Anyone using NEAT and just got this email?

nakamura

nakamura

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For those of you who don't know or do not use it, NEAT is an alternative for a bank account for those who registered a company, etc. in Hong Kong. Something similar to Revolut, etc. So far Neat had no monthly fees, etc.

However, they got acquired by Rapyd, another company in January 2022.

Just now I got this email here:

​
Hi,

Since Rapyd completed the acquisition of Neat in January 2022, our engineering and product teams have been working to integrate existing services with valuable new Rapyd offerings. In the coming months your Neat account will fully transition into a Rapyd Business Account on the Rapyd platform.

Rapyd offers you a single solution to accept, receive and move money worldwide. You will soon have access to all the tools your business needs to create payment, payout and fintech experiences everywhere.
​
Your new Rapyd Business Account includes:
  • Local Hong Kong account for incoming transfers, supporting EUR and GBP
  • Local UK and Europe accounts for incoming transfers
  • Virtual HKD or USD card issuing
  • One consolidated balance for each currency: HKD, USD, EURO and GBP
​
Additional benefits:
  • Disburse funds locally in additional countries via the Rapyd Global Payment Network
  • Competitive pricing on FX rates and transaction fees
  • No more forced FX conversion on incoming EUR and GBP transfers
​
Upcoming changes:
  • Starting April 3rd, 2023, a monthly platform fee of $99.00 USD will be applied to your Rapyd Business Account
  • If you are a Neat Visa Cardholder, we will no longer continue with our promotional 1% cashback offer from January 1st, 2023
Click to expand...

So, wait:

Do they go from ZERO monthly fees to a $99 monthly platform fee? WTF?! Who the fuck came up with this?

Basically, there is absolutely no "new" benefit. What they wrote under "Include" is already included for more than two years, they just listed the old features. What a joke.

They really acquired a company just to milk the existing user base? Wtf? Imagine acquiring a company to go from ZERO to $100 a month. Not $10 a month. Not $25 a month. Not $50 a month. No, 100 fucking USD a month.

This is why you should never rely on a Fintech company for banking, etc.

Now I have to look for an alternative or real Hong Kong bank. I am definitely not going to pay fucking $99 a month just to receive payments.
 
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I just got the same email, what a joke...

I used Neat Business only because the fees were lower than my formal bank, but with a $99 monthly fees I'll for sure ask them to close my account !

They reduced the fees for sending wire some months ago, to finally do that... That doesn't make any sense.

And the most "funny" thing is that they tried to make this email looks like good news... And hide the new monthly fees information at the end.
 
Bartokill said:
I just got the same email, what a joke...

I used Neat Business only because the fees were lower than my formal bank, but with a $99 monthly fees I'll for sure ask them to close my account !

They reduced the fees for sending wire some months ago, to finally do that... That doesn't make any sense.

And the most "funny" thing is that they tried to make this email looks like good news... And hide the new monthly fees information at the end.
Click to expand...
It's absolutely ridiculous and I am wondering what the fuck they are actually thinking.

I will also close my account and move to a legit bank or a competitor. No way I am going to pay $99 monthly for this. Especially not after this fucking move.
 
nakamura said:
It's absolutely ridiculous and I am wondering what the fuck they are actually thinking.

I will also close my account and move to a legit bank or a competitor. No way I am going to pay $99 monthly for this. Especially not after this fucking move.
Click to expand...

Same for me, I already sent an email to let them know that I'll have to close my account, here is their reply :

Thank you for reaching us here at Neat, a Rapyd company.

We understand you want to know more about the monthly platform fee of Rapyd. Once the Neat accounts are fully transitioned into a Rapyd Business Account on the Rapyd platform, a USD 99.00 monthly fee will be applied; This will happen on April 1, 2023 and it's mandatory.

The changes will be for better innovation as Rapyd offers you a single solution to accept, receive and move money worldwide. You will soon have access to all the tools your business needs to create payment, payout and fintech experiences everywhere.

Your new Rapyd Business Account includes:

*Local Hong Kong account for incoming transfers, supporting EUR and GBP
*Local UK and Europe accounts for incoming transfers
*Virtual HKD or USD card issuing
*One consolidated balance for each currency: HKD, USD, EURO and GBP

Additional benefits:

*Disburse funds locally in additional countries via the Rapyd Global Payment Network
*Competitive pricing on FX rates and transaction fees
*No more forced FX conversion on incoming EUR and GBP transfers
Click to expand...

So basically the same as in their email...
 
Scorpion Ghost said:
Wow thats wild bro. $99 per month? Crazy.
Click to expand...
Out of nowhere. $99 per year is OK imo, but per month? It's just unreal.

Right now I am looking for an alternative. Currenxie and Transferwise (Wise) seem like good options.
 
nakamura said:
Out of nowhere. $99 per year is OK imo, but per month? It's just unreal.
Click to expand...

Yeah my thoughts exactly. But even then, i hate paying for that.

nakamura said:
ight now I am looking for an alternative. Currenxie and Transferwise (Wise) seem like good options.
Click to expand...

Ive had a good experience with Wise for a few years now. Super low fees. Works well. Never heard of Currenxie.

That said, i like diversfication and options. If youre trying to decide between one or the other, if possible, use both.
 
nakamura said:
Right now I am looking for an alternative. Currenxie and Transferwise (Wise) seem like good options.
Click to expand...
Scorpion Ghost said:
Ive had a good experience with Wise for a few years now. Super low fees. Works well. Never heard of Currenxie.
Click to expand...

Currenxie is a good option, I opened an account same time as my Neat account, I'm currently using Neat more because Currenxie didn't have card option, but they now offer Visa cards since 2021 and they also did some improvements in November 2022 like the removal of "CURRENXIE -" name needed when receiving a wire transfer from customers.

The only problem I see with Currenxie is that the Visa card is in HKD only, they currently don't provide USD cards.

I unfortunately can't open a TransferWise cause they are not available where my company is based, but it is for sure a very good option too.

Anyway, the more the better, as mentioned by @Scorpion Ghost, it's always good to have accounts in different companies as backup, in case one starts to change everything, like Neat is doing now with the new monthly fee and the removal of the 1% cashback...
 
Just checked the website of this "Rapyd" company that acquired Neat.

https://www.rapyd.net/
Like they write on their website:

MORE GROWTH. LESS B.S.​


These clowns probably talk about themselves.

Imagine acquiring a Fintech company and then starting to charge every user $99 per month. They are literally destroying the company.
 
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