Contents
What is Neat?
Neat Commerce is a Hong Kong-based fintech that offers business current account for entrepreneurs, SMEs, startups and eCommerce business accounts. Neat allows you to create multicurrency wallets in HKD, USD, Euro and GBP for your business, issue corporate expense cards to staff, make and receive SEPA payments and manage your cashflow from a single dashboard to save you time and money.
Key Takeaways
- Neat offers both physical and virtual Visa business cards for business expenses.
- Neat integrates with a variety of e-commerce platforms such as Amazon, Shopify so that you can manage disbursements and receive payments easily.
- You can register a company in Hong Kong with Neat Commerce and qualify for Neat business account and corporate Visa cards.
- There are no monthly commissions or fees. Moreover, there is no minimum yearly expenditure amount or minimum balance that the company requires.
- The Neat Commerce app has many useful features including he ability to save pictures of receipt, and thus, lost receipts will no longer be a problem.
Neat has informed us that they no longer accept applications for Neat personal card or Neat personal account starting on October 1, 2021.
How to Open Neat Commerce Account
The process of opening a business account with Neat is done entirely online or on Neat app. You can download the Neat app from the respective app stores, which are available on both Android and iOS devices. You need to provide basic information such as phone number, and submit the information related to your business (shareholders, directors and business certificates) and a selfie holding a valid ID. Neat doesn’t accept Hong Kong Identity Card (Permanent/Non-Permanent Resident).
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.
Neat Commerce Products
Neat offers the following products and servies.
Neat Business Account
Neat Commerce allows you to create HKD, USD, EUR and GBP wallets to for your business to make and receive payments. In addition, the business account enables you to collect, pay and manage your cashflow from one dashboard to save you time and your business money. With Neat, you can expand your supply chain because you your business account can make payments to over 170 countries around the word at low rates. Your Neat business account can be integrated with Xero for easy payment reconciliation.
Neat Corporate Cards
The fintech offers a prepaid Neat Mastercard and Neat Visa card. This means you can issue corporate expense cards to your employees with built-in controls that eliminate expense reports, with 1% cash back on every transaction. You will be able to monitor all employee expenses, in one place, in real-time from your Neat dashboard as well as set daily, weekly and monthly limits on all Visa cards online for each employee individually. You and your staff can shop and spend anywhere in the world, online or offline. 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.
Neat Payments
Neat offers you the option of making fast local and international payments with low fees and competitive exchange rates. you will easily pay employees and sort out invoices quickly to pay local and international suppliers, get paid through Neat business account from clients around the world.
You can make payments using a number of payment methods including SEPA, SWIFT, etc. There are a few countries where we can send payments to that require IBAN. You can set up multiple payees in seconds and send funds with the click of a button on Neat dashboard. Besides, you can track the status of the payment and share a link with your payee, so they can also track where the payment is and the estimated arrival date.
Sending money to China with Neat: Currently, only USD & CNY payments are enabled to payees in China from your USD or HKD wallet. Account holder name – currently accepting names in English only.
Ecommerce Banking
Streamline your online sales with Neat Ecommerce solutions by creating multicurrency wallet and integrate with global ecommerce platforms like Amazon, Stripe, Shopify and Paypal
Benefits of Neat ecommerce packae include saving up to 3% with zero foreign merchant fees, competitive FX rates, 1% cashback, zero monthly fees, zero minimum spends, and no hidden charges.
Find out other available eCommerce Banking Solutions Around the World
Company Registration
You can use Neat to incorporate your company in Hong Kong with a business account and a corporate VISA card. You will get a Business Registration Certificate, Registered address and Company Secretary. The company secretary is a certified expert who maintains company records and files statutory documents accurately on time to avoid penalties. All Hong Kong companies must have a local corporate secretary and a local registered address. Neat will open, scan, and upload letters to your business account same day it is delivered.
Neat Fees
| 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 | US$12 |
| International Payment via SWIFT (including of correspondent bank charge) | US$50 |
Neat Company Incorporation Fee Table
| Incorporation Bundle | US$650 |
|---|---|
| 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.
Is Neat Safe?
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.
Neat Limited is a licenced money service operator in Hong Kong. Neat Global Limited is an agent of PayrNet Limited, which is an Electronic Money Institution authorised by the Financial Conduct Authority in the United Kingdom. The Neat card is issued pursuant to license by Visa.
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.
Neat Reviews
As of January 30, 2022, there were over 800 Neat Commerce reviews on Trustpilot. The fintech has a rating of 4.4/5 with 65% of users considered Neat services excellent while 19% said the services were bad. Common complaints from account holders include delayed payments, closed account for cryptocurrency related activities, poor customer service, accounts being closed without explanation, etc.
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.
