The Neat Business account allows international businesses to manage multi-currency payments and conversions, integrates with certain accounting software and is free to open and operate. But would it suit your company? Read our Neat Business review to find out more about how it works, the pros and cons, and how to open an account.
What is Neat?
Neat is a global payments company based out of Hong Kong, but it offers digital banking services to businesses from around the world, including the UK.
Neat does not operate traditional business bank accounts, but it does have an offering called Neat Business. This is designed for businesses to manage their international payments and collections in multiple currencies, and meet any currency conversion needs.
So if you’re a UK business that trades overseas, has a lot of international customers or sells globally through online marketplaces like Amazon and Shopify, then it’s worth taking a look at what’s on offer.
What are the features of Neat Business?
Sign up online from anywhere in the world.
Make payments in USD, HKD, EUR and GBP.
Receive payments from global customers, in multiple currencies.
Receive disbursements from ecommerce platforms, including Stripe, PayPal, Amazon.
Get prepaid corporate Mastercards for you and your team.
Integrate with Xero accounting software.
Exchange currencies.
What are the fees of Neat Business?
An account with Neat Business is free to open and operate. You’ll also get real-time notifications, access to an app to manage your Mastercard and multilingual customer support all for free.
Neat also offers free currency conversions, but there are charges to carry out certain other transactions. These include making ATM withdrawals, refunding a customer, and in some instances, making a transfer in or out of your Neat account to an international bank account. There is also a monthly fee to have the prepaid corporate Visa card. The full list of costs can be found here: Neat Business pricing.
Also bear in mind that as the company is located in Hong Kong, these account charges will be payable in Hong Hong dollars (HKD).
How can I sign up to Neat Business?
You can sign up online for free, from any location in the world. You will need to provide a form of ID and some information about your business.
Neat says it will only take 15 minutes to complete the application, although it may take up to a week for your account to be fully operational, as Neat has to go through a due diligence process to verify your business details.
However, in order to operate it holds several money licences in its native Hong Kong. Neat is also an FCA-approved EMD agent in the UK, and works with partners such as PayrNet Limited, which is an FCA-authorised Electronic Money Institution in the UK. All of this means that it will be safeguarding its clients’ funds in segregated accounts at a licensed UK bank.
Pros and cons of Neat Business
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.
Bottom line
Neat Business is definitely worth a look if you have international banking needs or your business has customers all over the world. Its free currency conversion is also a big draw, although you’ll want to check out the charges for some of the more complicated account transactions. If you’re a UK business it probably won’t be replacing your main business bank account, but it could be a good add-on service if you’re dealing a lot in multiple currencies.
Get started by visiting Neat Business’s website and sign up for an account. If you have read this review and decided that Neat Business’s account is not for you, you can also compare other business bank accounts on the market.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Michelle Stevens is a deputy editor at Finder, specialising in banking, credit, loans and mortgages. She has a journalism degree from the University of Sheffield and has been a journalist for 15 years, writing on topics including fintech, payment systems and retail. In her spare time, Michelle likes to travel, explore new foodie experiences and attempt to improve her own culinary skills. See full bio
Michelle's expertise
Michelle has written 127 Finder guides across topics including:
By switching your business bank account, you may be able to reduce your monthly fees or take advantage of different features like smart bookkeeping tools.
Considering a Revolut Business account? We take a closer look at the features and price plans available with these digital-only accounts.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
