Wise has unveiled ‘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 from May 30-31.
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
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 per cent 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 per cent) 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.
Are social trends worth the hype?
That feeling of being fleeced while travelling isn’t limited to the big banks—70 per cent of Australians felt disappointed with social media travel recommendations, with almost two thirds (59 per cent) of Australians 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 per cent of Australian’s feeling they have been overcharged or misled by restaurants when travelling, with a third (33 per cent) of Australians saying that food quality did not match the price.
“The Big Banks have been pulling the wool over Aussies’ eyes for years, sneaking in hidden fees that would make a ram blush,” said Anhar Khanbhai, Wise chief anti-fleece officer. “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.”
