Favabank Frequently Asked Questions
Barter is the exchange of goods and services without using money.
Bartering is often thought of in terms of one-to-one exchanges (e.g. swapping a chicken for a basket of vegetables). However, Favabank allows more complex bartering between 3rd parties so you don't need to find a perfect match, you just need to find someone who wants what you have to offer (or vice versa). You will pay each other in 'Fava' points (see below) which you can use to get something you need from somebody else.
You may find someone who wants to swap something in return for something you give them. That's absolutely fine. You may wish to exchange 'Fava' points between yourselves just to record the trade or simply make an unrecorded exchange.
How do I Start Bartering on Favabank?
- Fill out the form on our Sign Up page
- We'll send you a validation email to activate your account
- Once your account is activated, you'll need to log in using your email and the password you provided.
Make sure you've checked your spam / junk email folder first, if it's not there you could either try signing up again, or send an email to from the email address you used to create the account and we'll resend your validation email.
No, if you need a favour then just ask, your account will show as a negative but you can always take it into positive by giving back to someone else in the future.
- Post your ad, suggesting a Fava Size
- Answer any questions, and receive offers
- Accept the most suitable offer and the transaction will show as 'Pending' in your statement
- Exchange the goods / services
- The recipient of the goods or services confirms the transaction as 'Complete'
- The agreed Favas are exchanged between accounts
- Both parties may provide feedback
Yes, you can transfer Favas to someone else's account . You may request payment of Favas from someone or offer Favas to someone who has done you a favour. Once the other person has accepted your offer or request, the transaction will be shown on your statement.
Refunds may be requested or offered by clicking on the appropriate link in your statement. Your account will be amended once the other party accepts the refund / cancellation.
People viewing your profile details will see information according to whether they are viewing as the general public, as a Favabank member, or as one of your designated friends. You can determine what information people can see with your privacy settings.
We encourage people to trade on Favabank with a spirit of generosity and self responsibility. Please see our Guidelines for advice on how to deal with any disputes.
Your Favabank account may be closed at any time within your 'Settings' control panel.
We have provided help windows on certain pages to guide you through many of our processes. You'll find the help windows by scrolling down on specific page where help may be required.
One of the central ideas of Favabank is that people are more likely to want to trade with someone who has built a good bartering reputation. Your bartering reputation is a combination of the following:
- Your Connections & Vouches Received
- Your Trading History
- Your Feedback
See the video on the right for a more detailed explanation. Also see more about building a bartering reputation at ' Bartering Reputations'
A trusted stranger is someone you don't know yet but through their activity, connection and endorsements is someone who has demonstrated that they can be trusted. The aim is to build a network of 'Trusted Strangers' who you could confidently approach to ask for a favour. See more about building a bartering reputation at ' Bartering Reputations'
More About the 'Fava' Currency
The 'Fava' is an independent mutual credit currency system aiming to represent community 'good will' so its value is derived from whatever value is attributed to it by individual members. We use conventional money to discern relative values amongst different goods and services so it would be useful to use the system we are all used to when pricing things using the 'Fava' currency. Therefore, as a guideline we suggest that you price an item according to how it would be priced in £ Sterling. A used item could be priced according to its secondhand value while time / skills could be priced between 10.00 and 20.00 Favas per hour, depending on skill level or difficulty of work.
The 'Fava' is worth nothing outside of the Favabank system.
- An item that would usually be priced at £10 on a second hand website would be 10.00 Favas at Favabank.
- An hour spent helping another (e.g. unskilled labour) would be priced at 10.00 Favas
- If the person has special qualifications (e.g from hairdressing to accountancy help) then you may wish to price the time at 15.00 - 20.00 Favas per hour
- Choose a price that suits the effort, so that picking up some shopping for someone (when you we're already going to the shops) might be around 1.00 to 2.00 Favas.
Favabank is free to use and the currency is designed to work for everyone, regardless of the income or status. The aim of the 'Fava' is for it to be a currency that includes everyone in a community based on their needs, a currency whose abundance is derived from people's willingness to participate with each other.
Debts and Reciprocation
While we encourage people to reciprocate, there is no enforced obligation to give favours back to the community. It is likely however that people will be more likely to trade with those who do give back, so that should encourage people to reciprocate.
Our advice would be just enjoy the process of trading favours in your community, knowing that a helping hand will be there whenever you need it in return.
You may be surprised about many simple things you can do for other people, be open to opportunities. If you have restricted abilities (e.g. disability, illness, old age) then mention this on your profile so people are aware. You can give other people the opportunity to earn Favas by helping you.
Using Cash Alongside Favas
We will aim to accommodate the different ways people may want to use Favabank. We envisage that some people would like to trade partly in cash and partly in barter. As this website is primarily centred around barter, we advise that exchanges are no more than 50% cash.
If there are a significant number of exchanges involving cash we will probably create separate pages to show 'pure barter' and 'part cash' exchanges.
There will be times when providing a service by barter involves some expenses (e.g. travel costs). In these cases we suggest covering costs in cash and recommend that each party discusses costs prior to acceptance of any offers.
User Authenticity, Privacy and Safety
There are always risks involved with meeting new people on the Internet so we advise that you take the usual precautions. See our Safety Guidelines.
We ask Favabank members to inform us about any suspicious accounts. These will be investigated and removed if found to be fake.
Favabank allows you to search for friends and neighbours and 'add' them to your network. If you know them personally you may vouch for their authenticity to let other users know they can be trusted . We advise that you look at people's friends list, authenticity vouches received, and their Fava History before trading and if you have any reservations about meeting strangers over the Internet we suggest you just stick to trading with your own friends and neighbours.
Favabank aims to provide an open and transparent community bartering system based on trust and friendship. Your real name and a basic profile are available for all to see and you can control who can see your personal details. Manage your privacy settings at My Account.
Skills & Professionalism of Members
We can't guarantee the professionalism of anyone on Favabank so suggest that make your own checks to ensure your satisfaction. If the job involves high skill levels or safety issues (e.g. re-wiring your house) we advise that you seek a professional supplier outside of Favabank who can prove their professionalism and provide guarantees.
We want to encourage all kinds of people with all kinds of skill levels to use Favabank. You can get involved whether you are a hobbyist, an amateur or professional, as long as you are honest about your skills and qualifications.
Bartering for Businesses and Organisations
In the beginning, Favabank will be just for individuals bartering with each other. Our primary aim is for Favabank to gain widespread use amongst ordinary people. Depending on our success, we will allow business and other organisations onto the system in the future. In the meantime, businesses and organisations can be suggested for our ' Directory' and if you are the owner of the listed business or organisation you may claim admin rights so you may personally manage the listing and will be contacted when we are ready to offer sponsored listings or we extend bartering opportunities to businesses.
We welcome the use Favabank by sole traders signing up under their own name (not their business name). Remember that barter trades are considered taxable by HMRC so you must ensure that you comply with your tax obligations. If you use Favabank as a sole trader then please state the details of your enterprise in your profile.
What About the Tax Man?
If you are a business (e.g. a sole trader) and are bartering with goods or services that you would usually buy or sell as part of your business then you are liable for all taxes which would normally accrue if you were trading with real money. Please ensure you abide by your tax obligations when using Favabank.
The bartering concepts in Favabank will be new to many people, here are some videos to help:
How the Fava works...
The Fava is based on a mutual credit system, here's how it works:
Building your Bartering Reputation...
You will be trading on your bartering reputation, here's how it works:
See more about building a bartering reputation at ' Bartering Reputations'