Non-UK resident applications and accounts after 31 December 2020

With Brexit approaching in 2021, we’ve had to take the tough decision to close all non-UK resident applications and accounts from midnight 31 December 2020, the current deadline for the UK’s departure from the EU. From this date any application and account will be closed. If you have a WeSwap Prepaid Mastercard©, it will no longer work and you’ll be unable to load, swap, spend or replace your card. 

We’re sorry that we have to stop accepting these applications and are closing the existing accounts, it’s not a decision we’ve taken lightly. 

Most importantly, we want to say a huge thank you to everyone from outside the UK for taking an interest or signing up to WeSwap. 

Why have I been notified Now? 
As per our Terms & Conditions, we provide 2 calendar months before any change of terms or account termination. We alerted all impacted WeSwappers on 31 October 2020 and the changes will come into effect from midnight 31 December 2020. 

What does this mean for me? 
If you signed up for a WeSwap account but never completed your application, you don’t need to do anything. Your application will be fully closed at midnight on 31 December 2020. 

If you have an account, your WeSwap card will stop working as of 11:59pm on 31 December 2020 and your account will be closed then. You’ll then be unable to access your account, spend, swap, load or renew your card. 

What if I still have money on my card?
If you still have money on your WeSwap card, you can keep spending right up until 11:59pm on 31 December 2020. Your card will continue to work both at home and abroad, online, or for ATM withdrawals. 

My balance includes funds from a promotion, can I get them refunded?
You cannot. Per our promotional T&Cs, these funds are non-refundable.

What if my WeSwap card is expired, lost or I don’t want to spend the funds in my account?
If your card is expired, lost or you don’t want to spend the money on your card, you can request a refund by getting in touch with us (more info on that below).

If you have funds in another currency, we’ll swap it for you for free and refund it in the currency you originally loaded your account with. 

Refunds are free of charge for up to 12 months but you’ll be charged a £5 fee if you request a refund more than one year after we close your account. 

What details do you need to request a refund? 
You can get a full refund for up to 6 years, after that you may lose your funds. To arrange a refund to your bank account please get in touch here or email support@weswap.com. If you loaded via debit card we can refund you straight back onto that account. If you loaded via bank transfer, we’ll need the following information

  • Your full name 
  • Your registered email address 
  • Refund amount (your account balance) 
  • The name of your bank (e.g. Barclays) 
  • IBAN 
  • BIC/Swift number 
  • Bank Branch 

Refunds are free of charge for up to 12 months but you’ll be charged a fee if you request a refund more than one year after we close your account. 

Can I still load money onto my card? 
You can continue loading your card up until 15 December 2020. Just please note we’re currently only accepting loads via Bank Transfer and these take 3-5 working days for funds to arrive into your account. 

What should I do with my WeSwap card once my account is closed? 
Once you’ve spent the money on your card, and certainly after 31 December 2020, please cut your card through the magnetic stripe as well as the chip and dispose of it in a responsible manner. 

What will happen to my data once my account is closed? 
As a regulated financial product, we’re subject to strict legal requirements when it comes to what data we must retain following the closure of an account or cancelling of an application. 

We’re legally required to hold your information for 5 years following the date of the closure of your account in order to comply with our legal anti-money laundering obligations. This is set out in section 8 of our Privacy Policy. Your information will be

stored securely and only accessed should it be required to fulfil a legal obligation (e.g. a request is made from one of our regulators or law enforcement). 

We’ll make sure that you are unsubscribed from any future marketing emails too. 

If you signed up for a WeSwap account, but you never completed your application, and therefore you don’t have an account, we can erase your data before that point. If you would like us to do this, please get in touch here or email support@weswap.com .  

Brexit has been around for a while, why has WeSwap not found a solution before now? 
Our Issuing Partner, IDT Financial Services Limited, had begun a licensing process within the EU/EEA and it was thought that the license would be ready in time. Unfortunately, however, this hasn’t been the case. 

Will I be able to register in the future? 
Fingers crossed. Our hope is that we’ll be able to resume services to our non UK residents in the near future. We’ll make an announcement as soon as we have a clearer idea of when that will be.

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