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Frequently Asked Questions
Getting to know Moneyswap

  • Do I need a bank account to have an account with MoneySwap?
  • No, however funds can only be paid in / paid out with your MoneySwap account or paid out to the Moneyswap Pre-Paid Card.

  • What additional information do I need to supply to complete the account opening process?
  • We will need you to upload a copy of your photo ID document/passport, and the ID number, as well as proof of your address which must be dated within the past 3 months, date of birth and job.

  • If I did not complete the extended registration correctly, will I be able to enjoy full use of the website?
  • How do I pass the ‘Know Your Client’ (KYC) checks MoneySwap has to perform? And how will I know when I have passed them?
  • To pass the KYC checks, you simply need to ensure that the details you sign up to MoneySwap are as accurate as possible. During KYC checks, personal identification information and address is verified.
    Once these registration details have been verified by an external information provider, we un-restrict your MoneySwap account.
    Once a MoneySwap account has passed KYC checks, a notification email is sent to the email address that you have registered with.

  • Why does each MoneySwap account need to have its own registered email address?
  • This is a security measure as from time to time we may need to contact the holder of a certain MoneySwap account. Thus we need to ensure we have a unique point of contact.

  • Can I use an email address registered with an existing MoneySwap account to create another MoneySwap account?
  • No. For security reasons, MoneySwap only allows an email address to be registered with one MoneySwap account.

  • How do I close my MoneySwap account?
  • MoneySwap accounts cannot currently be closed, although we are always open to our customers’ needs and requests. It was intended that MoneySwap account can simply be left unused by the customer until future need. If you would like to contact us concerning this issue please contact our customer service department.

  • What is the difference between Personal and Corporate accounts?
  • The 2 forms of MoneySwap account are very similar; we are simply required to differentiate types of our users. This is because corporate applications
    provide us with a greater regulatory burden in terms of ‘Know Your Client’ (KYC) checks.

  • How do I change the status of my account from ‘Personal’ to Corporate’, or vice versa?
  • Once you have created an account, it is not currently possible to change this status. However, we always try to remain open to our clients’ needs and requests.
    Therefore please let us know if this would be a service you need. Relevant regulatory ‘Know Your Client’ checks apply depending on the type of account you hold.

  • I've forgotten my password, what do I do?
  • ‧ Click on the ‘Forgot password?’ link, then enter the registered email of the MoneySwap account for which you have forgotten the password and click the dark blue ‘Submit’ button. You will then receive an email to this email box.
    ‧ If you open the email, and click on the hyperlink in the body of the email, you will be directed to the two security questions you chose when you signed up to MoneySwap. Simply answer your two security questions correctly, and then choose a new password.
    TIP – the security questions that are displayed when you click the hyperlink in the auto-email, are the actual questions you chose when you signed up to MoneySwap.

  • My account has been locked. What do I do now?
  • If you have entered an incorrect username or password for 5 consecutive times, your account may be locked for security purposes. To unlock your account, please email your request to whilst also providing us with the answers to the three security questions below:

    - What is your MoneySwap username?
    - What is your date of birth?
    - What is the first line of your address?

    Once we are able to confirm the legitimacy of your password reset request we can unlock your account and inform you of this result.

    NOTE – if your account has been locked for other reasons, such as improper use, we retain the right to restrict your account. We have certain regulatory obligations we are compelled to comply with.

  • Where are my funds held when I pay in to / pay out from MoneySwap?
  • Your funds will be held in dedicated customer holding accounts with our banking partners.

  • What currencies can I pay out to and from MoneySwap?
  • Pounds Sterling, Euros, Renminbi (CNH), Swiss Franc, Australian Dollar, Hong Kong Dollar, Singapore Dollar, Japanese Yen, Canadian Dollar, US Dollar.

    The relevant account details for each currency can be found in the 'pay-in funds' section. Similarly you will only be able to swap and pay out currencies we list from MoneySwap.

  • What currencies are available to purchase or exchange on MoneySwap?
  • Pounds Sterling, Euros, Renminbi (CNH), Swiss Franc, Australian Dollar, Hong Kong Dollar, Singapore Dollar, Japanese Yen, Canadian Dollar, US Dollar.

  • When I pay out money from my bank to MoneySwap, what account details should I give?
  • The ‘pay-in funds’ section shows all the required information for each currency.
    Note for some currencies we possess accounts in many different destinations.
    This helps our customers save time and payout fees.

  • What can I do if I no longer require the foreign currency that I have “swapped” on MoneySwap?
  • You can simply “swap” it back into your starting currency and pay it out to your bank account.

  • How much will MoneySwap charge me to pay out my money out of the MoneySwap system?
  • The maximum payout fee we charge is US$20, or £15. For some currencies, the fees can be substantially less.
    Unfortunately we have to be able to cover our varying banking costs in our various regions of operation.

  • What if there is no-one who wants to exchange money into a certain currency at a certain time?
  • There will always be a market-maker providing a buy and sell price in all listed currencies.

