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Neat: a Hong Kong payment institution for startups and digital entrepreneurs

Launched in 2018 and being licensed in Hong Kong, Neat primarily focuses on business accounts for small and medium enterprises. In addition, Neat is licensed in the UK as an Electronic Money Institution for the issuing of electronic money. As of these days, this bank onboards Asian-based and international clients. Neat operates as a digital bank whereas all operations are performed online.

Currently, Neat does not offer personal accounts.

Pros of Business Account

-         Online account set up and verification
-         Ability to get payment via wire transfers
-         Access to Chinese and Asian markets
-         Easy connection of Neat account with Stripe, PayPal or other wallets
-         Automated integration with accounting software
-         Low currency conversion and transfer fees in comparison to bank fees

Cons
-         Transfer limits
-         Unfavorable conversion fee on large amounts
-         Many countries are not supported

Account Opening

New applicants are required to submit corporate information and documents confirming incorporation, ownership and management of the company. New clients are onboarded online.

In comparison to other payments institutions, Neat restricts all sanctioned countries and even certain EU countries, including Latvia, Lithuania. It does not open accounts for customers, shareholders and directors from Russia, Ukraine, Belarus, Cyprus.

Multi-Currency Wallet to Receive Payments

With Neat customers get access to multi-currency wallet to receive payments and make transfers. Its account allows to get payments from around the world in such currencies as HKD, USD, EUR and GBP. Transfers are available for 36 countries.

Cards

Neat issues corporate VISA and MasterCards. It is possible to get several cards for each team member. It can be either a physical or virtual card. Virtual cards are issued instantly.

Integration with third party services

Another best thing with Neat is that all available features goes beyond the account. In other words, you can use your account settings to connect with PayPal, Stripe, Amazon and other wallets.

Another great option available in Neat is the integration with online accounting software. This feature allows to do less work as there would be no necessity to enter transaction details manually from Neat in an accounting software. Activity statements will be sent automatically to the online accounting software.

Security

As part of its security commitment, Neat is licensed with a relevant authorities and holds a Money Lenders License, Money Service Operator Licence, and a TCSP license in Hong Kong. In addition, it is an FCA-approved EMD agent in the UK. Neat partners with PayrNet Limited which is an FCA-authorised Electronic Money Institution in the UK and ePaylinks being an HKMA Stored Value Facility license holder in Hong Kong.

Payments to China

Sending money to China can be a tough thing. It is not a surprise that users experience a great deal of problems with outgoing payments to China. Neat promises to take care of payments to China. It posts updates on any issues that they face with such payments and tries to find alternative methods to process such transfers successfully.

This is a great option for businesses that try to find effective solutions to get access and make purchases directly to Chinese manufacturers.

Pricing

Neat is highly competitive payment institution when it comes to the pricing. Account opening and maintenance are free. Neat Prepaid MasterCard is HK$60 per month which is about US$8. ATM Withdrawal is 2% or a minimum of US$ 3. Outgoing fees are free for payments from GBP or EUR Neat wallet to account within SEPA. Other international payments are subject to US$12fee. SEPA payments to Neat Wallet in EUR and GBP are also free of charge.

Alternatives:
Sterling
Statrys

We will review them in our further digests next weeks.