Swapy.one is an international escrow money transfer service.

This type of transfer is different from bank transfers as it is an alternative to them. Which is best suited in cases where users lack the ability or access to international banking services or they are too expensive. In such circumstances, escrow money transfers come to the rescue, which work on the principle of "exchange" between users of SWAPY platform. 

Let's imagine a situation when you need to send funds from the EU to an account in the United Kingdom, but your bank cannot perform such an operation. At the same time, another Swapy user needs to make a transfer from the UK to Europe, but his/her bank is unable to do so. 

Both users create a transfer request at Swapy.one, and the system combines them into a pair. This pair of transfers is formed by the system automatically taking into account the amount and direction of the transfer - both partners must transfer the same amount in the opposite direction (for example, 1000 euros between Spain and the UK).

SWAPY combines the opposite requests into a pair and performs this transfer, providing guarantees and security of funds for both parties as an escrow agent.

Step 1. Users who are paired together sign a formal contract with Swapy to perform this exchange.

Step 2. You send 1000 euros + 3% fee (VAT, if applicable) to the account of SWAPY European office. 

Your partner sends the amount in British pounds, equal to 1000 euros at the exchange rate of the Central European Bank, to the account of SWAPY office in the UK.

Step 3. Only after both your EUROs and your partner's POUNDs will be credited to the Swapy escrow accounts the exchange will take place - you will be transferred pounds to your account in the UK, and your partner will receive euros.

WHAT ELSE IS IMPORTANT TO KNOW?

1. Escrow transfers are performed only when there are two interested users. A partner for a transfer may appear in a few minutes or in a few days, so the speed of execution of requests depends on the users of the platform.

2. Despite this, escrow transfers work fine regardless of bank restrictions because instead of an international transfer, funds are exchanged domestically.

3. Swapy is a guarantor of escrow transfers and provides secure accounts for this purpose. We guarantee a full refund, including the service fee, in case the transfer is canceled at any of its stages.

4. With Swapy escrow transfers you can transfer funds to your own account, as well as to the account of another person abroad. The recipient of your transfer must have a verified Swapy account.

5. To make an escrow transfer it is mandatory to sign a contract - this is a legal form of money exchange, which is regulated by the legislation of the European Union. Therefore, to use Swapy services it is necessary to pass verification of your profile including the submission of documents confirming your identity.