Neat, Revolut or Transferwise for HK Company?

[moneyhoney]

Marc Jacob said:
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.
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First of all NEAT has just HKD. And yes, you can find tons of bad reviews. I have an account but I'm not using it.

At the moment I try to manage for a few months with the few options mentioned before, hoping they will land soon the new licensed virtual banks in HK. It should be a good offer, on paper at least.

 

[moneyhoney]

Martin Everson said:
Because client is up to no good.



Support for volume processing for clients up to no good



I put it just below Euro Pacific Bank in ranking.
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You mean they are taking "high risk clients"?

 

[moneyhoney]

moneyhoney said:
First of all NEAT has just HKD. And yes, you can find tons of bad reviews. I have an account but I'm not using it.
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This morning I've got the email they launched the USD account - a small step but nice.

 

[bountymounty]

Thank you for the update, I will be waiting for the good news.

 

[Martin Everson]

moneyhoney said:
You mean they are taking "high risk clients"?
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They are taking on people that are willing to spend 100x what it costs for same account at a bank. You work out what sort of clients these are willing to pay way over the odds for an EMI service. These are not clients selling kids school books.

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

 

[Anny08]

moneyhoney said:
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?
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I could agree but for some clients it's normal rates, actually when deals are more than 500k, Currenxie is going to close accounts because it exceeds their risk, the same does TW (in our case).

 

[moneyhoney]

Anny08 said:
I could agree but for some clients it's normal rates, actually when deals are more than 500k, Currenxie is going to close accounts because it exceeds their risk, the same does TW (in our case).
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Currenxie has the 500k limit? They didn't mention nothing like this to me. (Neat has clear the limit in the account).

 

[Anny08]

moneyhoney said:
Currenxie has the 500k limit? They didn't mention nothing like this to me. (Neat has clear the limit in the account).
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As they said in our case - yes.
May be for others their limit allows millions turnover.

 

[Martin Everson]

No EMI other than laundromats will want millions in turnover going through a client account. It presents a high risk of money laundering. Laundromats have a higher risk appetite and hence higher limits naturally.

I can imagine the punishment for a KYC failure and allowing 100k in illicit funds through an account is much less than allowing 50m through also.😕

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[moneyhoney]

Anny08 said:
As they said in our case - yes.
May be for others their limit allows millions turnover.
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To be honest they told me just if you have a turnover of 50/100k$/month, they can ask lower fees. But they didn't mention limits at all.

 

[Anny08]

Nobody says about limits, they will use it per facto.

 

[moneyhoney]

Let's hope the licenced virtual banks will come soon... It should be in months..

Did you try to have a contact with real banks? HSBC should be not that hard to open accounts.. so I've been told at least.

 

[johnappleshed]

Has anyone had more experience with Neat for newly incorporated HK companies? Main concern is timing of due dilligence until acceptance of the company

 

[moneyhoney]

johnappleshed said:
Has anyone had more experience with Neat for newly incorporated HK companies? Main concern is timing of due dilligence until acceptance of the company
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Fast. Few days and I had it approved. No call, nothing.

 

[johnappleshed]

moneyhoney said:
Fast. Few days and I had it approved. No call, nothing.
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Appreciate that, thanks!

 

[Martin Everson]

If Neat is used to open a company and an account does anyone know if DBS would open a business account in HK for the company or you need to be resident?

https://www.dbs.com.hk/sme/day-to-day/accounts/business-account

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[Anny08]

moneyhoney said:
Fast. Few days and I had it approved. No call, nothing.
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From our company Neat asked a video call with the director =(

 

[moneyhoney]

Anny08 said:
From our company Neat asked a video call with the director =(
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Ohhh so it really depends on the case or business involved.

 

[moneyhoney]

Martin Everson said:
If Neat is used to open a company and an account does anyone know if DBS would open a business account in HK for the company or you need to be resident?

https://www.dbs.com.hk/sme/day-to-day/accounts/business-account
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I don't know, but I will try with DBS Singapore. I know it sounds weird but as far as I understood (and read): 1. HK banks usually wants a link with China and/or a physical presence. 2. Banking system is less solid than in SG due to the massive lending (in real estate but not only).

In SG I will try first with DBS, then OCBC (where I have much more chances). HK they proposed me HSBC where maybe it's a bit more smooth the opening but not sure.

 

[Mia Marie]

In my experience, i don't business with Virtual bank.
Bank in Sg is better choice.