I use Piixpay when I need crypto currencies in Euro on my account very quickly. It is always there within a few hours. Transfer to N26 Bank. I'm a verified user so I didn't have to submit any do... See more
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till now 1 star. Withdrawel keeps on processing and there is no way to communicate with swapin Addition changed it to 4 stars. Not 5 because response from support takes way too long. If you want to... See more
Company replied
I use swapin get for automatic exchange btc to fiat with the consequent forward on bank account. Company made a huge progress - now it takes less than a one bank day to receive money. Very good servi... See more
Company replied
Highly recommend. After trying to use coinbase and a few others, I finally found swapin.com and it could not be simpler. You just input the amount you want in GBP or EUR, the currency you are u... See more
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Company details
Written by the company
Swapin is a licensed European provider of crypto payment solutions, helping businesses accept cryptocurrency payments easily, securely, and in compliance with EU regulations. Based in Estonia and operating under license FVT000088, Swapin is trusted by companies across a wide range of industries as well as individual users. Their core products include a crypto payment gateway that allows businesses to accept crypto payments like Bitcoin, Ethereum, and USDC, while receiving the full amount in EUR directly in their business bank account. No need to hold crypto, manage wallets, or worry about volatility. Swapin also offers a crypto on- and off-ramp widget that enables platforms and applications to integrate crypto buying and selling within their interface. Users can buy crypto using multiple payment methods and sell crypto with direct payouts in EUR. Their offerings also include an affiliate program for companies that look to monetize their network as well as crypto buying and selling service for individuals and businesses. Swapin was recognized with the MasterCard Lighthouse FINITIV People's Choice Award in Spring 2023, holding their reputation as a reliable and innovative crypto payments provider. Swapin makes crypto payments easy for any business.
Contact info
Värvi 5, 10631, Tallinn, Estonia
- customer@swapin.com
- swapin.com
You should know
4.4
Excellent
304 reviews
Asks customers to review
This company invites their customers to review, whether positive or negative
Replied to 100% of negative reviews
Typically replies within 24 hours
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For me the easiest and cheapest way to…
For me the easiest and cheapest way to transform crypto in to fiat directly in my bank account. And very fast also.
12 December 2024
Reply from Swapin
Hi Michael,
We’re delighted to hear that you found our service the easiest, fastest, and most affordable way to convert crypto to fiat. Your feedback means a lot to us!
Let us know if you ever need assistance.
Best regards,
Swapin Team
Holding payments hostage for KYC and closing accounts for ridiculous reasons
Swapin is so concerned with losing its financial license that they will go to great lengths to do unnecessary and invasive KYC and block businesses for ridiculous reasons to convince the authorities that they are doing enough. Like I see in another review on Trustpilot they commented “To keep it crystal clear, we are obliged by the regulator to ask additional questions. At least if we as a company want to save our license.“ There is a fine line here for how much KYC/AML is necessary versus what goes way over the line so extreme it just becomes absurd. Below, I share my story of what happened to one of my companies.
At first glance, Swapin looked like a great idea for us as a business to pay our supplier. They are marketed as the perfect solution for paying suppliers and bills in bank transfer with our cryptocurrency. We completed all their time-consuming KYC with full transparency and we were up-front about what our company sells. They approved our account. We were allowed to use the service for less than 2 years. While it was convenient when it worked, sometimes we would have issues, and it ended on a very bad note.
1. Their exchange rates are not truly locked even if you send within 30 minutes. When the next Bitcoin block took extra long, the exchange rate changed and we were required to send more.
2. They did not communicate that we needed to do further KYC and our account appeared verified and in good standing and they allowed us to make a transfer. However, the transfer was frozen (stuck in pending status) and held hostage.
3. We received a coupon as compensation but the amount became half because their faulty website updated the exchange rate when applying the coupon as the exchange rate increased.
4. I asked prior and they insisted that I can make the payment and use their service. The transfer became stuck in a pending state again and they admitted that the transfer could not be processed until the necessary documentation was done. Yet later contradicted themself by saying the transfer was not being held hostage.
