SwapsyReviews of swapsy.com

I have thus far used Swapsy for approximately a year. Where it does well it shines. As it operates in a grey area between remittance and bank transfer, it allows us to avoid all of the frustrating, time-consuming procedures and document requirements normally required for even the most modest of conversions at the bank. The cost, overall, is cheaper than a standard remittance (though not as cheap as using the ATM card when abroad). In my year of using it, I have yet to encounter a failure for my peer to finish their transfer. What I dislike is the lack of escrow funds. When you initiate a conversion from someone else's offering, you must wait for them to confirm, then you must wait for them to send to you. When I'm lucky, this is all done within an hour. When I'm not, this takes two days. This problem could be addressed by Swapsy having an escrow account into which funds are placed when placing a currency offer and which could immediately be released. Swapsy does offer an "expedited service", but the rate is some 3x the fee. It's unclear in the help documents exactly how this works or how fast it is.

I have made about 50 swaps in a little more than a year now, and all of the swaps had no issues. Sometimes the name of the other swapper on Alipay doesn’t match what is shown on the swapsy webpage, but the person’s image is always the same. My US bank sometimes needs a bit more time to send me the receipt notification and it can go over the 24 hour limit set by swapsy. Nevertheless, the money usually comes through on the second business day. The rate for available swaps is fair at 1.2% but setting up your own swap is a bit higher at 2%. It is worth the little extra fee to use swapsy than going to the bank, and getting all of the required documents from your workplace and tax forms, not to mention the time waiting at the bank. The bank fees end up being a little less than the 1.2% so it is definitely worth using this service.

It works better than any other method I have tried. I have transferred thousands at a low price and never had a problem. Much better than going to the bank and filling out forms for an hour and a half.

Swapsy has solved the complexity of transferring money from China to North America for me. I'm infinitely thankful.

Gave this 4 stars bc it took me awhile to figure it out - had to watch the (incomplete) video on YouTube. Typical techie issues that nuanced steps are not always clear (even with the screenshots). But eventually I figured it out! I provided a screenshot of my payment and the money transferred in about 20 hours. I'm pleased and will use again.

Wonderful. Great for those times I just can't get to the bank or its just way too busy.

UK users can use it As a previous reviewer mentioned they dont offer GBP but you can still use it if you're not American. It just means you lose some on the exchange rate. I send CNY asking for USD, they send USD and paypal turns it into GBP anyway. It has been vital for me. A brilliant service.

Fast with great exchange rate.