1.1 The TranSwap User Agreement (this “Agreement”) is a legally binding agreement between you (“you” or “User”), or any entity you are authorised to represent, and Transwap Private Limited (“TranSwap”, “we”, “us”, or “our” as applicable).
1.2 You are advised to read this Agreement carefully. Transwap Private Limited is not a bank and therefore the Singapore Deposit Insurance Scheme (SDIC) does not apply.
1.3 This Agreement sets out the terms and conditions (“Terms and Conditions” or “terms” as applicable) governing the use of our website www.transwap.com (“Website”) and its related services that we may agree to provide you from time to time (“Services”), including applications which allow you to use our Services. These Terms and Conditions are binding on you therefore it is important that you read and understand this Agreement.
1.5 By accessing and using the Website, you are deemed to have expressly read and understood this Agreement and accepted the Terms and Conditions when you use our Website and our Services. You agree to be bound by these Terms and Conditions and other specific rules and procedures as determined or as may be amended from time to time at our sole discretion.
1.6 This Agreement may be subjected to changes at our sole discretion. We will inform you of the changes via your registered email address with us or any other means deemed appropriate by us. By continuing to use our services after the changes, you are deemed to have read and understood the Agreement and accepted the Terms and Conditions.
1.7 The headings are for reference only. Please read and understand each individual clause in detail.
1.8 The most current version of this Agreement will always be found at www.transwap.com/terms.
2.1 Transwap Private Limited is a company incorporated in Singapore with UEN 201427511E and a Major Payment Institution licensed by the Monetary Authority of Singapore (“MAS”) under Payment Services Act 2019 (“PSA”) to facilitate cross-border money transfers. Our license number is PS20200415. You may locate our details on the MAS Financial Institution directory.
2.2 Our registered office address is located at 29 Media Circle, #02-06, Alice@Mediapolis, South Tower, Singapore 138565.
2.3 We are also licensed in Hong Kong as a Money Service Operator (Licence No. 16-07-01882) with the Hong Kong Customs and Excise Department and in Indonesia (License Number 21/248/Sr/3) by Bank Indonesia (BI).
3.1 In this Agreement, unless otherwise expressed in a different context:
4.1 If you are an individual, you must be at least eighteen (18) years of age.
4.2 If you represent a Company, you confirm that you have authority to bind the Company on whose behalf you use our Services, and that the Company accepts all the Terms and Conditions set out in this Agreement.
4.3 You must be eligible to register and use our Services and have the right, full authority, and ability to enter into this Agreement and perform under these Terms and Conditions.
4.4 You must ensure that you will not be violating any laws or regulations by registering with us, entering into or by performing any part of this Agreement, or by otherwise using our Services.
5.1 Your TranSwap Account allows you to hold, send, or receive payments. Your e-money in your Account is issued in accordance with PSA.
5.2 Your e-money held in your Account with us:
5.3 You may convert e-money held in a currency in your Account to any other currencies which we support from time to time. A conversion fee may apply for each conversion. You will be able to view the fees before ordering the transfer. You must agree to our fees to proceed with the conversion.
5.4 You must not use your Account to send, receive, convert, or transfer on behalf of someone else. If you are an individual, you must not use your Account for business purposes.
5.5 If you are an individual customer, regulation requires us to limit the amount of e-money you can hold daily and e-money you can send each year. You will be subject to the following limits:
5.5.1 You may only hold a maximum of Singapore Dollars 5,000 or equivalent in e-money in your Account at end-day Singapore time. Any excess amount will be automatically withdrawn from your Account as a Payment Transaction to your Designated Account. You will be charged the prevailing transaction fee as though you have ordered the Payment Transaction. If your excess amount is held in other currencies, we will apply the prevailing exchange rate for the withdrawal.
5.5.2 You may only send a maximum of Singapore Dollars 30,000 or equivalent in e-money from your Account with us each year. This does not include withdrawal Payment Transactions made to your Designated Account. Once you have reached this limit, we will not allow any further Payment Transactions funded by your e-money except for Payment Transactions made to your Designated Account.
