Review
Opening a multi-currency business bank account with Neat saves you from the hassle of having to deal with traditional banking institutions; thus, you save time to do your business. The company allows your business to pay suppliers in HKD, USD, Euro and GBP. With the revolutionized and easy account opening process, Neat is worth a try.