This was posted 2 years 1 month 21 days ago, and might be an out-dated deal.

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$5-$10 for Both Referee & Referrer @ Up Bank

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$5-$10 for Both Referee & Referrer @ Up Bank
Go to Deal
hanofee on 04/11/2022 - 13:50 up.com.au (2116 clicks)
Last edited 04/11/2022 - 15:31 by 1 other user

UP Bank changed their referral bonus as of Nov 2022, by adding $1 for each year you're with them (capped to $10):

A once off bonus payment will be paid to you when the person you invite joins Up and becomes a customer from 3:30pm AEST 4 May, 2021. In your first year as an Upsider the standard value of this bonus payment is $5. After 1 year as an Upsider the value is $6, after 2 years it becomes $7, and so on each year with incremental increases of $1 up to a cap of $10. We’ll let you know when you hit these milestones in‑app.

It works both way. For example, if your current bonus is $8, your invitee will get $8 too (you'll see this exact number when you click someone's referral).

Not much, but might get you another KFC zinger if they decided to do the same deal as last month :)

Referral Links

Referral: random (1420)

$10-$15 for both the referrer and referee. Conditions

Bonus starts at $10 and $1 for each year referrer has been a customer, up to a cap of $10. Referee will see the exact bonus when you visit Up Bank.

$20 Signup Bonus (Expires 31 Jan 2025): random (593)

Targeted offer: Referee and Referrer receives $20. Offer ends on 31 January 2025. Conditions
Please only fill in your referral link after you have confirmed your $20 referral bonus in the latest app version

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closed Comments

  • Charlie Dont Surf on 04/11/2022 - 13:55
    +10

    I used this card during my international travels this year and thought it was EXCELLENT.

    • nk7 on 04/11/2022 - 14:30

      They mention that you can choose to pay either with local currency (to save on fees) or with AUD when travelling. How do you pick which one you pay with?

      • blazerunner on 04/11/2022 - 14:34
        +1

        Can't verify specifically with this card as I don't have it any more, but with both my 28 Degrees and Citibank cards it comes up as an option as part of the payment process on the EFTPOS terminal - it will have buttons for e.g. [ 15USD ] [ 23.70AUD ]

      • Charlie Dont Surf on 04/11/2022 - 14:43
        +1

        I don't recall ever being prompted to make a choice with the UP card. I've just checked the app, and every transaction I made on UP was executed in the local currency - the transaction record on the excellent UP app shows the amount in the local currency, the exchange rate that you hit at that exact time, and the translated AUD amount. And the name of the store and its location in most cases!

        I do recall using my Citibank card a couple of times for other purchases, and it came up as a choice on the EFTPOS terminal (pick 1 for EUR, pick 2 for AUD) which the retailer should show to you at point of payment.

        • nk7 on 04/11/2022 - 15:07

          Oh ok, thank you. They also claim the only fee is the mastercard exchange rate fee. Do you know how much it is specifically and how it compares to other cards?

          • Charlie Dont Surf on 04/11/2022 - 15:17

            @nk7: Where does it mention exchange rate fee? https://up.com.au/bank-overseas-without-the-fees/

            • nk7 on 04/11/2022 - 15:21

              @Charlie Dont Surf: On this page: https://up.com.au/bank-overseas-without-the-fees/
              "Up doesn't add any markup onto the Mastercard® exchange rate, so you get foreign currencies at the same low rate we do, making Up great for shopping online and travelling."

              I had a bit of a google for the exact fee Mastercard charge themselves and I couldn't find a specific figure, I saw a few claims of 1%, 2% and 3% fees floating around though.

              • hanofee on 04/11/2022 - 15:29
                +4

                @nk7: Every payment provider, whether it's Mastercard, Visa, Wise or the bank will take a bit of profit in term of what we usually called in forex as spread fee (the differences on the conversion rate they're buying and selling to us). But bank like big 4, normally charge additional fee like 2-3% on top of that, which is referred as foreign/international transaction fee (they'll still take profit of the spread too, of course). The later "fee" is the one UP don't charge.

              • greatlamp on 04/11/2022 - 16:02
                +2

                @nk7: At close on 3 November, the financial markets priced
                1 AUD = 0.6289 USD

                MasterCard charged
                1 AUD = 0.6453799 USD

                The difference is around 2.6%. I don't think MasterCard will tell you their fee calculation, it likely varies between different currencies and volatility.