5.6 E-money in your Account may be withheld from you if:
6.1 You play an important part in helping us to provide you a safe environment to use our Services. Please read this section carefully as it will help to protect you when you are using our Services.
6.2 Registering Your Account
6.2.1 You are required to register for an Account with us at https://app.transwap.com/signup before you can use our Services.
6.2.2 As part of our regulatory obligations to the governing authorities, you are required to provide all of the following information:
6.2.3 You are required to undergo our identity verification process to allow us to verify your identity. We may require you to go through a third-party verification system at our cost and discretion or conduct a face-to-face verification with you.
6.2.4 You will ensure that all information provided by you as part of your registration and use of our Services is current, accurate, and complete.
6.2.5 You will ensure that all of your information provided at registration remains accurate and up to date, and you undertake to promptly notify us of any changes.
6.2.7 From time to time, you may be required to provide additional information to allow us to continue providing our Services to you.
6.2.8 You will register for an Account with us only once, and each User must maintain a separate registration. If we detect multiple active registrations for a single User, we reserve the right to merge or terminate the registration and refuse all continued use of our Services without notification to you.
6.2.9 For Business Accounts, you also agree to the clauses stated on the account opening forms and account update forms (wherever applicable).
6.3 Keeping Your Account Safe
6.3.1 All instructions received from your registered email address or mobile contact number is deemed to be valid and is binding on you. Therefore, it is important that you keep your account safe at all times.
6.3.2 You must never disclose your login credentials or your customer reference number to a third party. We will never ask you for your password or customer reference number. These are not verification questions we ask our customers.
6.3.3 You should use a strong password to secure your Account. If you have forgotten your password, you can reset it by requesting for a link to be sent to your registered email address with us at https://app.transwap.com/forgot-password.
6.3.4 You must ensure that the email address and mobile contact number provided during registration belongs to you, and that they are secured and only accessible by you. Your email address may be used to reset your login password or to communicate with you about the security of your Account.
6.3.5 You must inform us immediately if your mobile contact number has changed, your email address has changed, or either your mobile contact number or email account has been compromised.
6.3.6 You must inform us immediately in case of any unauthorised or incorrect transaction, or if you suspect that your Account has been compromised.
6.3.7 When accessing your Account, you must ensure that your device is secured and maintained with the latest security updates. You are responsible for ensuring that your login session is safe and secured.
6.4 Managing Your Account
6.4.1 You are responsible for ensuring that your Account is in good order. You must check your Account regularly and inform us immediately if you discover any irregularities.
6.4.2 You will receive an email after the completion of every Payment Transaction. Your transactions can also be viewed after logging in to our Website. You must report any disputes within 24 hours from the time of a transaction. By not reporting any disputes to us within 24 hours, you agree that all transactions and entries in your transaction history are considered true and correct.
6.4.3 There are risks associated with holding multiple currencies in your Account. We have no control over the fluctuations in the relevant exchange rate pairs. We also have no control over currency controls which may be instituted by the respective corresponding country. By using this Service, you agree and accept all such risks.
6.4.4 You must ensure that your Account does not have a negative balance. You agree to have a zero or positive balance in your Account at all times. If your Account goes into a negative balance as a result of any actions carried out by you, including but not limited to fees, chargebacks, and transaction reversal, you must repay the negative balance immediately without requiring us to send you any notice.
6.5 Ordering A Payment Transaction
6.5.1 You must provide all of the following information for every Payment Transaction:
6.5.2 You are solely responsible for the accuracy and validity of all information submitted to us. You may be charged a fee for any amendments, rejection, cancellation, or retrieval of transaction already completed, regardless if the retrieval is successful or unsuccessful.
6.5.3 The exchange rate and transaction fees will be displayed at the ordering screen before you order any transaction. Once you have confirmed that you are agreeable to the displayed exchange rate and transaction fee, the Order cannot be modified. If you need to change any details, you must cancel and start a new payment transaction. Please note that you may or may not get the same exchange rate when you initiate a new payment transaction.
6.5.4 Transaction fees displayed does not include any fees your bank or your Recipient’s bank may charge for your Payment Transaction. Depending on the situation, the fees may be deducted from your funds or from the sent amount to your Recipient.
