Simplii wire transfer review | Finder Canada

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Simplii Financial wire transfer review

Pay zero fees and get competitive rates on money transfers to over 120 countries with a Simplii Global Money Transfer.

  • Great for sending money transfers with zero fees and competitive exchange rates.
  • Not so great if you need an instant money transfer or if you don’t have a Simplii account.

Expert review

What sets Simplii apart from the competition is that you can earn cashback rewards on money transfers funded by a Simplii Financial Cash Back Visa Card. It’s tough to find transfer services that let you earn back some of what you spend on sending money overseas, so this feature makes Simplii a standout option if you need to send money frequently or in large amounts.

You also don’t have to worry about paying fees with Simplii Financial. Even though you can send to more countries with a larger service like Western Union, Simplii’s list of destination countries is expanding regularly and already includes a lot of popular markets. One downside is that Simplii doesn’t let you send instant money transfers. But it’s still easy to track transfers online or by mobile app.

Why should I consider Simplii for my wire transfer?

  • No transfer fees or deductions. Enjoy zero-fee transfers with Simplii. Keep more of your hard-earned cash, or send more to your recipients.
  • Worldwide network. Send money to 120+ countries, including popular markets such as China, India, Vietnam, the Philippines, the US and France.
  • Cashback rewards. Earn 0.5% cashback on your money transfers when you pay with a Simplii Cash Back Visa Card.
  • Trackable transfers. Customers can track their money transfers using Simplii’s online service or mobile app.
  • Secure website. Simplii is owned by CIBC and uses one of the most secure forms of encryption available to protect customer data. 2-step verification is used for sensitive transactions such as updating your account info or changing passwords.

What to be aware of

  • Daily transfer limit. You can only send up to $30,000 per 24-hour period.
  • Limited payment options. You can only pay for your transfer with funds from a Simplii Financial No Fee Chequing Account, Secured Line of Credit, Personal Line of Credit or Cash Back Visa Card. You can’t pay directly from accounts held at any other bank or financial institution.
  • Same-day transfers are not available. Although most transfers are completed by the next business day, it could take up to three business days for funds to arrive. Instant transfers are not available.
  • No hedging options. Simplii allows you to place one-off money transfers but doesn’t offer additional options (like forward contracts) for protecting your money if the exchange rate weakens.

Simplii’s exchange rates and fees

Simplii charges no fees, so you won’t have to worry about paying transaction charges.

Instead, Simplii makes money by applying a margin (also called a “spread”) to its exchange rates for international money transfers. This means that the company’s exchange rates are a little weaker than the mid-market rates because it takes a small proportion of the funds being exchanged to cover its costs. This is standard practice for many money transfer companies.

The size of the spread varies depending on the currencies being exchanged. It can fluctuate from time to time.

Does Simplii Financial have a mobile app for wire transfers?

Screenshot of Simplii mobile app on a white iPhone

Yes, Simplii has an award-winning app available on both the App Store and through Google Play. With the mobile app, you can:

  • Send international money transfers. Send money to 120+ countries from your smartphone.
  • Order foreign cash. Enjoy free delivery to your home, or pick up funds at your local post office.
  • Track transfers. See the progress of your transfer in the app and find out when funds arrive in your recipient’s account.
  • Transfer money between accounts. Send money between your Simplii accounts. Set up recurring transfers to manage your money more conveniently.
Ratings accurate as of 26 January 2021
Google Play Store3.8 out of 5, based on 6,923 customer ratings
Apple App Store3.0 out of 5, based on 2,191 customer ratings

Best international money transfer apps

How to send your first Simplii money transfer

To start, you need to have an account with Simplii by applying for a No Fee Chequing Account or Personal Line of Credit. You can learn more about what Simplii offers for online banking in our guide. Although money transfers can also be funded through a Simplii Financial Secured Line of Credit or Cash Back Visa Card, you must be an existing client to apply for these.

Simplii may conduct a credit check before you can open an account and send money. Think about comparing other money transfer options if this is something you want to avoid.

How to become a Simplii client

  • Be at least the age of majority in the province or territory in which you’re applying (either 18 or 19 years old).
  • Provide your personal and employment information.
  • Provide your Social Insurance Number (SIN).
  • Confirm your residency for tax purposes.
  • Have a touchscreen device, stylus or computer mouse to provide a digital signature.
  • (If requested) Verify your identity by bringing your personal ID to a local Canada Post office. Your ID must have your signature and current residential address and could be a Canadian driver’s license, Canadian passport, Provincial ID card or a Canadian Permanent Residency Card. If your ID doesn’t show your address, you can also bring a document such as a bank statement, credit card statement or utility bill.
  • Give permission for Simplii Financial to conduct a credit check.

