The WeSwap card is an award winning ‘prepaid’ Mastercard, specifically designed for travel (i.e. a 'travel money card' or 'currency card'). It is similar to a debit card in that you either withdraw cash from an ATM or spend directly using your card. It also uses Chip and Pin security.
The ‘prepaid’ bit simply means that you load money onto your WeSwap account before spending. So your WeSwap card is not connected to your personal bank account and you can only spend what you’ve pre-loaded on the card. That means you cannot unwillingly go overdrawn and there is no risk to your personal bank account if your WeSwap card is lost or stolen.
It is also much easier to track your spending. If you buy something that costs €10, then €10 is exactly what will be deducted from your balance. Debit and credit cards, on the other hand, convert your currency at the time of spending (with any foreign usage charges added on top), so it can be difficult to work out what the overall cost will be. We also have an online app which displays live balance updates.
Finally, unlike many other prepaid currency cards, the WeSwap card allows you to carry 18 different currencies simultaneously. For example, you may have £100, $200 and 80€ all on the same card, and you can move currency from one wallet to another whenever you need to. If you have a balance in more than one currency, the card will automatically pick the right one to use for the country you’re in.
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