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Neat Business review

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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 Hong Kong based fintech company that provides services to both individuals and businesses worldwide. In fact, if you own a business based in Singapore 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.

S$0

Monthly fee

1.5%

Currency conversion fee

Details

Product NameNeat multi-currency wallet
Monthly feeS$0
Supported currencies

1

Currency conversion fee1.5%
More Info

How does Neat work in Singapore?

Neat is a digital provider headquartered in Hong Kong. Designed for local and global businesses, its business multi-currency account offers a wide array of features, including simple payments, integrations with platforms like Stripe, physical and virtual cards and more. You can enjoy all of these features with no monthly fee.

Registering for an account with Neat is as simple as downloading their app. Simply provide your company’s details and fund your new business account to get started.

Key features

  • Spend with ease. Neat issues both virtual and physical corporate cards with built-in controls, allowing you to spend conveniently and securely.
  • Cashback. Enjoy 1% cashback and other rewards when you spend with your Neat Corporate Visa card.
  • Simple international collections. You can send and receive payments in multiple currencies including HKD, 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 multi-currency account and its corresponding Neat Corporate Visa Card are free. However, the Neat account could come with additional fees, such as:

  • Neat Visa fees. HK$60 per month.
  • Cost of refunds. If you want a refund on your transaction, there will be a HK$4 (approx S$0.69) fee.
  • Card replacement fee. A HK$50 (approx S$8.63) 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 S$4.31).
  • 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 S$10.35) when you go 6 months without using your Neat account.

Note: Fees will be deducted in HKD (Hong Kong dollars)

The verdict

Neat’s Business 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, it’s important to note that Neat only offers its products in HKD, which may be prohibitive or costly to some businesses.

How to sign up

To apply, simply click “Go to Site” on this page to be securely transferred to Neat. The online application form usually takes 15 minutes to complete. After which, Neat typically take around one week to process your application.

Eligibility criteria

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.

Required documents

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 with their ID
  • Businesses incorporated in Hong Kong, the British Virgin Islands and the Cayman Islands need to submit additional documentation.

Compare Neat with other digital banks for businesses in Singapore

Name Product Monthly fee Minimum deposit Minimum average balance Mobile Payments
Aspire Business Account
S$0
S$0
S$0
Apple Pay, Google Pay
A virtual business debit card to help you manage business expenses. No foreign exchange fees and cashback perks of up to 1% on selected spending.
Aspire Corporate Card
S$0
S$0
S$0
Apple Pay, Google Pay
A corporate debit card for SMEs and Startups with no annual fee and low FX fees. Enjoy 1% cashback on marketing and SaaS spend. T&Cs apply.
Neat multi-currency wallet
S$0
S$0
S$0
Apple Pay, Google Pay
A fee-free account for your international banking needs. Benefit from global transfers, built-in analytics, multi-currency wallets and other advanced finance management tools.
Neat Corporate Visa card
S$0
S$0
S$0
Apple Pay, Google Pay
Earn 1% cashback, exclusive perks, plus coverage for corporate liability and travel accident with this fee-free Visa debit card.
OCBC Business Growth Account
OCBC Business Growth Account
S$10
S$0
S$0
Apple Pay, Google Pay
With no initial deposit or minimum balance required, this account is ideal to help get your business off the ground.
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