Frequently Asked Questions
Last Updated: 29 May 2017
1. What is SwapIt?
SwapIt is a platform that allows Consumers and SMEs to send money from Malaysia and Singapore, to various countries across the world, by providing you with mid-market FX rate and cost-effective solution.
Checkout our list of destination countries available below.
2. Where can i send money to?
You can send money from Malaysia and Singapore to these countries:
Don’t see the countries you want? Contact us for more details!
3. Why use SwapIt rather than your bank?
There are several charges you pay when using your bank to send money across borders:
- Per Transaction Fee: this can be a fixed amount when you pay when making the transfer.
- FX Spread: this is the spread for exchange rate conversion that banks usually mark-up from the mid-market FX rate (you can check these rates from public sources like Reuters), and you’ll realize that they usually mark-up around 5 cents from the mid-market FX rate.
- Correspondent Bank Fee: this is the fee that’s deducted by the recipient’s bank when your recipient gets their money.
We only charge you a minimal transaction fee, plus we’ll be giving you very competitive FX rate that’s really close to the mid-market FX rate!
4. How much is your fees per transaction?
Our fees range between 0.35% – 0.65%, depending on the amount you’re sending.
5. How do I register an account?
Registering an account only takes a few minutes!
If you’ll be sending money as an individual, register here.
If you’ll be sending money as a Business, register here.
Note: you’ll need to prepare some documents to be uploaded for verification purposes.