6.5.5 You may fund your Payment Transaction via a bank transfer from your bank account or from e-money held in your Account with us. The Source Account must be in your name. We do not accept any form of funding from a third party. We also do not accept other payment methods such as cash or cheque.
6.5.6 From time to time, we may allow you to fund your Payment Transaction or deposit e-money to your Account with us using other methods such as credit or debit cards, or similar accounts operated by other payment service providers. Whenever we avail such methods to you, you agree to not perform any chargebacks or refund requests. We are entitled to recovering costs incurred from any investigation regarding such activities from you.
6.5.7 We must receive sufficient funds for your Payment Transaction before your Payment Transaction is considered valid. We are not responsible for the time it takes for your bank or any other service provider to process funding instructions. The same applies if you have selected your TranSwap Account as the Source Account.
6.5.8 You may only cancel your Payment Transaction before we receive your funds. If you have chosen to fund your Payment Transaction with existing e-money in your Account, we will treat it as though we have received your funds immediately upon booking. You should contact us at firstname.lastname@example.org for any assistance.
6.5.9 We may cancel your Payment Transaction if we do not receive your funds within 24 hours.
6.6 Receiving Money In Your Account
6.6.1 You may receive money into your Account with us via methods which we explicitly allow. We may change these methods from time to time without any notice to you. You are responsible for the accuracy of such details you provide to the sender.
6.6.2 You will be able to view the received amount in your transaction history. You should check your transaction history for any discrepancies and inform us immediately of any irregularities.
6.6.3 The money being received into your Account may be subject to reversal. This is done on a case-by-case basis. You agree that we may deduct the money from your Account if it was reversed by the sender or any payment service provider, including banks. In such cases, you will be notified of the reversal via your registered email address before we effect the reversal.
6.7 Withdrawing Money From Your Account
6.7.1 You will not be able to withdraw from your Account in cash.
6.7.2 Withdrawals from your Account is identical to a Payment Transaction (refer to Clause 6.5). You will be charged a fee for each withdrawal request. This fee will be displayed at the ordering screen. You can only proceed if you agree with the displayed fees and charges.
6.7.3 All information of the bank account required for us to process your Payment Transaction must be added to your list of payees before you can perform the withdrawal.
6.7.4 You are responsible for providing accurate bank account information. We are not responsible for any money sent to the wrong recipient due to error arising from information provided by you. In such cases, you may request for a transaction reversal, but we cannot guarantee that such requests will be completed successfully. We may also charge a handling fee for such instructions, regardless if the reversal is completed successfully.
6.7.5 We are not responsible for the time your receiving bank or payment service provider takes to receive your money.
6.8 Paying Of Fees And Charges
6.8.1 You are solely responsible for the following:
6.8.2 If you fail to pay us the fees and charges specified above in Clause 6.8.1, you authorise us to deduct such fees from your Account with us. If your Account does not have sufficient e-money to cover such amounts, you also authorise us to deduct the amounts from subsequent transactions without requiring any prior notice to you. If you continue to have any outstanding owed to you, we may refuse to our Services to you.
6.9 Communications Between Us
6.9.1 Our primary method of communication is via email. Therefore, you must ensure that your registered email address with us is valid at all times. Our emails to you may contain links to additional information on our Website. You are required to check your emails regularly and be alert of any information we may send to you.
6.10 Adhering To Relevant Laws
6.10.1 You must not use your Account or any Services we may provide to you to conduct or facilitate any form of illegal activity including but not limited to fraudulent activity, money laundering, or terrorism financing.
6.10.2 You must comply with all laws and regulations related to the use of our Services and the current Anti-Money Laundering and Counter-Terrorism Financing legislation of your residence country.
6.10.3 You must not share the access of your Account with a third party. For individual customers, you must remain the sole beneficial owner of your Account.
7.1 Safeguarding Your Money
7.1.1 As required by law, we must safeguard your money by keeping it with established financial institutions in separate accounts. Money in such accounts do not form part of our assets, and we are not allowed to use the money to finance our operations. These accounts are also not subject to claims by our creditors. If we become insolvent, you can make a claim for your money and it will be return to you, unless the depositing financial institution is insolvent.
