WeSwap - be aware of their limitations

Dmitry_Kishkinev

I tried WeSwap buyback feature. You open account and received a prepaid card. Then put online order and send them currency using affordable Royal Mail Guaranteed (insured) post and in 3-4 working days they swap say EUR or more exotic Hungarian forits into GBP and you can see it on your prepaid card through the WeSwap app. The good bit is that it's very competitive low spread exchange rates and a broad choice of currency pair for a UK resident.

But but but...The catch is that if your amount is significant (around £2K in my case) you will bump into the problem to get access to that money. You can withdraw in many also fee-free ATM and then deposit into your bank account via ATMs but the limit is £200 in every 7 days (it has to be in one withdrawal as well). You can buy things in shops including online ones (e.g. eBay) but the limit is £150 per 7 days. No other ways. Can't do bank transfer or transfer to Revolut or TransferWise or your Paypal. Only keep withdrawing and deposit cash in £200 chunks or pay for small things in shops but be aware of £150 per 7 days limits. Very annoying and damaging for overall good business idea.

Westin

Frustrating I expect but perhaps understandable for anti money laundering reasons.

eDicky

Better and easier to use fee-free cards that convert your pounds at the best rates only as and when needed for each transaction. Starling Bank, Monzo, Revolut, various 'travel' credit cards.

pat259

WeSwap want to charge me ‘inactivity fees’ £2 per month. I want to close my account but haven’t been able to contact them. Anyone else having problems with them? I don’t want to pay fees and have no use for the card now.