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WeSwap to offer P2P exchange in ‘all currencies’

Posted by Ben Ireland on
WeSwap to offer P2P exchange in ‘all currencies’

WeSwap says it is to make its peer to peer currency exchange available between every currency in the world.

The platform, which enables users to swap currencies with each other online, cutting out the Bureau de Change, currently operates in 18 currencies including the British pound, US dollar and Euro.

But the firm says its offering will be rolled out much more widely by the end of February.

Chief marketing officer Rob Stross said: “We will be making WeSwap available for any currency, and we hope to have that ready in February.”

The company is also set to launch its SmartSwap feature which monitors exchange rates every day and gives users the chance to choose a rate that, if WeSwap’s exchange rate meets it, will trigger an automatic exchange.

If the rate doesn’t get that low, then users can still make the exchange instantly like they do currently with WeSwap.

“It takes the hassle out of keeping on top of exchange rates,” said Stross. “We monitor the rates for the user.”

The feature work alongside the Ratetracker tool, which shows WeSwap’s historic exchange rates.

SmartSwap is expected to be live during Q1 of 2018 alongside another new feature which will allow WeSwap card holders to transfer money to other users if they owe cash in a different currency.

Another new feature for 2018 will be WeSwap for Business, which is designed to help streamline the process of employees claiming expenses – due to launch in Q2.

Workers on business trips will be able to spend using their WeSwap card, which can then be paid off by their employer once expenses are verified; or a business can upload money onto the card for its employees to spend while on a trip.

“It’s amazing how many businesses are still doing their expenses using paper,” said Stross. “We want to simplify that whole process.

“As a business traveller, you will just use your WeSwap card and your accounts department will pay it off for you.”

Despite expanding into features that could be associated with traditional banking, Stross insisted that WeSwap had no plans to become a fully-fledged bank.

“We are staying in the travel money space,” he said. “And we want to do travel money amazingly well.”

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