Top-up methods



  • As Neat provides a prepaid MasterCard, it means that before you can use your account you will need to top up your account. In the first version we will offer:

    • Top-up by cash by making a cash deposit in a BOC ATM
    • Online bank transfer

    Future

    • Linking your bank account from within the app, pulling money/set up auto-top up from within the app

    What method do you prefer and are there any additional methods that you'd like to see?



  • I would definitely need auto top-up - having to make manual top ups is the main reason why I sometimes spend many days without using Neat.



  • This feature would make using Neat a lot more convenient and a bit easier to track where my money is going toward from my main bank account.



  • For those method u offered is not very convenient in hk, I suggest to add the convenience store like 7-11 or OK. Ppl can top up the account through the payment in the convenience store.



  • @andr3a +1



  • The things to consider are:

    • the less overhead the better. I want to do it fully online, on my phone; if necessary I can walk to the nearest bank or 7-eleven, but ideally I want to do it from my office or couch or bed.
    • the less delay the better. Ie, I want my money now, not next business day, because most likely I want to pay something important with it right now (that cheap flight could be gone on Monday)

    So linking to a bank account definitely helps on the first point, but it may not solve the second. I really like the idea of the convenience store as a back-up option, especially if you would be able to process the payment also outside banking hours.


  • administrators

    @bao_hongkong your feedback is well received. Linking bank account feature is coming. You're right in saying that the second point won't be solved - unfortunately Hong Kong does not yet have a real time money clearing system (like the UK, Singapore...) so that part will still be work in progress.
    On your last point: in case you didn't know, the majority of our cash top-up points (around 200 of them) are open 24/7. They do not follow normal bank branch opening hours.



  • Hi David,

    Regarding the last point, no, I didn't know. Do you mean the cash deposit machines at the BoC? I tried those, but they did not allow me to make a deposit without a BoC card... or should I try again?

    Thanks!


  • administrators

    @bao_hongkong yes that's what I meant. You don't have to insert a card to do a cash deposit at those machines. Just input the account number mentioned under 2. Cash Deposit here: http://www.neat.hk/faq?questionId=top_ups_1
    Trust this helps. Don't hesitate to ask any other questions you may have.



  • PPS? Citibank charge $50 (yes $50!) for transfers within Hong Kong. I could then top up from my phone.



  • It's a little strange because Citibank say on their website somewhere they charge $50 but in my own experience they have never actually charged me and I have topped up many times from regular Citibank account. Did you try it and they charged you?



  • @iris_neat yes my statement indicates they have deducted $50 for the transaction. Do you have a premium account? if so they waive the $50 but get you in other ways.



  • @lysaght actually I have a regular account no monthly fees or anything. Maybe you can contact them and ask how you can get online transfer fee waived (I am assuming you made an online transfer?) My colleague also has a regular account with Citibank and doesn't get charged either for transfers. Let us know if any outcome, quite curious actually why it's like this.

    Anyway, we will look into PPS. Linking bank accounts will be coming soon :) And this will work through a different system so you won't be charged by your bank.



  • @iris_neat Linking bank accounts is good news. I think I echo most users view that the use of your card is underpinned by its liquidity - the more methods of topping up and very importantly the speed of receiving funds will determine how often I use it and the amount held. thanks for your feedback!



  • I prefer topup with another credit card (example my German Credit Card).
    For sure you can charge a fee (example 0.5 percent per top up or 10 HKD) for every top up
    You should accept Visa, Mastercard and American Express.

    An other idea is to offer an account in Europe, where transfers are possible



  • From Europe I use transferwise or azimo. Both offers transfers in HKD for a good exchange rate and low fees. Neat itself does not charge fees, so it is in general a good service but it takes 4-5 business days



  • @eandree regarding your idea to offer an account in Europe to transfer to, something we're working on, more coming soon :).



  • I use mostly Standard Chartered HK but when I check their online transfer page I cannot find the message field. Does it mean I should not use Standard Chartered to do online top-up?



  • There is a message field, but Neat informed me they don't receive it. Apparently this doesn't matter, all payments are received nice and smooth (possibly because my card is in the same name as my account) and without problems (thanks!).



  • You can send an e-mail (support@neat.hk) with transfer amount & bank if no message field is available (some banks only have "notes" with notes to yourself not to recipient). If you forget this, it will still be fine if you use a bank account in your own name; we'll make sure it will get to your account as we can match by name. If it's from a friend's bank account or corporate account though and no message (like SC), it's important that we know as otherwise it'll be difficult for us to find out.



  • @iris_neat At the moment your service in finding the correct account is excellent, but what happens, if you have thousands of customers? There must be other solutions, maybe an own "account" for everyone.



  • @idioteque Standard Chartered do have a message box but it only appears when you make an actual payment. The Payee setup does not have message box as I expected, in line with other banks.



