Weswap.com Reviews

Based on checking the website, WeSwap.com has ceased its administrative operations related to its travel money program and mobile app, effective October 8th, following the failure of its technology service provider, Manigo. This means that while WeSwap.com itself is no longer actively managing its services, customer funds are reportedly safe and can be withdrawn by contacting their card issuer, Monavate. This review will delve into the implications of this closure, what it means for past users, and the steps outlined by WeSwap.com for fund recovery and data privacy, offering a comprehensive look at the platform’s lifecycle and its current status.

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IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Understanding WeSwap.com’s Business Model Historical Context

Historically, WeSwap.com positioned itself as an innovative solution for travelers looking to manage foreign currency.

Its core offering revolved around a prepaid Mastercard that allowed users to swap currencies directly with other users, aiming to provide better exchange rates than traditional banks or bureaux de change.

The idea was to create a peer-to-peer P2P currency exchange marketplace.

The Peer-to-Peer Currency Exchange Concept

WeSwap’s unique selling proposition was its P2P model.

Instead of relying on large financial institutions for currency exchange, users would swap currencies with other WeSwap users.

For instance, if you had GBP and needed EUR for a trip to France, WeSwap would match you with a user who had EUR and needed GBP.

This direct exchange was designed to cut out intermediaries, theoretically leading to more favorable exchange rates.

• Benefit: Reduced exchange fees compared to traditional methods.
• Mechanism: An algorithm matched users with opposing currency needs.
• Key Differentiator: Direct user-to-user swaps, not bank-to-user.

How the WeSwap Card Functioned

The WeSwap card was a prepaid Mastercard.

Users would load their card with their home currency, then use the WeSwap app to swap it for other currencies as needed for their travels.

The card could then be used for purchases abroad or ATM withdrawals, similar to a debit card. Pymetrics.com Reviews

• Loading Funds: Users could load funds via bank transfer or debit card.
• Currency Wallets: The app allowed users to hold multiple currencies in distinct “wallets.”
• Usage: Accepted anywhere Mastercard is.

Fee Structure and Exchange Rates

WeSwap’s fee structure was generally transparent, with fees typically ranging from 1% to 2% for instant swaps, and lower or no fees for swaps completed over longer periods e.g., 3-day or 7-day swaps. The appeal was that even with these fees, the total cost was often less than traditional banking foreign transaction fees or airport exchange rates, which could run much higher, sometimes exceeding 5-7% in hidden fees or unfavorable rates.

• Transparency: Fees were clearly stated in the app.
• Tiered Fees: Dependent on the speed of the swap.
• Comparison: Aimed to beat conventional currency exchange services.

The Announcement: WeSwap.com Ceases Operations

The most critical piece of information on WeSwap.com’s current homepage is the direct announcement of its operational cessation. This isn’t a minor change. it’s a full shutdown of its core services.

This section will break down the specifics of this announcement and its immediate implications.

Date and Reason for Closure

WeSwap ceased its administrative operations related to the travel money program and mobile app on October 8th. The primary reason cited is the “failure of Manigo, the technology service provider.” This indicates that WeSwap relied heavily on a third-party for its underlying technological infrastructure, and when that provider failed, WeSwap’s ability to continue its services was compromised. This highlights a critical vulnerability in many FinTech models: dependence on external infrastructure providers.

• Effective Date: October 8th.
• Root Cause: Manigo’s failure.
• Impact: Inability to sustain core operations.

What “Cease Administrative Operations” Means

For users, “cease administrative operations” means WeSwap.com is no longer processing new swaps, managing existing accounts in the same capacity, or actively supporting the mobile app for new transactions.

Their focus has shifted entirely to offboarding existing customers and ensuring a smooth transition for fund recovery and data deletion.

This is a critical distinction – it’s not just a pause, but a permanent cessation of service delivery.

• No New Swaps: Users cannot perform new currency exchanges.
• App Functionality: Mobile app likely has limited or no transactional capabilities.
• Focus: Customer offboarding and resolution.

Impact on Existing Users and Funds

The announcement explicitly states: “We want to reassure customers that all customer funds are safe.” This is a crucial detail, as often with financial service closures, customer panic regarding funds is immediate. WeSwap also clarifies that it “does not receive, hold, transfer or come into possession of any funds.” This means funds were likely held by their card issuer, Monavate, which is now the direct point of contact for withdrawals.

