Swapin

I opened an personal account very quickly, KYC was smooth.
Haven't tried it yet.

Good to read about this EMI from a trusted member.

I opened an account too, but I am confused...
Do they give an IBAN?
If affirmative, when & how?

They keep asking me for MY IBAN and there is NO way I'm having any exchange send money to any regular bank accounts mine. When bankers speak to me about Bitcoin or cryptocurrency I play extremely stupid and ignorant (which is not very hard for me to do or too far from reality rof/% ). It doesn't matter who it is (even my OWN mom), but in the physical or identifiable world, I disavow any knowledge of crypto, offshore, private banks, wealth management, asset protection, tax avoidance, etc.

So, does SWAPIN provide an IBAN or not?

yes they very recently started offering IBAN in account holder's name, for EU residents only

pipona said:

yes they very recently started offering IBAN in account holder's name, for EU residents only

I don't understand where it is and how I can use it conf/(%

pipona said:

yes they very recently started offering IBAN in account holder's name, for EU residents only

So, we get it ONLY after we verify EU residency?

Same for EEA residency?

jafo said:

So, we get it ONLY after we verify EU residency?

They just ask for an utility bill ;)

Still waiting for the third level KYC to be approved.
And I am still unable to find the dedicated IBAN. Not impressed.

JohnnyDoe said:

Still waiting for the third level KYC to be approved.
And I am still unable to find the dedicated IBAN. Not impressed.

Been using this service for quite some time without issues.
These guys have been around for years and are well respected in the crypto scene.

Please note you would not see IBAN anywhere.

Currently, they do not display your Dedicated IBAN number on the dashboard. It will automatically appear on the recipient's bank account statement once a payment is made.

Swapin offers Dedicated IBANs for crypto-to-fiat payments initiated in Swapin only, they do not offer banking solutions and it can't be used for other types of transactions.

With Swapins Dedicated IBAN service, you will be able to transfer crypto to EUR or GBP in a simple payment in your name to your bank account with SwapinGet. It also allows you to pay any EUR or GBP invoice using cryptocurrencies and the receiver gets money in your name with SwapinPay.

This feature allows you to overcome banking limitations, with traditional banks sometimes being cautious with crypto-related transactions from crypto platforms or payment providers.

help.swapin.com/en/articles/409944-how-to-us…icated-ibans
This makes it feasible to run, e.g., an Estonian company without a transactional bank account. You can do all operations with crypto and use Swapin as an off-ramp to withdraw and make payments in EUR/GBP.
To take it a step further, such an Estonian company can be a payment processor/franchise/agent for e.g., a Somalian company (0% tax).
Somalia offers affordable and streamlined online business registration, making it an attractive choice. You can get even a bank license for 3k, but on the other hand, they havent even established accounting requirements. Somali Business Registration System (SBRS)
At the same time, Estonia applies tax only on profit distribution and provides access to banking facilities.
This Somalian company can then lend crypto/money to you for your everyday needs (no WHT on interest), avoiding any need to declare income.
Estonia prides itself on strong ties to Somalia leading the EU-s Embassy in Somalia. Estonian diplomat leading EU's embassy in Somalia

Last edited: Aug 17, 2023

Don said:

With Swapins Dedicated IBAN service, you will be able to transfer crypto to EUR or GBP in a simple payment in your name to your bank account with SwapinGet.

Which country is the IBAN from?
What do they write in the transfer narrative when sending to your bank account?
What are the fees? Or how bad the exchange rate is?

JohnnyDoe said:

Which country is the IBAN from?
What do they write in the transfer narrative when sending to your bank account?
What are the fees? Or how bad the exchange rate is?

For customers from the United Kingdom and Switzerland, they issue GB IBANs. For customers from all other countries, they provide IE IBANs. This applies to both individual and business customers

Conversion fees will range from 0.8% to 1.35%. For comparison: in order to withdraw fiat from the Binance crypto exchange to a bank card, the user will have to pay a commission of 2% per transaction. You will also have bank fees.
swapin.com/fees-and-conditions/
You can write whatever you want as the transaction description.

They have now added functionality to buy crypto for EUR (it is only available to customers in the EEA, UK, and Switzerland, at the moment only for natural persons and not yet for companies).
This is a non-custodial solution, meaning you control your wallet and your keys.

The way it works is as follows:

• You transfer money to an IBAN account owned by Swapin, which uses a UK-based EMI (Modulr FS Europe Ltd), adding your name as a beneficiary
• In return, you get crypto to the wallet address you have determined

Don said:

They have now added functionality to buy crypto for EUR (it is only available to customers in the EEA, UK, and Switzerland, at the moment only for natural persons and not yet for companies).
This is a non-custodial solution, meaning you control your wallet and your keys.

The way it works is as follows:

• You transfer money to an IBAN account owned by Swapin, which uses a UK-based EMI (Modulr FS Europe Ltd), adding your name as a beneficiary
• In return, you get crypto to the wallet address you have determined

I'm curious if anyone has tried this, what was the amount (approximately), and would they repeat the transaction with larger amounts?

jafo said:

I'm curious if anyone has tried this, what was the amount (approximately), and would they repeat the transaction with larger amounts?

I believe most people wouldn't want to disclose this here openly if they did. Perhaps only in private.

Swapin is advertising that they can support 8 digit transactions though.

Don said:

Swapin is advertising that they can support 8 digit transactions though.

That is ALL I need to know. ;)

Don said:

I believe most people wouldn't want to disclose this here openly

How about just their general experience and whether they would be a repeat customer? 🙄