WeSwap 2.0 new app and Launch problems

Elmer_Dudd

Got all my money refunded..phew..what a palaver..try this customer services email if you are having no joy

nicole@weswap.com

Good luck everyone

Elmer

Hansplace

Saw this on Seedrs the crowd funding site for weswap investor.
Please be vary when loading money into weswap as most weswap investor including myself have almost given up hope on our weswap investment.


Established in 2010 and launched in 2015, this Company is a travel money business offering customers cost effective travel money via a multi-currency prepaid chip and pin and contactless enabled Mastercard offering excellent exchange rates and transparent pricing and can be used worldwide in any currency. The core product is the pre-paid currency card which links to a digital currency account that can be managed through the Company’s website or mobile app. A simple registration process includes AML & KYC. Once registered, a user can load their account with funds through a linked debit card, bank transfer or Apple Pay. As a result of its business operation, the Company won various British Banking & other Awards between 2018 and 2020. The business has a proven revenue model with revenues generated through commissions paid on currency exchange volumes, ATM fees for withdrawals below £200 and interchange fees derived from point-of-sale transactions with local merchants. The Company has developed its own API which allows integration directly into the booking flow of a range of third party online platforms such as travel agents, car rental companies. The API also allows for integration with technology platforms which specialise in providing travel booking solutions to online travel companies. The Company securely retains details on it Users’ activity and KPIs, within its database, enabling business management tools to analyse performance, its compliance team to review users’ behaviour and its support team to deal with queries. By the end of 2019 registered users surpassed 450,000 and total annual volumes transacted exceeded £80million (£277million since launch in 2015) achieving revenues of £1.77m. Unfortunately, the Covid-19 pandemic caused most foreign travel to cease immediately causing the Company’s volumes and revenues to fall by 90% resulting in a reduction in staff numbers from 40+ to 15. Originally based in London, as a result of the necessary restructuring the operation is now no longer office based with all employees working remotely. With such a dramatic fall in volumes, the previous forecasts are no longer achievable and until foreign travel returns to near previous levels, the outlook for the business, at least in the short to medium term is not positive without significant additional funding. As a consequence, Williams & Partners Ltd has been engaged to find a buyer for the Company, or failing that, to sell the business and goodwill as a going concern. If you are interested to know more about the above opportunity, we are able to offer a short period to undertake a limited amount of due diligence. However, please note that offers must be received by no later than 12:00pm on Friday 17th September 2021 with a sale to be concluded by Wednesday 22 September 2021. Only parties that are able to work within a short time frame should respond. Williams & Partners Ltd reserve the right to close the bidding early or extend the deadline, without liability. Preference will be given to companies or investors with experience within the fin tech arena as we would consider that knowledge of the industry is essential to the future success of the business. Due to the confidential nature of this sale, interested parties will be invited to sign a non-disclosure agreement before further details can be released. If you are interested in finding out more about the above opportunity, please contact Antony Berg of Williams & Partners Ltd, Valuation and Insolvency Agents.

Elmer_Dudd

Hansplace said:

Unfortunately, the Covid-19 pandemic caused most foreign travel to cease immediately causing the Company’s volumes and revenues to fall by 90% resulting in a reduction in staff numbers from 40+ to 15. Originally based in London, as a result of the necessary restructuring the operation is now no longer office based with all employees working remotely. With such a dramatic fall in volumes, the previous forecasts are no longer achievable and until foreign travel returns to near previous levels, the outlook for the business, at least in the short to medium term is not positive without significant additional funding. As a consequence, Williams & Partners Ltd has been engaged to find a buyer for the Company, or failing that, to sell the business and goodwill as a going concern. If you are interested to know more about the above opportunity, we are able to offer a short period to undertake a limited amount of due diligence.

That sounds ominous..still seeing so many complaints on trust pilot and other forums about WeSwap/WeSwap 2.0..this would explain a lot!!

MSE_Emily

Hi everyone! MSE Emily here. We have spoken with Weswap which has provided us with an update on the current situation.

Weswap have told us that all customers who chose to stay with them and migrate over to the new version of their app should now be able to see the balance of, and have access to, their funds. However, if you did choose to migrate and still can't access your account, then please drop a comment and let us know. 

There are just under 1000 waiting for their funds to be refunded to them, according to Weswap, and these funds are being held by IDT Financial Limited.

If you are one of the people who chose not to migrate across and/or had your account closed, you are due a refund. If you have already requested a refund, Weswap said that your refund is in hand with both it and IDT Finance and will be processed as fast as possible (it has not been able to confirm a timescale unfortunately), however you can still contact IDT Finance on this email address - cardclosure@idtfinance.com - with your registered Weswap email address if you are concerned. 

