WeSwap is a fast-paced, high-growth, tech company that’s innovating the way we get travel money. Could it be the currency exchange platform that will change the world?
WeSwap is a peer-to-peer currency exchange platform that helps travellers around the world get a better deal on their travel money. It’s branded as ‘a social way’ to get your money exchanged at good rates – or simply put, it swaps currency between you and other travellers.
I admire their grandiose objective. WeSwap aims to dominate the travel money market and become the world’s leading travel money companion: “We genuinely want to be the future of travel money,” said founder Jared Jesner.
“I founded WeSwap to make currency exchange cheap and fair for ordinary people. It seems mad to me that we ‘buy’ money when we should just be swapping. As a trader, I saw the amazing exchange rates that banks got on their currency while the consumer was charged a fortune.”
How to become a WeSwapper
Each WeSwapper – yes, that’s what they call ‘em – gets a WeSwap Mastercard and it looks very cool. I tried to sign up for an account on their website, but unfortunately for me, they currently only accept members in these regions: United Kingdom, France, Spain, Germany, Sweden, Denmark, Norway, Italy, Republic of Ireland and Netherlands.(I’m from the Philippines, so, there goes my chance of getting a WeSwap card for now!)
“It seems mad to me that we ‘buy’ money when we should just be swapping”
Also, take note that if you want an account, you have to submit some documents before they accept your registration. So, do prepare either a utility bill or a bank statement to verify your address. And your passport or driver’s license to verify your identity.
Once you’ve registered, you just need to load your account with local currency and then you can start swapping with other members from anywhere in the world.
The WeSwap Mastercard can hold up to 18 currencies and you can choose to swap early to grab better rates. The card will cost you nothing and the WeSwap app is available for Android and iOS. For the list of fees, you can see them here.
“As a trader, I saw the amazing exchange rates that banks got on their currency while the consumer was charged a fortune.”
2018 and beyond
Early this year, WeSwap released updates on the app which includes rate tracking tools, the My Card manager and smart in-app security features.
The rate tracker is the first in a series of tools released this year which are designed to help everyone make the most of their holiday money, without needing to be an FX trader to understand them. In addition, My Card is for WeSwappers who think they’ve lost their card or forgotten their PIN.
Oh, and before I forget, you can also be part of WeSwap’s beta testing team. If you’re interested in joining, just shoot them an email at email@example.com.