SwapinPay enables you to use crypto for fiat invoice payments and bank transfers. While the primary purpose of this product is to facilitate payments to others, you can also use SwapinPay to transfer funds to your own bank account. In this article, we'll provide a step-by-step guide on how to initiate a new SwapinPay payment.
How does SwapinPay work?
The transaction process can be summarized as follows:
Initiate a new transaction within the Swapin App.
Send cryptocurrency to a provided wallet address.
Swapin converts the cryptocurrency to fiat currency.
Swapin transfers the fiat currency to a provided IBAN.
Funds are successfully deposited into the bank account.
As a non-custodial solution, Swapin ensures the safety of your funds. For each payment, you send the required cryptocurrency to Swapin, and we process the transaction within minutes. Unlike custodial solutions, there's no need for you to deposit funds. Each of your transactions is treated individually, and you only transfer funds once you initiate a specific transaction.
Check our How to pay with crypto video guide:
or follow a step-by-step guideline below.
Making a SwapinPay Transaction
Let's dive into the step-by-step process of initiating a SwapinPay transaction:
Step 1: Sign in and navigate to SwapinPay
Log in to your Swapin account.
Scroll to the SwapinPay section and click on the "Make Payment" button.
Step 2: Enter Bank Details
Fill in the necessary transaction information:
Choose the fiat currency for the recipient (EUR or GBP).
Enter the amount of fiat currency you intend to send.
Select the cryptocurrency you wish to use for payment.
Indicate whether the payment is for yourself or someone else.
Choose the beneficiary type (individual or business).
Enter the beneficiary's name.
Provide the beneficiary's SEPA bank account IBAN.
Enter the beneficiary's address.
Include a payment description/reference.
Click the "Continue" button.
Step 3: Transfer Crypto
Transfer the cryptocurrency from your crypto wallet to the provided wallet address. You have three options:
Manually copy the wallet address and initiate the transaction from your wallet.
Scan the QR code with your wallet app to initiate the transaction.
Click "Connect Wallet" to link your wallet to the Swapin App, triggering an automatic transaction confirmation request.
A timer is displayed, indicating a 30-minute lock on exchange rates for your SwapinPay transaction. This ensures the recipient receives the exact invoiced/planned amount. If the crypto is not sent within 30 minutes, the screen updates with the new amount of crypto based on the current exchange rate.
Once the cryptocurrency is sent, click the "I sent the crypto" button.
Step 4: Waiting for crypto
At this step we are waiting to receive your crypto, which typically takes a couple of minutes. This screen will be updated automatically as soon as crypto hits a provided Swapin wallet address.
Step 5: Crypto Received
When the crypto arrives at the intermediary, you will see a message saying "Crypto received."
After this step, the crypto-to-fiat conversion and fiat transfer to a bank process will take place. In most cases, if your recipient’s IBAN supports instant SEPA payments, this takes less than 5 minutes. Read more about instant and ordinary SEPA payments here.
Step 6: Transaction Completed
Once the payment has been received in the recipient's bank, you will see a message saying "Transaction completed," and the process is done. Fast and easy!