WeSwap Terms & Conditions


These Terms of Service apply to the exchange services, or MSB (Money Service Business) activity of WeSwap.com Limited only. The IDT Agreement is separate and IDT Financial Services Limited as the issuing bank is regulated and bound by the Payment Services Regulations 2009.

Please read these Terms of Service carefully before you register for a WeSwap Membership. These Terms of Service, the IDT Agreement, the WeSwap.com Privacy Policy and the WeSwap.com Terms of Website Use form the agreement for your Account and Card. These Terms of Service govern the provision of currency conversion services by us in connection with your Account and you have no rights against IDT as Card issuer in relation to these services. By activating your Card you are confirming that you accept these Terms of Service. If there is anything you do not understand or agree with, please contact WeSwap Customer Services.

These Terms of Service are written and available in English and we undertake to communicate with you in English regarding any aspect of the currency conversion services to be provided by us. The English language version of these Terms of Service is legally binding, and any translation into another language is provided solely for your ease of understanding.

We recommend you print a copy of these Terms of Service for future reference.


The following capitalised words and phrases will have the following meanings in these Terms of Service:

"Account" means the electronic account which you have with IDT and from which your Wallet(s) are created;

"Card" means the Card issued to you under the IDT Agreement. Each Card will be linked with one or more Wallet(s) for the purpose of enabling you to access the e-money in the Wallet(s) in order to make Card Transactions;

"Cardholder" means you, the person entering into the IDT Agreement and these Terms of Service

"Card Transaction" means a retail sale or cash machine withdrawal completed using your Card

"Currency Swap Transaction" means a currency transaction carried out in accordance with clause 5 of these Terms of Service;

"Customer Countries" means the countries where IDT is offering the WeSwap Account, and WeSwap membership is available. A full list of Customer Countries is available here.

"Customer Services" means the contact centre for dealing with queries about your Account, Wallet(s) and Card. Contact details for Customer Services can be found in clause 22 (Contact Us);

"e-money" means the electronic money held in your Wallet;

"Fees and Limits Schedule" means the fees and limits schedule displayed here;

"Global Foreign Exchange Market" means the global, worldwide-decentralized financial market for trading currencies. Financial centres around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies;

"IDT" means IDT Financial Services Limited, a company registered in Gibraltar with number 95716 whose registered office is at 57-63 Line Wall Road, Gibraltar. IDT is authorised and regulated by the Financial Services Commission, Gibraltar; IDT is the issuer of the e-Wallet and the Prepaid Card;

"Interbank Mid-market Rate" means the arithmetic average of the bid rate and the ask rate of the Global Foreign Exchange Market for the applicable currency;

"Mastercard®" means the mastercard network and/or payment system through which Card Transactions are processed;

"Rate" means the rate of exchange set by us for a Currency Swap Transaction.

"Swapping Options" means the different Swap Request timescales and fee structures available to Cardholders at the time of making a Swap Request.

"Swap Request" means a Cardholder’s request for a Currency Swap Transaction;

"Wallet" means a designated currency account with IDT to which you can transfer funds for the purpose of accessing e-money and effecting Card Transactions;

"we", "us" or "our" means WeSwap.com Limited, a company registered in England and Wales under company number 07189664 and having its registered office at 6 Spectrum House, 32-34 Gordon House Road, London, NW5 1LP, UK;

"Website" means the website hosted at www.weswap.com or such other URL as may be designated from time to time that allows you to access your personal card information. The website provides up-to-date information about your Account, Card Transactions and Currency Swap Transactions and you will need an internet connection to access it; and

"WeSwap Membership" means a fully functioning WeSwap account which you must have in order for IDT to open an Account for you.

"you" or "your" means the Cardholder.


  1. The Website is only intended for use by people resident in the UK.
  2. We do not approve WeSwap Memberships or accept Swap Requests from individuals outside the Customer Countries. Please review our Customer Countriespage before seeking to swap currency.


  1. You may only apply for a WeSwap Membership if:
    1. you are an individual over the age of 18 years;
    2. you have legal capacity to enter into legally binding contracts under the law applicable in your country of residence; and
    3. you are resident in the UK.
  2. Under no circumstances are third parties allowed to apply for a WeSwap Membership on your behalf.


  1. When you apply for a WeSwap Membership we are obliged to do identity checks for anti-money laundering purposes. Please see clause 13 of these Terms of Service for more information and also look up our Privacy Policy. We reserve the right to refuse approval of your application at any stage and at our sole discretion.
  2. Following approval of your WeSwap Membership you will be provided with an Account by IDT. You can then load funds into your Account. Once you have loaded funds you can request a Currency Swap Transaction into different currencies.
  3. Please follow the steps on our Website in order to place a Swap Request. We and our commercial partners reserve the right to ask for further information before a Swap Request can be made.


