Are you aware that cryptocurrency transactions are gaining more popularity? As per a report by Visa, their network processed over $1 billion in crypto transactions in the first quarter of 2021, which surged to approximately $2.5 billion in the first fiscal quarter of 2022. This marks a substantial rise in a relatively short span.
If you’re looking for a convenient and secure way to buy goods and services using digital currency, then Swapin could be the perfect solution for you.
In this article, we’ll take an in-depth look at how Swapin works, what benefits it offers, what fees are involved, and what to keep in mind before paying with crypto.
So, read on to learn why Swapin is quickly becoming the go-to choice for those wanting to make personal transactions with digital currency.
What is Swapin?
Swapin is a revolutionary new platform that was founded in 2017 with the mission to bridge the gap between crypto and traditional finance.
It is an Estonian-licensed platform that allows its users to make crypto payments with a direct, instant conversion into EUR to an individual account.
The team at Swapin is committed to providing secure and legally compliant solutions, as they operate under license FVT000088.
Their primary goal is to offer a powerful yet user-friendly platform that helps individuals and businesses accept and spend crypto in a regulated environment.
As it is compliant with European financial service standards available to both companies and individuals, it manages to garner many highly rated reviews on Trustpilot.
Swapin team
The team of Swapin is made up of experienced professionals in different fields, including technology, marketing, and business development.
They are led by Evald-Hannes Kree, who is the CEO and founder of the company.
Part of the core team is also CMO Alexandra Lartey, CPO Edward Rebane, CTO Joonas Honga, and CBDO Kate Voogla, who is in charge of the business development operations.
Julia Tarmisto and Indrek Jõgi provide expertise in law enforcement and ensure compliance with AML regulations. Marge Simo holds an MBA degree and is experienced in project funding and financial management.
On their books, they have a Finance specialist with over 20 years of experience, influential advisors from the industry, and an experienced AML and legal staff.
Benefits of using cryptocurrency for personal transactions
Cryptocurrency can open a world of financial freedom where traditional transactions are no longer the only option. With crypto, you can transfer money quickly and securely to anyone in the world without having to worry about fees or waiting periods.
You also don’t need to provide any personal information, which helps keep your privacy intact. Plus, cryptocurrencies have much lower transaction costs than traditional methods like bank transfers and credit cards. This means that you can save money on fees when sending or receiving funds.
With cryptocurrency, you can also make international payments with ease and without having to worry about exchange rates or conversion fees. Many cryptocurrencies offer advanced features such as smart contracts and decentralized platforms that offer even more convenience for users looking for an alternative way of conducting their financial transactions securely and privately.
SwapinPay crypto to fiat transactions – how does it work?
Swapin makes it easy to transact with cryptocurrency as it offers instant conversion of cryptocurrencies into Euros. When a client commences a crypto payment, Swapin automatically converts the crypto into Euros at the present exchange rate.
The converted amount is instantly transferred to the connected IBAN account. In order to finish the setup process, the user has to provide their IBAN account.
Dedicated IBANs from Swapin
With Swapin, you can now access Dedicated IBANs for easy and secure crypto-to-fiat payments, giving you more control over your finances.
These IBANs are available exclusively to EEA (European Economic Area) residents with Basic or Full verification levels. They allow for direct withdrawals and payments directly to a bank account in the customer’s name, eliminating banking limitations.
Swapin’s Dedicated IBANs only work on crypto-to-fiat transactions initiated in their platform, not other types of transactions.
What do you need to use Swapin pay
Swapin KYC
To use SwapinPay, you’ll need to:
- Submit a valid ID and go through the KYC verification process.
- With the new technology implemented in their enhanced KYC verification model, it takes just two minutes to verify your identity and documents with AI automation.
- This enables users to send crypto-to-fiat payments to themselves or any other SEPA bank accounts.
- After going through a review process, which can last from several hours up to one business day.
- ‘Basic Level’ customers will be able to transact as much as 2500 euros of combined value through SwapinGet and SwapinPay, too.
- Thanks to the technology developed by Veriff, customers no longer need to manually input their personal information since it’s gathered digitally from the documents submitted by them.
They are taking security seriously and have partnered with Veriff and Onfido, who are leading verification providers, allowing their users to complete the started KYC procedure in 2 minutes. This gives you the opportunity to make your first transaction almost instantly after signing up.
Swapin manages to simplify the process of using crypto for payments while providing a seamless conversion and transfer process.