• Funds Safety: Confirmed safe by WeSwap.
• Fund Custodian: Monavate Limited, the card issuer.
• Action Required: Users must contact Monavate for refunds.

Customer Fund Recovery: Steps and Contacts

For any past user of WeSwap.com, the immediate concern will be the recovery of any remaining funds.

The website provides clear instructions and contact points, which is a positive sign in what could otherwise be a chaotic situation. Pluralsight.com Reviews

Contacting Monavate for Refunds

WeSwap directs users to contact Monavate, their card issuer, for all fund withdrawals. This is the official channel for initiating a refund.

• Email:
• Website: https://www.monavate.com/refund

Users should be prepared to provide necessary identification and account details to Monavate to verify their identity and ownership of funds.

It’s advisable to have the WeSwap card number and any associated account details readily available.

WeSwap App Support Team Availability

While the core operations have ceased, WeSwap has maintained a temporary support presence to assist with queries related to the app closure.

• Availability: Until November 29th.

This team is likely focused on guiding users through the fund recovery process with Monavate, answering questions about the shutdown, and addressing general account inquiries that don’t involve direct fund handling.

Support for Transaction-Related Queries

For specific questions regarding past transactions, WeSwap again directs users to Monavate.

This underscores Monavate’s role as the primary financial entity responsible for the funds and transaction records.

This could include disputes, clarification on past exchange rates, or details on specific debits/credits that appear on a statement.

Data Privacy and GDPR Compliance

In an age where data breaches are rampant, WeSwap’s commitment to data privacy during its winding down process is a critical aspect for users.

They explicitly mention adherence to GDPR, which is a positive indicator for users within the European Union. Cloverpop.com Reviews

GDPR Compliance Commitment

WeSwap states: “All personnel data will be handled in compliance with GDPR requirements.” This is a legal obligation for any company handling data of EU citizens. GDPR mandates strict rules around data collection, storage, processing, and deletion. This commitment should reassure users that their personal information will be handled responsibly.

• Regulation: General Data Protection Regulation GDPR.
• Scope: Personal data of all users.
• Assurance: Data will be managed legally and ethically.

Secure Deletion of Personal Data

A specific deadline has been provided for data deletion: “will be securely deleted from our systems by 6th December.” This is a concrete step demonstrating their commitment to privacy, going beyond a mere statement of compliance. Secure deletion implies using methods that make data irretrievable.

• Deletion Deadline: December 6th.
• Method: Secure deletion.
• Purpose: Minimizing data retention post-service.

Implications for Users’ Data Security

For users, this means that while their financial relationship shifts to Monavate, their personal data held by WeSwap itself will not be retained indefinitely.

It’s a best practice for companies to minimize data retention once the purpose for which the data was collected has expired, and WeSwap appears to be following this.

Users should still be vigilant about any communication purportedly from WeSwap or Monavate, ensuring they are legitimate to avoid phishing scams.

• Reduced Risk: Less data on WeSwap servers post-deletion.
• User Vigilance: Remain cautious about fraudulent communications.
• Data Minimization: A positive privacy practice.

The Role of Monavate Limited

Monavate Limited is consistently mentioned as the key entity for fund management and card issuance.

Monavate as the Card Issuer

WeSwap explicitly states: “The WeSwap card is issued by Monavate Limited, pursuant to license by Mastercard International.” This means Monavate was the regulated financial institution holding the license to issue the Mastercard-branded prepaid cards that WeSwap distributed. WeSwap acted more as a service provider built on top of Monavate’s regulated infrastructure.

• Licensing: Mastercard International.
• Regulatory Body: Financial Conduct Authority FCA.
• Role: The legal issuer of the prepaid cards.

FCA Authorization and Regulation

Monavate Limited is authorized by the Financial Conduct Authority FCA under the Electronic Money Regulations 2011 for the issuing of electronic money and the provision of payment services FCA Register reference 901097. This is a critical piece of information.

The FCA is the conduct regulator for around 50,000 financial services firms and financial markets in the UK.

This authorization provides a layer of protection and oversight, ensuring that Monavate adheres to strict financial regulations regarding electronic money and payment services. Jarvis.com Reviews

• Regulator: Financial Conduct Authority FCA.
• Regulation: Electronic Money Regulations 2011.
• Implication: Funds are held by a regulated entity, offering consumer protection.