5. We were asked unnecessary questions, like what our purpose of using them was that we already replied before, and for our annual accounts which are available to the public.
6. They required things we did not have like a service agreement with our supplier, a timestamped document outlining terms agreed with the supplier, or a screenshot of the account registration email that shows having agreed to the suppliers' terms.
7. “Could you please clarify what control measures you implement to verify the identity of your client (payer) and to determine the source and origin of the assets used in the transaction?” Like most retail businesses that sell to end consumers, we do not have to do that. Imagine buying some software from a website or some food from a grocery store and being required to show your passport and salary slips to allow you to complete your purchase.
8. This back and forth took 1 week while they were holding a part of the company's liquidity hostage and we were not able to pay for products from our supplier that we were going to resell to our end customers. We lost a lot of income during this process.
9. It took an additional 2 days before we received the refund and only after reminding them about it. To add insult to injury, they deducted the miner fee from the amount they refunded to us even though we had done nothing wrong and it was they who insisted we could use their service and make the transfer.
So if you are a business that sells anything to end customers (where you do not need to do stringent KYC) then do not use Swapin. This rules out almost all businesses from using Swapin. As absurd as it sounds, Swapin will reply below that they have to do this to not lose their license as a crypto exchange business registered at the Financial Intelligence Unit in Estonia. Having knowledge and experience in these laws myself, I am not buying this explanation.
2 December 2024
Unprompted review
Reply from Swapin
Hello Olav,
Thank you for your detailed feedback and for sharing your experience with Swapin. We take all customer feedback seriously and would like to address the points raised in your review.
At Swapin, we operate under strict regulatory frameworks, including Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements set by the Financial Intelligence Unit in Estonia. These regulations are essential to ensure the security of our platform, maintain compliance, and protect all parties involved in financial transactions.
We acknowledge your concerns about the extent of the compliance checks and the perceived inconvenience. However, as a regulated financial service provider, we are obligated to conduct thorough assessments to verify the source of funds, customer identity, and transaction purposes. This includes requesting additional documentation, especially when transactions involve larger amounts or new patterns emerge.
Regarding your specific concerns:
1. Exchange Rate Issues: While our exchange rates are fixed for 30 minutes, there was an issue with one particular coin at the time, which temporarily prevented you from completing the payment. Once the issue was resolved, you were able to finalize the transaction; however, by then, the exchange rate had increased.
Please note that you always had the option to exchange the coin from BCH to another cryptocurrency (e.g., BTC) or choose an alternative payment method to complete the SwapinPay transaction at a rate that was acceptable to you.
2. KYC Documentation Requests: Your feedback about duplicate and seemingly unnecessary questions is noted. However, these measures are not arbitrary but required to meet regulatory standards. For instance, requesting supplier agreements and details on transaction sources ensures adherence to compliance protocols.
3. Payment Delays: We sincerely apologize for the inconvenience caused by the delay in processing your payment and refund. While our team worked to resolve the matter as quickly as possible, the additional manual reviews were necessary to meet compliance requirements and were not something that could have been predicted before the transfer was initiated.
4. Risk Tolerance: The decision to close your account was made after a thorough review and risk assessment. While we understand that this might appear abrupt, this decision aligns with our internal policies and legal obligations, as outlined in our Terms of Service (Section 7.2.10).
5. Refund: The delay in issuing your refund was not intentional. We processed it promptly once all compliance steps were fulfilled
We are continually working to refine our processes to ensure they are efficient while still meeting the high standards of compliance required of us. Your feedback is invaluable in helping us identify areas where we can improve.
If you have any further questions or require additional clarification, we remain at your disposal. We regret that your experience did not meet expectations.
Best regards,
Swapin Team
Delivers on promise
Delivers on promise, really smooth experience paired with helpful customer service when needed.
8 November 2024
Reply from Swapin
Hello Perttu,
Thank you for your wonderful review! We're delighted to hear that we delivered on our promise and that your experience was smooth. It’s also great to know that our customer service team was helpful when you needed assistance.
Best regards,
Swapin Team
Reply from Swapin
Hello Eugen,
Thank you for your kind words! Providing top-notch service is always our goal, and your feedback means the world to us.
