Neat, Revolut or Transferwise for HK Company?

[moneyhoney]

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]

You mean they are taking "high risk clients"?

 

[moneyhoney]

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]

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.

 

[Anny08]

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]

Currenxie has the 500k limit?⁠ They didn't mention nothing like this to me. (Neat has clear the limit in the⁤ account).

 

[Anny08]

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.⁤😕

 

[moneyhoney]

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]

Fast. Few days and I had it approved. No call, nothing.

 

[johnappleshed]

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

 

[Anny08]

From our company Neat asked a video call with the director =(

 

[moneyhoney]

Ohhh so it really depends on the case or business involved.

 

[moneyhoney]

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 OCBC︀ (where I have much more chances). HK they proposed me HSBC where maybe it's a︁ 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.‌