Travel currency, particularly since Brexit, is a hot topic. Transfer rates are high, exchange rates are not favourable and banks take a healthy chunk out of what you spend on your card, when abroad. So, consumers are biting back!
WeSwap is a travel money service that has developed an app that will help you break down the costs you’ll be likely to incur when travelling. So wherever you travel you see a breakdown of a typical spend on food, drink, transport and so on in the intended destination. The app will then display this information based on age group and spending profile.
Store currency in your virtual WeSwap wallet
What WeSwap also allows you to do is to order currency ahead of time at a specific rate. So if the rate is favourable for you at the present time you’d be able to order it through the app in advance. And you can also set alerts so you can buy Euro’s or other foreign currencies if it reaches a certain level. Always wise to take some notes when you travel.
But, where WeSwap excels, is by providing a Mastercard you can take abroad. You then use the app to load up the card using WeSwaps favourable exchange fees without incurring extra fees. It’s worth noting that if you withdraw money abroad you will be charged a £1.50 fee on withdrawals under £200/€200 on top of any charges by the bank abroad.
When you go to purchase your currency, WeSwap charges a minuscule 1% on top of the current interbank rate versus almost 15% at airports and at 5% on the high street.
After you return from your holiday, if you have money on your card, you can return it to WeSwap without incurring a fee, convert the amount to another currency (to cover a future trip) or simply retain the amount on the card.
