Traveling to a foreign country makes you pay for goods and services in a different currency. Picking up cash, debit/credit card usage, and other transactions get very expensive once the banks tend to add on lots of additional transaction fees. Getting physical money is additionally very expensive as the exchange rates are very high.
There are many FinTech companies trying to solve this problem. WeSwap is one of them.
WeSwap is a service aimed at enabling a user to change their money into foreign currency by swapping with other people. This means that instead of going to a bank, users are swapping their money with real people in other countries directly, thereby eliminating intermediaries. Cutting out middlemen means the cost of currency exchange is a lot cheaper.
While thousands of FinTech companies are competing to disrupt the banking sector, WeSwap is bolstered by its position in the travel industry, has now formed partnerships with various travel businesses and airlines, like Skyscanner and Hotels.com, which now distribute the product.
WeSwap is turning the traditional currency exchange business on its head by becoming the first person to person currency exchange. By collaborating with an issuing bank they keep all their transactions secure. Even with their fee they turn out to be cheaper than any other traditional options available on the market.
Customers can control their WeSwap account by either logging into their dashboard on the website or by downloading their mobile app. The profile acts as a central hub to view balances, swap currencies, load a card or swap back to Sterling.
How Does WeSwap Work?
To begin with, a user simply needs to sign up for an account. Then WeSwap mails you a MasterCard credit card to your chosen to address. You can then use bank transfer or debit card payments to load your card from you, a maximum of 300 pounds in one transaction. After this, you have to tell WeSwap what currency you need and when you would like to get it exchanged.
The card can be used freely in shops and restaurants, basically anywhere that supports MasterCard. Cash can be withdrawn from ATMs too. For each day a maximum of 10 transactions and 2 cash withdrawal limits are enforced.
WeSwap also runs a referral program so you will earn 5 pounds when your friend signs up. The friend also gets 5 pounds as a sign-up bonus. If you bring 5 friends with you, you get 7 days of free swaps.
They currently accept 18 currencies with no charges for swapping back to Sterling. The card switches to the local currency automatically. You must be over the age of 18 and a UK citizen(or citizen of one of the other 9 countries accepted) to use WeSwap.
WeSwap is designed to provide cheaper and fairer rates for all. There are some drawbacks to the product, such as limited currency availability and an ideal fees of 2 pounds a month(if the account is ideal for over a year.) Read the terms and conditions before making any purchase. However, having a prepaid card is a better alternative than paying high transaction fees for every transaction.
You can find out more about WeSwap or sign up for it on their website https://www.weswap.com/en/main/ . Their app is available for download from App Store and Google Play.