Users will be matched with people travelling in the opposite direction to themselves in order to make a swap. By circumventing banks and retail outlets, WeSwap will work out to be a far cheaper option for travellers looking to exchange currency. Some currency swap services charge up to 13%. WeSwap will charge just 1%. Better still, if a user introduces another person to the service, the two users can swap currency together for free, for life, at the pure mid-market, fee-free exchange rate!
Any exchanged funds can be easily (and freely) accessed abroad using a WeSwap Prepaid Mastercard – which is sent to users upon their registration. This card is also free to use online or at the point of sale. This allows users to side step the hefty charges often incurred by using a debit or credit card abroad.
WeSwap have put the peer-to-peer model to a fresh and astute use. They continue the worldwide trend of cutting out middle-men in order to provide a cheaper and more personal financial service.