What This Means for Fund Safety

Because Monavate is FCA authorized, customer funds held by them for the WeSwap cards are subject to specific safeguarding requirements.

This typically means that funds are held in segregated accounts, separate from Monavate’s operational funds, reducing the risk of loss in the event of Monavate’s own financial difficulties.

This explains why WeSwap is confident that “all customer funds are safe,” as they are held by a regulated entity with specific safeguarding obligations.

• Safeguarding: Funds held in segregated accounts.
• Protection: Enhanced security for user balances.
• Trust: A regulated entity provides more consumer confidence.

Lessons Learned from WeSwap’s Closure

The closure of WeSwap.com offers several insights into the challenges and risks within the FinTech sector, particularly for companies relying on complex partnership ecosystems.

The Fragility of Third-Party Dependencies

WeSwap’s downfall, attributed to the “failure of Manigo, the technology service provider,” underscores the inherent risks of deep reliance on third-party infrastructure.

While outsourcing technology can be cost-effective and allow companies to focus on their core product, it also introduces a single point of failure.

When a key partner collapses, the entire service built upon it can unravel.

• Risk Factor: High dependence on external providers.
• Vulnerability: A partner’s failure can trigger a cascade.
• Strategic Implication: Diversification of providers or in-house development.

Importance of Robust Exit Strategies

The clear communication from WeSwap regarding fund recovery and data deletion, though initiated after the fact, shows the importance of having an exit strategy.

While no company plans to fail, having pre-defined protocols for customer offboarding, fund repatriation, and data handling in case of business cessation is vital for consumer trust and regulatory compliance.

WeSwap’s relatively smooth communication post-closure, directing users to Monavate, mitigates what could have been a much larger crisis. Hextris.com Reviews

• Planning: Essential for responsible business operation.
• Consumer Impact: Reduces panic and confusion during closure.
• Reputation: Maintains a level of professionalism even in failure.

The Competitive Landscape of Travel Money

The travel money sector is highly competitive, with traditional banks, challenger banks, and other FinTechs all vying for market share.

WeSwap’s P2P model was innovative but faced stiff competition from services like Revolut, Wise formerly TransferWise, and even traditional banks improving their foreign transaction offerings.

Sustaining a unique value proposition and achieving profitability in this environment is challenging.

Many FinTechs operate on thin margins, and external shocks like a tech provider failure can be fatal.

• High Competition: Crowded market with diverse offerings.
• Thin Margins: Pressure on profitability in FinTech.
• Innovation vs. Sustainability: Balancing unique features with long-term viability.

Alternatives to WeSwap.com for Travel Money

Given WeSwap’s operational cessation, users will need to find alternative solutions for managing their foreign currency needs.

Fortunately, the market has evolved significantly, offering several robust options.

Wise formerly TransferWise

Wise remains a leading choice for international money transfers and multi-currency accounts. They offer real mid-market exchange rates with transparent, low fees. Their multi-currency debit card allows users to hold and spend money in over 50 currencies. Wise’s strength lies in its transparency, competitive rates, and global reach, having served over 16 million people worldwide.

• Key Feature: Mid-market exchange rates.
• Card: Multi-currency debit Mastercard.
• Transparency: Clear fee structure.

Revolut

Revolut offers a comprehensive financial app with a multi-currency account, physical and virtual cards, and various budgeting features. While they offer competitive exchange rates, especially for premium users, weekend markups can apply. Revolut is known for its user-friendly app, instant notifications, and additional features like cryptocurrency exchange though caution is advised with such volatile assets and stock trading. They serve 30 million customers globally.

• Key Feature: All-in-one financial app.
• Exchange Rates: Competitive, but weekend markups apply.
• Additional Services: Budgeting, global transfers.

Starling Bank UK Specific

For UK residents, Starling Bank offers a highly-rated digital bank account with no fees for spending or withdrawing cash abroad.

They use Mastercard’s exchange rate, which is generally very favorable. Flatuicolorpicker.com Reviews

Starling provides excellent customer service and a full-fledged current account experience, making it a strong alternative for travelers from the UK.

• Key Feature: No foreign transaction fees.
• Exchange Rate: Mastercard’s rate.
• Target Audience: Primarily UK residents.

