TranSwap Review [2025]: Pros, Cons & What To Use Instead

Final Verdict

A lightweight solution with functional features, but the lack of fee transparency raises some concerns, especially for small SMEs.

TranSwap offers the key features most SMEs look for in a business account, from multi-currency support to SWIFT payments and flexible card options. Setup is quick, and the ability to manage 34 currencies in one place is practical for handling global transactions.

However, key details are missing. There’s no public pricing page, no FX rate breakdown, and no accounting integrations. The help centre offers limited guidance, which means you’ll need to contact support for even basic clarity.

If you simply need a solution to move money across borders, TranSwap could work. But for businesses that value transparency and room to grow, providers like Statrys may be the better long-term fit.

Key Highlights:

• Global Account supporting up to 34 currencies
• Local account details in SG, HK, ID, and UK
• SWIFT payments to over 100 countries
• Unlimited virtual business cards
• Can open multiple accounts under one business name.

TranSwap’s Global Account is built for businesses that need to send, receive, and hold money across borders. You can open local virtual accounts in Singapore, Hong Kong, Indonesia, and the UK, each with local account details. Other countries may be possible, but TranSwap doesn’t provide a full list, so it’s worth checking with their team if you have specific needs.

With the Global Account, you can hold and manage up to 34 currencies and send payments to over 100 countries via SWIFT.

TranSwap also offers virtual and physical Mastercard® payment cards linked to your Global Account. You can issue as many virtual cards as you need, which is helpful for managing different teams or expense categories.

On the FX side, TranSwap claims to offer competitive rates, but they don’t disclose exactly how rates are calculated. If FX costs are a big factor for you, it’s worth asking for more details before moving forward.

Another key limitation is the lack of accounting software integration, which is common among competitors. This may be a drawback for businesses looking to automate reconciliation, expense tracking, or reporting.

Our Verdict: 6/10

TranSwap’s business account covers the basics, including multi-currency support, local collection, SWIFT payments, and flexible card issuance. But the platform lacks detail where it counts.

You won’t find a clear list of supported countries, collection capabilities, or FX margins, and there’s no integration with accounting tools. Businesses with simple needs may find it enough, but those looking to streamline operations or scale may hit limitations early.

TranSwap Fees

TranSwap doesn’t provide a public pricing page, and most of the fee structure remains unclear. If you want to know exactly what you’ll pay for payments, FX, or account services, you’ll need to contact them directly.

The only clearly stated fee is for card services. There are no monthly fees and no minimum balance requirement for using their business cards. Beyond that, expect to ask for a breakdown before making any commitments.

Our Verdict 2/10

TranSwap promises no hidden fees, but it's hard to verify without a public pricing page. Businesses need transparency upfront to make informed decisions, and asking for a quote every time adds friction, especially as a startup looking to make decisive decisions. 

TranSwap Customer Support

TranSwap has a help centre on its website, but the content is minimal and doesn’t answer practical questions businesses tend to have, especially around features, fees and how to use the account. For anything specific, you’ll need to reach out directly via email at support@transwap.com or call one of their regional hotlines:

• Singapore: +65 6100 9788
• Hong Kong: +852 3618 6142
• Indonesia: +62 21 552 3968

If you’re expecting detailed guidance or quick answers online, be prepared to follow up manually.

Our Verdict: 5/10

TranSwap gives you direct access to support via phone, which is useful if you need one-on-one help. However, the online help centre is too limited to stand on its own. If you prefer having detailed answers available upfront, this can slow things down, particularly during busy periods when response times may be longer.

Opening a TranSwap Business Account

TranSwap accepts business account applications from companies registered in Singapore, Hong Kong, Indonesia, and the United Kingdom.

Required documents vary by country but generally include:

• Certificate of incorporation
• Company registration certificate
• Valid IDs and proof of address for directors or shareholders
• Key contact information

You’ll also need to verify authorised users before the account can be approved.

If you need to open multiple business accounts, TranSwap can link them under one profile or set them up with different email addresses. For businesses in regulated sectors or outside supported regions, it’s best to check directly with their team.

Applying for an account can be done online. According to TranSwap, they typically take around 2 business days to approve and activate an account.

Our Verdict: 7/10

TranSwap makes it easy to apply online, and the 2-day approval timeline is a plus. The process is relatively standard, and the ability to open multiple accounts is useful for growing businesses. However, with no clear information on restricted industries, some companies may need to check details manually before getting started.

TranSwap Alternative: Statrys

If you value transparency and personalised service, and you have a company incorporated in Hong Kong, Singapore, or the British Virgin Islands (BVI), then you should consider Statrys.

Founded in 2019, Statrys is a licensed payment service provider in Hong Kong, offering multi-currency business accounts that let you hold, send and receive in 11 major currencies: HKD, SGD, USD, EUR, GBP, AUD, CAD, JPY, RMB, CHF, and NZD.

Statrys supports international payments via SWIFT and local transfers in several regions for faster, lower-cost transactions. You can track all payments in real-time from the dashboard.

FX rates are based on real-time mid-market rates, and you have the option to book forward contracts to help manage currency risk.

Every account comes with a dedicated account manager available via phone, WhatsApp, or WeChat. So if something goes wrong, you're not left waiting for email replies.