High fees for a very basic platform
Important note: this review applies for HK market. Same as many reviews here, I have been using Neat previously for a long time... The service was rather good and the platform improving over time. This was not perfect but at least simple enough to get us operating. They even introduced some cashback option and dropped fees during the early stages of Covid-19! Then... Neat was acquired by Rapyd... A full onboarding process was required once more and high fees started dropping... The monthly fee is already shared by some other reviewer, but even closing your account you get another almost as high fee to do so! My accountant was as shocked as me when reviewing this... In exchange they do offer what looks like good currency conversion fees and I noted no fee on payments... Nice, but if you do not have a large volume of transactions with high value that would certainly not compensate these large monthly fees. And if you had large transaction volumes, you may rather consider opening an account with one of these large banks in HK? On the flip side, I have to say I find the support of Rapyd rather reactive and friendly. So I am quite sure there are some great teams operating there. Thanks to you all for the support you did provide me in the past couple of months! I have lot of respects for the founders of Neat and I believe they built a great platform over time. The exit strategy I assume made sense. However there is now a void to be filled for previous Neat customers, and Rapyd is not a viable solution for most of them I am quite sure (there may be some other alternatives but I haven't checked)... I do hope Rapyd can at some point reconsider their business model to improve their customer feedback and get a great value proposition. Neat did prove there was a way to make money without charging crazy fees, the same as many online banks did like N26, Revolut, Wise... Could there be something to learn from them? Rapyd, please prove me wrong. Improve your platform based on your customers feedback. Add the missing integrations, review your fees structure to adapt it to your customer base.