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Money hack: Earn $513 by venting about your bank

Posted: 14 April 2018 10:00 am

Hands up if you've ever felt personally victimised by your bank?

This hack is one for pretty much everybody. The only criteria to qualify is to have felt ripped off by a bank at least once in your life. And it doesn't even need to be your bank. This could be something as simple as having to pay monthly account keeping fees on your transaction account, having your bank reduce the interest rate on your savings account or being stung by high transaction fees when sending money overseas.

Basically, if you've ever felt hard done by at the hands of a bank, now's your chance to win some money back.

The hack

Online international money transfer provider TransferWise is giving four Australians the chance to win $513 each simply for sharing how you've been ripped off by a bank. The Win it Back campaign aims to generate awareness of the high margins that the big banks apply to the real currency exchange rate when customers send money overseas.

I know what you're thinking, $513 is such a randomly-specific amount. In August 2017 TransferWise released some research which revealed Australians were forking out $3.1 billion in hidden transaction fees and exchange rate markups charged by banks and other currency brokers when sending money overseas. The $3.1 billion forked out for fake exchange rates and hidden fees equates to $513 per household, ta-da!

Here's what you need to do to go into the draw:

  1. Go to the Win it Back campaign site here.
  2. In 25 words or less, write how you've felt ripped off by your bank. This is a pretty small number of words, so while it'll be tempting to unleash an essay-length response on all the ways you've felt ripped off, try to keep it short and sweet!
  3. Make sure you do steps 1 & 2 this weekend, as there are only two days left to enter.
  4. TransferWise will select four lucky winners who will each receive $513 in cold hard cash (well, you'll actually receive the money digitally, but you get the idea).

There are only two days left to enter, so don't forget to enter this weekend for your chance to win the cash.

finder money hacks is a bi-weekly roundup of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks.

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