RappiPay review

The monthly fee is COP 0, so there is no charge for keeping the account open. The account model is built around no monthly fee, which is the most common model in this category. Running costs therefore come from currency conversion rather than account upkeep.

The currency conversion fee is 2%, applied when money moves between currencies. That is above the everyday accounts median of 0.5%. Businesses that deal only in Colombian pesos avoid this charge entirely.

Transfers between RappiPay accounts and to accounts at other entities are free, so moving money to a supplier or a client costs nothing. Combined with a monthly fee of COP 0, the account is cheap for local use. Currency conversion is the one charge left.

The ATM allowance is COP 0, so free ATM use is part of the package. Take out more than the allowance and charges apply. The account is digital-only, so cash access depends on those withdrawals rather than a counter.

RappiPay Compania de Financiamiento S.A. is supervised in Colombia by the Superintendencia Financiera de Colombia, the country's financial regulator. It operates as a financing company rather than a bank account, so the deposit sits with a supervised lender. Check what protection applies to your balance before holding large sums.

RappiPay targets business and freelancer users, according to its stated audience. That fits sole traders and small companies handling Colombian peso income and outgoings. It is not positioned for everyday personal banking.

Support is offered through chat and help centre, meaning a help centre and in-app chat. There is no phone line listed, which is worth weighing if you want to talk a problem through. Online self-service carries most of the load.

Yes, digital-only is one of its listed features, so the account runs through the app rather than branches. Everyday activity, transfers and support all happen digitally. Customers who need face-to-face service would need another provider.