TranSwap Business Account Review [2024]: Features, Fees, Support & Alternatives

What Is TranSwap?

TranSwap, established in 2015, is a Singapore-based fintech specialising in cross-border payment services for businesses globally. Aiming to simplify and economise international transfers, TranSwap offers virtual business accounts, payment services, cards, and credit lines (in Singapore).

While not a licensed bank, it's a fully regulated financial institution in its operating countries and has been recognised as the Outstanding SME Cross-Border FX Platform by ETNET.

In 2022, TranSwap expanded its capabilities through a partnership with OxPay, integrating neobank technology to enhance payment services and expanding globally by leveraging OxPay's market presence.

TranSwap Pros and Cons

TranSwap Products

1. Global Account

The global account is an aggregation of multiple virtual accounts with a unique local account detail. Customers can open global accounts in Singapore, Hong Kong, Indonesia, and the UK. Although TranSwap mentions that other countries are also possible, detailed information is not provided.

Here are the main features of Global Account:

• A multi-currency account that lets you hold and manage money in up to 34 currencies.
• Make international payments via the SWIFT network to over 100 countries.
• Collect and pay like a local up to 34 currencies.
• Track payments in real-time

After extensive research, we could not find information about restricted countries or prohibited industries for international transactions. Therefore, it is recommended to contact their support team for more information.

📌 Note: You can access this service by applying through your profile, and your account will be activated within 2 business days.

2. Other Services

• Cards: Virtual and physical debit Mastercard® are available for individuals and business customers, and you can get as many virtual cards as you would like. Cards are connected to your global accounts, and you can pay in any currency with real-time exchange rates.
• Foreign Exchange: TranSwap states that their exchange rates are competitive. Nevertheless, we could not find detailed information about how they calculate the rate.
• Credit Line: TranSwap offers a credit line in over 30 currencies, including USD, EUR, SGD, JPY, and GBP, exclusively for sole proprietorship, partnership, or companies based in Singapore.

TranSwap’s Feature Rating is 4.5/5

The global account is beneficial for businesses expanding internationally, supporting transactions in up to 34 currencies, and enabling efficient international payments and fund management. This service can significantly reduce transaction and conversion costs.

However, the rating is slightly impacted by the absence of business-specific features like accounting software integration - a feature commonly provided by many competitors. Therefore, we rate TranSwap business accounts 4.5 out of 5.

Fees Charged by TranSwap

According to TranSwap, total fees associated with payments are shown transparently before confirming the booking with no hidden charges. However, specific details on the pricing of their services and solutions are not readily available on a public pricing page. For detailed information regarding their fees, clients are required to contact TranSwap directly.

The only exception appears to be for card services, where TranSwap explicitly states that there are no monthly fees and no minimum balance requirement.

TranSwap’s Fees Rating is 2.5/5

TranSwap's website and Help Centre do not extensively detail their pricing information, except for card service fees. Unlike its competitors, who offer detailed fee structures publicly, TranSwap requires clients to contact them directly for specific pricing information, which can be a drawback for users seeking immediate and clear fee-related data.
Considering the importance of transparent and easily accessible pricing information, we rate TranSwap's fee 2.5 out of 5. 

TranSwap Customer Support

TranSwap has a help centre on its website with limited information. For detailed information, you have to contact their customer service via support@transwap.com or call their hotline from one of these contact numbers:

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

TranSwap’s Customer Support Rating is 3/5

TranSwap’s Help Centre has limited information for customer inquiries, which means customers may often need to seek further assistance. Moreover, if physical offices are not accessible, emailing the customer support team is the only option available.

Considering these limitations and the lack of immediate assistance options, we rate TranSwap’s customer support 3 out of 5.

Eligibility Requirements for Opening a TranSwap Account

TranSwap offers business accounts to businesses incorporated in Singapore, Hong Kong, Indonesia, and the UK. The business entities that are eligible to open a TranSwap account are:

• Private limited companies
• Sole proprietorships
• Partnerships (LP or LLP).

Moreover, you will need to submit the following documents to comply with regulatory requirements in the respective countries.

Required Documents for Singapore Businesses

• Company name
• Business registration number
• Business profile or annual return showing all directors and shareholders
• Certificate of incorporation or registration
• Memorandum and Articles of Association or Constitution or Partnership Agreement
• Mobile number or email address of the contact person
• Contact details of all authorised users and key contact person(s)

Required Documents for Hong Kong Businesses

• Documents to identify customer
• Annual Return (NAR1) or Incorporation Form (NNC1) for newly incorporated entities
• Other documents filed after NAR1 or NNC1 (e.g. NR1, ND2A)
• Memorandum and Articles of Association or Constitution
• Business Registration Certificate
• Certificate of incorporation
• Other notarised or certified documents to identify the ultimate beneficial owners (UOB) of the customer if the customer is owned by another entity
• Board Resolution signed by at least 2 directors

Required Documents for Indonesian Businesses

• Deed of Incorporation + receipt from Ministry of Law and Human Rights (MoLHR)
• Latest Complete adjusted Articles of Association according to UUPT 2007 + MoLHR
• Business Registration (OSS NIB RBA) + Business License (Izin Usaha)
• Letter of Domicile (for business license #2)
• Tax Registration Card (NPWP)
• Business Certification (if any)

Required Documents for UK Businesses

• Proof of ID of the UBOs who hold(s) the company over 25%
• Proof of address dated within 3 months of the ultimate beneficial owners who hold(s) the company over 25%
• Other supplementary documents may be needed upon request

Remote Account Opening Availability

Clients can open an account via the registration page, and they normally take 1-2 business days to review the application.

In addition, it is possible for businesses to open multiple accounts. To create more than one account, you can either sign up with a different email address or link it to your existing one. The account manager will assist you with the process of opening an additional account.

The Ease of Opening an Account Rating for TranSwap is 5/5

TranSwap offers a streamlined remote account opening process for businesses in Singapore, Hong Kong, Indonesia, and the UK. Accounts are typically activated within 2 business days, provided all necessary documents are submitted.

Although businesses with complex structures might need to provide extensive documentation, this is common practice to ensure regulatory compliance. Therefore, we rate the ease of opening a TranSwap account 5 out of 5.

TranSwap Alternatives

💡Helpful Resource: Check out the 5 best business accounts in Singapore.