Neat Business review
Neat helps you spend, convert currencies and make payments in a few swipes. Is it right for your business?
Neat is a financial services company based in Hong Kong, offering an account for businesses. In fact, if you own a business and want to send and receive money conveniently, Neat might just have the right account for you.
This review will explore the features and fees of the Neat account and card to help you decide whether it’s right for your company.
S$0
Monthly fee
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Number of users
Details
| Product Name | Neat Account |
|---|---|
| Monthly fee | S$0 |
| Supported Currencies | SGD, EUR, GBP, HKD, USD |
| Domestic ATM fee | 2% per payment |
| International ATM fee | 2% |
| Currency conversion fee | 1.5% |
| Overseas transfer fee | S$12 |
| More Info |
How does Neat work in Singapore
Neat is a digital 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 and can be completed online in less than 15 minutes.
Key features
- 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 receive funds in multiple currencies including HKD, EUR, GBP and USD.
- Integrations. You can benefit from seamless integrations with payment platforms such as Stripe.
- Make worldwide transfers. Neat lets you make international money transfers to over 35 countries.
- Receive multiple currencies. Neat allows your company to receive payment from clients in over 50 international currencies online, without hidden fees.
- Monitor your company’s spending. Using Neat’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 and phone.
Fees and limits
Both a Neat 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)
Pros and cons
Pros
- Open an account for free from anywhere in the world
- Make and receive payments in multiple currencies
- Take payments from international customers
- Multiple currency conversions
- Integrate with Xero accounting software
- Corporate payment cards available
- Multilingual customer support
Cons
- Not a full business bank account, so it may not provide all of the features you want
- Although there are no currency conversion fees, there are other transaction charges with the account
- Account balance limits and no credit facilities
- Not really relevant for your business if you’re not trading internationally or don’t have multi-currency needs
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.
The verdict
The Neat 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.