Neat is a startup that aims to make international trade easier for entrepreneurs and small and medium-sized enterprises (SMEs).
Founded in 2015, the company is an alternative to banks and offers global business accounts and Visa card services that can be managed entirely online or through the Neat phone app. Phone and email support are available.
Neat has offices in Hong Kong and London, but accepts applications from companies incorporated in several other countries, including New Zealand. Limited companies, sole proprietors and partnerships are eligible to apply.
Neat global business account
Neat global business accounts cater for small businesses that rely on effective international trade.
International payments. Make payments to over 35 countries. Set up multiple payees and make payments with a click of a button.
Collections. Incoming payments are accepted from 77 countries and in multiple currencies: US dollars, Hong Kong dollars, euros and British pounds. Note that there are balance and monthly incoming amount limits.
24/7 support. Email and chat support is available night or day. Phone support is available Monday to Friday, although it operates on Hong Kong time, 9 am to 6 pm HKT.
Payment integrations. Neat wallets can be linked with payment gateways including PayPal, Stripe and Amazon Pay.
No minimum balance. Neat requires no minimum deposit or balance.
Online account management. Customers can manage their account entirely online or through the Neat app.
Xero integration. The Neat global account can be integrated with Xero for easy accounts reconciliation and financial reporting.
No monthly fees. No monthly subscription cost or hidden fees.
The Neat corporate Visa debit card
All global account customers are automatically approved for the Neat corporate Visa debit card.
Virtual cards. Neat virtual debit cards offer flexibility and control. Neat says it will be making physical cards available soon.
Widely accepted. Neat cards are accepted online anywhere Visa is. In-store and ATM use will be available when physical cards are offered.
Hong Kong dollars base currency. Neat corporate cards’ base currency must be HKD, although Neat says USD will be an option soon. There are currently no plans to offer New Zealand dollars as a base currency.
Simple management. Set spending limits for each debit card and get instant transaction notifications via the app.
Manage expenses. Keep track of expenses by photographing receipts in the Neat App, or integrating an accounting platform like Xero.
Cashback and perks. Get 1% cashback on all purchases, plus discounts on Shopify, Google Ads, and more.
How much does a Neat global account cost?
Neat doesn’t charge subscription costs, nor is there a fee to open an account. Other fees include:
International payment: HK$90 / US$12
HKD Neat wallet to Hong Kong bank account: HK$30
GBP or EUR neat wallet to an account within the single euro payments area (SEPA): $0
International payment to a HKD or USD Neat wallet: HK$65 / US$13.50
Faster Payments Service (FPS) payment from Hong Kong bank account to HKD Neat wallet: HK$2
Express payment from a Hong Kong bank account (clearing house automated transfer system (CHATS) to HKD or USD Neat wallet: HK$15 / US$2
SEPA Payment to EUR or GBP Neat wallet: $0
Neat offers a company incorporation service that lets international companies register as a limited company in Hong Kong. This service costs US$650.
How is Neat regulated?
Neat is not a bank. While it is based in Hong Kong, it is not supervised by the Hong Kong Monetary Authority.
In Hong Kong, Neat has a Money Service Operator Licence, a Trust or Company Service Provider Licence and a Money Lender’s Licence.
In the UK, Neat Global Limited is an agent of PayrNet Limited, an electronic money institution authorised by the Financial Conduct Authority.
Pros and cons
Support for transitions across multiple countries
100% online with multiple support channels
Mobile app for easy account management
No branches in New Zealand
New Zealand dollars are not a base currency option
How to apply for a Neat global business account
Applying for a Neat business account takes just 15 minutes online and applications take about 7 days to approve.
As a well as a New Zealand Business Number (NZBN), applications must include the following information for all company directors, shareholders and account users:
A photo/scan of their passport
A photo of the director, shareholder or account user holding their passport open.
Neat may be in contact if more information or documentation is needed to process the application.
Kevin McHugh is Finder’s publisher for New Zealand. He has over a decade of experience in digital comms across sectors including law, insurance and government. Kevin has a Bachelor of Arts in English Literature from the University of Sussex, a Diploma in Journalism and is currently learning French at a painfully slow rate.
Our Top Pick
Neat Global Business Account
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