  • @David said in Top-up methods:

    @bao_hongkong your feedback is well received. Linking bank account feature is coming. You're right in saying that the second point won't be solved - unfortunately Hong Kong does not yet have a real time money clearing system (like the UK, Singapore...) so that part will still be work in progress.
    On your last point: in case you didn't know, the majority of our cash top-up points (around 200 of them) are open 24/7. They do not follow normal bank branch opening hours.

    @David said in Top-up methods:

    @bao_hongkong your feedback is well received. Linking bank account feature is coming. You're right in saying that the second point won't be solved - unfortunately Hong Kong does not yet have a real time money clearing system (like the UK, Singapore...) so that part will still be work in progress.
    On your last point: in case you didn't know, the majority of our cash top-up points (around 200 of them) are open 24/7. They do not follow normal bank branch opening hours.

    Hong Kong do have a RTGS System similar to ACH & Fedwire in the U.S., Giro in E.U., FPS in U.K., and CNAPS in the Mainland maintained by the HKICL called CHATS. Membership in the SWIFT network is required for the financial institution.

    Transfering within the same bank at the ATM is instantaneous for many banks here, i.e. HSBC/HANG SENG, BoC/Nanyang/Chiyu, JETCO Transfer.

    Topping up at retailers and convenience stores should be added. I use Tap n Go and the money is credited instantly. They don't allow bank transfers or Cash ATM Deposit then Receipt upload.

    Allow P2P transfer topup with Paypal, Octopus O'le Pay, HSBC Payme, TNG, Skrill, Alipay, Wechat Pay, Western Union, Moneygram, etc. So friends and family can send money when the user can't do it themselves personnally. Linking with them as funding source would be good too.

    Maybe allow user to send email or link to recipient to pay, transfer as a Neat User or by Credit/Debit Card like Paypal or Amazon.



  • @yukkevchuhau

    Paypal, Octopus O'le Pay, HSBC Payme, TNG, Skrill, Alipay, Wechat Pay, Western Union, Moneygram

    But who's going to pay for it? Do you really want to pay 3-10% for your top ups?



  • @Anton said in Top-up methods:

    @yukkevchuhau

    Paypal, Octopus O'le Pay, HSBC Payme, TNG, Skrill, Alipay, Wechat Pay, Western Union, Moneygram

    But who's going to pay for it? Do you really want to pay 3-10% for your top ups?

    If there's a slight premium, too bad. But, it's a good way for people to add money not situated in HK or without a HK Bank account. T/T transfers are very expensive, i.e.: In the U.S. it's USD30-100 for international wire transfers.



  • @yukkevchuhau for international transfers there are many services that can be used that make transferring quite cheap, depending on your country, such as TransferWise, Azimo, Instarem etc. You can always send us a message if you are looking to transfer money from a specific country and we can help you find the best / cheapest way. You simply transfer to a local bank account number the service provides and they arrange the international wire. Usually the charge would only be 0.5-1%, so much cheaper than regular international bank wire and we accept these payment methods so it doesn't have to be super expensive. We are working on a way where we provide a domestic account number in different countries so the user can send money to that account directly without using another service.



  • @iris_neat said in Top-up methods:

    @yukkevchuhau for international transfers there are many services that can be used that make transferring quite cheap, depending on your country, such as TransferWise, Azimo, Instarem etc. You can always send us a message if you are looking to transfer money from a specific country and we can help you find the best / cheapest way. You simply transfer to a local bank account number the service provides and they arrange the international wire. Usually the charge would only be 0.5-1%, so much cheaper than regular international bank wire and we accept these payment methods so it doesn't have to be super expensive. We are working on a way where we provide a domestic account number in different countries so the user can send money to that account directly without using another service.

    It's great you guys are proactive in development. It's funny, the three 3rd Party money transfer operators you mentioned are relatively unheard of. At least I and my family and friends in the U.S. and HK never heard of them.

    We primarily use Paypal and occassionally Amazon for online. Western Union and Moneygram are the century old establishment that everyone know and trust for offline in-person transactions. However, not all features provided by them in the U.S. is available by their overseas counterpart, like MasterCard Debit, mPOS, physical money delivery by a company agent.

    SQUARE and Intuit GoPayment are also great mPOS that's gained traction over the last few years.

    If Neat is able to work with them, them it'll be an advantage for your company.



  • Hello, Azimo, transverwise etc. are located in Europe and are European Services.
    I use them and they are quick and cheap.
    I send a email to Neat to inform them about the transfer and it works perfectly.
    Azimo and trasferwise should also offer their services in US and you can pay them also with debit card and credit card.
    So in general it should be possible to "unload" your neat card also via this services, because you can also make transfers to your home country and pay with neat card.



  • @eandree said in Top-up methods:

    Hello, Azimo, transverwise etc. are located in Europe and are European Services.
    I use them and they are quick and cheap.
    I send a email to Neat tominform them about the transfer and it works perfectly.
    Azimo and trasferwise should also offer their services in US and you can pay them also with debit card and credit card.
    So in general it should be possible to "unload" your neat card also via this services, because you can also make transfers to your home country and pay with neat card.