7.1.2 We must hold either the exact currency or its equivalent in Singapore Dollars of your money in these separate accounts. Such accounts are usually marked with “Client Account” along with “Transwap Private Limited”.
7.2 Provision Of Services
7.2.1 We aim to allow our Users 24/7 access to our Website, except during scheduled maintenance where we will strive to inform you at least 24 hours prior. However, we reserve the right to temporarily suspend or limit access to all or part of our Website or our Services without notice, whether for maintenance or otherwise.
7.2.2 Notwithstanding the above, we do not guarantee that our Website or Services will be always available or be uninterrupted. We cannot be held liable for any downtime to our Website or Services, regardless of scheduled or ad-hoc.
7.3 Processing Your Payment Transactions
7.3.1 We aim to complete all Payment Transactions within 4 business days. Generally, transactions are completed within 2 business days. For orders involving certain receiving currencies, we may be able to complete your Payment Transaction within the same business day. Please reach out to us to enquire. However, all such transaction processing times are not guaranteed, and we cannot be held liable for any delays.
7.3.2 If a Payment Transaction is ordered after 6pm, or any time on a non-business day, it will be considered as ordered on the next business day.
7.3.3 You will be informed of the estimated completion time for your Payment Transaction when we receive your funds. If it falls on a non-business day at your Recipient’s country, the transaction will only be completed the next working day.
7.3.4 To fulfil our regulatory obligations, we may conduct verification checks on your transactions. Verification checks may increase the processing time of your Payment Transaction. We are not responsible and cannot be held liable for any delays as a result of conducting such checks.
7.3.5 We reserve the right to reject any instruction from you without providing to you any explanation. If we have received your funds for a Payment Transaction rejected by us, we will refund you the full amount received by us to your Source Account used to fund the Payment Transaction.
7.4 Exchange Rate
7.4.1 The applicable exchange rate will be made known to you clearly before you confirm a Payment Transaction. We provide two types of exchange rates: guaranteed and non-guaranteed.
7.4.2 We offer 24-hour guaranteed rates for selected currency pairs. This will be made clear to you during the process of ordering a Payment Transaction if it involves currency exchange. The 24-hour countdown starts from the moment you start the process of ordering a Payment Transaction.
7.4.3 We offer non-guaranteed rates for other currency pairs not under Clause 7.3.2. The exchange rate applicable shall be dependent on the date and time where we receive your funds for the Payment Transaction. If we do not clearly indicate that the rate is guaranteed, you should assume that it is non-guaranteed.
7.4.4 From time to time, we may change a currency pair from guaranteed to non-guaranteed and vice versa without prior notice to you. You should exercise caution and take note of the exchange rate before ordering a Payment Transaction.
7.5 Our Fees And Charges
7.5.1 We charge a minimal spread and fixed transaction fee (collectively referred to as “fees and charges”) for each Payment Transaction of which are fully visible to you before you accept and confirm every Payment Transaction.
7.5.2 These fees and charges differ from each currency pair and are subject to change without prior notice to you.
7.5.3 As mentioned before in Clause 6.5.4, fees and charges charged by us does not include any charges charged by your or your Recipient’s bank or payment service provider for processing your Payment Transaction. Depending on the situation, such fees and charges may be deducted from your funds or from the sent amount to your Recipient.
7.5.4 When you provide invalid payee details, the receiving financial institution may refuse to process your Payment Transaction. For such cases, we may charge a fee which will be deducted from the sent amount before returning your money to you.
7.5.5 We may charge a fee for any amendment or cancellation of an ordered Payment Transaction due to the same reasons. We may also charge a fee for any retrieval requests, regardless if the retrieval is successful.
7.5.6 Fees mentioned in Clause 7.4.4 and 7.4.5 are collectively referred to as “administration fees”.
7.6 Important Notifications To You
7.6.1 We will send you emails to inform you of:
7.6.2 We aim to provide you with a reasonable notice period for any material changes so that you can make any necessary arrangements.
