Support Centre

Frequently Asked Questions

BASIC INFORMATION

About TranSwap

TranSwap is a Cross-Border Payments Platform which allows users to seamlessly manage and execute payments globally while reducing FX costs and complexity. It offers the most competitive rates through its proprietary online transaction portal and wide network of FX Partners to enable businesses to fulfil payments overseas at the lowest cost efficiently.

Where can I send money to?

TranSwap is currently able to facilitate payments to the following countries:

  1. Australia
  2. China
  3. Europe
  4. Hong Kong
  5. Indonesia
  6. Japan
  7. Malaysia
  8. Philippines
  9. South Korea
  10. Singapore
  11. Thailand
  12. United Kingdom
  13. United States
  14. Vietnam

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

REGISTRATIONS & ACCOUNTS

Who can register with TranSwap?

For individual accounts, we require the person to be a resident of Singapore and Hong Kong. Likewise, for corporate accounts, we require the corporate entity to be operating either Singapore and Hong Kong.

Does it cost anything to register with TranSwap?

No. Registering and opening an account with TranSwap is free.

What documents must I provide to open a TranSwap account?

For individual accounts, we require the following:

  • Personal details (including full name, permanent residential address and contact details); and
  • Copy of a government issued document with a photograph, such as a valid passport or a national ID card.

For businesses, charities and associations, we require the following:

  • Details of the registered company (including company's name, address and directors' full details);
  • Details of the account manager (including full name, permanent residential address and contact details);
  • Copy of a government issued documents with a photograph of the account manager, such as a valid passport or a national ID card.
  • If the account manager is not a director of the company, we require a power of attorney showing that the account manager is authorised to enter transactions on behalf of the company.
  • Details of all directors of the company: Personal details and copy of a government issued document; and
  • Details of all owners/shareholders* who owns 15% or more of the company: Personal details and copy of a government issued document.

*If the shareholder is another company, we also need the personal details and copy of a government issued document of all directors and owners/shareholders who owns 15% or more of the company.

How can I edit my account details?

You are only able to edit certain details conveniently under the “My Account” tab on your dashboard once you have signed in. However, if you wish to edit other details, please contact us at accounts@transwap.com and we will gladly assist you.

I have forgotten my password. What do I do?
  1. Click on “Sign In”
  2. Click on “Forgotten your password”
  3. Simply enter your email address and click “Send”. A password reset link will be sent to the email address you used to sign up with us.
Why can’t I sign up?

If you’re experiencing problems signing up, do contact us at +65 6100 9788 (during office hours from Monday to Friday, 9am to 6pm) or email us at accounts@transwap.com

PAYMENT PROCESS

How do I use TranSwap?

Firstly, log in to your existing TranSwap account or sign up if you do not have an account yet. Do note that your account must be verified and approved before a transfer can be made.

Next, book a transfer by entering the amount and currency you need to buy or sell on the dashboard page. You will then arrive at the booking summary page showing the details of your transfer including the exchange rate, as well as any promotion code you applied. You will also be guided by a detailed payment instruction to transfer your funds to TranSwap for conversion.

Our user guide can be found here at https://transwap.com/user-guide.html

How long do I have to transfer my funds?

You have up to 24 hours to have the funds transferred us to get the guaranteed exchange rate. This means that we'll lock the exchange rate at the time you finish setting up the transfer. As long as we receive your money within the timeframe the rate is locked for, that's the rate that we'll convert your transfer at. So, we recommend that you always send your money immediately after setting up your transfer, to be sure we get it within the rate lock period.

How long does it take for my beneficiary to receive funds?

This depends on the currency that you are buying or selling and the bank that your beneficiary is using. Typically, for major currencies and leadings banks, the funds will reach your beneficiary within 1 business day after we receive your funds. In extreme cases, it takes some currencies and/or banks up to 4 business days to process the transfer.

If you require the transaction to proceed urgently, please contact us by email at support@transwap.com

Can you cancel a transfer?

You may cancel your transfer if you have not transferred the funds to us within 24 hours from booking a transfer. Upon log in, you will be able to see the transfer status on your dashboard. You can click on any of your transfers and click the “Cancel” button.

Can you cancel a completed transfer?

Unfortunately, all transfers completed by TranSwap are final and we cannot reverse payments.

Please ensure that all details are thoroughly checked prior to making a booking. We also strongly recommend that you know and trust the individual or business that you are sending funds to before booking a transfer.

What beneficiary’s details do I need to provide?

We require the following:

  • The beneficiary's contact details (including full name, permanent residential address and contact details);
  • The purpose of transfer; and
  • The beneficiary's bank account details.

We do not always need additional documents to support the nature of your transfer. In the rare instances that we do, we usually ask for documents such as invoice, receipt, payslip, screenshot of your bank statement or etc.

Can you receive funds from a 3rd party?

Sorry, we can only receive money from a bank account that bears your name as the account holder. We are not able to receive money from any other 3rd party bank account holder. If a 3rd party wish to use TranSwap, they may register with us directly to start making international transfers.

Is there a minimum or maximum amount for each transaction?

Yes, there is a maximum amount you can transfer with each transaction. They vary between currencies and you will be notified if the amount transferred exceeds the maximum amount. You may also contact our team at support@transwap.com should you require clarification.

Does TranSwap facilitate forward / hedge transactions?

Currently, TranSwap does not deal with any futures / forward contracts. However, we are exploring opening this option for our customers in the future.

What happens if your funds do not arrive?

We will use reasonable efforts to ensure that the funds arrive in the recipient’s bank account within the notified timeframe. However, we do not have any control over the time it may take for the recipient’s bank or payment provider to credit and make available funds to the recipient. However, you may contact us at support@transwap.com and we will sort it out for you.

REGULATION, COMPLIANCE & SAFETY

Will TranSwap perform customer due diligence (CDD) when I register an account?

Yes. Our business is regulated, and we adhere to global Anti-Money Laundering and Counter- Terrorist Financing standards. As such, the application of CDD is required when TranSwap enters into a business relationship with a customer or a potential customer.

Will TranSwap perform any other due diligence checks?

TranSwap undertakes periodic reviews on our customers at different intervals. TranSwap also performs ongoing monitoring of transactions for any suspicious activity.

How safe is TranSwap?

TranSwap is regulated and licensed in Singapore as a remittance business (Licence Number RA No. 01514) by the Monetary Authority of Singapore. We are also regulated and licensed in Hong Kong as a Money Service Operator (Licence No. 16-07-01882) with the Hong Kong Customs and Excise Department.

Our clients’ funds are also permanently held in our segregated accounts in leading global banks. This means that our clients’ funds do not form any part of TranSwap’s assets.

TRANSPARENCY AND PRICING

What are TranSwap charges?

You’ll always know your fees upfront. We have a handy tool on our website that will help you see how we calculate them.

Does TranSwap charge for payments or wire transfer?

TranSwap’s fees are transparently displayed during the booking process and includes the cost of payments and wire transfers.

However, in certain cases, your bank or your recipient’s bank may charge a free to send and/or receive money. These charges will be borne by you or your recipient.

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