Transfer money overseas easily and all online! (Shanghai)
Hi all, I came across an interesting thread a week ago that was advertizing a platform called AirTM that boasted being able to convert your RMBs to foreign currencies and send them to other people for free (or almost). As it is something I could see myself use, I gave it a try and here my findings:
AirTM is actually sort of a plugin to a much bigger platform called Uphold that allows you to hold currency in the cloud and switch currency in real time, anytime and for free.
To use AirTM, you are first required to create an Uphold account that you will need to verify. FYI, I created my account with my Chinese phone and address and it works without any problems.
AirTM allows you to upload RMB to Uphold through "cashiers". Those cashiers are people like you and me that agree to convert your RMB to virtual currency at a very affordable fee of 1.25% and if you stay within withdrawal limits, that is pretty much all you will have to pay up until withdrawal onto your American or European account. So how does the transaction work you might ask me? It is very simple. You first go to your AirTM and click "deposit" and choose the platform you wish to use to send the money (Alipay, Paypal etc.). A cashier will then manifest himself/herself saying they want to take the transaction. From this moment on, the system will lock the amount from their own account and release to yours once you have transferred the money to them via Alipay or Paypal. It is very safe as AirTM will always make sure you get paid by standing in the middle and so far, I have never needed to provide any proof of payment of any kind although the system allows you to.
For those who have accounts outside the coverage zone (Europe, U.S, China), rest assured as it is also my case (have an account in the Philippines and need to make tedious monthly transfers), you can use the bitcoin network from and to the platform.
I must remind you all that I am not at all affiliated with AirTM or Uphold and that I gave this service a try because I believe it adresses a major struggle that foreigners are facing here in China.
Let me know if you have any questions or check it out yourself: