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
How does Neat work in Ireland?
Neat is a digital business banking provider that is headquartered in Hong Kong. Its business account is designed for local and global businesses and offers a number of features, including simple payments, integrations with platforms like Stripe, physical and virtual cards and more. You can enjoy all of these features for no monthly fee.
Registering for an account with Neat is as simple as downloading their app, providing your company’s details and funding your business account.
- Spend using the Neat Corporate Card. You will be able to spend easily using the Neat Visa card. You will also get instant access to virtual cards.
- Cashback. When you spend with your Neat Visa card you can enjoy 1% cashback and other rewards.
- Simple international collections. You can send and receive payments in multiple currencies including EUR, GBP and USD.
- Integrations. You can benefit from seamless integrations with payment platforms such as Stripe.
- Make worldwide bank transfers. Neat lets you make international money transfers to over 35 countries.
- 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.
- 24/7 support. You can contact Neat 24/7 through email, WhatsApp, the Neat app and the phone.
Fees and limits
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.
Fees will be deducted in HK dollars, as Neat is based in Hong Kong and operates in HKD.
Neat’s Global Account is designed to make operating a global business easier. There are a few features to benefit from, including easy payments, no monthly fees and simple international transfers.
However, Neat only offers its products in HKD so that may be prohibitive or costly to some businesses.
How to sign up
Click “Go to Site” on this page to be securely transferred to Neat. You will need to submit the following documents when you apply:
- Board resolution (can be created with Neat)
- All directors, shareholders and account users need to submit a valid ID as well as a selfie holding your ID
- Businesses incorporated in Hong Kong, the British Virgin Islands and the Cayman Islands need to submit additional documentation.
The online application form usually takes 15 minutes to complete. After this, Neat can create your account in about one week.
The following eligibility criteria apply:
- 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.
Compare Neat with other digital banks for businesses in Ireland
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.