  • What are the smallest and largest quantities I can pay out?
  • We do not currently enforce a lower limit, although in the interests of maintaining a tidy and orderly market we have some maximum order restrictions.
    These order maximum size limits are subject to change, but are currently set at 100,000 GBP, 100,000 USD.

  • How long will it take for my foreign currency to arrive at the destination account?
  • All funds will be received within 2 working days. This will be less if the payment is processed before our cut off time each day and in the same country.
    For example – banks in the UK do not open on national bank holidays like Christmas day, whilst banks in Taiwan are closed during the Chinese New Year.

  • Can I receive money into my MoneySwap account from a third party depositor?
  • Yes, this is similar to a situation you send money to a friend’s bank account.

    Viewing Your Account

  • Is it okay for the balance of my MoneySwap wallets to be zero?
  • Yes. When you first create your MoneySwap account, your wallet balances start at zero.

  • Where can I view my transaction history for my MoneySwap account?
  • ‧ Login to your MoneySwap account.
    ‧ Click the “STATEMENT” link on the left hand side of the screen to view your transaction history.

  • I want to make a payout from the MoneySwap platform to a bank account. How do I register a bank account in my MoneySwap profile?
  • Log in to your MoneySwap account.
    Click “PAYOUT FUNDS” link on left hand side of screen.
    Click “add/edit bank details” link.
    Click dark blue “Add Bank Account” button.
    Populate the fields with your banking information and when finish click the dark blue “OK” button.

    NOTE – reference name is to allow you to put a memorable reference name against each bank account that you register (e.g. – Lloyds current account).
    We hope this makes it easier for you to select the relevant account to pay out to.

  • How do I remove a registered bank account from my MoneySwap account details?
  • ‧ Log in to your MoneySwap account.
    ‧ Click “PAYOUT FUNDS” link on left hand side of screen.
    ‧ Click “add/edit bank details” link.
    ‧ Select the bank account to remove and click the dark blue “Delete” button.

  • How do I check the status of my order?
  • To check the status of an order:
    ‧ Log in to your MoneySwap account.
    ‧ Click the “MY ORDERS” link on the left hand side of the screen.

    Your order could have one of the following states:
    ‧ Completed Orders – Orders that have been matched in our live currency markets, meaning that you will have received the amount of currency you required and entered the market to buy.
    ‧ Partially Completed – Orders that are usually large in size, will match against a number of smaller orders the other side of the market. As such, your order could absorb all the ‘liquidity’ the other side of the market, meaning that the balance of your order is hanging, waiting for more orders the other side of the market to appear. An order should not hold the status of ‘partially completed’ for long, as our market making computer is constantly generating large numbers of orders in all the sides of the markets we offer currencies in. If you wish to close the balance of a partial order, you will be able to do this by closing the remainder of the order still hanging in the market.
    ‧ New Orders – New orders that are yet to be matched are able to be deleted as they have not been fully or partially completed yet.
    ‧ Closed Orders – A closed order is any order you previously choose to close before it is completed and matched in the market.


  • How much is the fee for payout funds from my MoneySwap account to a bank account of my choice?
  • The fees depend on which currency you are paying out of MoneySwap. Please see the relevant fee table in the terms and conditions section.

  • How long does it take for funds I pay in into a MoneySwap holding account to appear in my account?
  • As soon as we receive correctly referenced cleared funds, we will credit the relevant customer’s account. It is difficult to give a precise time as it highly depends on what type of bank payout you make, and the operating hours of the banking system.

  • How is the fee structure for currency swaps?
  • There are no fees for swapping currency. The costs are built into the spreads we offer.

  • Where do you get your currency rates?
  • We received a live data feed from the currency markets which provides us with a mid-point for each currency market. We then decide what size and nature of ‘spread’ to make off this mid-point to be as competitive as possible.

  • Why are your rates different from other service providers?
  • This may depend on who you are comparing with MoneySwap. We always try to beat the banks and the high street, to give our customers’ a more cost efficient currency solution. However, to remain in business, we do have to charge a spread of a calculated size.

  • Why doesn't your service have my currency?
  • We offer markets in currencies where we have identified enough demand to do so. Therefore, if you would like us to offer new markets, please inform us at We will respond to your request, and where possible make changes to provide you with a currency solution.

  • How often is data for the currency updated?
  • Our currency prices are generated from continuously changing live data we receive from an external data source. Our prices can change up to every 15 seconds. This is why you will often see our prices updating as you use our website. Therefore as the currency markets move, so do our prices, in the hope of supplying you with the most up to date prices possible.

  • What are Sell and Buy?
  • When you convert currency, you sell one currency to buy another. Your financial institution charges you a different rate if you are selling a currency (the bid rate, or buy rate) or buying a currency (the offer rate, or sell rate). If when you look at our markets page you hold your mouse cursor over a buy or sell price a pop up will give you an advisory message telling you what that price really means to you.