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.
A video guide:
TranSwap is currently able to facilitate payments to the following countries:
TranSwap is also constantly looking to open new currency borders to serve our customers better.
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.
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:
*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.
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 firstname.lastname@example.org and we will gladly assist you.
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
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.
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 email@example.com
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.
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.
We require the following:
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.
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.
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 firstname.lastname@example.org should you require clarification.
Currently, TranSwap does not deal with any futures / forward contracts. However, we are exploring opening this option for our customers in the future.
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 email@example.com and we will sort it out for you.
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.
TranSwap undertakes periodic reviews on our customers at different intervals. TranSwap also performs ongoing monitoring of transactions for any suspicious activity.
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.
You’ll always know your fees upfront. We have a handy tool on our website that will help you see how we calculate them.
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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