How it Works

Trading time, skills and items as favours with money created by You


Offering your skills or time to people in your community.
Passing on unwanted items to others who can make good use of them.
Someone to call on when you need a favour in return.

How It Works

Most of us remember swapping things as children, when money didn't matter so much, we did it for fun.
More important than what you trade is the experience of getting things done with people in your own neighbourhood.
Connecting through the simple exchange of a favour...

Create Your Profile

In a similar way to other social media platforms, users can create a profile, upload a photo, give details of their hobbies and interests and show off the skills they wish to offer to other members.

Creating profiles with pictures is essential to building the online necessary for creating opportunities to trade favours.

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Add and Vouch for Friends:

Favabank offers a peer-to-peer authentication mechanism where you can reassure other users about your friend's trustworthiness by vouching for their authenticity.

Privacy settings can be changed by users to determine who can see your personal details. By default, only people you have declared as 'friends' can see your address and contact details. Other users will see your town and the first part of your postcode by default.

fava_history

Vouching for the authenticity of your friends helps to build their bartering reputation and create a network of 'Trusted Strangers'.

See Bartering Reputations

Post Ads

The Favabank 'Offered and Wanted' board is a fully searchable ads listing facility to broadcast your needs and wants or advertise the time, skills and items you have to offer.

When posting an ad you can suggest a price in Favas. The price is entirely up to you but as a guideline we suggest the following:

  • 1 Fava = £1
  • One hour of time = 10 to 20 Favas, depending on the effort & skills involved.

For further details about the Fava currency see The Fava Currency

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Transactions

Transactions can occur automatically via the 'Offered and Wanted' ads pages or by requesting a transfer via your Favabank account in a similar way to making transfers from a standard online bank account.

Open and Transparent Accounts

Details of your transactions will appear in your Fava account history which will be viewable by other users. This openness and transparency will encourage honesty and build trust and create a self policing system.

fava_history

Favabank accounts are transparent for all members to view.

User Feedbacks

Favabank provides a reputation based feedback system simlar to the mechanism which has proved successful on trading platforms such as eBay. Transaction feedbacks, Along with vouching for one another's authenticity and the open accounting system, help to build your bartering reputation and become a 'Trusted Stranger'.

Feedback
Feedback

Giving and receiving feedback after transactions will help to build trust and good-will...

Local Pages

As our membership levels build we will be adding local pages one area at a time. Your local page, for your city, town or village, will be the first place you'll see when logging on.

A Sense of Community Via Favour Exchange

Local pages will provide a focus for all local Favabank activity and with the facility for social conversations, events and local business listings, we hope they will generate a sense of community both online and offline.

Egham High Street

Hyperlocal:

Local Pages will be administered by a local Favabank representative, with local information, events and activity and a nice banner of your high street or local landmarks.

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Latest from Favabank

October 2012:

In October, we launched our 'Local Pages' feature to create a space for people to talk about what's happening in their community. When you log in as a user, your default page will now be your local page. Every area in the UK has a local page and we will initially be having a promotional focus in the North Surrey and Berkshire area.

See EGHAM and STAINES-UPON-THAMES for examples of our local pages, or search below for your own postcode district.

Member Spotlights:

Favour exchange as the nexus of community...

Chris Thomas

Chris Thomas, Ealing

Music enthusiast Chris has a home recording studio and is using Favabank to offer musicians the chance to cut a demo.
View Chris' Profile >>

Siobhan Elliot

Siobhan Elliot, Egham

Siobhan, a Reflexologist in Egham, hopes to exchange dog walking or cat feeding favours, as well as offering foot care treatments.
View Siobhan's Profile >>

Paul Risk, Woking

Paul Risk, Woking

'I really like the idea of making it easier to ask a neighbour for a favour and would be happy to offer IT help in return'...
View Pauls's Profile >>