The designers of this platform’s objective (mostly foreign ex-students who are experts in finance and technology, frustrated by the difficulty of transferring money to and from their country) was to create a market where everyone can enjoy a money-exchange experience without complications. Swapsy is a financial technology start-up launched in 2017 and based in California, which offers its adult users a (in English and Chinese) money-transfer P2P service that’s able to exchange money by means of electronic wallets (e-wallet). In this short guide I will explain what Swapsy is, how it works, and other bits of useful information about this new platform. The inverse process can at times be just as complex and/or costly, especially if you withdraw money from a Chinese ATM with a card not belonging to a Chinese circuit.īesides the methods that you perhaps already know ( such as Wise (formerly Transferwise), for example) there’s also Swapsy, a money-transfer P2P service. In the majority of cases, trying to transfer money from China abroad can be very frustrating because you’ll have to deal with a large number of limitations imposed by the government, endless questions about where the money came from and the eventual taxes you’ll have to pay, added commissions and long lines at the bank. Or (I wish you the best with it), you’ll need to transfer the money you have in China directly to your home account. Unless you have a fixed income such as a scholarship (for foreign students), a salary (for foreign workers) or if that’s simply not enough, you’ll need to turn to the savings that are resting comfortably in your home country. Comparison with Wise (formerly Transferwise)Īt times, living in China can be more costly than you might think, and always requires a certain amount of money.How much money can be transferred with Swapsy?.Can I use Swapsy if I have a European bank account?.Which forms of payment are accepted by Swapsy?.Which currencies can be transferred with Swapsy?.

Paypal transaction fees yuan