7.6.3 If we do not receive any notice indicating that you did not receive our email, it will be deemed received on the exact same day it was sent to your email address.
7.6.4 We will not be liable to you or any other parties for losses or damages arising from events listed in Clause 7.6.1.
7.7 Dispute Resolution
7.7.1 We will handle your disputes in a fair and independent manner in the most reasonable way possible. In all cases, after considering your inputs, our decision is final and not subject to further disputes.
8.1 Any promotion codes provided by us cannot be used together with other promotions unless otherwise stated.
8.2 You must have a successfully registered account with us to use a promotion code.
8.3 Any form of promotion is not exchangeable for cash or other benefits.
8.4 We reserve the right to change or terminate any promotion at any time without giving you prior notice or any form of compensation.
8.5 We reserve the right to disqualify you from the promotion if we deem that you have engaged in conduct that we consider inappropriate or unacceptable.
9.1 We reserve the right to change all or part of this Agreement without prior notice or explanation to you. We aim to provide you with 30 calendar days’ notice period before we effect the changes. We will always notify you via your registered email address with us when we make any changes to this Agreement.
9.2 If you object to any changes to this Agreement, you must submit a termination request to us at email@example.com within 5 business days from the notice of the changes. If you do not notify us within this period, or if you continue to use our Services after the notice of the changes, it shall be assumed that you have accepted the changes.
10.1 We reserve the right to suspend any part or all of your access to our Services if:
10.2 Depending on the situation and our legal obligations, we may or may not disclose the reason for your suspension.
10.3 When your Account is suspended, you will not be able to order any Payment Transactions. Your e-money in your Account still belongs to you, but you will not be able to use them until the suspension if uplifted.
10.4 We make no promises to the timeline of uplifting any suspension and we are not liable for any losses, either suffered by you or any third party, for any suspension.
11.1 We may immediately suspend or terminate your registration and this Agreement at any time without prior notice or explanation to you if:
11.2 We may suspend or refuse to execute a Payment Transaction if any of the reasons stated above in Clause 11.1 applies to the Recipient of the Payment Transaction.
11.3 You may terminate this Agreement by contacting us at firstname.lastname@example.org.
11.4 In all cases, we reserve the right to determine the final termination date.
11.5 If you have any balances in your Account after termination, we will initiate a withdrawal Payment Transaction for all your e-money, less any amount owed to us, converted to Singapore Dollars at the prevailing rate, and charge the prevailing transaction fee as though the Payment Transaction was ordered by you. The withdrawal will be made payable to your Designated Account.
11.6 Any termination shall not affect prior transactions or obligations under this Agreement existing at the time of the termination. Upon termination, we will retain records of your transactions with us in accordance with regulatory requirements and our retention policies.
12.1 Our Services are protected by copyright, trade secret and other intellectual property laws. We and/or our licensors own the title, copyright and other worldwide intellectual property rights in all services relating to TranSwap. Using TranSwap and our Services does not grant you any rights to our trademarks or service marks.
12.2 For the purpose of these Terms and Conditions, intellectual property rights shall mean all patent rights, copyright rights, moral rights, rights of publicity, trademark, trade dress and service mark rights, goodwill, trade secret rights and other intellectual property rights as may now exist or hereafter come into existence, and all applications and registrations, renewals and extensions thereof, under the laws of Singapore and any country, territory or other jurisdiction.
12.3 You agree not to alter, copy, distribute, extract, make available, modify, obscure, reproduce, tamper with, or otherwise use any of the content on our Website without our prior written permission. Any use made of such content may be an infringement of rights in that content and we reserve all rights to enforce such rights.
13.1 We do not guarantee that our Website or App will be secure or free from bugs or viruses.
13.2 You are responsible for configuring your devices and network in a way which allows you safe and secured access to our Website or App.
13.3 You must not misuse our Services by introducing viruses, trojans, worms, logic bombs, or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to our Website, the server on which our Website is stored, or any server, computer, or database connected to our Website. You must not attack our Website via a denial-of-service attack or a distributed denial-of-service attack. By breaching this provision, you may be guilty of a criminal offence under the Computer Misuse and Cybersecurity Act (Cap. 50A). We will report any such breach to the relevant government authorities, public agencies, and/or law enforcement agencies and co-operate with such authorities/agencies by disclosing your identity to them. In the event of such a breach, your right to use our Services will cease immediately.