Best regards,
Swapin Team
Super fast and super easy!
4 November 2024
Reply from Swapin
Hello,
Thank you for sharing your experience! We're delighted that you found our service both super fast and easy to use. Your feedback motivates us to maintain and enhance our service standards. We look forward to serving you again!
Best regards,
Swapin Team
Awesome and quick with low fees
Awesome and quick with low fees. have done multiple swaps. buying and selling
28 October 2024
Reply from Swapin
Hello,
Thank you so much for your kind words! We're thrilled to hear that you've had multiple successful transactions with us and appreciate our low fees. Your continued trust means a lot to us!
Best regards,
Swapin Team
Reply from Swapin
Hello,
Thank you for your feedback! We're glad to hear that after the initial delay, your experience improved significantly. If you ever have any questions or need assistance, please don't hesitate to reach out!
Best regards,
Team Swapin
Reply from Swapin
Hello,
Thank you for your positive review! We're thrilled to hear that you found our service fast and reliable. Your satisfaction is our priority!
Best wishes,
Swapin Team
I did the first transaction from my…
I did the first transaction from my wallet to my bank account with swapinpay. It was really well explained, easy and superfast. Thank you for this amazing service.
1 October 2024
Reply from Swapin
Hey Monika,
Thank you so much for your 5-star review! 🌟 We're thrilled to hear that your first transaction went smoothly and quickly, and it's great to know that you found the process easy and well-explained. We truly appreciate your kind words and are happy to provide you with an amazing service. If you ever need assistance in the future, feel free to reach out—we're here to help!
Best regards,
Swapin Team
Reply from Swapin
Hello Bram,
Thank you for your fantastic review! We're thrilled to hear that your payout was processed so quickly and that you're happy with our service. If you ever need assistance, don’t hesitate to reach out!
Best regards,
Swapin Team
Reply from Swapin
Hi Aigars,
Thank you for your wonderful review! We're delighted to hear that you're finding our product helpful for paying bills. It's great to know you're pleased with our service.
Best wishes,
Swapin Team
intuitive and easy to use
11 August 2024
Reply from Swapin
Hi James,
We really appreciate your positive feedback! It means a lot to us that you're happy with our service. Thanks for choosing us, and we can't wait to assist you in the future!
Kind regards,
Swapin Team
Horrible experience
Horrible experience. You have to pass first a KYC process, I passed and I did my first payment (crypto to fiat) to a provider. I supposed to be ultra fast and the reality it that the payment lasts for 2 weeks to arrive to my provider's account. They ask us to give more personal company info (stronger KYC) just for a €390 payment with the payment in stand-by mode.
2 August 2024
Reply from Swapin
Hello,
Thank you for your feedback. We’re sorry for the inconvenience you experienced, especially after successfully passing the initial KYC process. While we understand this can be frustrating, it's important to note that additional questions or document requests can arise during the transaction process due to compliance requirements.
As a licensed company, we must adhere to strict regulations, and sometimes this means that even after the KYC is completed, further checks are needed. Unfortunately, we cannot guarantee in advance that the provided documents will be sufficient, as payment processing involves multiple steps, including automatic checks that may trigger manual reviews.
We appreciate your understanding and patience as we work to ensure the security and compliance of all transactions. If you have further concerns, please don't hesitate to reach out to our support team so we can assist you directly.
Best regards,
Swapin Team
Have made trades with both Eth and Btc…
Have made trades with both Eth and Btc with this platform and both buying and selling and not a single issue. An such was case with this one. Sold some Eth and money arrived on bank account within 10 mins or so
10 July 2024
Reply from Swapin
Hey,
We are delighted to hear about your seamless experiences trading ETH and BTC on our platform. Please feel free to reach out if you need any assistance or have more feedback.
Best regards,
Swapin Team
Reply from Swapin
Hey,
We are thrilled to hear that everything worked perfectly for you. Your positive feedback serves as a great motivation for our team to continue delivering exceptional service.
If you ever need any assistance or have further feedback to share, please don’t hesitate to reach out. We’re here to help!
