difference between LETS/CES and Timebank?

[Rimu]

As far as I can tell, Timebanking is just the same as LETS, except the users adopt a convention that each unit of currency is worth roughly one hour's labor.

Is that the only significant difference?

[Christoph Hensch]

The mechanism of how accounting units are created is exactly the same in Timebanking as it in LETS.

As you've pointed out, there is a different approach philosophically. In LETS prices are negotiated, and usually both goods and services are traded. In Timebanks it tends to be services only that are traded.

The other difference is that Timebanks usually have a broker who does arrange the trades. In LETS there are markets, and people are usually contacting each other directly.

The last significant difference is that LETS needs to balance and people need to trade through Zero once in a while. There are usually account limits. Timebanks are more of a social service institution. Balancing accounts is much less important, and there do not tend to be account limits as restrictive as in LETS.

[Caroline Bohlsen]

Is there any interchangeability between LETS and timebank? E.g. I am a member of a LETS system in Australia and I will be travelling to the USA later this year. All the LA based systems seem to be on "timebank.org". Can I trade with members of those systems? They are not listed on the CES network

[Christoph Hensch]

There is no direct interchangeability between LETS and timebanks. Both run on different platforms and have different currency units.

However, if you find a trader that is member of the same timebank as you and also of your own LETS, and she/he is ready to trade LETS units against Timebank Hours, then you can interchange them. It'll be left up to the two of you how many LETS units you pay for 1 Hour.