13.4 Linking To Our Website
13.4.1 You may link to our home pages if you follow all of these rules:
13.4.2 We reserve the right to withdraw linking permission without notice.
13.5 Links From Our Website
13.5.1 We may provide links to other sites and resources provided by third parties. These links are provided for your information only. We have no control content over such content and thus you must conduct your due diligence and exercise caution when visiting them.
13.5.2 We accept no responsibility for content provided by these sites or resources. We are not liable for any loss or damage that may arise from your use of them.
14.1 In providing the Services to you, neither we nor any of our affiliates, holding companies, subsidiaries, employees, officers, directors, agents, service providers or subcontractors, makes any express warranties or representation to you with respect to the Services except as set out in this Agreement, and all implied and statutory warranties and representations, including without limitation any warranty of fitness for a particular purpose, merchantability or non-infringement are hereby expressly disclaimed to the maximum extent permitted by applicable law.
14.2 In no event shall we or any of our affiliates, holding companies, subsidiaries, employees, officers, directors, agents, service providers or subcontractors be liable to you or any third party for any indirect, special, consequential, punitive, exemplary or incidental damages, whether based on negligence, wilful misconduct, tort, contract or any other theory of law, or for any damages for loss of data, loss of income, failure to realize expected revenues or savings, loss of profits or any economic or pecuniary loss.
14.3 We will not be liable for any goods or services brought or sold by you that are settled through your participation in the Services.
14.4 We may from time to time provide you with information on historical and current market trends, transaction processing methodologies and patterns, updates on currency pairs, or any other information we believe may be of use to you. This can be in the form of verbal communications, articles on our Website, or email communications sent by us. Such information and publications are not intended to be and do not constitute any professional advice or any other advice or recommendation of any sort. We also do not guarantee that such information and publications are accurate, up to date, or applicable to the circumstances of any particular case. You must do your own due diligence and exercise caution when using our Services. We will not be liable to you if you choose to act based on information provided by us.
15.1 Right Of Set-Off
15.1.1 You agree that we are authorised at any time to set-off the funds deposited with us against your debts or liabilities owed to us. We may exercise this right of set-off without notice to you.
15.2 Non-Waiver Of Rights
15.2.1 Any failure or delay by us in exercising or enforcing any right we have under the terms of these Terms and Conditions does not operate as a waiver of and does not prejudice or affect our right subsequently to act strictly in accordance with our rights.
15.2.2 Moreover, no waiver by TranSwap or any of its rights or powers under this Agreement shall be deemed to have been made unless expressed in writing and signed by its duly authorized representative.
15.3 Entire Agreement
15.3.1 This Agreement and any documents expressly referred to in it constitute the whole agreement between us, and supersedes any pervious discussions, correspondence, arrangements, or understandings between us.
15.3.2 This Agreement may be provided to you in English or any other language that we support. For the avoidance of doubt, any non-English version of this Agreement is provided for translation purposes only. If any inconsistency arises between the English and non-English versions of the Agreement, the English version of the Agreement shall prevail.
15.4.1 If any provision of this Agreement is rendered void, invalid, or unenforceable in any respect under any law, the validity, legality, and enforceability of the remaining terms and conditions shall not be affected or impaired thereby.
15.5.1 You may not transfer or assign this Agreement to any other person without our prior consent.
15.5.2 We may assign our obligations to you under this Agreement without your consent and without any prior notice.
15.6 Notices To Us
15.6.1 Any notice of legal claim or other process pursuant to this Agreement shall be delivered via post to TranSwap's registered address at: 29 Media Circle, #02-06, Alice@Mediapolis, South Tower, Singapore 138565
15.7 Our Service Providers
15.7.1 We may use agents and third-party service providers to help us deliver our Services to you. In any event, all services provided by us or our agents and service providers are engaged at our discretion and subject to our supervision and control.