  1. Any Swap Request by the Cardholder shall solely be governed by the provisions of these Terms of Service.
  2. The Interbank Mid-Market Rate obtained from XE.com is the rate used to set the Rate, however, where we, in our reasonable discretion believe there is poor liquidity, high volatility, hedging challenges or other such circumstances that could harm the business, this rate maybe surcharged up to 2.5%. By applying for a WeSwap Account and using the Website you confirm that you have read and accepted the XE.com End User Terms of Use which can be found here.
  3. When making a Swap Request, Cardholders have different Swapping Options. Cardholders will be given several options as to how quickly they require the Swap Request to be processed by us at the time of making a Swap Request The fees that a Cardholder will be charged in respect of any Currency Swap Transaction will be dependent upon the Swapping Option that a Cardholder requests.
  4. Details of the Swapping Options and the fees payable in relation to each Swapping Options are subject to change from time to time, and are set out in detail here. The fees payable in relation to each Swapping Option will be displayed at the time of making the Swap Request, and in accepting a Swap Request, you are agreeing to the price displayed at that time.
  5. We will use our best endeavours to process a Swap Request to meet your deadlines as the same are specified at the time of making the Swap Request.
  6. It will be possible to transact through the Website when the Global Foreign Exchange Market is closed for business. In such circumstances, we will apply the exchange rate in accordance with 5.2
  7. We will execute parts of a Currency Swap Transaction as we find suitable matches for them at the rate according to 5.2 Once a part of the Currency Swap Transaction is executed that part is irreversible and you may no longer change it. You will however be able to correct the details of the outstanding parts of your Swap Request at any time up until the full execution of the request. After that point you will no longer be able to correct details of your Swap Request. Your Account will receive Currency Swap Transaction updates along the way, so you know exactly which part has been fulfilled and which part is outstanding.
  8. We will acknowledge your Swap Request once we have received it, but please note that this is an acknowledgement only and does not constitute acceptance of your request by us.
  9. The Currency Swap Transaction between us and you will only be binding once we send you the confirmation that your Swap Request has been fulfilled. Until that time there will be no binding arrangement for us to supply you with any foreign currency or other services.
  10. We are entitled to refuse, withdraw or cancel your Swap Request at any time, for any reason.
  11. If a Swap Request is cancelled on the instructions of any court, law enforcement agency or regulatory body we may retain all or any of your money if required to do so by law and then deal with it as ordered by a court or other body of competent jurisdiction.
  12. You are responsible for any additional costs incurred by us if you have provided incorrect payment instructions for the purpose of transferring funds from your Account.
  13. If you use your WeSwap Card to make a transaction in a currency other than those listed here, we will convert the transaction amount to the equivalent home currency amount using the Mastercard foreign exchange rate, and apply the 2% Immediate Swap fee, listed here.  You can get details of the Mastercard foreign exchange rate by visiting the get support section of their website at https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html.


Each Account is subject to certain fees and limits which can be found in the Fees and Limits Schedule (Appendix 1)


  1. Unless prohibited by law, our liability for losses you suffer as a result of us breaking these Terms of Service is strictly limited to the purchase price of the currency you purchased and any foreseeable losses. Losses are foreseeable where they could be contemplated by you and us at the time your Swap Request is accepted.
  2. Nothing in these Terms of Service limits in any way our liability:
    1. for death or personal injury caused by our negligence;
    2. for fraud or fraudulent misrepresentation;
    3. for any deliberate breaches of these Terms of Service by us that would entitle you to terminate the contract between us; or
    4. for any matter for which it would be illegal for us to exclude or limit, or attempt to exclude or limit, our liability.
  3. Subject to clause 7.2, all warranties, conditions and other terms implied by statute or common law are, to the fullest extent permitted by law, excluded from these Terms of Service.
  4. Subject to clause 7.2, we are not responsible for indirect losses which happen as a side effect of the main loss or damage and which are not foreseeable by you and us and even if such losses result from a deliberate breach of these Terms of Service by us that would entitle you to terminate the contract between us, including but not limited to:
    1. loss of income or revenue;
    2. loss of business;
    3. loss of profits or contracts;
    4. loss of anticipated savings; or
    5. loss of or corruption to data;
    howsoever arising and whether caused by tort (including negligence), breach of contract or otherwise, even if foreseeable; provided that clause 7.3 shall not prevent claims for direct financial loss that are not excluded by any of categories 7.4.1 to 7.4.5 inclusive.


