Swapsy Avis 264

I've been using Swapsy for around 4 years. As background information, probably obvious for anyone even checking out Swapsy in the first place, everyone knows that the process of moving money out of China is a properly medieval experience, involving tons of documents, unhelpful bank staff who frequently have no idea what they're doing, and a language barrier that will get in the way unless you're proficiently bilingual.

Before using Swapsy, I was having my folks help me withdraw from the ATM as the rate is quite decent, but there is a daily limit and an annual limit and not all ATMs will take a UnionPay bank card (though that's better now). Now, I just negotiate the swap with someone else who needs an exchange in the opposite direction. I send RMB using local payments (Alipay or WeChat) to the recipient, and they use payments local to me (Zelle or PayPal) to send dollars. In this sense, it is akin to buying foreign currency as opposed to exchanging it. The fees do hurt, as they usually hover around 2.2-2.3% (they fluctuate).

Swap credits must be pre-purchased before making the trade; they are used to pay the fees. You will not be warned if you have an insufficient balance to make an exchange, though you can use a credit card to instantly top-up. There is a limited window to complete the exchange, hence it would be nice if the top-up system could be slightly streamlined once you've already initiated the exchange. Also, previously it was better to purchase Swap credits in that you could use Alipay or WeChat; that's no longer available.

As for the actual experience, I do have to say that it has never not made me nervous, honestly. It's P2P, and there is no escrow system, so each party is relying on the other to hold up their end of the bargain. I often send more than $1,000 USD at a time, so I do worry sometimes that I won't see that. Swapsy says they guarantee your swap, and although I have yet to need their help, neither have I heard of anyone going through that process, so I do not know how easy or difficult it is nor how quick. Swaps themselves can happen same-day or take days depending on the expedience of the recipient party. There used to be an option to spend more Swap credits to get a faster exchange, which I never tried as the fees were quadrupled. I also did not understand how exactly that worked and never saw documentation about it.

I hold multiple Zelle wallets, so it would be nice if I could use different accounts without having to change my phone number to email or vice-versa in my personal information.

Overall, it's not the best possible way to have an exchange between yuan and dollars, but given what we all know about how Chinese financial laws are like, and the burden of international wire prerequisites, it's the best we've got, especially for US dollars. I do recommend it, and although I said I was nervous, I've never actually had any problems with it this whole time.

A little slow sometimes to get a transfer, but I don't know how they could make the process better. It is a great way for me to be able to "transfer" money back and forth when our bank makes it hard.

good, trustworthy

First transaction went smoothly. Registered and started swap at noon and received the fund at night. During the period I was contacted by customer service to update the AliPay info, which asked for my email instead of phone for better privacy as the reason. It updated within minutes after I sent the info back. Overall great experience so far.

Fast, easy to set up, and so convenient. This is my go-to for now on!

Had to get familiar with the process for the first exchange, but having got that sorted out the second exchange was quick and easy.

Swapsy is by far the best way to send money from China back to the States. It's so nice not to have to wait 3 hours at a Chinese bank and pay ridiculous service fees just to send 10,000 RMB back home.

I have been using Swapsy every month for three years. They are responsive, professional, helpful and efficient. I trust them, absolutely. There has never been a problem.

worked through Swapsy on several transfers now, good response times, relatively fast transfer times. Overall solid

Easy to use and reliable. I use it many times each month and it is truly wonderful! If you follow the steps and read the instructions, you will not run into any problems. My tip is to read the instructions and follow them, and to complete the steps quickly to get rewards that make this service even cheaper than it already is. It is by far the cheapest way to get money from the US to China and vice versa.

I've used this app several times now, and it's overall really great! I wish they didn't discontinue the app usage though, and it would also be nice to be able to receive more through Paypal. Other than that, it's excellent!

I’ve been using this service for a few years now, very trustworthy. Only problem recently is the lack of trades available and higher fees around 2%. Come on people let’s trade!

If you live in China and need to send money abroad, this is the way. You don't have to talk to anyone or leave your house. SUPER EASY and reliable.

Very quick and absolutely recommended

Fantastic support services! Dedicated real people who provided excellent support when needed.

Fair price at market rate. Trustworthy.

Used it twice. So far so good. Fast and reliable.