Weswap Card Reviews - MasterCard Currency Cards

Weswap

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Transaction FeesFree
Monthly FeesFree
ATM ChargesFree
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WeSwap

WeSwap is the first of its kind peer-to-peer platform for currency exchange. The British based company, which has been in the market from 2014, majorly targets travellers. WeSwap works by pairing those heading to two opposite direction then swapping their currency directly at a higher rate than banks and existing currency market.

About WeSwap
The idea behind WeSwap came from its founder, Jared Jesner back in 2011. He wanted to overcome a system where you had to buy’ money during currency exchange by creating a platform for direct currency swap. This would be more convenient since it kicks out the middle man out of the equation making the exchange rates better for his targeted customers. To complete his equation, he sought out the use of a pre-paid card as a delivery mechanism. During the launch, the service could only supported 6 of the world’s currencies but up to early this year, it has grown to 18 and still counting with over 280 000 registered users. With their center of attention being customers’ satisfaction during currency exchange, the platform has moved over £30 million. Jared Jesner took a bold risk of venturing into this market mainly targeting at travellers who want to go abroad.

Useage Charges

WeSwap Card

WeSwap Fees. The fee charged in the destination currency when a swap is executed (e.g. if you wish to swap GBP 1,000 into USD, the fee will be charged in USD).

Immediate Swap 2.0%*
3 Day Swap 1.3%
7 Day Swap 1.0%

A swap that completes earlier than requested will always be charged at the original swap fee. * For all users who registered prior to 08/05/2017 immediate swap fee is 1.4%.

Additional Fees

  • Replacement Card £5
  • Chargeback Fee £10
  • Administration Fee - Free

  • Inactivity Fee £2
  • Refund Fee £5
  • Stamp Duty €5

ATM Withdrawal Fees - ATM withdrawals above £200 are free of charge. Below that amount is £1.50. if you withdraw the amount in another currency and the amount is over that amount is will be free if it is under then it a will be charged around £1.50 to £2. You may also be charged by the operator of the ATM.

Product Information

WeSwap Prepaid Card

WeSwap services
The invention behind WeSwap was to make travellers access exchange rate at a cheap, transparent and a fair rate. This is still the main service offered by them with the some of the currencies they deal in include
• US Dollar (USD)
• British Pound (GBP)
• Euros (EUR)
• Danish Kroner (DKK)
• Swedish Kroner (SEK)
• Norwegian Kroner (NOK)

Benefits

WeSwap Travel Card

Advantages of WeSwap
With the number of users growing in its platform every year, WeSwap boots of moving over £75 million in its platform. This has increased the revenue by 160%. Some of their advantages include

  1. Cuts out the middle man
    WeSwap ensures that the middleman is cut out of the currency exchange hence the customer will get the best rate at the market.
  2. Low transaction fees
    WeSwap charges its customers as low as 1% as their transaction fee.
  3. Easy to set up account
    Setting up an account with WeSwap is quick and easy
  4. Quick delivery
    The Pre-paid card is delivered to your door step in less than 7 days after setting up an account
  5. Smooth transaction
    The process of swapping currencies is smooth and fast
  6. Free withdrawal
    WeSwap offers its customers up to two-daily withdrawals at the ATM which are free.
  7. Good exchange rates at the Market
    It offers the best exchange rate available at the market for those looking for foreign currencies.

Disadvantages of WeSwap.

  1. Unstable exchange rate
    Due to the fluctuating currency market and inflation rate in different countries, the exchange rate may not be constant.
  2. Low maximum load
    With WeSwap, a maximum of £3000 can be loaded every single time. This is a huge challenge to those who want to do bulk transaction.
  3. Limited online purchase
    There is limited use of the WeSwap card when it comes to online purchase since many stores don’t accept payment from it.
  4. Lacks contactless feature
    The pre-paid card lacks contactless feature hence making transactions somehow slow.

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We Swap Card Review

Why open an account?

Opening an account with WeSwap is a great investment for anyone planning to travel out of country for business trip, vacation or holiday. This is because.

• They offer the best exchange rate available in the market.
• Their account is easy to Set.
• They make a quick delivery of the WeSwap card to their customers.
• WeSwap services is at the convenience of your finger tip through their mobile app.

How to open an account with WeSwap.

Opening an account with WeSwap is as easy as 123.
• First, you will need to go to their official website, WeSwaps.com, and create an account. During this proses, you will also need to key in your destination which helps determine the currency you need.
• A pre-paid MasterCard will be mailed to you in less than 7 days which is linked to your account.
• Load your currency that you want swapped via a bank transfer to your WeSwap account.
• WeSwap matches other travellers with you heading in opposite direction.
• Once a perfect match is found, your accounts currency is then swapped with your new currency.
• Your pre-paid card is ready for use when abroad.

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Company Details

Company Location

57 Line Wall Rd, Gibraltar GX11 1AA, Gibraltar

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