                Banks will add their currency conversion fee on TOP of this fee.

                I would always choose to pay in local currency, otherwise the local bank may add fees to your transaction

                • oswade on 05/11/2022 - 23:17

                  @greatlamp: This is exactly why revolut and wise are a better option for FX and travel

                  • Charlie Dont Surf on 06/11/2022 - 12:35

                    @oswade: Has it been conclusively proven that Wise provides a better exchange rate than Up, for example? I've seen conflicting reports and evidence from different people posting. I did look at getting Wise card (I have an account, but no card) but was put off by the fact that there is a conversion fee each time you transact in, say, Euro, if your account is funded in AUD.

                    • coffeeinmyveins on 03/11/2023 - 14:26
                      +1

                      @Charlie Dont Surf:

                      but was put off by the fact that there is a conversion fee each time you transact in, say, Euro, if your account is funded in AUD.

                      By that point isn't it better?

                      Has it been conclusively proven that Wise provides a better exchange rate than Up

                      Wise can only provide a better exchange rate than UP if they charge less than the current Mastercard FX rate, which they won't, so why even bother?

                      • bobthrifty on 04/11/2023 - 03:55

                        @coffeeinmyveins: I have both the 28 degrees card which charges no fees and uses the Mastercard exchange rate. I also have a Wise card that uses the real mid market exchange rate plus a transparent fee. Wise has always been the right choice for me regardless of size of transaction. I tested in Fiji with two identical purchases of 908.18 FJD. 28 degrees charged $620.35 AUD using exchange rate of 0.68380. Wise charged $611.86 using a conversion rate of 1.49750 and a conversion fee of $5.40. A saving of around $8 or 1.36%. Plenty of companies use the Mastercard rate with no extra fees. The difference with Wise is using the mid market rate and a very small fee. I’ve been a very happy customer of both companies but have now switched all international transactions to Wise…
                        Transaction made on 22 June 2023 within 2 minutes of each other. I split a hotel bill 50/50.

                        • hanofee on 04/11/2023 - 09:28

                          @bobthrifty: UP is using Wise. Being 3rd party, there might be difference due to near realtime currency fluctuation

                          • auscompgeek on 04/11/2023 - 11:54

                            @hanofee: Up integrates with Wise for international transfers, but does not use Wise for card transactions - those always go through MasterCard.

      • cashie on 04/11/2022 - 14:58
        +1

        Many businesses will ask you in my experience.

      • BigBoy47 on 04/11/2022 - 15:11
        +1

        Most payment terminals automatically go with the local currency, but some will detect that you're using an Australian card and give you the option to pay in AUD.

      • 10khours on 04/11/2022 - 16:01
        +3

        Some overseas ATM's or payment terminals will detect you have an aussie debit card. Then they will offer you the option to pay with AUD instead of the local currency.

        As a general rule of thumb, never pay with AUD when overseas because it means you get the exchange rate offered by the ATM or the organisation providing the POS device. This exchange rate will be extremely high.

        You can essentially consider the 'pay with AUD' option to be a scam which is targeting unsuspecting customers who don't know which option to pick.

        The exchange rate offered by your bank will ALMOST ALWAYS be cheaper. Espeically if you are using a card which is good for international travel (such as the up bank one).

        Here is a hypothetical example. Lets say you are paying for something which costs 10 USD while in the USA. The POS device may offer to charge you 10 USD (I believe this would currently be about 15.85 AUD for an up bank customer as you would pay the mastercard spot rate) or allow you to pay in AUD in which case it charges you something ridiculous like 20 AUD.

        Unless you 100% absolutely know that the ATM/POS device is offering you a better exchange rate than your debit card (extremely unlikely, like 0.0000001% chance) - always pay in local currency.

    • fremeer on 05/11/2022 - 10:31

      while UP is fine for a lot of international stuff its main pitfall is that you generally need to pay ATM fees that the ATM charges you. Citibank can be slightly better if the host country actually has any of their ATM's available. ING uses visa which gives worse fx then mastercard on average but refunds you all ATM fees, including what the ATM terminal might charge(but recently changed to 5 max in a month)

      Some ATM's can slog you quite a fee so that savings on that can offset the worse fx.