Best regards,
Swapin Team
Reply from Swapin
Hey Artautas,
Thank you for the fantastic review! We're delighted to hear that you're happy with our service.
Best regards,
Swapin Team
Reply from Swapin
Hi Igor,
Thank you for your review! We're glad to hear our service was easy to use and met your expectations. If you have any suggestions or need assistance, please feel free to reach out. Thank you for choosing us!
Best regards,
Swapin Team
Reply from Swapin
Hi Lars,
Thanks for the awesome feedback! We're thrilled to hear that you found our services easy and quick to use. Your satisfaction is our priority, and we're here to help if you need anything.
Best regards,
Swapin Team
Reply from Swapin
Hi Johannes,
Thank you for your feedback! We apologize for the longer-than-anticipated transaction time and appreciate your patience. We'll work on improving our transaction times to provide a better experience for our customers in the future. If you have any further questions or concerns, please don't hesitate to contact us.
Best regards,
Swapin Team
Terrible - non existent customer service
I was creating a personal Account back in 2023 as I was awaiting to pay my taxes in Germany from 2021 ( I;m a resident now in a different European country). I had previously good experiences with them with my Business account ( customer service replied, KYC was relatively smooth and finished after one additional round of questions). Transactions on the business account all went smoothly with no problems.
I finally received my Tax bill in March 2024 and wanted to use the service only to learn that due to new EU regulations I have to do my KYC again. Now if they reply to this they will probably give just a standard, reading comments in here blaming it on the regulator. Sorry this doesn't fly.
Their customer service is absolutely horrendous and I'm waiting for my KYC reply since over 6 weeks ! ( it states 2 business days on their website). As I had a year before personal contact to one of their business representatives and he gave me another Email, I got one more reply telling me they are overloaded and I should lookout for Emails ( well that was 4 weeks ago ).
In their KYC they want Proof of funds which is not older then 3 months ago but obviously, for tax that i'm paying my proof of funds is years old. Luckily I had my German Tax letter ( which clearly states my Income , payment due etc.) that was brand new and therefore full-fills the 3 months but as stated I still haven't heard from them. Now my Tax due date has passed and i'll have to pay a penalty for every month that I'm delayed, all this thanks to a non existent customer support. If they would get back to me I could obviously provide them my old tax report or whatever else they need but I didn't upload this in case they would immediately reject me because it's older then the required 3 or 6 months.
Why is it so hard to keep in touch with your customers who clearly provide you official documentation? What can be more clear then an official Tax letter ( stating income etc.) from the German Tax authorities ??
Wrote them another Email 2 days ago and haven't heard anything yet, it's quite disheartening as a good service ( Fiat transactions via crypto ) is clearly needed in the industry. A top notch customer service is essential to build trust in an industry ripe with scams. Pretty obvious really which then leads to the obvious conclusion that they either really don't care of doing good business or there are more nefarious reasons, which then makes you wonder what happens to all the private information you're forced giving them.
18 March 2024
Unprompted review
Reply from Swapin
Dear Mo,
Thank you for taking the time to share your feedback. We sincerely apologize for the frustration and inconvenience you've experienced during your recent interactions with our KYC process.
We understand the urgency of your situation, especially regarding your tax obligations, and we regret any delays in our response. Please know that we take your concerns seriously and are actively working to address them.
As a financial institution, we are bound by strict regulations, particularly those imposed by the EU, which require us to conduct thorough due diligence on our customers to ensure compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. While we strive to balance regulatory requirements with efficient customer service, sometimes our processes may take longer than expected due to the need for careful review and verification of documentation.
We acknowledge that our current response times have fallen short of your expectations, and we are actively working to improve our communication channels and streamline our KYC process to better serve our valued customers. Rest assured, your concerns have been escalated to our team, and we are committed to resolving them promptly.
We appreciate your patience and understanding during this time. If there is anything further we can assist you with or if you have any additional documentation to provide, please don't hesitate to reach out to us directly via customer@swapin.com. Your satisfaction is our top priority, and we are dedicated to restoring your trust in our services.
Thank you for your continued support and for bringing these issues to our attention.
Warm regards,
Swapin Team
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