Some currency providers promise “0% commission”, the reality is that they simply mark-up their exchange rate to include their fee instead, often anything up to 13% over the real, mid-market rate on the day. This makes it difficult to work out just how much you’re being charged, but it’s certainly not free!
With WeSwap, people swap currency at the real, mid-market exchange rate, and we charge 1% for a 7 day swap, 1.3% for a 3 days swap and 2%* if you want an immediate swap. You can compare the difference for a 1% transaction in the example below.
Scenario A: Tom changed £1000 to euros on WeSwap.
Scenario B: Tom exchanged £1000 to euros at Marks & Spencer. His quoted rate was 1.3322 so he got 1332.20 euros. He paid 0% commission but got 19.21 euros less than on WeSwap. He actually paid Marks & Spencer 2.4%.
All rates correct as of 30/03/2015 at 11:36am
Major currency exchange bureaus on the high street typically charge around 4% - 5% over the mid-market exchange rate. Those based at airports are usually around 9%, and those at hotels can be as much as 13%.
So while 0% commission sounds like a pretty good deal, always be sure to check the real mid-market exchange rate and how much you will actually receive.
* For all users who registered prior to 08/05/2017 immediate swap fee is 1.4%
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