If you haven't already requested a refund, you will need to contact IDT Finance on the same email address - cardclosure@idtfinance.com - again, with your registered Weswap email address, with the following information:

• Account holder name

The name of your bank (e.g. Barclays) used to load their OLD WeSwap account

• Bank sort code
• Bank account number
• a PDF version of your current account bank statement, not older than 3 months, where your name and address details can be verified along with account details (account number and sort code, name of the bank).

 Weswap had told us you can get a full refund for free for up to 6 years from the date their card expired/closed directly from IDT.

Thanks!

JohnJones33

I opted for the new card/app, had around €200 in the account. Tried to change the PIN at my local ATM, got a message to say the PIN change hadn’t been accepted, so tried using the old PIN on holiday - transaction rejected. Later tried to use the card contactless (after selecting the contactless option in the app). Again, the transaction was rejected. Emailed Weswap from holiday and got an automated response promising a substantive reply within 5 working days, but no reply was received. 

Got home from holiday and swapped the remaining Euros back into Sterling. That transaction worked, presumably so Weswap could take their commission. Went to the local ATM to make a withdrawal, but again, the transaction was declined. Emailed again, automated response and 5 day promise, but still no substantive response received. 

daves629

I opted for the new card/app. I downloaded the app, but 4 weeks later nothing had been transferred from the old account. I did receive a new card and that has been activated. Eventually I got a response from customer support telling me that money can only be transferred to the 'new' account if it was fully validated by 13 Sep. As mine was not I now have to go through the process of getting the money returned to my bank account. This requirement to be fully validated by 13 Sep is NOT mentioned anywhere is any of the new app pre launch information. 

Elmer_Dudd

Good to see MSE got in touch with We Swap..looks like people will eventually get their money back but it's been a disaster for the new WeSwap 2.0 platform and I wont be suprised if it goes under as customers won't want to touch them with a bargepole after this fiasco.

It's the people who were already abroad relying on the card or app for spending money that I feel sorry for..imagine trying to get through to WeSwap and as we now know there was no one there capable of helping you in your moment of need..shocker!

I have deleted their new app and destroyed the new card they sent.

petercrook2412

MSE_Emily said:

Hi everyone! MSE Emily here. We have spoken with Weswap which has provided us with an update on the current situation.

Weswap have told us that all customers who chose to stay with them and migrate over to the new version of their app should now be able to see the balance of, and have access to, their funds. However, if you did choose to migrate and still can't access your account, then please drop a comment and let us know. 

There are just under 1000 waiting for their funds to be refunded to them, according to Weswap, and these funds are being held by IDT Financial Limited.

If you are one of the people who chose not to migrate across and/or had your account closed, you are due a refund. If you have already requested a refund, Weswap said that your refund is in hand with both it and IDT Finance and will be processed as fast as possible (it has not been able to confirm a timescale unfortunately), however you can still contact IDT Finance on this email address - cardclosure@idtfinance.com - with your registered Weswap email address if you are concerned. 

If you haven't already requested a refund, you will need to contact IDT Finance on the same email address - cardclosure@idtfinance.com - again, with your registered Weswap email address, with the following information:

• Account holder name

The name of your bank (e.g. Barclays) used to load their OLD WeSwap account

• Bank sort code
• Bank account number
• a PDF version of your current account bank statement, not older than 3 months, where your name and address details can be verified along with account details (account number and sort code, name of the bank).

 Weswap had told us you can get a full refund for free for up to 6 years from the date their card expired/closed directly from IDT.

Thanks!

Hi Emily, 

Chose to migrate. Received Card and registered ok. 

But no sign of my money? has been well over a month now.

Thanks

Peter

gordg

Hi, just joined as a newbie, found this via google, as having issues with weswap, migrated to new version as a user of the weswap card for years, funds transferred OK, just over 1000 euros in my weswap account, as I cant get any response from weswap, should I swop my euros to GBP, then get my money out from the ATM

m321

Having had no response from Weswap since September or cardclosure@idtfinance.com since mid Oct, this is what I did to get a refund. The money was back in my bank account on the same day.

I tried to contact IDT Finance. No phone number but I found their complaints procedure on their web site:

Use Google to search for:

 idt finance complaints procedure

and select

idt-complaints-procedure.pdf

The complaints procedure can also be found on the IDT Finance web site. Select 'Contact Us' and a link is located at the bottom of the page.

I emailed them as per this procedure which is simple to follow & I received an email from them within hours confirming the money had been refunded.