Cashswapper frequently asked questions
What is Cashswapper?
Cashswapper is a peer to peer mobile app platform that allows users to swap currency at the interbank rate.
How does cashswapper work?
Cashswapper works by matching users with each other using our mobile app. Simply select the currency you have, the currency you need and your location. Cashswapper will match you with a user that has the currency you need in your area.
What does interbank rate mean?
The interbank rate is the exchange rate that banks use when trading foreign currencies with one another. This is the true market value of a currency. Currency providers mark up the interbank rate by selling/buying currency to users below/above the interbank rate creating a fee spread. This is called the retail rate and widely varies. Cashswapper users always swap at the interbank rate.
How do I swap my currency?
Once Cashswapper has matched you with another user, and that user confirms the swap, you can then communicate with each other using our in app messaging to arrange a location to swap.
Is it safe to meet with someone from Cashswapper?
Cashswapper has put in place many measures to make swapping as safe as using any traditional currency provider. As well as all our users being ID verified, a physical premises run and staffed by cashswapper will be avaliable for users to meet up and swap. Currency checking facilities and staff will be avaliable in branch if you run into any difficulties. We are also partnering up with local businesses and public areas such as airports that will provide our users with a place to swap currencies. You will be notified of the nearest swapping venue by Cashswapper.
How much does this app cost?
Our mobile app and all our facilities are totally free to all our users. All our users agree on signing up to only swap currency at the interbank rate, meaning no currency exchange fees and no fees from us!
What if there are no swaps in my area?
If there are no swaps in your area, you can search for currencies using our currency provider comparison. We compare every currency provider, large and small at your location with all fees clearly indicated to find you the best deal. Once you have found a currency provider, you can reserve that currency in our mobile app, and the currency provider will hold the currency you reserved for you to collect.