WeSwap, the fintech, which allows you to exchange your currency

You travel frequently outside the area of € ? Stay with us ! We will introduce you to WeSwap, a fintech that puts in relation the globe trotters for that they exchange their currency. What are the interests ? To save money on exchange fees. How does it work ? How much does it cost ? Investigation.

WeSwap puts in relationship passengers

The fintech london-based WeSwap was founded in 2011. Today, it boasts about 250,000 members in 10 countries, including France. At the origin of WeSwap, there is a very simple observation. In the international airports intersect travellers of different nationalities. Currency exchange offices, some exchange for example euros against dollars, when others do the opposite. What a pity ! Via an intermediary, these passengers pay the exchange fees are often high ! By sharing live of the € against the $, they would both save money.

The purpose of WeSwap is precisely to show the relationship of these travellers. To make it simple, if a user wants to have of dollars, the fintech will find another user who wanted to sell dollars.

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An application, an account and a MasterCard card

The offer of WeSwap consists of an application and a credit card that is prepaid. In practical terms, you register on the platform, in a matter of minutes – and download the app. After you have verified your identity, the fintech send you your MasterCard. The card can be recharged by bank transfer or via another card previously registered in the application. It is used like a bank card standard. With it, you can pay in stores and online, withdraw at atm. It should be noted that, as it is a prepaid card, you can not be overdrawn. The transaction will be declined if there is not enough money on your card.

WeSwap offers 18 currencies : pound sterling, euro, Danish krone, Norwegian krone, Swedish krona, u.s. dollar, swiss franc, australian dollar, canadian dollar, Hungarian forint, hong kong dollars, japanese yen, new zealand dollar, Polish zloty, singapore dollar, south african rand, Turkish lira, israeli shekel. Enough to cover all your trips !

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How much does it cost ?
WeSwap Opening of the account / subscription 0 € pre-paid MasterCard 0 € Costs of exchange — immediate exchange of 1.40% Fee exchange — the exchange within 3 days of 1.30% Expenses exchange — exchange in 1 week to 1.00% a Withdrawal of less than 200 € 1,75 € Withdrawal of less than 200 £ 1,50 £ Withdrawal of less than $ 200 to $ 2.25 per Withdrawal over 200 € free /* Here you can add custom CSS for the current table */ /* Lean more about CSS: https://en.wikipedia.org/wiki/Cascading_Style_Sheets */ /* To prevent the use of styles to other tables use «#supsystic-table-343″ as a basis selector for example: #supsystic-table-343 { … } #supsystic-table-343 tbody { … } #supsystic-table-343 tbody tr { … } */
These prices are valid to may 30, 2017. To discover all of the rates of WeSwap, please visit WeSwap.com heading » Fees and limits «.

A reading of this table, we say that WeSwap it is a very good plan ! It is much more economical than going through its main bank. In fact, in addition to exchange fees, banks charge an average of 2.50 % + 3,20 € for a withdrawal and 2.50 % + 0,20 € for a payment outside the area €.

However, it would seem that WeSwap is a little less competitive than Revolut – another fintech the uk. Proof. Below 5 000 €, Revolut does not charge currency exchange fees. Beyond that, it charges a 0.50 % only.

Regarding withdrawals, with Revolut, the first 200 € withdrawn per month are free. However, for withdrawals of more than € 200, WeSwap is more economic. No fee is charged. Revolut invoice you for this transaction 2 % of the amount withdrawn.

Balance sheet, outside the area €, WeSwap is a good offer and can you do to save money ! But lean still on the offer of Revolut which is generally a little more economic.

Marie-Eve F



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