WeSwap – Free £10 with Travel Card
WeSwap are a peer-to-peer currency exchange platform that matches travellers heading in opposite directions and allows them to swap their travel money directly. They offer the best exchange rates, instant online currency and £10 free when you sign up (and load £50). They we’re also winners of the British Bank Award for Best Travel Money Provider 2018!
How Does it Work?
Once you’ve signed up to WeSwap you’ll need to load money onto your account. You then tell WeSwap what currency you’d like to exchange it for and when you need it by. They then match you up with someone who wants to swap the currency that you’ve requested. There are currently 18 currencies available including US dollars & euros.
WeSwap guarantees that you will always get the true ‘mid-market rate’ (which is better than the exchange rate that you would get at a bank/travel exchange company). However, there are some some fee’s to be aware of. The fee (1-2%) depends on how quickly you need the money.
How Can I Use My Money?
Your currency is loaded onto a prepaid MasterCard currency card (sent to you when you sign up). You can use your card online and in shops and restaurants like a credit card (for free). You can also take out cash from an ATM (with a small charge*).
*You’ll be charged £1.50 for ATM withdrawals under £200, but nothing if you withdraw over £200.
Is it Safe?
WeSwap holds all of its customers’ funds in a fully regulated EU bank and is regulated by The Gibraltar Financial Services Commission. Their website reads: “If WeSwap do go bankrupt your money will be safe as IDT Finance will have your funds and will return them to you.”.
How Do I Sign Up?
To sign up you’ll need to visit the WeSwap website and follow the prompts to create your account. In some cases you’ll need to validate your account and you’ll be asked to provide some documentation – but this is only required for a very small number of people (I was one of those people). To validate your account you’ll need to send WeSwap proof of your identity and proof of your address.
Once you’ve set up and verified your account, you’ll be sent your WeSwap card. It should arrive within 3-5 working days in the UK, or within 10 days if you live outside the UK. But in the meantime you’ll be able to use your account online and via the app.
Disclaimer: there is also a £2-a-month dormancy fee if you don’t use the card for a year but leave balance on it. So clear your balance or cancel it if you’re not going to use the card for a while.