    Hello,

    Unfortunately, Instarem is only a currency vendor regulated by the HK Customs & Excise Dept. They're not let licensed by the HKMA in HK, in any authority in Mainland China, or any Federal Entity or state in the U.S. Website also doesn't show availability in the U.S.

    Transferwise doesn't seem to show they're licensed or regulated by OCC, FDIC, CFSB or New York State in the U.S., & Mainland China.

    Azimo doesn't seem to show they're licensed or regulated by any authority in the U.S., Mainland China, or HK.

    They seem to be new niche currency exchange operators catering primarily to the European Market and their expats.

    With the financial collapses worldwide in the last 30+ years, I'm wary of putting my money anywhere not licensed and regulated by the governments where the currency originates.



  • @yukkevchuhau
    For sure the services a regulated,otherwise they are not allowed to run business.
    You can find the Information on there webpage:

    For Azimo:
    Azimo Ltd. is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 900220) for the issuing of electronic money. Azimo Ltd is licensed and regulated by HMRC as a Money Services Business (MSB) License Number 12676497

    For Transferwise:
    https://transferwise.com/us/state-licenses - on this site you can find all the US-Licenses they have and there is also the following information on the website:

    "The transferwise program in the United States is sponsored by Community Federal Savings Bank, to which TransferWise is a service provider, execpt in certain states in which TransferWise Inc is a licensed money transmitter"

    They are also licensed in UK. You can find also on their website.

    TransferWise ist in Großbritannien bei der Steuerbehörde "Her Majesty's Revenue and Customs" (HMRC) mit der Zulassungsnummer 12591871 als Zahlungsdienst registriert. TransferWise ist von der britischen Finanzaufsichtsbehörde FCA als Finanzdienstleister für internationale Überweisungen unter der Nummer 900507 uneingeschränkt zugelassen.
    Eingetragen im Companies House von England und Wales unter der Nummer 07209813

    Both services are registered and licensed in UK and be FCA which is the same as HKMA in HongKong

    We have really strict KYC/AML laws in European Union (and UK is still part of EU ;-)) and they are legaly licensed.



  • @eandree said in Top-up methods:

    @yukkevchuhau
    For sure the services a regulated,otherwise they are not allowed to run business.
    You can find the Information on there webpage:

    For Azimo:
    Azimo Ltd. is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 900220) for the issuing of electronic money. Azimo Ltd is licensed and regulated by HMRC as a Money Services Business (MSB) License Number 12676497

    For Transferwise:
    https://transferwise.com/us/state-licenses - on this site you can find all the US-Licenses they have and there is also the following information on the website:

    "The transferwise program in the United States is sponsored by Community Federal Savings Bank, to which TransferWise is a service provider, execpt in certain states in which TransferWise Inc is a licensed money transmitter"

    They are also licensed in UK. You can find also on their website.

    TransferWise ist in Großbritannien bei der Steuerbehörde "Her Majesty's Revenue and Customs" (HMRC) mit der Zulassungsnummer 12591871 als Zahlungsdienst registriert. TransferWise ist von der britischen Finanzaufsichtsbehörde FCA als Finanzdienstleister für internationale Überweisungen unter der Nummer 900507 uneingeschränkt zugelassen.
    Eingetragen im Companies House von England und Wales unter der Nummer 07209813

    Both services are registered and licensed in UK and be FCA which is the same as HKMA in HongKong

    We have really strict KYC/AML laws in European Union (and UK is still part of EU ;-)) and they are legaly licensed.

    I understand they're licensed where they're HQed in and it's great.

    However, in case of problems, it'll be easier for citizens, nationals, residents of the countries, state, province, region, terrritory they're licensed in to complain and visit the HQ or government licensor. But, for a foreign national living thousands of miles away; I won't be able to set foot into the country without the hassle of getting a visa, if needed and assuming it'll be approved. Then, buy plane tickets, fly there and acquire lodging. Then, navigate the red-tape and bureaucracy of a unfamiliar country, culture and government assuming I can communicate in the language and understand the legalese.

    I researched where they're licensed on their websites when I made my previous post. in Not in the places I need.

    I may seem overly cautious. But, hey, better safe than sorry; especially when doodoo hits the fan. Always expect the unexpected.



  • @iris_neat
    I prefer WeChat pay and Alipay HK link with my NEAT account. It is very convenient to topup to both account even my bank account, 7-11 etc



  • 11 months ago @iris_neat mentioned that we'll be able to link our bank accounts from within the Neat app. Has there been any progress on this feature since then?



  • @Albert Since we have to work with the banks it has unfortunately taken longer than we hoped :(. However, we've almost completed this feature for iOS and if all testing goes well, should be able to roll it out later this month; Android to follow after.


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