Applicable laws require that some of the information or communications we send to you should be in writing. By using the Website, you accept that communication with us will be mainly electronic. We will contact you by e-mail or provide you with information by posting notices on the Website. For contractual purposes, you agree to this electronic means of communication and you acknowledge that all contracts, notices, information and other communications that we provide to you electronically comply with any legal requirement that such communications be in writing. This condition does not affect your statutory rights.


  1. All notices given by you to us must be given to WeSwap.com Limited at 6 Spectrum House, 32-34 Gordon House Road, London, NW5 1LP, UK. We may give notice to you at either the e-mail or postal address you provide to us when placing a Swap Request. Notice will be deemed received and properly served immediately when posted on our website, 24 hours after an e-mail is sent, or three (3) days after the date of posting of any letter.
  2. In proving the service of any notice, it will be sufficient to prove, in the case of a letter, that such letter was properly addressed, stamped and placed in the post and, in the case of an e-mail that such e-mail was sent to the specified e-mail address of the address.


  1. We reserve the right to change these Terms of Service, including fees and limits, by providing you with at least 2 months’ notice by email and will ensure that the most recent version is available on the Website.
  2. If you do not want to continue these Terms of Service because of a change we are making, you have the right to terminate these Terms of Service immediately and without charge by giving us written notice before the change comes into effect. If you do not cancel during this period, then you will be deemed to have accepted them by using the Website and the changes will apply.
  3. We reserve the right from time to time and without prior notice to add to the currencies in which the e-money associated with these Terms of Service are denominated.
  4. If any part of these Terms of Service is inconsistent with any regulatory requirements, then we will not rely on that part.


In case you change your mind, you are entitled to a 14-day “cooling off” period. Please refer to clause 9 of the IDT Agreement for more details.


  1. We may end these Terms of Service at any time if:
    1. we discover that any of the information that you provided to us was incorrect; or
    2. you die; or
    3. you become bankrupt; or
    4. you become of unsound mind; or
    5. you have breached these Terms of Service (or we have reason to believe that you have, or intend to); or
    6. the IDT Agreement is terminated.
    Otherwise we will give you at least thirty (30) days’ notice of termination.
  2. Notwithstanding termination of these Terms of Service, your liability to us will continue and you will remain liable until all sums due under these Terms of Service have been paid by you in full.
  3. You may terminate these Terms of Service at any time by emailing us at [email protected]. You will not be charged for termination but you may be charged a refund fee in respect of the withdrawal of funds from your Account.


  1. As part of the registration process we may utilise the services of one or more third parties, including credit reference agencies, to confirm your identity and conduct anti-money laundering (AML) and anti-fraud checks.
  2. Such checks may leave an ‘AML footprint’ on your credit record. This AML footprint does not have a detrimental effect on an individual’s credit score/rating; however, the footprint type left when searching for the purposes of credit granting are factored into lenders’ criteria. Hence, accumulating them may be disadvantageous to one’s credit score.
  3. We reserve the right to collect identification from you prior to the depositing of funds and placement of a Swap Request. In general, we collect identification in the form of a copy of a valid passport/driver’s licence and a utility bill showing your current residential address dated within the last three months. We may ask you to scan and upload this information or send it to us electronically.
  4. Information provided to us may be made available to regulatory authorities in both the country of origin of the funds and the destination country of the funds.
  5. You represent and warrant that the monies transferred to your Account are not connected in any manner to any unlawful or illegal activity.
  6. We reserve the right at all times to refuse to process any Swap Request which we believe or suspect in our sole discretion is connected in any manner to any unlawful or illegal purpose. We have a legal obligation to report any such unusual or suspicious Card Transactions.
  7. We are obliged by law to monitor any unusual or suspicious Transactions of any size taking place where we have reasons to believe the money is derived from unlawful or illegal activity.
  8. We, our employees and our agents will report suspicious Transactions to the authorities. Where any such report is made, we accept no liability for any delay in transmission of or confiscation of the funds.


