Instead of dealing with banks and costly exchange rates, London-based startup WeSwap offers a peer-to-peer exchange.
Customers connect their WeSwap account to a bank account and are given a prepaid MasterCard(MA). When traveling, users request to exchange funds with another user who has the desired currency. Any new funds are accessed through the MasterCard.
Each transaction incurs a 1% swap fee -- unless a match can't be found in time, in which case WeSwap steps in (this incurs a 1.5% fee).
With anti-money laundering measures in place, it's safe to make swap with anyone on their platform.
Right now, it's only available to customers in ten European countries but founder Simon Sacerdoti says they'll "absolutely" expand to the U.S. in the future.
They've raised $3.75 million in funding and are in the process of closing a larger round of founding.
