If you’re heading abroad, you’ll need to make sure that you’re spending your money wisely. While the things you’re likely to spend money on can’t always be controlled, the way in which you spend it can be. That’s where WeSwap comes into play. It’s a prepaid Mastercard that’s designed specifically for travel.
What is WeSwap?
WeSwap’s Mastercard allows travellers to spend money anywhere in the world, swapping Sterling for Euros, Dollars and 15 other currencies. As well as being able to swap money into any currency, users’ home WeSwap matches travellers heading in opposite directions and directly swaps their travel money. Based in London, WeSwap was fully launched in 2015 and currently supports 18 different currencies.
Read on to find out more about what WeSwap has to offer, and whether you should get your travel money through them before you go abroad.
How does WeSwap work?
WeSwap simply swaps your currency directly with other travellers. Here’s a step by step guide to how the process works:
Load. Each customer gets a WeSwap card. You load it up securely with £s using your debit card or online account (you don’t need one).
Swap. You then select which currency you need. WeSwap takes care of then swapping the money with other travellers.
Spend (& enjoy!). Once this has been done, your card will now have some new currency on it. The card is then ready to use worldwide wherever MasterCard is accepted.
What currencies can I order through WeSwap?
Here’s a list of some of the main currencies that are available with WeSwap:
For your security as well as WeSwap’s, there are some limits on how much you can load onto your WeSwap card – and how much you can carry on your card at once.
Minimum you can load: £50 or equivalent in other currencies.
Maximum single load: £3,000 or equivalent or equivalent in other currencies.
Maximum you can load in one year: £12,000 or equivalent in other currencies. This means that you cannot load more than £12,000 during any given year.
Maximum you can carry at one time: £6,000 across all currencies. This means that you cannot have more than £6,000 on your WeSwap card at any time.
Remember, it’s free to load your WeSwap card.
How soon can I get my money?
Perhaps the biggest downfall of WeSwap is the fact that you have to wait for your card to arrive. This takes 3-5 days.
WeSwap can be a great option if you’re planning a trip in advance, but less convenient for those who forget their travel money and need a quick solution just before they jet off.
How safe is my money?
Money is uploaded securely through your bank’s online payment services – so this aspect of the transfer is totally secure.
Are there any fees I might have to pay?
It’s completely free to use your WeSwap MasterCard online or at point of sale.
Where you should expect to incur fees is at ATMs. You are able to withdraw twice a day for free if the withdrawal is £200 or more. Smaller withdrawals will incur a charge.
It’s a good idea to withdraw larger amounts less often. (This is a general rule of thumb for all travel money providers!)
It’s always free to use your card to spend at shops and restaurants, so it’s recommended that you pay with your WeSwap card rather than with cash whenever possible.
Here’s a table of the additional fees WeSwap may charge:
Additional Fee
How much you will pay
Swap*
2.49% of the transaction amount
Replacement Card
£4.95
Chargeback Fee
£10
Administration Fee**
–
Inactivity Fee***
£2
Refund Fee
£5
Stamp Duty****
€5
*This applies to wallet swaps or when you do a swap at the point of sale.
**This fee is chargeable under certain rare circumstances (if you request an additional service from us which we normally do not provide), but we will always notify you in advance if and when the fee applies.
***Monthly fee applied after 12 consecutive months of inactivity.
****Annual fee for residents of the Republic of Ireland only. This is deducted from the balance on the account, or from the first load of the year.
What’s the alternative?
A strong alternative to getting your travel money with WeSwap is to do so with a digital banking app. Leaders in this field, such as Starling, Revolut and Monzo, offer travel money with zero transaction and withdrawal fees. It can also be managed from anywhere in the world, and “topped up” easily and for free, as this is done in exactly the same way standard bank transfers are.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio
Kate's expertise
Kate has written 176 Finder guides across topics including:
Learn about your travel money options when travelling to Sri Lanka and how to use cash, debit, credit and prepaid travel cards at this travel destination.
Our guide to your travel money options when reviewing FairFX Travel Money
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
