Exchange Money

This is why swapping is the smart way

So you’ve got your well-deserved holiday sorted and the only thing left is getting your money. You then find yourself on the high-street looking for the closest bureau de change, or you decide to rely on your own bank card.

The problem is, £5.6 billion in travel money was lost by the British public in 2015 to hidden rates and commissions. On top of that, the pound recently plummeted to a 30-year low post-Brexit.

So why is that banks and bureaux are so expensive and more importantly, is there a cheaper way to get your foreign currency?

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Our plans for the WeSwap product

There are certain points in the lifetime of a business that feel legitimately important. It’s a hard thing to quantify – this feeling that you’re on the right track, but that big things need to happen to enable that next step and they need to happen now. It’s a heady, exciting thing, and is one of the reasons I joined WeSwap as the Head of Product towards the beginning of the year. Read More

   

The Cost of Travel Money

How much do you really pay for your travel money?

The Cost of Travel Money

This graph shows how much travel money costs from three main sources. Your credit/debit card will normally cost around 3.5%, a high-street bureau such as the Post Office will charge around 5% and an airport exchange – the most expensive option out there – will cost a whopping 11% for the pleasure.

One of the most frustrating things about traditional providers is their lack of clarity when it comes to pricing and fees. They often claim to charge 0% commission but really the fee is just hidden inside a poor exchange rate.

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Free Swap Olympics

Unless you’re Michael Phelps or Chris Hoy – they now have 27 between them – winning an Olympic gold is quite a rare thing. More often than not, it’s a once in a lifetime thing. Read More

   
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