Neat Commerce (Rapyd) Review [2023]: Features, Fees, & Alternatives

How to register for a Neat business account

Signing up for a Neat business account is completely online. This process should take around 15 minutes to do if you have organized your documents before starting the process. [7]

Here are the different steps to fill in the online application form for a Neat business account:[8] 

Go to the Neat home page and click “Sign Up” (at the moment online applications cannot be made on Neat Mobile App)

Please pick “Sign up for a Neat Account”

You will be asked for some basic information to create your account

Verify your email, and you will need to submit the information related to your business.

Complete your application in just a few steps.
- Company Information - Verify your company’s legal information
- Company Members - List all members of the company
- Your Business - Describe the nature of your business

Some required documents that you’ll need to submit in the course of the account opening process include [9]

1. For companies registered in Hong Kong: valid business registration certificate issued by the Inland Revenue Department
2. For companies not incorporated in Hong Kong: valid registration documents issued by the competent authorities of the country of incorporation
3. For any the director(s), ultimate beneficial owner(s), and account user(s):
   - Photo of an identity document (Hong Kong identity card is not accepted); and
   - Selfie holding the identity document

Upon completion of the online application, Neat may follow up if their team needs further information to satisfy their due diligence. it usually takes one week for Neat to make its decision to approve or reject the account application.

Neat Products

Neat offers a variety of payment products to help Small and Medium Enterprises (SMEs) with their business finances.

Below we’ll introduce each of these products based on the information available as of the date this review is published. Products may change at a moment's notice, so always check the Neat website for up-to-date information. 

1. Business Account 

The Business Account is Neat’s core product. On their website, Neat also refers to it as the “Modern Business Account”, the “Smart Business Account” or the “Global Account”. They also use the terms “Neat Wallet” or “multi-currency wallet” to describe what they offer.

All this may be a bit confusing so let’s dig out and find what is under the hood.

What is clear is that the Business Account is not a traditional bank account (see our section “What is Neat?” above).

So, in practice, Neat has partnerships with different financial institutions (traditional banks but also other Fintech companies) to offer a series of business accounts, as detailed below [10], [11] & [12]. Please note that each of these business accounts has its account details.

A Multi-currency Business Account in Hong Kong

Neat refers to this business account as the “HKD Wallet” and the “USD Wallet”. Let’s call it the HK Business Account to simplify things. The characteristics of the HK Business Account are detailed below:

• The HK Business Account only supports two currencies: Hong Kong Dollars (HKD) and US Dollars (USD). In case a payment is made to the HK Business Account in a currency other than HKD or USD, the incoming funds are automatically converted into HKD
• The HK Business Account can be used to receive and make payments locally in Hong Kong and internationally. More specifically, payments from/to the countries listed in the footnote [4] below are accepted by the HK Business Account.
• Any currency exchange is made at spot rates. No information is available on how the spot rates are determined by Neat - i.e., the spread with the mid-market rate. You will have to ask for this information if you want to know the foreign exchange commission charged by Neat.

A EURO IBAN Account

Neat refers to this business account as the “EUR Wallet”. The characteristics of the EURO IBAN Account are detailed below:

• The EURO IBAN Account can be used to receive and make payments in EURO only
• The payments to/out of the EURO IBAN Account shall come from/be made to countries in the SEPA zone only. The SEPA zone includes all 27 EU countries, Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania, Sweden, Switzerland, United Kingdom, Guernsey, Jersey, and the Isle of Man.
• SWIFT payments, even in EURO, are not supported by the EURO IBAN Account.

A GBP IBAN Account

Neat refers to this business account as the “GBP Wallet”. The characteristics of the GBP IBAN Account are detailed below:

• The GBP IBAN Account can be used to receive and make payments in GBP only
• The payments to/out of the GBP IBAN Account shall come from/be made to countries in the SEPA zone only. The SEPA zone includes all 27 EU countries, plus Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania, Sweden, Switzerland, United Kingdom, Guernsey, Jersey, and the Isle of Man.
• SWIFT payments, even in GBP, are not supported by the GBP IBAN Account.

Specific restrictions in the use of the Business Account [13]&[14]

• Monthly incoming limit: Neat sets a maximum amount you can receive in your Neat business account per calendar month
• Total balance limit: Neat sets a maximum amount you can have in your Neat business account at any time
• Funds holding: your Neat business account can not be used to store funds - meaning that incoming payments should be moved in no longer than 90 days to other accounts.

2. Corporate Card

Neat offers Visa cards – branded as The Smart Corporate Card. 

Only the corporate clients holding a Business Account with Neat can have access to the corporate Visa cards.[15] In practice, the Neat corporate cards can be issued to the following individuals:[16]

• Any account user - i.e., any person with authority to access and use the Business Account on behalf of the corporate client; and
• Any person invited by an account user.

The main features of the Neat corporate cards include [17], [18], [19] & [20]

• Both virtual and physical cards are available
• The base currency for the cards is either HKD or USD - up to the client to select the currency at the time they apply for the Neat card
• Each cardholder can have access to multiple Neat virtual cards and physical cards
• The Neat card can be used everywhere Visa is accepted globally, with 1% cash-back on all vendor payments
• The Neat card supports Alipay but does not yet support Google or Apple Pay.

