Q&A on Smart Swap

“Can I use Smart Swap on the desktop version of my Dashboard?”
Not at the moment, sorry – Smart Swap is only available on the iOS and Android apps.

"What fees will I pay using Smart Swap?"
As we’ll swap your money the moment your rate is hit, the fee is the same as your instant swap fee, this is usually 2%, but can vary for different users.  

"What is auto-swap at the deadline?"
This means we will swap your money at the deadline you’ve set, even if your target hasn’t been reached. We will use the rate on the day instead.

When auto-swap is on, we will swap whatever is in your wallet, up to your Smart Swap amount.

So, if auto-swap is on and you wanted us to swap £500 but only have £200 in your wallet, we’ll go ahead and swap the £200. 

Auto-swap is on by default, to make absolutely sure you’ve got holiday money ready for your trip. You can choose to turn this off when you set up a Smart Swap.

"What are Smart Swap minimum and maximum amounts?"
The minimum Smart Swap you can make is £5, the same as normal swaps.

The maximum is £6,000, which is also the maximum you can hold in your WeSwap account at one time.

  “What if I don’t reach my target?”

If you selected auto-swap at deadline, we'll trigger a swap at the end of your deadline anyway to make sure you have your travel money on time. We will use the rate on that day.

If you haven't selected auto-swap at deadline, your swap will expire and your money will remain un-swapped in your wallet.

What does the status ''expired'' mean?
If a Smart Swap is in status expired, it means that we weren't able to complete the swap at the rate you chose because you didn't hit your target.

 “How do I know what target is realistic?”
There is no magic here, but you can have a look at our live rates charts in the apps to see how the rates have performed in the past to give you an initial idea.

As a quick rule of thumb, the bigger the difference is from today’s rate, the more unlikely it is to happen within a short space of time. So, setting a target at +1% higher (i.e an extra £1 for every £100 swapped or 10p for every £10) with a couple of weeks to go is more realistic than 5% with two days to go. Never say never though! It all depends on the currency’s trend - does it seem to be moving up or down, or not at all? - and the volatility of that specific currency. This is often impacted by world events, political updates and all sorts of things. 

If you’d like to learn more about how this all works, have a read of our blog dedicated to the subject. 

“How come the interbank rate hit my target but my Smart Swap hasn't been triggered?”
Smart Swaps trigger when the rate, plus our swap fee, matches your target. This is usually 2% but can vary for different users.

 "What happens if I set up a Smart Swap bigger than my balance?"
This is absolutely fine - you can set up a Smart Swap for more than you have in your wallet. You might want to do this if you’re not ready to load yet, but still want to know when your target is reached.

If your target is reached but there’s not enough money available, you’ll be sent a push notification to your phone reminding you to load This way you’ll still be able to get a rate close to your Smart Swap target. You’ll also receive a notification if your target rate is close to being hit.

Make sure you have notifications on if you would like to receive them!

If there’s some in your wallet, we’ll swap whatever is there. So, if you set up a Smart Swap for £100, but only have £20 in your wallet, the £20 will be swapped.

If you have under the £5 minimum in your wallet, this won’t be swapped automatically.

"Can I cancel a Smart Swap?"
You sure can. You can cancel a Smart Swap at any time before it hits your target or reaches the expiry date. Just tap “SWAPS” on the bottom navigation bar on your app to view or cancel any active Smart Swaps.

"How many Smart Swaps can I set up simultaneously?"
There are no limits to the number of Smart Swaps you can set up. This means you could target different rates, and different currencies, if you like. 

"Do promotions apply to Smart Swap?"
Promotions don’t apply to Smart Swaps yet.

“What currencies can I create Smart Swaps in?”
You can create Smart Swaps in all 18 wallet currencies. These are:

  • British Pounds (GBP)
  • US Dollars (USD)
  • Euros (EUR)
  • Canadian Dollars (CAD)
  • Australian Dollars (AUD)
  • South African Rand (ZAR)
  • Swiss Francs (CHF)
  • Norwegian Kroner (NOK)
  • Swedish Kronor (SEK)
  • Danish Kroner (DKK)
  • Hong Kong Dollars (HKD)
  • Polish Zlotys (PLN)
  • New Zealand Dollars (NZD)
  • Singaporean Dollars (SGD)
  • Hungarian Forint (HUF)
  • Japanese Yen (JPY)
  • Israeli Shekel (ILS)
  • Turkish Lira (TRY)

 

 

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