TranSwap is a Peer-to-Peer Currency Exchange platform which allows users to seamlessly exchange foreign currencies at the mid-market exchange rate, saving you of up to 80% in transaction costs as compared to intermediaries.
TranSwap works by matching your foreign currency needs with other users that have offsetting currency needs. With TranSwap, users can send money abroad or fulfil overseas payments with little hassle and maximum transparency.
Individuals above 18 years of age, businesses (including sole proprietorships and partnerships) registered charities and associations can register with TranSwap.
No. Registering and opening an account with TranSwap is free.
For individual accounts, we require the following:
For businesses, charities and associations, we require the following:
You will be able to edit most of your details conveniently under the "My Account" on your dashboard once you have signed in. If you need to edit other details, please contact us at firstname.lastname@example.org.
Click on "Sign In" then click on "Forgotten your password". Enter your email address and press "Send". A password reset link will be sent to the email address you had entered.
There are 3 simple steps involved. Firstly, you book an order by entering the amount and currency you need to buy or sell. Our platform will automatically find a counterparty to match your order. Secondly, once a match is found, you will be notified via email with the exchange rate. Once you agree, you will be directed to a payment page where you will be guided by a detailed payment instruction. Lastly, once we receive your funds, we will send the funds to the specified beneficiary account.
We will match your order within 48 hours from the receipt of your order. You will be notified via email with the exchange rate.
You have up to 48 hours to have the funds transferred and deposited to our segregated account. A detailed payment instruction guide will be sent to you once your order is matched.
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 3 business days to process the transfer.
If you require the transaction to proceed urgently, please contact us by email at email@example.com.
Sorry, we are currently unable to accept any cash or cheque payment.
Sorry, we are unable to receive funds from a 3rd party currently. We are a regulated business and we are responsible for conducting compliance and regulatory checks (Anti-Money Laundering & Anti-Terrorism Regulations) on our customers. As such, we are unable to accept any funds from a 3rd party. If a 3rd party wishes to use TranSwap, they are required to register with us directly.
Typically, you will need to provide the following details of your beneficiary:
Sorry. TranSwap does not deal with any futures contracts / forward contracts.
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 exceed the maximum.
Yes, we will perform a 'know your client' (KYC) check on all our customers. TranSwap is a regulated business and we take money laundering and terrorist financing very serious.
Depending on the reason of transaction, source of funds, currency and the amount of the transaction, TranSwap will carry out relevant compliance checks on the beneficiary.
We may also require additional documents.
Our clients' funds are permanently held in our segregated accounts in leading global banks. This means our clients' funds do not form any part of TranSwap's assets.
TranSwap charges a flat fee - which is staggered depending on the transaction amount.
TranSwap's charges are also fully transparent. You will know the exact fee you are paying before completing a transfer.
TranSwap does not have any hidden cost. The cost of payments and wire transfers are already included in our fees, so you will not pay anything else.
However, in certain cases, your bank may charge you to send and/or receive money. These charges shall be borne by you.
Typically, our clients will save up to 80% of their transaction cost as compared to their banks and/or broker.
No. There is no obligation to trade at all.
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