      Since all are free it's sometimes useful to get all 3.

      • Charlie Dont Surf on 05/11/2022 - 11:19

        Everything you said is true. I hardly used cash in my OS trip; I visited the ATM once and still had cash left over at the end of a longish trip. In popular places like Thailand, Bali etc, cash is probably more relevant. And I do recall Thailand having a horrendous ATM withdrawal fee. As I said, ING is probably still the #1 all-rounder.

  • Ozbar Gain on 04/11/2022 - 13:58
    +3

    I'm getting $8 for sign ups now, sweet.

    I really love Up Bank and am excited about them offering homeloans too. Currently only for refinancing but new homes are in the pipeline. What's great about their HL offering is that ALL your savers act as offset accounts, which is great because every FN my pay gets split into different savers and taken out as needed.

    • dcep on 04/11/2022 - 14:52

      some banks offer up to 9 or 10 offset accounts

  • HomeAlone on 04/11/2022 - 14:06
    +2

    Up to $10

    I think it's currently only up to $8 as UP Bank hasn't been around long enough for anyone to be in the $9 or $10 tiers yet?

    • hanofee on 04/11/2022 - 14:20
      +1

      Mine is $8 too for another 4 months, but I think there might be someone with $9 already for the very first adopter (definitely no $10, as UP themselves only started at the end of 2018). As others, been a happy customer and I found that their app is the best that I use, in term of simplicity

      • [Deactivated] on 03/11/2023 - 14:08
        +1

        yup, mine is 9 dollars

        • UpAndGoHome on 03/11/2023 - 14:39

          I am also $9 ;)

          2 letter username gang

    • klef on 04/11/2022 - 14:21

      Was clicking through a few of the referrals before and did manage to spot someone in the $9 tier.

    • DJR9000 on 04/11/2022 - 14:42

      3 yrs 7 months here - $8 - I guess it'll be $9 in March/April. You'd have to have been one of the founders for $10 :)

    • Ryk on 04/11/2022 - 15:53

      mine is $9, been with up 4 years.

      • scrypton on 04/11/2022 - 17:31

        Mine is also $9 :)

    • TheSnyper on 04/11/2022 - 17:38

      Someone signed up under me today and we both got $9.

    • mtcmorris on 03/11/2023 - 14:04
      +1

      Mine is $10. 6 years usage! Used to work there (not anymore).

    • robbo600 on 03/11/2023 - 14:30

      Can confirm mine is $10 and has been for a few months, very early adopter!

    • Mibo on 03/11/2023 - 20:08

      Mine's on $10, joined Oct 2018

      • HomeAlone on 03/11/2023 - 20:44

        Everyone who was on $9 rate a year ago should now be on $10.

        You don't all have to provide me with an annual update :)

  • bobwokeup on 04/11/2022 - 14:15

    I’ve been using Up for years, off and on, and it’s an awesome app plus support is outstanding.

  • Bdawg on 04/11/2022 - 14:24

    What's the advantage of this product?

    • hanofee on 04/11/2022 - 14:30
      +3

      1 of the feature I like is they use geolocation to determine that you paid at, say, Hungry Jacks, Burwood, rather than XYZ Pty Ltd (many companies appearing with their parent ABN, that sometimes confused you on who's actually charging as it might have different name too). So far, I only found that with UP (Apple actually introduced that with Apple Card in the US, after UP did it, but we don't have Apple Card here anyway).
      The "no fee" for international transactions or the easiness to use their PayId are good too, but many neobank doing the same these days.

    • SimAus007 on 04/11/2022 - 14:36
      +1

      App-only neobank (no website banking) which offers zero international transaction fees, great for buying online from OS or when travelling.

      I am with one of these digital-only banks and I don't miss not having a branch.

      They come with a card also (good if your phone dies or you need to buy something on a plane as many don't accept phone NFC).

    • beardelune on 04/11/2022 - 19:07

      I’ve been with Up for almost 5 years.

      I recommend just giving it a go to see how you like the app.
      It has so many great feature, you’re best just transferring some funds in and taking test drive

    • Bonding0909 on 05/11/2022 - 12:41

      My favourite part is their saving account implementation, where you only have one real saving account but many "savers". I have ~10 savers for different bucket funds (rent, phone, utilities, various savings goals) and opening and closing them is instant and no fuss because there's no extra accounts (BSB/acc number) to manage.

