Finance

Neat Banking | Commerce Solution for Entrepreneurs and New Businesses

Pinterest LinkedIn Tumblr

Online banking system especially Neat Banking is gaining popularity day by day because of its quick and highly encrypted service. Various online banking systems are available for customers throughout the world. Why Neat Bank should be your choice from amongst hundred other options? We are about to find out!

What Will We Talk About Here?
  • Neat Bank is a commendable online banking service that deals with different currency, offers cash back, and does not charge any monthly fee.
  • With Neat Bank, you can choose to open a Personal as well as Business account.
  • If Neat Banking isn’t fit for you, other options like ZA Bank and Airstar also exist.

…and Much More!

Neat Banking – Services

In order to facilitate its customers, Neat bank service has two type of accounts which are personal and business. Both work totally different from each other and entertain their customers in a different way. But both types make process of transaction quite easy for the customers.

Steps to Open a Neat Business Account

In order to create Neat bank account the procedure is automatic and relatively quick. For creating your account you have to follow some steps like:

  1. Go to the official website up Neat.
  2. Provide basic necessary information for account creation.
  3. Complete all the related details of your business.
  4. Next you have to verify your company legal information.
  5. Mention all the company members as well as type of your business.
  6. Then confirm your application and go through their fee structure.
  7. Almost one week will be required to complete the review procedure.

Business Neat Banking – Key Features

There are multiple features of Neat banking. A few of them include corporate cards, money management, multi currency accounts and linkage with different payment methods etc. Below you can read in detail what different feature this bank provide.

Corporate Cards

A neat corporate card works just like a bank account with high exchange rate. From any part of the world employees can use these corporate cards to handle company expenses either through online or offline.

Money Management

Money management has become very easy through the use of Neat account. All the money of employees is divided into different sections and they remain up to date with their account’s status. It will also help to manage their budgets on every debit card and will have complete information of all the transaction in a verified manner.

Multi Currency Accounts

Neat provide you the option of multi currency accounts through which you can transfer money to any local or international bank account in different currencies. It is one of the most crucial features of Neat banking system due to which you can do trading and transaction in any currency to any bank account of the world.

Linkage with Different Payment Methods

You can link your Neat account with third party payment method like Amazon, PayPal etc. From using this method you can receive and transfer money to your customers through online system.

Xero Integration

For all those businesses which are linked with Xero online accounting software, integration with Neat account is a wonderful opportunity and beneficial platform for both small and medium entrepreneur as well as business communities. When you link your business with Neat account, you can easily go through your transaction from account dashboard.

Online Company Incorporation

As Neat banking is one of the best platforms for SMEs and the small business holders. It will provide you the opportunity to incorporate your company in Hong Kong no matter in which part of the world you are living. You can do your entire business through online system.

Now your account is similar to a Neat business account so you don’t need to provide any fee are lengthy documentation as all the procedure is electronic and all the details are automatically transferred to the companies.

Personal Neat Banking – Step By Step Guide

A Neat personal banking is an online bank account. It provides a lot of facilities to the customer like; management of account is done through mobile app or website as well as money can be transferred in the form of different currencies. In order to create personal Neat account you have to do the following.

  1. Provide your personal information and authentic ID.
  2. Then undergo face verification test.
  3. Only people of China are Hong Kong can provide their passports or Government Issued Identification Cards.

Personal Neat Banking – Key Features

Similar to business account, Neat Personal account also comes with a variety of features. In fact, the tools and service that personal banking offers here is quite commendable and gives tough competition to other options in the market.

Neat Mastercard

With Neat personal account, you can apply for a prepaid card that can be used to purchase things online, in-store, as well as used as debit card for ATM withdrawals. You have to apply for the card through the app or official website. It may take up to 14 days to get the card after your application has been approved.

Get Paid In Any Currency

Another benefit of having a personal account with Neat bank is that you can choose to get paid in the currency of your liking.

Mobile App

Neat provides one of the best mobile app that gives you access to so many dashboard features. You can avail of different actions with just a single tap.

Pros

  • System is highly checked.
  • Also allows money transfer in the form of different currencies.
  • Easy and accessible customer support system.
  • Account creation is too easy.
  • They didn’t charge a monthly fee.
  • Also provide visual cards.
  • You can link your Neat business account with third party payment methods like PayPal, and Amazon.
  • Your company is automatically registered.
  • On every purchase you will get 1% cash back.
  • Moreover, it also provide corporate visa cards free of cost.
  • Provide accidental and loss protection.
  • You can track your spending and earnings as an employee.

Cons

  • Also, restrictions to particular industries like crypto currency traders cannot create their need account.
  • Receiving customer can receive funds only in their own currency.
  • Only transfer money from company to company and not from one’s personal account to another account.
  • Moreover, only people within the Hong Kong can avail Neat Visa card.
  • Banking system is not licensed.
  • Any personal account cannot be created.
  • Money can be kept just for 90 days in your account.

Neat Banking Eligibility Criteria

There are multiple parameters which you have to consider while creating new business account.

  • First and foremost requirement is that for which type of business Neat business account is required and from which country customer is going to open it.
  • Payments are processed by only few companies depending upon their countries.
  • For example customers from Spain, Canada, United Kingdom, Ireland, Brazil, Italy, Sweden, and Austria can create their Neat business accounts.
  • Neat has limited access to various industries like defense, military, Pharmaceuticals, political organizations, embassies, antique dealers, and entertainment industries etc cannot use Neat banking system.

Is It Safe To Use Neat Bank?

No there is no guarantee of Neat banking system because it is not link with government institutions and not an official Bank. Your money is kept in different banks of Hong Kong, United Kingdom on the basis of currency type, however on their own level Neat banking systems try to ensure the safety of their network through

  • Two factor authentication.
  • Transport layer security encrypted data.
  • In order to protect your money from any scam or threat all the given codes are double checked.
  • They have payment card industry data security standards complaint system.

Alternatives to Neat Bank

In Hong Kong there are two different systems that work alternative to Neat banking system which are ZA bank, and Airstar.

ZA bank

ZA bank of Hong Kong is one of the most accepted and widespread network over Neat banking because here. Customers can create their personal account other than business accounts

  • You can get loan and insurance products.
  • It is a licensed banking system.
  • Provide insurance of HKD 500,000 on per deposition.

Airstar

Airstar is a joint banking system of Asia leading comprehensive financial services and Xiaomi Corporation. It is also an online banking system of Hong Kong. 

  • It provides 3.6 % interest rate on HKD20, 000.
  • Have no extra charges.
  • Provide 24/7 transfer service.

The Bottom Line

In order to establish your business, Neat Bank account is one of the best options. Although there are few limitations related to account creation as well as payment, like you cannot keep your money in your Neat bank account for more than 90 days, still it has a lot of benefits like they did not deduct any tax or monthly charges.

Their service is quick and trackable Apart from these limitations overall Neat banking system is most accepted and used system because of its features. 

Frequently Asked Questions

How to create Neat banking account and what are the conditions one should consider?

Neat account creation needs few steps with least formalities. For this you just need to put your personal informations, country of your residence, valid ID and business type. 

What are the basic conditions or requirements Neat bank account?

Two most important requirements are your business type and country from which you belong. So always check their requirements regarding these two points.