The Neat cards also come with built-in controls and limits that can help your business to monitor your finances, such as instant card freezing, real-time expense tracking, and monthly spending limits.

Finally, the Neat corporate cards are linked to the client's Business Account, so card repayments are settled automatically from the funds available in the account balance. This means that the maximum card spending limit is determined by the balance in the Business Account. [21]

Fees charged by Neat

There is currently no fee for opening a Neat Business Account or receiving the Visa Corporate Cards associated with it. Instead, Neat generates its revenue by charging transaction fees for payments and foreign exchange commissions for currency conversion. 

Note, Neat may update the pricing set out below at any time - see the Neat website to check current prices.[22] & [23]

[Update: 19/1/2023] Following an email announcement to Neat users in December 2022, starting in April 2023, Neat will introduce a monthly fee of $99 USD per month to maintain their business accounts.

Getting in Touch with Neat

If you need to contact a representative of Neat, you can call, email, or message through WhatsApp and WeChat. More specific contact details can be found on Neat's contact us page.

On the Neat website, you can also access live chat support as soon as you open the page. Once you have an account, you can access instant customer support directly through the Neat dashboard. [24]

Best Alternatives to Neat business account

Choosing the right business payment solution is crucial. It creates a strong foundation for your business.

The key to understanding the similarities between Neat and other business accounts depends heavily on your business needs.

Let's look at some alternative platforms that offer similar products and features compared to Neat.

AirWallex

Similar to Neat, AirWallex does not offer individual accounts. But with its business account, AirWallex provides both physical and virtual payment cards among its competitive fees.

• If you trade globally, AirWallex may be the viable choice for your business, as it allows you to track, control, and manage your business expenses at a large scale.
• AirWallex's Direct Billing gives you the ability to make or receive payments of the same currency, where your account will debit the transaction directly into the wallet.

If you're looking to explore business account options for your business, check out our step-by-step guide on how to open an AirWallex account.

Currenxie

If your business operates in several countries, where there are requirements for managing multiple currencies, Currenxie may be one of the options for you to consider.

• The business account supports up to 20 currencies, with primary choices in HKD, EUR, USD, and RMB.
• This alternative also offers payment support for marketplaces, including PayPal, Stripe, Amazon, Shopify, and more.
• Excellent for domestic account setup, and you can get it within 3 business days with Currenxie.

Read our review of Currenxie to understand whether this is the choice that fits your business goals.

Still not sure which one to choose? Explore how Neat is compared to the Statrys business account.

Neat vs Statrys

The best way to understand where a product stands within its market is to compare it to something similar. 

So let’s now make some comparisons. 

Another option on the market is Statrys and you may wonder which of Stayrys or Neat is the best fit for your business. Actually, there is no clear-cut answer to this question because it really depends on the specific needs of your business.

However, in the process of making your choice, you should always consider at least the following three areas to take a good decision:

Products offering

Neat and Statrys offer very similar products. Some similarities include: 

• A multi-currency business account in Hong Kong
• A payment card 
• FX services

As you can tell, when it comes to choosing between Statrys and Neat, you are going to have to dig a little deeper to determine your better option.

Let’s give some example comparisons of why one could be a better choice over the other. 

• If you have a limited company in Australia or New Zealand, then go with Neat works as you can open a Neat Smart Business account from either of these countries as long as your company fits within their eligibility requirements. Statrys does not offer this possibility.
• If your business is receiving/making international payments in 1 of these nine currencies - EUR, GBP, SGD, CNY, JPY, CAD, AUD, NZD, CHF - then choosing the Statrys multi-currency business account makes more sense. The Neat multi-currency business account does not indeed support any of these nine currencies.

Another example is the limits set for the use of the account: the Neat Business Account is subject to a monthly incoming limit and total balance limit. Those limits do not exist for the Statrys business account

Pricing

The costs of opening the account, maintaining the account, and of course, the cost of transfers will all play an influencing role in which business account is best for you. 

In practice, you will have to consider in detail which type of payments are sent or received by your business. Then only, you may identify which of Statrys or Neat may help your business to save costs.

Let’s take another example:

• Statrys charges a monthly fee of HKD 60 for incoming international payments. Neat does not charge any fee for these payments, so Statrys is more expensive on this front.
• Currency exchange conversions with Neat are based on spot rates. Statrys provides advanced FX services based on mid-market rates. So, if your business requires dealing in multiple currencies, Statrys will likely be a cheaper option.

Customer Support

If prompt customer support is important for you, then Statrys should be your preferred solution:

• Statrys is the only Fintech that allocates each client a dedicated account manager
• Your account manager can be reached by email, phone, WhatsApp, WeChat, and Chatbox
• Response time is in minutes. Unheard of from many other financial institutions

We encourage you to check the Trust Pilot reviews left by our clients if you still have doubts that first-in-class customer support makes a difference.

To talk with a customer representative about setting up a Statrys business account, get in touch today

Final Note

Is anything missing in this Neat review? We want to hear it! Drop us a message and we will do our best to make the review even more comprehensive.

Review based on information available on Neat website as of January 2023