WeSwap Prepaid Currency Card

disgruntledprepaidcarduser

I have been trying to load money on to my WeSwap card for over a week now, but there is "essential maintenance" being done on the app which means you cannot do this. There is a message to say there will be an update in 24 hours, but there has been no update for almost a week. I have some money already on the card which I am now concerned that I won't be able to spend when I am on holiday abroad.  Has anyone else had the same issue or heard of any rumours that the company are in trouble?

eDicky

With the various fee-free and much simpler solutions for non-sterling spending these days, I wouldn't be surprised if their customer base is drying up and they're going to be winding up soon. I certainly wouldn't try to load any more funds with them and instead concentrate on spending down or redeeming what you already have.

KingDave5

I’m also having problems with WeSwap. Beginning to think they’ve gone into liquidation, as I’ve been trying all day to log into their app without success- they fail to send me a confirmation code by SMS, and seen a few comments on trustpilot from people with the same problem. Problems using the card on holiday and logging in seem to have started about a week ago 
luckily I’m not on holiday at the moment, but I have over €200 stuck in there, and can’t get access to it!
Anyone have any news on this, or where I can complain to?

Golactico

KingDave5 said:

I’m also having problems with WeSwap. Beginning to think they’ve gone into liquidation, as I’ve been trying all day to log into their app without success- they fail to send me a confirmation code by SMS, and seen a few comments on trustpilot from people with the same problem. Problems using the card on holiday and logging in seem to have started about a week ago 
luckily I’m not on holiday at the moment, but I have over €200 stuck in there, and can’t get access to it!
Anyone have any news on this, or where I can complain to?

I'm afraid I have nothing constructive to add, but I'm having exactly the same issue, although I think I have nearly €400 stuck in Weswap hell. Their twitter account has seen no activity for a few years. It really isn't looking good. 

spinnyhoo

Hi
Unfortunately lots of people are having problems with WeSwap at the moment. My card was working until September 1st. I loaded £800 and converted the money to Euros and then both the physical and virtual cards stopped working. The physical card disappeared from the app. I ordered a new card which arrived but I can no longer log in to the app so can’t find the pin for the new card to check if it’s working (sadly I doubt it is).
there is no response from WeSwap either by phone or email. Initially an automated email was being sent but that seems to have stopped being sent now.

I would avoid loading any more money on to your card at the moment.

Golactico

I'm surprised that this situation hasn't made more of a news story. It seems pretty extraordinary to me that a financial service provider is indefinitely denying it's customers access to their own money, with no explanation. I would even suggest that the MSE website is under an obligation to look into this since I'm sure I'm not the only person to have got involved with Weswap card on the back of the MSE website featuring them as an option for spending abroad, a few years back.

Mumnan2

I, too am in the same situation as many others. I was able to get onto the app to view my account until today. Now I log in and unable to get any further, as SMS access code is not sent. I have a lot of money on my card, travelling tomorrow and had to make alternative travel card arrangements. I have complained to FCS & Monavate. I'm waiting for a reply. I read on Blackthorn Finance Ltd website that WeSwap went into liquidation on 29th August 2024, that was just before the problems started . I sincerely hope that someone, somewhere can help us to get our money back .

BarryGlynn

I had great problems when away on hols 2 weeks ago as card would not work. 1,000 Euros+ on it !
Support appears to be non-existent by email or phone so started digging today..........

The parent company of WESWAP, Blackthorn Finance has entered into voluntary liquidation. Look for blackthorn.finance. (Apparently cannot post the full link as a newbie)

This appears to be a " solvent liquidation process", so yes what does that mean.......

1. Shareholders pass a resolution to place the company into solvent liquidation and appoint a liquidator.
2. Directors swear a declaration of solvency, stating that the company can pay its debts in full within the next 12 months.
3. The liquidator realizes the company's assets, settles outstanding liabilities, and distributes remaining funds to shareholders.

NO HOPE if you are depending on access to your funds on holiday, or soon, I guess, but hopefully an eventual pay-out/payback? One day, sometime, never?

jbrassy

Unfortunately this is the risk you take we prepaid cards. They typically do not have FSCS protection because they are are emoney firms not banks. Not helpful now, but in future it's worth getting a Starling or First Direct bank account which do not charge fees for overseas use and come with FSCS protection. They probably have better exchange rates than a lot of these legacy prepaid travel cards as well.

Golactico

I've emailed MSE and suggested that they might look into this situation. I'd suggest others do the same, so that it flickers brighter on their radar. 
Whichever entities that might be able to provide answers will be more inclined to do so if it's MSE that are asking the questions.

SimplyBetter

https://www.consultancy.uk/news/29808/weswap-rescued-from-administration-following-blackthorn-deal

followed by:

https://blackthorn.finance

Blackthorn Finance Limited (“the Company”) entered members’ voluntary liquidation (being a solvent liquidation process) on 29 August 2024, with Adam Stephens and Kevin Ley of Evelyn Partners LLP being appointed as the joint liquidators (“the Liquidators”).

The Liquidators are licensed by the Institute of Chartered Accountants in England & Wales and contract as agents of the company and without personal liability.

The Liquidators have been appointed to manage the final stages of an orderly and solvent wind down of the Company.

The Liquidators will be writing to all remaining customers directly.

Any customer queries should now be directed to the Liquidators at blackthorn.finance@evelyn.com.