Neat Business review
This e-payments platform helps you spend, convert currencies and make payments in a few swipes. Is it right for your business?
Neat is a neobank that provides banking services to both individuals and businesses worldwide. In fact, if you own a business based in Ireland and want to send and receive money conveniently, Neat might just have the right account for you.
Neat provides specialised accounts for businesses. This review will explore the features and fees of a Neat Business account, to help you decide whether spending with Neat is right for your company.
Currency conversion fee
What's in this review?
- How Neat works
- What can you do with a Neat Business account?
- Compare Neat Business accounts
- How much does a Neat Business account cost?
- Is Neat safe
- What to take note of
- Pros and cons of Neat
- How to sign up with Neat
- Compare Neat with other digital banks for businesses in Ireland
- Frequently asked questions
How Neat works
Neat works very much like other digital banks available in Ireland. While Neat is headquartered in Hong Kong, it welcomes businesses from all around the globe. This means that companies based in Ireland can still enjoy all the perks of a Neat Business account including quick payments, competitive exchange rates and additional security features.
Registering for an account with Neat is as simple as downloading their app, providing your company’s details and funding your business account.
What can you do with a Neat Business account?
- Spend using the Neat Corporate Card. The Neat Business account comes with its own prepaid card. With the Neat Corporate Card, you can make online and offline payments, as well as withdraw cash from any ATM that supports the Mastercard network. Since the card has to be pre-loaded, you don’t have to worry about incurring credit card debt or making interest payments.
- Make worldwide bank transfers. With Neat, your business can send and receive money within minutes. You can also use bank transfer to directly top up your Neat account.
- Use multi-currency wallets. Neat allows your company to receive payment from clients in over 50 international currencies online, without hidden fees.
- Monitor your company’s spending. Using the Neat app’s built-in analytics, you can verify transactions and manage your company’s spending easily.
Compare Neat Business accounts
How much does a Neat Business account cost?
Both a Neat Business account and its corresponding Neat Corporate Card is free. However, the Neat Business account could come with additional fees, such as:
- Neat Mastercard fees. HK$60 per month.
- Cost of refunds. If you want a refund on your transaction, there will be a HK$4 (approx €0.44) fee.
- Card replacement fee. A HK$50 (approx €5.45) fee applies when you request for a new card to be delivered to your doorstep.
- ATM withdrawal costs. Whenever you withdraw money from an ATM, you will be charged a 2% fee with a minimum of HK$25 (approx €2.73).
- Foreign merchant fees. Payments conducted via third-party merchant processes may be subject to a 1.5% surcharge.
- Inactivity charges. Expect a minimum charge of HK$60 (approx €6.54) when you go 6 months without using your Neat account.
Do take note that the fees will be deducted in HK dollars, as Neat is based in Hong Kong and operates in HKD. Furthermore, this list of potential charges is not exhaustive. As such, you should read through Neat’s full pricing guide and their website to have a better understanding of how much you might have to pay.
Is Neat safe
To ensure the safety of your funds, Neat has put in place a few layers of security measures for all their clients.
- Licensing. Neat holds licenses from the Financial Conduct Authority, including a Money Service Operator license, Trust and Corporate Service Provider license, and a Money Lender license in Hong Kong. This means that Neat holds the relevant certifications and is regulated by multiple financial authorities.
- Mastercard Network. Your Neat Corporate Card is issued by Mastercard and, like all Mastercards, is secured by the same security features used by Mastercard. Furthermore, since the Neat Mastercard is issued by ePaylinks, a licensed Mastercard issuer in Hong Kong, you can rest assured that your fund transfers will be securely processed.
- Account segregation. Neat keeps your company’s funds in a separate external bank account. This way, even if Neat were to file for bankruptcy, you can still get your money back.
However, do take note that Neat does not hold a license for online banking operations. Hence, having a Neat account could be less secure than that of a traditional bank which has a verified banking license.
What to take note of
There are a few things you should take note of before choosing Neat for your company.
- Neat cannot be downloaded or used by clients in certain countries like Saudi Arabia, Russia, Afghanistan, and Iran.
- Neat does not offer accounts to businesses involved in aviation, cryptocurrency, and nuclear power amongst a host of other industries. Refer to their website for a full list of supported industries.
- Neat Business is only available to three types of business entities: limited companies, sole proprietors, and partnerships.
Pros and cons of Neat
- Sign up online in minutes
- Spend in a wide range of currencies at competitive rates
- Enjoy bigger savings with no monthly account fees
- Inactivity, transaction refund and other fees could really add up
- Only top-up method for companies in Ireland is via bank transfer
How to sign up with Neat
Visit Neat’s website and fill up their online application form. This includes giving details about your company, what it does, the types of clients you work with and payment methods you accept.
Your application will be approved in a few business days. After which, you can begin using your Neat Business account.