WeSwap adds credit facility to currency exchange platform

Source: WeSwap

To help holidaymakers deal better with any unexpected holiday costs, currency swapping platform WeSwap today announces the launch of WeSwap Credit.

Unlike other providers, WeSwap’s Credit function allows users to borrow as they spend, meaning that they don’t have to decide in advance how much they want to borrow. Interest free for 30 days, users only pay back what they use, rather than being tied into a loan to their card similar to other providers (such as Revolut).

About WeSwap Credit

• Users can turn the card in to a credit card instantly. With most credit cards, it can often take up to 5 days for it to arrive. Assuming the account holder is already a WeSwap customer, the facility can be applied for and activated in under 90 seconds
• Working with travel finance experts FlyNowPayLater
• The implementation is unique to WeSwap - other services mean travellers have to take out a loan to credit their card, which means deciding in advance how much you want to take out, and paying back the whole lot. Interest is also unavoidable with other providers
• WeSwap Credit is optional. Like a credit card, once you apply you get a credit limit you can spend up to - and then only pay back what you use. It’s interest free for 30 days. This is much more in line with how we know travellers budget for and spend on holiday, and you don’t need to tie into a contract with a bank

Cash launch
WeSwap also launched a free-delivery cash ordering service in June, which has proved hugely popular. Over £5 million has been ordered already through the travel money service (£2.8million ordered in the first 2 month after launch). Through its partner CityForex, WeSwap is able to offer travellers cash at the same low WeSwap rates as the app.

Jared Jesner CEO says “following the huge success of the WeSwap Cash launch we’re now working on integrating cash into our core app - allowing travellers to “cash out” part of their WeSwap card balance, so they can carry some of their spending money in notes, or on the WeSwap card. Lots of holidaymakers still prefer to land in their destination with some local currency in their pockets, so we hope that more travellers take advantage of this service - and avoid inflated bureaux rates.”
Contributed | what does this mean?
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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