Other Traditional Bank Travel Cards

Many traditional banks have also improved their travel card offerings, though they may still have more fees than FinTech alternatives.

It’s always worth checking with your existing bank for their specific international spending policies, as some offer cards with reduced or waived foreign transaction fees, especially for premium accounts.

Always compare the total cost, including any annual fees, transaction fees, and exchange rate markups.

• Recommendation: Check with your primary bank.
• Considerations: Fees, exchange rates, ATM withdrawal limits.
• Comparison: Essential to find the best value.

Frequently Asked Questions

What is WeSwap.com?

WeSwap.com was a platform that offered a prepaid Mastercard and a mobile app for peer-to-peer P2P foreign currency exchange, aiming to provide better rates for travelers.

Is WeSwap.com still operating?

No, WeSwap.com ceased its administrative operations related to its travel money program and mobile app on October 8th.

Why did WeSwap.com shut down?

WeSwap.com ceased operations due to the “failure of Manigo,” their technology service provider.

Are my funds safe with WeSwap.com?

Yes, WeSwap.com explicitly states that all customer funds are safe, as WeSwap itself did not hold customer funds.

They were held by the card issuer, Monavate Limited.

How can I withdraw my funds from WeSwap?

You can withdraw your funds by contacting WeSwap’s card issuer, Monavate, via email at or by visiting their refund website at https://www.monavate.com/refund. Talky.com Reviews

What information do I need to provide to Monavate for a refund?

You will likely need to provide your WeSwap card number, account details, and identification to verify your identity and ownership of the funds.

How long will WeSwap’s app support team be available?

The WeSwap app support team will remain available via email at until November 29th to assist with queries.

Who should I contact for transaction-related questions?

For queries related to transactions, you should contact Monavate directly at .

Is Monavate Limited a regulated entity?

Yes, Monavate Limited is authorized by the Financial Conduct Authority FCA under the Electronic Money Regulations 2011 FCA Register reference 901097.

What does FCA authorization mean for my funds?

FCA authorization means Monavate adheres to strict financial regulations, including safeguarding requirements that typically involve holding customer funds in segregated accounts, enhancing their safety.

Will my personal data be securely deleted by WeSwap?

Yes, WeSwap has committed to securely deleting all personal data from their systems by December 6th, in compliance with GDPR requirements.

Can I still use my WeSwap card?

It is highly unlikely.

With operations ceased, the card would no longer be supported for new transactions or currency swaps.

What are some good alternatives to WeSwap for travel money?

Popular alternatives include Wise formerly TransferWise, Revolut, and in the UK, Starling Bank, all offering multi-currency accounts and competitive exchange rates.

Do alternative travel money cards charge foreign transaction fees?

Many modern FinTech alternatives like Wise and Starling Bank for UK users aim to minimize or eliminate foreign transaction fees, often using interbank or mid-market exchange rates. Planday.com Reviews

However, some services like Revolut may have weekend markups or fees for certain transactions.

What is the advantage of using a multi-currency card over a traditional bank card for travel?

Multi-currency cards typically offer better exchange rates closer to mid-market and lower or no foreign transaction fees compared to many traditional bank cards, which can levy fees of 2-3% or more on international purchases.

What is a peer-to-peer P2P currency exchange model?

A P2P currency exchange model, like WeSwap’s, connects users directly to swap currencies with each other, theoretically cutting out intermediaries and leading to better rates.

Was WeSwap profitable before it shut down?

The publicly available information does not specify WeSwap’s profitability.

Its closure was attributed to the failure of its technology provider, Manigo, rather than directly to its own financial performance.

How quickly should I try to withdraw my funds from Monavate?

It’s advisable to initiate the fund withdrawal process with Monavate as soon as possible to ensure timely recovery of your balance.

Is there a deadline to withdraw funds from Monavate?

While WeSwap did not specify a deadline for Monavate, it is best practice to retrieve funds from a discontinued service promptly.

Monavate, as a regulated entity, will have ongoing obligations to facilitate refunds.

What happens if I don’t withdraw my funds by December 6th?

December 6th is the date by which WeSwap will securely delete your personal data from their systems. This does not impact your funds held by Monavate. Your funds should remain safe and accessible through Monavate even after WeSwap deletes its data.

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