      They then add the ability to cover transactions from your transaction account to a saver or automatically split your salary into different savers. If you're like me and like to do all your financials from one view rather than a split banking/planner (YNAB/spreadsheet/etc) it's massively useful.

  • Yeahyeahok on 04/11/2022 - 15:00
    +2

    The interest rates for savers with up have gotten worse as time goes on. Great online only bank with some nice features in the app that others don't offer but I'm shifting away from them now

  • Cludo on 04/11/2022 - 16:07

    Really liked using UP Bank for the short time I did use it.
    Nothing beats my Offset account tho

  • simplerick on 04/11/2022 - 16:42
    +1

    Has anyone asked if this stacks with (Referral Code) or REDDIT10?

    Mod Update: Removed Referral code from the comment.

  • payless69 on 04/11/2022 - 16:47

    Can anybody here please tell me how to log out off the android app?

    • FatBoyNotSoSlim on 07/11/2022 - 15:45

      You can deregsiter you phone, but I've not seen a 'log out' option other wise.
      Left most tab 'Up', Go to 'App Settings' and 'Security' and you can reregister your phone.

  • JordanM on 04/11/2022 - 16:54

    Definitely would recommend Up, been with them for 4 years now so my referral is now $9. Not currently competitive on the savings rate unfortunately.

    Up username same as here.

  • cazaman11 on 04/11/2022 - 17:11

    Been wanting to swap banks, any real downsides moving from big 4 to online only? I pretty much just use online services anyways.

    Very cool they actually have an api to mess with too.

    • hanofee on 04/11/2022 - 17:15
      +1

      If it doesn't cost u anything, I'd say keep ur current one (as backup) and add this. Or the other way around.There might be (rare) time this online bank experiences, just like the big 4 themselves or any online provider. And always handy to have backup account for multiple reasons too.

  • bajillionaire on 04/11/2022 - 17:14
    +3

    Yo what's UP Bank?

  • capslock janitor on 05/11/2022 - 01:01

    $7

  • Mysterious on 05/11/2022 - 10:06
    +1

    How do you transfer money out? Very confusing app.

    • bobwokeup on 05/11/2022 - 10:22

      It’s super easy and one of the best financial apps out there, once you start using it. Go to Payments and then click on the + icon.

      • Mysterious on 05/11/2022 - 11:24

        I don't have that on my app. Only able to receive money.

        • bobwokeup on 05/11/2022 - 11:28

          That doesn’t sound right as it’s always been there on mine. Try deleting then reinstalling?

          Or contact support - far right tab “Talk to us” and they are super responsive.

        • coffeeinmyveins on 03/11/2023 - 14:27
          +2

          Submit a request in the app. You aren't "missing" this feature, you probably aren't doing it right. I doubt (unless you have a very obscure and old phone) you have a specific UI issue.

        • Magical Sound Shower on 03/11/2023 - 15:12

          Don’t worry, I had the same issue. Ended up closing my account since I wasn’t using it anyway. Support was quick to respond though.

  • danzig440 on 06/11/2022 - 12:12

    Tried signing up and always comes back with the error of not having enough information to do it

  • koplik8 on 04/09/2023 - 16:37
    +1

    What is the difference between Wise and Up? I need a new travel card for overseas. Heading to Bali soon. I bank with ING and have used my card in the past with no problems

    • bobwokeup on 03/11/2023 - 14:03

      Wise is $10 for the physical card but free for a digital one. I believe the rates are similar so that’s why I prefer Up and the app plus support rocks. They give you a free physical card and all the usual digital cards.

      • sauce2k on 03/11/2023 - 14:22

        people tend to miss the Wise withdrawal fee. Big turn off for me.

        • bobwokeup on 03/11/2023 - 14:38
          +1

          Ah true I forgot about that, another reason not to get their card.

  • Lockdude on 03/11/2023 - 13:57
    -1

    What's Up Bank?

    • Charlie Dont Surf on 03/11/2023 - 14:23
      +3

      It's totally app-based. Don't even think you can log into your account via the website.

      It's targeted at a younger demographic, which I'm not, but it does the job for me. Happy customer.

