We use the mid-market rate (or Xe.com rate) as a reference to set our rates. The mid-market rate is the benchmark used in global financial markets and is often considered the closest thing you can get to the fairest exchange rate possible (it’s based around a mid-point between prices offered by buyers and sellers of a currency.) More on that here.
As it’s only a benchmark, everyone pays a small surcharge on top of it, even large financial institutions. This is called a spread and is often very close to zero. You can read more about it in our T&Cs.
On top of this, we only charge 1%, 1.3% or 2%* (0% if you if you join us and bring 3 new friends to WeSwap). Certain banks and bureaux may say they offer 0% commission. But in reality, they manipulate the exchange rate to effectively charge you anything from 2% to 11% and above. This can be a combination of a spread, fees or commission.
The net result is some of the cheapest currency available. Sometimes cheaper by as much as 90%.
You can also use our Smart Swap feature to target future exchange rates. Which means you can get some of the cheapest travel money out there while also making sure you take advantage of big market moves.
You can find a list of our fees and limits here
* For all users who registered prior to 08/05/2017, the instant and Smart Swap fee is 1.4%
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