Transwap is a global fintech company that lets you send and collect money internationally, convert with competitive exchange rates and access Global Accounts with up to 34 different currencies.

TranSwap is currently available in Singapore, Hong Kong, Indonesia, and the United Kingdom.

Apply online on our website at www.transwap.com or download our mobile app at Google Play Store for devices using the Android operating system and App store for Apple devices using the iOS and iPadOS operating systems. The approval process usually takes 1-2 working days.

The following information is required to verify your identity to comply with regulations in the respective countries.

4.1 For Singapore onboarding, the required docs

Individuals

• Verification of national ID document/passport
• If passport used, or for non-SG Citizen or PR, to provide Proof of Address in Singapore

Businesses

• Company name
• Business registration number
• Business profile or annual return showing all directors and shareholders
• Certificate of registration or incorporation
• Memorandum and Articles of Association or Constitution or Partnership Agreement
• Mobile number or email address of the contact person
• Contact details of all authorised users and key contact person(s)

4.2 For Hong Kong onboarding, the required docs

Individuals

• Hong Kong Permanent residents
• Hong Kong Permanent Identity Card
• Proof of address
• Hong Kong Foreigner
• Passport
• Proof of address

Businesses

• Documents to identify customer
• NAR1 or NNC1 for newly incorporated entities
• Other documents filed after NAR1 or NNC1 (e.g. NR1, ND2A, etc)
• Memorandum and Articles of Association or Constitution
• Business Registration Certificate
• Certificate of incorporation
• Other notarised or certified documents to identify the UOB of the customer if the customer is owned by another entity
• Board Resolution signed by at least 2 directors

4.3 For Indonesia onboarding, the required docs

Individuals

• Identity card (KTP);
• Or driver's license (SIM);
• Or passport;
• Or other official documents issued by Government Agencies;

Businesses

• Deed of Incorporation + receipt from Ministry of Law and Human Rights (MoLHR)
• Latest Complete adjusted Articles of Association according to UUPT 2007 + MoLHR
• Business Registration (OSS NIB RBA) + Business License (Izin usaha)
• Letter of Domicile (for business license #2)
• Tax Registration Card (NPWP)
• Business Certification (if any)

Verifications of the relevant natural persons are required to be done before the account can be approved.

4.4 For the onboarding of the United Kingdom, the required docs

Individuals

• Proof of ID
• Passport
• Or Driver’s license
• Or Residence Permit
• Proof of address dated within 3 months
• Bank or building society statement
• Or Utility Bills
• Or Council Tax Letter
• Benefits Letter
• Other supplementary documents may be needed upon request

Business

• Proof of ID of the ultimate beneficial owners who hold(s) the company over 25%
• Proof of address dated within 3 months of the ultimate beneficial owners who hold(s) the company over 25%
• Other supplementary documents may be needed upon request

Although individuals may only sign up for one TranSwap personal account, companies can create multiple business accounts. To create more than one account, you can either sign up with a separate email address or link it to your existing e-mail address. Our account manager can assist you with this process.

As a global fintech company, TranSwap is fully regulated and licensed to handle money by central banks and regulators around the world. Our platform and processes are closely managed based on the highest international standards to give you a peace of mind. Stringent cyber security controls protect our clients' money and data with strict confidentiality.

Once your account has been approved, you will be able to track and manage your cross-border payments on your dashboard. Your assigned account manager or our dedicated customer support team is also ready to provide any assistance where needed.

Our fees are displayed transparently during the booking process with no hidden charges. You will be able to view the total cost charged by TranSwap before confirming the booking.However, in certain cases, your bank or your recipient’s bank may charge an additional fee to send and/or receive money. These charges will be borne by you or your recipient.If the beneficiary requires to receive full amount, additional charges borne by you might apply too.

Our wide network of banks and partners allows you to make payments to more than 100+ countries/regions. Here are some of the more popular destinations:

Australia
Canada
China
Europe
Hong Kong
Indonesia
Japan
Malaysia
New Zealand
Philippines
South Korea
Singapore
Thailand
United Kingdom
United States
Vietnam
Taiwan

TranSwap is also constantly looking to open new currency corridors to serve our customers better.

This depends on the currency that you are buying or selling and the bank that your beneficiary is using. Typically, for most popular currencies and leading banks, the funds will reach your beneficiary within 1 business day after we receive your funds. In extreme cases, it may take up to 4 business days for the transfer to be completed subjected to currency type and the beneficiary bank or/and country.
If you require the transaction to proceed urgently, please contact us by email at support@transwap.com.

You can track and manage all your transfers on your dashboard. We will also keep you notified by email at each stage of the transfer. If the beneficiary’s e-mail address is provided, your beneficiary will also receive an email from us when the transaction is in progress. Once the transaction has been completed, you can download the receipt from our platform.

If you have previously added and made a cross-border payment to a beneficiary in your account, their details will be stored in your account. Simply select on the beneficiary’s name when you are in the process of booking a new transaction. TranSwap also offers an API that allows businesses to make multiple recurring batch payments. Contact us at support@transwap.com to customize a solution for your needs.

To adhere to global regulations, we might require additional documents such as invoices, purchase agreements and other documents to support your overseas remittance. The payment will be processed once our compliance team has reviewed and approved the documents submitted.

We will contact you via the phone number or/and email provided during your signup application. Your account manager and our customer support team can tend to your queries.

TranSwap is regulated and licensed as a Major Payment Institution (License Number PS20200415) by the Monetary Authority of Singapore (MAS), as a Money Service Operator (License Number 16-07-01882) with the Hong Kong Customs and Excise Department (HKCED), as a Fund Transfer Operator (License Number 21/248/Sr/3) by Bank Indonesia (BI) and as an Electronic Money Institution (Firm Reference Number 963951) by the Financial Conduct Authority under the Electronic Money Regulations 2011 the purposes of issuing electronic money and provide payment services. Our client funds are permanently held in our segregated accounts in leading global banks. This means our client funds do not form any part of TranSwap’s assets.

If the payment has not been processed, we will be able to help you to cancel the transfer. However, if the payment has been processed or the transfer is complete, you will not be able to cancel the transfer. If a cancellation is necessary even after the funds have been transferred, you can contact either our customer support team or our hotline at +65 6100 9788 (Singapore), +852 3618 6142 (Hong Kong) or +62 21 552 3968 (Indonesia) for immediate assistance to request for cancellation of the transfer. Alternatively, you can also email us at support@transwap.com. We will try our best to adhere to your request.

If the wrong bank account details were entered, you can contact either our customer support team or our hotline at +65 6100 9788 (Singapore), +852 3618 6142 (Hong Kong) or +62 21 552 3968 (Indonesia) for immediate assistance. Alternatively, you can also email us at support@transwap.com. If the payment has not been processed, our team will be able to help you amend the transfer details. However, if the payment is in processing, a request to make an amendment of the beneficiary details can be done on a best-effort basis or we will have to wait for the transfer to be rejected before we can attempt to process it again with the correct details. Do note that there may be admin charges levied for such amendments.