      Not your style? Move on to the next provider.

      • bobwokeup on 03/11/2023 - 14:40

        Yep exactly I don’t think i’ve ever gone to their website and I’ve been a member for years.

        I’m not young either but I love a good app and I’m in IT so it’s right down my alley.

      • wangasm on 03/11/2023 - 14:41
        +1

        Web Browser access is still "Planned" but it's not really needed anyway as their app is probably one of the best banking ones I've used.

    • brifog on 03/11/2023 - 14:27
      -1

      Ok bro

  • alphas on 03/11/2023 - 14:16
    +2

    +1 for using it internationally. You also get an instant conversion rate in a notification so its super easy to keep track of spending

  • Leho on 03/11/2023 - 15:26
    +1

    bloody great bank

  • simplerick on 03/11/2023 - 15:58

    UP is not bad, $10 bonus with online code might still work too

    Revolut is also pretty awesome, $110 referral bonus is looking pretty juicy on my app right now.

    • bobwokeup on 03/11/2023 - 20:49

      Not sure why you got negged, it’s your opinion. I personally love Up the app and support is amazing.

      Not a fan of Revolut but the referral bonus is great.

  • realaaa on 03/11/2023 - 16:25
    +1

    Up is good

  • Belv on 03/11/2023 - 18:07
    +1

    the card worked flawlessly for me overseas. no transactions were blocked, security passwords/approval come through via the app for strange purchases like flights booked overseas as I always wing my holidays

  • Jimbuscus on 03/11/2023 - 19:23
    +1

    I've been using Up as my main for 4 years and I couldn't go back to another banks app, I'm surprised they never caught up.

  • Bigredkeg on 03/11/2023 - 21:08

    whats the diff between this and revolut?

    • hanofee on 03/11/2023 - 21:10
      +1

      This is real Australian bank (owned by Bendigo). Revolut is not, though functionality wise might be similar. I have both, like many I found their app is way better than other bank. Revolut is good for those Turkey subscription stuff :)

      • movieman on 28/12/2023 - 12:11

        Why is revolut good for Turkey?

        Couldn't this be used also?

        • hanofee on 28/12/2023 - 12:25
          +1

          Yes, only difference: this one you need to disable the overdraft option (I forgot where, but by default it's on). Revolut doesn't even have overdraft option, so if u don't have balance on Revolut, it'd just be declined (on the other hand, with Up, you'll be charged dishonor fee, if u don't have enough balance and overdraft option is not disabled). I usually use Revolut for any subscription that I might forget to cancel (I do have very little balance there for authorization purpose, but shouldn't be enough to cover subs)

  • iknowtj on 04/11/2023 - 11:04

    Just moved over at the request of the wife.

    The app sucks. It works but it's so poorly laid out with focus on looking cool rather than being functional.

    • bobwokeup on 04/11/2023 - 11:44

      You clearly have no idea what makes a good app. Been using it for years and it’s great, like nearly all of the comments confirm.

    • Charlie Dont Surf on 04/11/2023 - 13:54

      Have you used it overseas yet, or for an overseas transaction?

      • bobwokeup on 04/11/2023 - 15:46

        I’ve been using it overseas for years and it’s great plus the rates are competitive too. Haven’t done any international transactions but I’m going to start as there are no fees.

  • iknowtj on 04/11/2023 - 12:19

    And they are as right and wrong as I am.

    In my opinion it's just not layed out well. Have come from ING with a simple clean look.

    • hanofee on 04/11/2023 - 12:20

      Just subjective. I prefer UP compare to ING or CBA. Use them all daily

      • iknowtj on 04/11/2023 - 12:23

        Yup. I'll probably get used to it over time. Right now I don't like it.

    • Magical Sound Shower on 04/11/2023 - 17:07

      I hated it too. Got $10 out of it though.

  • organamisms on 16/02/2024 - 22:43

    Am I missing something with the referral codes? I clicked through the unique referral link but it just redirects me to the download page. After downloading it asks for a referral code - but it never gave me one?

    • 420SaveIt on 12/03/2024 - 15:08

      same, have to put in a referral code but their is none?

      • bobwokeup on 12/03/2024 - 16:07

        Yeah it’s weird I think they want you to share it with a mobile number. You can send to yourself and then copy the link that way. I just tested and it works.

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