$400 FREE With Wealthsimple & AirBnB!

Wealthsimple, an online investment company, has teamed up with AirBnB, offering $400 cash when you make your first host booking on AirBnB.  This is a phenomenal promotion and an easy way to earn $400 in Canada or the United States.

Source: Wealthsimple US, Ltd.

The Deal

The idea behind Wealthsimple is to offer easy investment services online at lower management rates.  There are no minimum deposit requirements to open an account – you can open one instantly online without providing any financial information.

When you open a Wealthsimple account and host your first guest on AirBnB, you’ll receive a $400 deposit into your Wealthsimple account (which you can invest or withdraw).  This is an incredibly generous promotion, which is easy to use.

After hosting your first guest on AirBnB, and your listing generates $500 or more (excluding taxes and fees), you’ll receive a $400 deposit within four weeks of the qualifying purchase.  Your AirBnB listing has to be in Canada or the United States, and can NOT be in:

  • Toronto
  • Vancouver
  • Miami
  • Hawaii

It’s easy to open an AirBnB account, open a listing, and then open another AirBnB account under a friend or partner’s name who then “stays” at your unit.  This is an easy way to earn the $400 bonus.

Sorry Toronto! | Wikicommons

Step 1 – Open Wealthsimple Account

Open a Wealthsimple account online.  If you use my affiliate link, you’ll receive $15,000 of free managed investments. 

To open an account, you’ll need to provide your personal information to Wealthsimple.  This is a widely-known and trustworthy company, so I wouldn’t worry.  There is no fee to open your account, nor do you have to provide banking or credit card information.

Step 2 – Open AirBnB Account

Open a new AirBnB account.

Step 3 – “Sell” Your Unit on AirBnB

On your new AirBnB account, open a host profile through the Wealthsimple promotion page.  If you do not use the promotion page, you will NOT get the $400 bonus.

I would recommend making your unit only available for one day, and to price it at $USD 500 or $CAD 650 (I don’t know if the $500 minimum is noted in Canadian or US dollars).

Source: AirBnB

Step 4 – Open a New AirBnB Account Under Friend/Partner Name

Open a new AirBnB account under your friend or partner’s name.  If you use my affiliate link, you’ll save 40CHF (~ $CAD 50 / $USD 40) on the cost of using this promotion.

Step 5 – Book Your Own Room

From your friend/partner’s account, book your AirBnB unit.  After the stay, the amount of money spent on the room will be deposited into your payout account from your host AirBnB account, less AirBnB’s fees and taxes, and within four weeks, you’ll get $400 in your Wealthsimple account.

Cost & Benefit

Let’s pretend you’re a Canadian who sold your room for $650 CAD.  In Montreal, the AirBnB fee + taxes came to $106.57, and after using the referral coupon, came down to about $56.57.  Further, AirBnB will charge a 3% payout fee from the $650, which is $19.50.

So my costs are $CAD 706.57, but AirBnB will pay out $630.50 or so, and I’ll get $400 from Wealthsimple.  This means my profit will be about ~ $323.  It may be more, because it’s not clear if the Wealthsimple payout is in CAD or USD.  This will slightly vary based on your location.

In Summary

Wealthsimple and AirBnB have teamed up to offer a lucrative $400 promotion.  It’s pretty easy to use, and we don’t know when the terms will change, so act fast if you’re interested!

Comments

  1. Can’t get past the part where I add the address for my listing. Shoot! Was hoping to get this to work. Anyone else having issues?

  2. so tempting…
    does anyone know if the Revenue Canada and Quebec follow up on AirBnB income? Will I have to declare 500$ for this hosting ?

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