  1. You may provide us with personal data from time to time in connection with your Account. Some personal data will be necessary for us to provide you with the services under these Terms of Service. You must notify us immediately of any change of name and address by emailing [email protected].
  2. We will disclose your personal information to:
    1. IDT, our eWallet and Card issuer, with whom you have your online Account, so that they can maintain and service your Account and issue you with your Card; and
    2. Our technology partners so that they can authorise and manage Transactions against your Account. They will also share Card Transaction details with Mastercard.
  3. We may also utilise the services of third parties to conduct checks and help us verify your identity and the identity of any other card holder. This allows us to comply with “know your customer” and anti-money laundering requirements which are aimed at detecting and preventing financial crime.
  4. You should assume all information provided to us is available to law enforcement bodies and regulatory authorities.
  5. We may use your personal data to:
    1. provide you with services under these Terms of Service;
    2. enable us to review, develop and improve our products and services;
    3. help identify products and services that may be of interest to you;
    4. undertake research and analysis; and
    5. for direct marketing purposes (if you give your consent).
  6. We may also disclose your personal data as required by law, regulation or any other competent authority or agency including to authorities and agencies to investigate possible unauthorised or unlawful activity.
  7. You are entitled to see the information held about you and you may ask us to make any necessary changes to ensure that it is accurate and kept up to date. If you wish to do this, please contact us. We are entitled by law to charge a fee of £10 to meet our costs in providing you with details of the information we hold about you.
  8. It is your responsibility to keep us updated of changes to your personal details. Failure to do so may result in us being unable to contact you regarding our services, including the provision of refunds to which you might be entitled or to let you know about changes to Terms of Service.
  9. Further and more detailed information as to how we process your information can be found in our Privacy Policy which can be accessed here.


No delay or failure to exercise any right or remedy under these Terms of Service by either you or us shall be construed as a waiver of that right or remedy or preclude its exercise at any subsequent time.


No one other than a party to these Terms of Service (and in the case of WeSwap their successors and permitted assignees) shall have any right to enforce any of its terms.


  1. If any provision of these Terms of Service shall be found by any court or administrative body of competent jurisdiction to be invalid, unlawful or unenforceable, such invalidity, unlawfulness or unenforceability shall not affect the other provisions of these Terms of Service which shall remain in full force and effect.
  2. If any provision of these Terms of Service is so found to be invalid or unenforceable but would be valid or enforceable if some part of the provision were deleted, the provision in question shall apply with such modification(s) as may be necessary to make it valid.


  1. The Terms of Service between you and us are binding on you and us.
  2. You may not assign or transfer these Terms of Service or any of your rights and/or benefits or obligations under these Terms of Service, without our prior written consent.
  3. We may transfer, assign, charge, sub-contract or otherwise dispose of these Terms of Service, or any of our rights or obligations arising under them, at any time provided we inform you and your rights under these Terms of Service are not prejudiced.


  1. We will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations under these Terms of Service that is caused by events outside our reasonable control ("Force Majeure Event").
  2. A Force Majeure Event includes any act, event, non-happening, omission or accident beyond our reasonable control and includes in particular (without limitation) the following:
    1. the closure or unavailability of any foreign exchange market;
    2. strikes, lock-outs or other industrial action;
    3. civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war;
    4. fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster;
    5. impossibility of the use of railways, shipping, aircraft, motor transport or other means of public or private transport;
    6. impossibility of the use of public or private telecommunications networks; and
    7. acts, decrees, legislation, regulations or restrictions of any government.
  3. Our performance under these Terms of Service is deemed to be suspended for the period that the Force Majeure Event continues, and we will have an extension of time for performance for the duration of that period. We will use our reasonable endeavours to bring the Force Majeure Event to a close or to find a solution by which our obligations under these Terms of Service may be performed despite the Force Majeure Event.


These Terms of Service and any document expressly referred to in them represent the entire agreement between us in relation to their subject matter and supersede any prior agreement, understanding or arrangement between us, whether oral or in writing.


Please refer to our Customer Complaints & Error Handling Policy for more information. You can request it by writing to us or emailing [email protected].


Our Customer Services team is available from 9am to 5.30pm Monday to Friday (UK time). During these hours we will endeavour to resolve all enquiries immediately, however please note that certain types of enquiry can only be resolved during normal business opening hours. You can contact Our Customer Services team by the following methods:

- Sending Us a message by clicking on the “Support” tab on Our website (preferably when You are logged in)
- Emailing [email protected] from the email address We have for You
- Writing to Customer Service, WeSwap.com Limited, 6 Spectrum House, 32-34 Gordon House Road, London NW5 1LP, UK.

In addition, Our automated Customer Services phone line may be used to activate Your Card or report lost or stolen cards. You may access this service by telephoning +44 (0)844 4 457 357 or one of the following numbers if You are ringing from outside the UK. Please refer to the Cardholder Agreement for details of the Cardholder complaint procedure.


  1. These Terms of Service and any dispute or claim arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) will be governed by English law.
  2. Any dispute or claim arising out of or in connection with these Terms of Service, their subject matter or their formation (including non-contractual disputes or claims) shall be subject to the non-exclusive jurisdiction of the English courts. We retain the right to bring proceedings against you for breach of these Terms of Service in your country of residence or any other relevant country.