WeSwap light years behind Monzo and others?

#1

I’ve had Weswap for years and have used it widely. But now after using Monzo and Starling etc weswap just seem to be so uncompetitive and basic. How are they surviving and why haven’t they kept up with the competitors?

2% charges on exchanges.
£1.50 ATM withdrawal fees overseas
No bank transfers in or out. (£5 charge if you want to refund your money with a letter required)
No real time data (24 hour wait for transaction data).
List goes on…

Will they ever catch up or go under I wonder?

(Sarcasm is the finest form of wit.) #2

Do they need to catch up?

Never heard of them, what is their business model? They might be after a different market altogether.

(Thomas Horne) #3

Sounds like you should possibly consider swapping WeSwap. :wink:

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#4

Business model is travel money like Revolut and Transferwise borderless account. I have all and ceased using weswap now. Still got some funds in there so need to use them up as I can’t transfer them like I can with Monzo/Revolut etc

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(Sarcasm is the finest form of wit.) #5

Presumably they are maintaining or profiting as things stand? Or they’d be out of business. They don’t sound like they are going to become a bank so not sure what else they’d do.

#6

Looking at https://support.weswap.com/hc/en-us/articles/219361108-Are-There-Fees-For-Using-My-WeSwap-Card- it seems their card can support holding 18 different currencies on it and ATM withdrawals are actually free (if above £/$/€200)

You can also transfer money in via a bank account free of charge

#7

Once the money is in that’s it. Very hard to get it out.
Various atm’s overseas won’t allow you to take out more than £200 so you are stuck with a £1.50 charge every time.

2% charge on non-supported currencies also. 1% exchange for those 18 currencies.

Monzo use mastercard rates/interbank rates and no % fee for any of those non-supported currencies.
No brainer. My weswap card will be collecting dust as a back up only.

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