Wise takes on hidden travel fees with ‘Fleece Free FX’ pop-up in Bondi

Wise has rolled out an activation via Havas Red, designed to educate people on how large banks are forcing Australians to pay hidden fees when travelling abroad.

The announcement:

As Aussies flee winter to flock to warmer pastures, new research reveals they’re walking straight into The Great Fleecing. Big Banks and currency exchanges are taking advantage of holidaymakers that use credit and debit cards abroad, with a plethora of hidden fees.

The Shear Madness Index from international money app Wise and YouGov reveals most Aussies aren’t seeing the wolves amongst the sheep. Whilst travelling, research showed that 90% of those abroad use either cash that they converted at an airport, or bank-issued credit and debit cards that unbeknownst to them, pull the wool over their eyes. They’re fleeced through a myriad of fees including foreign transaction fees, currency loading fees, inactivity fees and inflated exchange rate markups including egregious weekend exchange rate surcharges.

Unsurprisingly, this is causing Aussies to bleat with rage, and they’re willing to warn others. Two thirds (78%) of Aussies indicate they’ve been blindsided by hidden charges when they return from overseas. But, when the fleecing gets exposed, Aussies aren’t staying quiet. Over a third would consider switching to another more transparent provider, and a further third are willing to get their Karen on and bla-aast their experience on social media to warn others.

There’s nothing like an unexpected charge to dampen a sunny holiday. Take it from Australian executive Matthew, a frequent global traveller, who used to lose up to $4,000 a year. Sneaky hidden fees and poor exchange rates with traditional banks would limit Matthew’s budget once overseas. To think, that’s more than 666 pints in London, 266 pub meals in Glasgow, or even 2000 missed Portuguese tarts in Lisbon!

Since switching to Wise nearly two years ago, Matthew is among the flock of more than one million Aussies. The Wise debit card is up to 85% cheaper to use abroad compared to bank-issued credit or debit cards and can be loaded with 40 currencies using the same exchange rate as the one on Google. That’s no additional fees, markups, or shady siphoning.

Are social trends worth the hype?
That feeling of being fleeced while travelling isn’t limited to the big banks – 70% of Australians felt disappointed with social media travel recommendations, with almost two thirds (59%) saying they will be cautious of social media recommendations in the future. Restaurants seem to be one of the biggest culprits catching Aussies out while overseas, with 70% feeling they have been overcharged or misled, and a third (33%) saying the food quality did not match the price.

Fighting back against The Great Fleecing
To combat such ‘tom-fleecery’, Wise is launching Fleece Free FX – a pop-up currency exchange run entirely by sheep (because it takes one to know one) at North Bondi Surf Life Saving Club this Friday (May 30) and Saturday (May 31).

The woolly pop-up will feature:

• Free morning and evening yoga sessions featuring live sheep to help Aussies calm their fleecing rage
• Limited edition fleece merch giveaways through educational challenges designed to help Aussies understand if they’re getting fleeced
• Free “flocktails” from Bondi local Glory Days

Anhar Khanbhai, Wise chief anti-fleece officer said:

“The Big Banks have been pulling the wool over Aussies’ eyes for years, sneaking in hidden fees that would make a ram blush. They’re making a mint off people’s hard-earned holiday money, and this type of baa-d behaviour is shear madness that needs to stop.”

“We’re bringing sheep to Bondi to ram home the message that Aussie travellers deserve transparency and this upcoming travel season they should have absolutely zero tolerance for all kinds of financial and travel fleece-ery.”

Fleece Free FX Pop Up Details:

When: Friday 30th May & Saturday 31st May
Time: 7.00am – 5.00pm
Where: North Bondi Surf Life Saving Club Sydney (look for our woolly mates!)

Source: Havas Red