Neat, Revolut or Transferwise for HK Company?

[Marcus Aurelius]

I am considering setting up a Hong Kong company for an affiliate marketing business but I read that it is nearly impossible to open a bank account.

Would any of the following options work in stead of a bank account:

Neat.hk
Transferwise
Revolut

Not looking for anything fancy, just a way to send and receive payments and store some of the companies funds.

Thanks.

 

[Mark Rucken]

Yep, you can go for Transferwise, it works just fine ... for now 🙂

 

[Martin Everson]

Revolut is EEA companies only.

https://www.revolut.com/business/he...gible/where-is-revolut-for-business-available

Don't rely on TW for too long. Neat maybe best option as a HK entity.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[companix]

Transferwise Best option for HK as for now

 

[Bmw850]

Second that.
Neat yes.
The TW shoot lately is scaring, let s see what happen with them.

 

[Marcus Aurelius]

Thanks for the replies.

I was also told about Paysera.

Any good?

 

[JohnSpain]

Neat declined my standard affiliate business with a Hong Kong company. Took weeks for the due diligence to be done. To me it seem they like to talk in big words about reinventing banking but in reality they are worse than most banks. Not a business for the future.

 

[Marcus Aurelius]

JohnSpain said:
Neat declined my standard affiliate business with a Hong Kong company. Took weeks for the due diligence to be done. To me it seem they like to talk in big words about reinventing banking but in reality they are worse than most banks. Not a business for the future.
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Hi,

Which solution did you end up going for?

It seems Revolut is not available in HK, Transferwise is not accepting HK affiliate companies and Neat promises a lot but does not deliver.

I am in the process of setting up a HK company for an affiliate business but without any ways of sending and receiving payments I might have to reconsider this.

 

[JohnSpain]

In the end I had no other option than to setup a company in Europe. This easily got an account with Transferwise, I also opened with Sogexia, both work OK for now. I setup the company in Ireland as I know UK companies are becoming more challenging to get accounts setup for. Cost is not that much higher. But I would much rather do more of the business outside of Europe....

 

[Marcus Aurelius]

JohnSpain said:
In the end I had no other option than to setup a company in Europe. This easily got an account with Transferwise, I also opened with Sogexia, both work OK for now. I setup the company in Ireland as I know UK companies are becoming more challenging to get accounts setup for. Cost is not that much higher. But I would much rather do more of the business outside of Europe....
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Ok, so your HK company has became a bit useless for you now then?

 

[JohnSpain]

Marcus Aurelius said:
Ok, so your HK company has became a bit useless for you now then?
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I will keep it for now, but I dont use it for my business no.

 

[moneyhoney]

Hello guys,

why do you mention TW for HK entities? They don't offer borderless account in HK as for now.

So the only options are NEAT and Currenxie (better the 2nd one in my short experience).

 

[Anny08]

For HK:
Currenxie - 100% good (call verification needed).
Airwallex - 100% good (call verification needed)
Banqgard - I registered and opened for HK company a business account but still no use it, then cant say exactly.
ps. relates all above companies: your company name was showed in payments as Currenxie Company Name Ltd, Airwallex Company Name Ltd and so on

 

[moneyhoney]

I do hope new virtual banks on the way will make all better. Currenxie is really "web 1.0". Airwallex seems much more cool, but still need their approval.

Airwallex needs to approve the payer like Currenxie?

 

[Anny08]

moneyhoney said:
I do hope new virtual banks on the way will make all better. Currenxie is really "web 1.0". Airwallex seems much more cool, but still need their approval.

Airwallex needs to approve the payer like Currenxie?
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Airwallex no

 

[moneyhoney]

Anny08 said:
Banqgard - I registered and opened for HK company a business account but still no use it, then cant say exactly.
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I was checking Banqgard as well. But commissions aren't just crazy??

 

[Anny08]

moneyhoney said:
I was checking Banqgard as well. But commissions aren't just crazy??
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you right, if there is no 100k per month as income you shall pay commission 1k

 

[moneyhoney]

Anny08 said:
you right, if there is no 100k per month as income you shall pay commission 1k
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Maybe I'm missing something here. Why someone should use such an expensive service? What do they offer so precious? It's like the last choice when you have already tried all the traditional banks and EMI and you have no way out or what? Really, I'm curious..


PS. Which bank do they have behind?

 

[Martin Everson]

moneyhoney said:
Why someone should use such an expensive service?
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Because client is up to no good.

moneyhoney said:
What do they offer so precious?
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Support for volume processing for clients up to no good

moneyhoney said:
It's like the last choice when you have already tried all the traditional banks and EMI and you have no way out or what?
Click to expand...

I put it just below Euro Pacific Bank in ranking.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Marc Jacob]

Haven't heard good reviews about Neat, but never experienced myself either. If the purpose is to receive payments from ecommerce and then transfer to another account and pay suppliers, you can go for Worldfirst, my customers have always been satisfied by their services.