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Alternatives to the Traditional Bank Account in Hong Kong
Are you thinking of starting a business but are confused about the banking side of things? Are you wondering if there are other options than opening a bank account in Hong Kong at one of these traditional banks? A way to shorten your time while waiting to open a bank account? Do you have a way to get a bank account more easily? The answers to these questions are now YES! YES! YES! as Hong Kong Monetary Authority (HKMA) announced this year a total of eight virtual banking licenses that offer more practical alternatives to entrepreneurs, not to mention a range of fintech solutions that are gradually maturing in today's market.
Two rising stars you may have heard the most about are..: Neat and Currenxie . Neat and Currenxie are emerging fintech solutions offering an alternative to a traditional Hong Kong bank account. The platforms have become increasingly popular with our clients. Especially those who aim to operate their business immediately with instant money transactions by having a dedicated Hong Kong account number. A huge advantage of both alternatives is that the account set-up process is child's play - simple and fast.
Emerging banking alternatives offer more convenience to start-ups such as quick registration and real-time transaction dashboarding.
1. Heard about "Neat" but why is it a success?
You may have heard of a current account Neat here and there. To receive payments from customers or online markets such as Stripe, PayPal and Amazon. And send your money to third party accounts such as paying bills / employees / suppliers. Learn more about how it works:
- Fast : it only takes 10 to 15 minutes to complete the registration to the Neat account, and you can register your application at any time and finish it later. Your account can be opened in as little as a week via our express registration link (please find the link at the bottom of this article) so you can get started and get out of business quickly.
- Simple You do NOT have to be in Hong Kong! (This is a huge advantage for foreign contractors.) Basically, if your submitted documents can meet the requirements. You can then get the account remotely, not necessarily to visit HK, nor to visit Neat.
- Profitable : Although you may have heard that many traditional banks have to charge account setup/maintenance fees and require a substantial amount of deposit, Neat does not charge any setup or maintenance fees, and the deposit is not required as well. Sounds good, doesn't it? That's why some startup customers will open a Neat account at the end of their incorporation, treating it as an instant and backup solution to accompany their traditional bank account application.
- MasterCard® available MasterCard® (debit card) for business: Getting a business MasterCard® (debit card) will be a big plus for your business, as it can be used online and offline, in a variety of currencies, anywhere in the world where MasterCard® is accepted. In fact, many of you may be aware that it can be a little complicated for start-ups to get a bank account at traditional banks, let alone a MasterCard® business debit card.
2. What is "Currenxie"? How does it work?
The account Currenxie is another popular solution requested by our customers. Let's see if we can give you the answers you need here:
- Fast Currenxie has a team to review and approve the account application. So, pretty much the account process works 24/7. You can open your account in just 24 hours at the fastest possible time.
- Simple In the same way as Neat, when applying for an account, you just have to fill in the online application form. Then submit the required documents and sit at your desk to await evaluation and approval.
- Operational efficiency There are different types of accounts to meet your needs, from local businesses to global enterprises. Currenxie offers transactions in up to 18 currencies, which is very advantageous for companies that need a multi-currency account.
- targeted local SMEs : Currenxie is very appreciative of the local market, especially here in Hong Kong. If you own an HK company or are planning to enter the Asian market. Currenxie will have an experienced support team to answer your questions and needs. Such as sending your money to bank accounts in China or around the world.