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.
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:
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.
Step 1 – Open Wealthsimple Account
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).
Step 4 – Open a New AirBnB Account Under Friend/Partner Name
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.
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!