Swapsy US-China Cross-Border Remittance Service Review Guide
Swapsy Company Profile
Founded in 2017, Swapsy is a technology company established by Chinese individuals, headquartered in California, USA, focusing on cross-border remittances between the US and China. It originated in the incubator at the University of California, San Diego, and is now a member of top incubators in Southern California and across the US, such as EvoNexus and MuckerLab, having received multiple rounds of funding. As international students and Chinese living in the US, Swapsy's founding team deeply understands the significant pain points of cross-border remittances, including high fees, cross-border telegraph fees, and unfair exchange rates. Therefore, they are committed to creating a new platform to provide the most convenient currency exchange services for overseas Chinese worldwide.
Swapsy Service Evaluation
Supported Sending Countries/Regions
Currently supports P2P currency exchange between users holding USD and RMB. Users in the US or China can register to use Swapsy's services (KYC verification required, such as US driver's license, passport, or visa), making it one of the few services on the market that supports RMB to USD exchange.
Supported Receiving Countries/Regions
As mentioned above, currently supports USD to RMB and RMB to USD transfers. Users in the US or China can register to use Swapsy's services.
Supported Platforms and User Languages
Swapsy only has a web version; the application interface supports English and Chinese.
Supported Payment Methods
Users in the US can pay using Zelle and PayPal e-wallets.
Users in China can pay using Alipay and WeChat e-wallets.
Supported Receiving Methods
Users in the US can receive payments using Zelle and PayPal e-wallets.
Users in China can receive payments using Alipay and WeChat e-wallets.
Transfer Speed
Since Swapsy is a peer-to-peer (P2P) currency exchange between users, the transfer speed is generally slower than other direct currency exchange services. If you're lucky, the transaction can be completed within a few minutes; if not, it may take a day or two.
Remittance Limits
Chinese Recipients: Chinese recipients must comply with the annual $50,000 foreign exchange limit in China. All transfers count towards this limit, including those sent using other services outside of Swapsy. If you need to transfer more than the equivalent of 50K USD to friends or family in China, it is recommended to create multiple Swapsy accounts, with each person transferring up to the equivalent of 50K USD.
Remitters: The maximum amount per transaction is $2000 USD or ¥12000 RMB.
Trustpilot Rating
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](https://www.trustpilot.com/review/remitly.com?languages=all)
Swapsy has an overall rating of 4.5 stars on Trustpilot.
Swapsy Referral Link/Discount Code (Continuously Updated)
Register a new account through our referral link to receive 300 Swapsy points, which can be used to offset fees when exchanging currency with Swapsy!
Click here to register for SWAPSY and get a 300-point reward!
Swapsy Fees and Exchange Rates
Compared to other currency exchange apps, Swapsy is known for supporting RMB to USD exchanges. The exchange rate on the platform is consistent with the Google exchange rate, and it does not profit from lowering the exchange rate.
Let's take the market on December 21, 2021, as an example (Google USD to RMB exchange rate 6.37). Suppose you need to convert $1000 to RMB; Swapsy's USD to RMB exchange rate is 6.3721, and it currently charges a 1.2% fee (charged via Swapsy Credit), so the actual RMB you receive is 1000*6.3721*(1-1.2%)=6296.63. On the same day, if you remit using Wise, the net receipt is ¥6341.85, and using Remitly, the net receipt is ¥6310.
Suppose you need to convert ¥10000 RMB to USD; Swapsy's USD to RMB exchange rate is 6.3721, and it currently charges a 1.49% fee (charged via Swapsy Credit), so the actual USD you receive is 10000/6.3721*(1-1.49%)=$1545.95. Mainstream remittance services like Wise and Remitly currently do not support RMB to other currencies.
Swapsy's fees are dynamically adjusted in real-time, fluctuating based on supply and demand, so the latest rates are subject to the official website.
How to Use Swapsy
Step 1: Create an Account
Click our referral link or visit swapsy.com to go to the Swapsy official website. If you prefer the Chinese interface, click the language box in the upper right corner "中". Enter your email address and password in the registration box to create an account.
Step 2: Complete Identity Verification (KYC Verification)
Swapsy's official explanation for why identity verification is needed:
As an internet financial company, Swapsy holds an MSB (Money Services Business) financial license regulated and issued by FinCEN (Financial Crimes Enforcement Network of the US Department of the Treasury). Like all financial institutions, to prevent identity theft and fraud, Swapsy must strictly adhere to the KYC (know-your-customer) principle and complete customer due diligence.
Swapsy, as a financial company registered in Delaware, USA, strictly complies with local laws and regulations, is obligated to protect customer information and ensure the security of user transactions.
Swapsy uses Amazon Web Services, and all user information and transaction data are stored on AWS cloud servers. Amazon AWS data protection services provide encryption, key management, and threat detection functions, offering Swapsy the highest level of data privacy and security protection.
Choose one verification method: US driver's license ID, US citizen passport, or US visa (H1B/F1, etc.)
Verification successful status
Step 3: Add Receiving E-Wallet Information
Click "E-Wallet" in the left navigation bar, and add your receiving e-wallet according to your preference: for USD receipts, you can add Zelle or PayPal account information (such as email or phone number); for RMB receipts, you can add Alipay or WeChat wallet receiving QR code.
Swapsy Add E-Wallet
Step 4: Submit Swap Request
Click "Swap" in the left navigation bar, select the currency (USD/CNY) and amount you want to pay, and the current directly swappable transaction information will appear below. Choose the Swap order that best suits your personal situation. If your Swapsy points are insufficient, you need to purchase points to complete the transaction, equivalent to paying the transaction fee. Swapsy's rate is a real-time dynamic adjustment rate, fluctuating based on supply and demand, so the latest rate is subject to the official website.
View fullsize
Swapsy Actual Exchange Order Screenshot
Points Purchase Page
If you registered through our referral link, your account should have at least 300 points. Payment methods include credit card, debit card, Alipay, and WeChat. Credit and debit card payments will be credited in real-time; Alipay and WeChat payments require manual review to confirm the recharge.
That's the review guide for Swapsy's cross-border remittance service. I hope it helps everyone! If you have any questions, feel free to leave a comment in the comment section below ❤️
FAQs
Is Swapsy safe and reliable?
Swapsy is still a startup company, and its security is relatively weaker compared to other mature currency exchange services. If the fees are similar, it is recommended to prioritize mature services like Remitly or Wise. Use Swapsy's P2P currency exchange only when there are no other options.
Does Swapsy support Chinese and RMB?
It supports a Chinese interface and two-way currency exchange between RMB and USD.
Does Swapsy offer any new user discounts?
Yes! Register using our referral link to get a 300-point reward to pay for fees.
Is Swapsy fast in terms of arrival time?
It is relatively slower compared to other services, taking about a day.
What if the other party doesn't transfer money by the deadline?
If you haven't received the transfer from the other party within 18 hours, it is recommended to promptly dispute the transaction. See the official help page for details.