-- LAST UPDATE MAY 2016 --

Ready to leave for you holidays? GREAT! Where will you change your money?
- At the bank in your country? - Withdrawing overseas? - Paying by Credit/Debit card? - or on a prepay card? - changing them overseas? - or using weswap?
All these questions make sense only in case you are just  travelling in a overseas country because if you will open a bank account there check my other pages P2P Transfer Overseas or Transferwise and find out your best transfer solution.
This post is divided in 2 sections: - the first is my opinion and experience with WeSwap(link directs you on the 5friends page where you will get 5£ when you completed the subscription), - the second section is a comparison of the ways you can change/exchange your money during your holiday.

Weswap simply swaps your currency direct with other travellers. Weswap is an online, person-to-person currency exchange service, they match people who are travelling in opposite directions exchaning their money. Weswap is not yet worldwide and can be used only for some of the world currencies(list), they give you a pre paid card where you can decide which currency you want to use. I give you a practical example: I'm in Italy and I want to go to holiday in England. I open an account with weswap and upload 1000EURO. I decide how much I want to swap in Pounds, I decide to keep 200€ and swap the other 800€. Then I will have 200€ and the amount exchanged in Pounds, so when I will be in England I can use my card and automatically will extract the pounds without paying any commissions or value exchange.
The exchange rate of weswap is the REAL exchange rate(the best you can get) but you pay their commission on your swap which is 1%(it takes 3-4days) 1,4%(instant) check on their link the updated fees.
Down below I post all picture of my first money top up on weswap account. When you done, they will send you the weswap card. Their support was good but the process took a day or 2 more than expected. You need to be over 18y old to request the card, more information here.

Pictures are in Italian language but easy to guess and understand
1. Go to their page, weswap , insert email and password





2.Insert all your details and upload a color document (i sent my ID black and white and was not good for them)





3.They will check your identity and will send an Email that your card is on the way to your address.





4. Ready to transfer money on your card? I uploaded my money only once I received it.
Top up your card by bank transfer(about 3 days) or by credit/debit card. They will ask you where you get the money from, I said from "savings". My first upload was 2000€.





- if you transfer by bank they support you their bank account - or just make a payment by credit/debit card





5. All done?! sweet as, you can now start your swap!


Listed below the different options to exchange your money in a different currency during your holiday or trip. This is a real example I did in New Zealand: EUR - NZD on the 30.11.2015

 1.00 EUR = 1.623 NZD or  same 0.6161 EUR = 1.00 NZD

Instance, myself, Matteo has 100 EURO to exchange, which is the best way and solution to get most NZD?. IN a ideal world without fees we should receive 162 NZD.

BEST EXCHANGE RATE CHART  (e.g. 100€  to get NZD):

  1. Weswap 160,70 NZD
  2. Payment by credit/debit card 158.90 NZD
  3. Money exchanger in the overseas country(outside of airport) from 158.70 to 155.00 NZD
  4. Withdrawal in ATM by your debit/credit card 155.90 NZD
  5. Exchange at Banks in the overseas country from 153.40 to 152.40 NZD
  6. Banks and Post in Italy(check your country) 147.00 NZD ai 145.00 NZD

-- ALL THE DATAS in THE CHART are REAL and based on the trial I've down down below --

I took all these datas listed below on the 30.11.2015 at 2pm in the main turistic street in Auckland(Queen St) about the same time of the XE change (che è il sito per verificare il cambio valuta aggiornato).
Usually we change bit of money at the airport, remember to get the least money you can because is always the worst place where to change them. Maybe better if you pay by card or do a withdraw if you need cash there(less commissions as you see following below). 
Foreign exchange, e-trans,WU,DP money exchange are all money exchanger; the rest are banks

                                      exchange rate
- foreign exchange          0,6302     = 158.70 NZD
- e-trans                          0,6358     = 157.30 NZD
- western union               0,6430     = 155.50 NZD
- dp money exchange     0,6450     = 155.00 NZD
- TSB                              0,6481     = 154.30 NZD
- HSBC                           0,6512      = 153.60 NZD
- ANZ                              0,6536      = 153.00 NZD
- BNZ                              0,6538      = 153.00 NZD
- ASB                              0,6548      = 152.70 NZD
- westpac                        0,6563      = 152.40 NZD

Same date and about same time I've done 2 other trial, a payment by credit card and a withdrawal:
- payment of 12,30 NZD  Burger Fuel(a burger)         information on my italian bank account: 7.74 €
- withdrawal of 20 NZD in ATM                           information on my italian bank account 12,57 € + 2 €(fee)
The mathematical proportion supposing of 100 EUROs:
- Credit/Debit card payment = 158,90 NZD
- Withdrowal at ATM = 155,90 NZD

The only commission of Weswap vary between 1%(up to 7days) al 1,4%(instant) it depends if you are in a rush to have your money exchanged.
In case you want to withdraw with weswap card, remember to get more than 250€(or same value other currency) otherwise they charge you a little fee.
With weswap on a real exchange rate (1 NZD = 0,6161 EUR) you get : 160.70 NZD which is so far the best exchange.


EXCHANGE  in my country ITALY by BANKS or POST (links take you to the website info page)
Posta: 6 EUROs fee  + 4% exchange rate(buy/sell) [147.00 NZD]
BPER: 5EUROs fee  + exchange rate(buy/sell) depends of currency(eg: USD 2.30%, PLN 6%) [average is 4% we get 148 NZD]
INTESA SAN PAOLO : 6.20 EUROs fee + 2,50% exchange rate(buy/sell) + 2% more fee [145 NZD]

Where did i find all the banks info? check on Google: "buy and sell overseas currency"

If you think this post is useful, share it with your friends. Check my other pages about transfering money overseas, Transferwise and New Zealand

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