• Frequently Asked Questions (FAQ)

General

SwapIt is a mobile-app that allows you to exchange currencies instantly at 'mid-market rates'.
You are able to exchange between two currencies, which are – Malaysian Ringgit (MYR) and Singapore Dollar (SGD). Download the app here.
We aim to provide you with the convenience of exchanging currencies through your mobile-device on-the-go so you don’t have to waste time going to money changers physically.

We also want to provide you with the best possible exchange rate, that’s why your currencies are converted at the 'mid-market rates'.

Transactions

Step 1: Top-Up
First, top-up your SwapIt account with the currencies you have. You can do this by performing a bank transfer and uploading the transfer receipt to us within the app.

Step 2: Swap
Next, convert the currencies in your SwapIt account to the currencies you want, at mid-market rates.

Step 3: Withdraw
You may withdraw those currencies from your SwapIt account to your personal bank account.
Alternatively, you could also send the currencies in your SwapIt account to friends/family who’s an existing user.

Watch this Video here to learn more on how to use SwapIt.
‘Mid-market rates’ are used to exchange your currencies. The mid-market rate is not a “buy” nor “sell” rate, it is the mid-point rate between the “buy” and “sell” rate of global currency markets. These exchange rates can be found on public sites like XE or Google.

You will be able to view the rates when performing the ‘swap’ transaction.
SwapIt only charges a small transaction fee of 0.65% on the amount you exchange.
For ‘Top-up’ transactions: no limit.

For ‘Swap’ transactions: minimum MYR300/SGD100 per transaction.

For ‘Send’ transactions: no limit.

For ‘Withdrawal’ transactions: MYR10,000 / SGD3,000 per month (to be updated in due course). You may change your withdrawal limit under your ‘profile’ section within the app.

Eligibility & Registration

You must be 18 years old and above to use SwapIt. Individuals below 18 years old may register through a referral link provided by an existing SwapIt user.
Yes, after filling in some basic information about yourself (i.e. full name, identification number, etc.), you’ll need to provide us with documents to verify your ‘identity’ and ‘address’ in order to complete the registration process as a SwapIt user.

This is a requirement to comply with relevant laws and regulation related to prevention of money-laundering and terrorism financing.
To verify your ‘identity’, you may provide us with a copy of your identity card or passport.

To verify your ‘address’, you may provide us with a copy of your driving license, bank/credit card statement or utility bill (dated within most recent three months).

Contact Details

Don't hesitate to contact us if you would like to find out more! We'll get back to you as soon as possible.

Email: hello@swapitcurrency.com
Mobile: (60) 11-2741-1070
Available hours: Mon - Fri (9.00am - 5.00pm)

We welcome new friends to join us!

Say hello@swapitcurrency.com if you have any questions.