Dishonest service. Stay away!
This review is about Rapyd's virtual account service in HK, which is acquired from Neat. It may or may not apply to other territories. We had been very satisfied with Neat before the takeover. Therefore, even though Rapyd charges USD 99/m to continue using the service, we thought it might be worth trying. That was when the nightmare started. We typically receive app sales proceeds from Apple around 10th every month. By mid March, however, we've got nothing for the month. That's when the Neat platform was migrated to Rapyd. I created a ticket in the new Rapyd portal but no one got me back in a week. I wrote an email and asked if there was anything unusual during the migration. After a few battles they acknowledged that something had gone wrong and all e-commerce payments including Apple may take 1-2 months to be reflected in the accounts but refused to provide details. I started to realize that the issue might be bigger than I thought and immediately transferred the whole balance out. After two months (in May), I was told that the payment was "found" and credited to our account. However since we have already closed the account (to avoid the platform fee), the balance can't be transferred out. I provided our bank account and was told to wait for the transfer to be initiated from Rapyd's side. We finally got the money in July (another two months) but not in full. Rapyd deducted April's platform fee and some transaction fee (from when I transferred the balance out) from the balance, even I have iterated that the balance belongs to March and the transaction fee was not known to me during the balance transfer. Takeaways from our experience: 1. Rapyd portal is not functioning properly. Tickets are just ignored forever. Only emails work. 2. Rapyd keeps you waiting for months to fix some glitches in their payment system. You can't use your money (that's fine) but they can still charge you USD 99/m (that's important). 3. Transaction fees are never disclosed to you. Not on their website, not in the portal, not when you start some transfer. But you will see it in the coming month and they insist you have to pay it even you knew nothing about it. 4. Don't expect any issue to be resolved quickly, because they need two months to "find" an incoming payment and another two to transfer your money to you, without providing a reason. Update: My case is now closed without any refund or an apology. Read all these comments and I am sure you will know what to do. Customer service (named Joy) even told me that as a customer I was responsible to report anything unusual in the platform and they had already done their best. So funny.