WeSwap Prepaid Currency Card

Golactico

Thanks SimplyBetter. I may be being naive, but I'm slightly comforted by the phrase 'solvent liquidation process'.

PetCuddler

I too am having issues.  Have over £2000 in various currencies and not getting response by emails.  Card declined at ATM and paying for groceries.   Message o site said maintenance to app, will update in 24 hours.  Its been more than a week. No response.   Very worrying.

Roypee

I couldn't log on either. I emailed last week and got a reply quickly saying there was a problem with the app. I left it a couple of days then emailed them back and said I wanted to close my account and retrieve all my money 471€ I think. And I haven't heard back since. I dont know what MSE can do but I know they would have a better idea than I do about how to proceed. Could we join together in some sort of class action particularly if there is no FSCS protection.

Golactico

Unlikely that anyone will step forward to play a Mr Bates role (as in the Post Office scandal), but I think it's realistic to get MSE on board to help. As I said in a previous post, it just needs enough people to email for them to take notice and hopefully take up the cause, using their muscle to get some clear answers.

MSE_James

Hello - just wanted to confirm that we had spotted this thread and our news colleagues have been taking a look at the situation with WeSwap.  I can't make any commitments about what will come from it, but just wanted to let you know it's certainly on our radar at MSE Towers. 

Golactico

MSE_James said:

Hello - just wanted to confirm that we had spotted this thread and our news colleagues have been taking a look at the situation with WeSwap.  I can't make any commitments about what will come from it, but just wanted to let you know it's certainly on our radar at MSE Towers. 

Many thanks James. Your engagement with this thread is much appreciated.

SimplyBetter

https://support.weswap.com/hc/en-gb/articles/4406123542033-WeSwap-partners

WeSwap have partnered with Manigo and Monavate limited to provide our redesigned, faster and stronger WeSwap app and all the new features to help you to stress less and travel happy.

Who are our partners and what do they do? 

Monavate limited are the electronic-money issuer as well as issuer of the WeSwap prepaid Mastercard. They are an FCA regulated electronic money issuer. 

Manigo is WeSwap’s partner in the delivery of the technical services that provide functions like swapping your funds, spending, transferring and splitting bills on your WeSwap app. 

Where are my funds held? 

When you load funds into your WeSwap account, they are  received by Monavate limited in a secure safeguarded bank account linked to your WeSwap Prepaid Mastercard. WeSwap receive information of the load and then the funds are added into your WeSwap account wallet. 

How secure are my funds?

The funds held at Monavate account linked to your WeSwap Prepaid Mastercard are stored in a secure safeguarded bank account that is independent to Monavate’s business accounts. The funds are safeguarded   and If anything should happen to either WeSwap or Monavate all your funds would be repaid in full.  WeSwap don’t have access to these funds. 

Who do I contact about my account?

Your account is still delivered by WeSwap and you can contact us as normal with any queries surrounding your card and account.

SimplyBetter

From Trustpilot:

Had a email from Weswap to say.
If you would like to request a refund of your funds, please contact Monavate, the card issuer and account provider, directly at monavate.com .
Kindly provide them with your registered email address and bank details for further assistance.

SimplyBetter

Update 16/09/2024(again from Trustpilot)

Update 16/09/2024
I posted earlier in September about my problems with WeSwap which seem to be the same as other card holders who have posted here. Just a few more updates :
(1) I have emailed BBC Watchdog and suggest others do the same to gain more traction that they will take up our case. Emma has responded and I’m sure she would like to hear from others
(2) Received an automated email acknowledgment from Monavate who I believe hold our funds, ring fenced from WeSwap? So far no response from them
(3) Received a more detailed response from Evelyn Partners who are liquidators for Blackthorn Finance Limited saying quote ‘WeSwap is not a service that the Company offered and as such we are unable to assist with your query’
I am not clear about Blackthorn’s connection with WeSwap other than I thought they bought out WeSwap in 2021/2

(4) Have an enquiry case number with Manigo Limited who I believe do the technical things with the app. No response so far

(5) Not sure of some of the facts because of the jigsaw of companies involved with WeSwap, so please post up facts if you know otherwise.

SimplyBetter

Someone received a reply from Monavate:

Update No.2: Received a reply from Monavate as follows:
"We have received your request, and it is being reviewed by our specialist team. 
We would like to remind you that any Cards Issued or IBAN Services provided by Monavate, that were previously supplied under your contract with Manigo as your programme manager will remain Safeguarded by Monavate until funds are returned to you.
Monavate will endeavour to facilitate Customer cash-out requests.
Monavate is working through your request, please bear with us whilst we are experiencing a high volume of queries.
Thank you for your patience."