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 contactless MasterCard currency card (sent to you when you sign up). You can use your card online, in shops and restaurants like a credit card (for free). You can also take out cash from an ATM (with a small charge*). Worried that retailers wont accept your card when you’re on holiday? Don’t worry, I took my travel card with me when I went inter-railing and every single retailer accepted it, including train stations, bars and hostels!
*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.”.
With over 2,000 reviews, WeSwap is rated ‘excellent’. With customers leaving reviews such as “Loading and swaping was sooo easy”, “excellent service – I have recommended weswap to all my friends” and “easy to use, convenient and great rates”. Read more…
How Do I Sign Up to WeSwap?
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.
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Cheapest Date to Book a Holiday?
Now you’ve got your travel card sorted you just need to book the holiday! Check out my post on the cheapest date to book a holiday. We can travel the world on a budget! Have you signed up to WeSwap yet? Let me know in the comments below!