What you need to send an international money transfer with Simplii Financial

Have the following information handy before sending a money transfer:

  • Your recipient’s name and address
  • Your recipient’s bank information (bank name, address and code)
  • Your recipient’s bank account number

forms icon, blue

Our experience with signing up

Once I decided which Simplii Financial account I wanted to apply for, signing up was pretty straightforward. It only took me a few minutes and the fields were self-explanatory. It helped that I had all of my information on hand and ready to go before signing up. Here are some key takeaways:

  • Was it easy? I was surprised at the number of fields I had to fill in to open an account. But I didn’t need to dig deep into my files to get the information that Simplii required. Much of it could be provided from memory (like my field of employment and residency details).
  • How long does the online application take? In total, it took less than 5 minutes to submit the online application.
  • Is the identity verification process difficult? No. It would be nice if Simplii allowed customers to verify their identities online, but it’s fairly easy to verify your ID through Canada Post. The process doesn’t take very long, as long as you remember to bring the right documents with you. And it’s free!

How long does the transfer take?

It’ll typically take 1 to 3 business days to process. The exact transfer time is based on a number of factors including:

  • Currency. Transferring between common currencies is often quicker than transferring to less commonly-used currencies.
  • Recipient’s bank. Some banks take longer to process incoming funds, while others make funds available to account holders very quickly. Note that funds may be routed through a number of intermediary banks before arriving at your recipient’s bank, which can further impact your transfer time.
  • Transfer amount. Receiving banks may impose a temporary hold on large incoming transfers for security reasons related to preventing fraud and money laundering. Be sure to take this into account if you plan to send a sizeable transfer.

When sending money through any transfer service, a good rule of thumb is to try to send funds in the morning, before weekends and before statutory holidays to avoid processing delays.

What currencies can I send with Simplii Financial?

You can send money to more than 120 countries around the world and the list is still expanding. Some of the more popular currencies include:

  • INR Indian rupee
  • VND Vietnamese dong
  • PHP Philippine peso
  • EUR Euro
  • GBP British pound sterling
  • USD US dollar
  • MXN Mexican peso
  • AUD Australian dollar

Is Simplii safe to use?

Simplii Financial follows a number of best practices for protecting your money, including:

  • Using industry-standard 128-bit encryption, which scrambles your data as it travels from your devices to Simplii’s computers.
  • Using secure firewalls to prevent unauthorized access to its systems.
  • Actively monitoring its platform for suspicious activity.
  • Verifying users’ identities using one-time verification codes before processing sensitive transactions like password changes or contact information updates.

Simplii is a subsidiary of CIBC, which is regulated by the Financial Consumer Agency of Canada (FCAC). Deposits held in Simplii bank accounts are insured by the Canada Deposit Insurance Corporation (CDIC).

Also, account holders are protected by the Simplii Financial Personal Banking Online Security Guarantee. In the unlikely event that someone gains unauthorized access to your account or your transaction isn’t completed as you instructed, Simplii will reimburse any money you lost, provided you acted responsibly on your end (e.g. protected your password, used up-to-date computer security software, etc.).

Reviews and complaints

While some online customer reviews are positive, the vast majority are negative. Many reviews centre around poor customer service and long wait times for processing account-related requests. Over the past 12 months, Simplii Financial has not responded to any negative customer reviews on Trustpilot, but it has closed 22 complaints on the Better Business Bureau website.

Reviews accurate as of 3 February 2021

Trustpilot score1.4 out of 5, based on 192 customer reviews
CompareRemit3.4 out of 5, based on 484 customer reviews
BBB ratingF (Simplii Financial is not accredited with the Better Business Bureau)

How to keep your money safe from money transfer scams

What payment methods does Simplii accept?

Simplii’s money transfers are designed to be used with a Simplii bank account. You can only pay for transfers using funds from your:

  • Simplii Financial No Fee Chequing Account
  • Simplii Financial Secured Line of Credit
  • Simplii Financial Personal Line of Credit
  • Simplii Financial Cash Back Visa Card account

You can’t pay for transfers – by debit, credit or direct transfer – using funds from an account held at any other bank or financial institution. Simplii is a fully online bank, so you can’t visit a branch in-person to pay with cash.

What are the ways I can send money with Simplii?

Your recipient will need to have a bank account to receive funds. You can’t use this service to send money to a mobile wallet, for cash pickup or for delivery to your recipient’s home.

However, having funds deposited directly into your recipient’s bank account allows them to receive money at home without having to go pick up the funds in person at a money transfer agent location.

What do I need to send money online through Simplii Financial?

You need to have the following information:

  • Your recipient’s name and address
  • The name and address of your recipient’s bank
  • Your recipient’s bank account number
  • Your recipient’s bank code

How to track a Simplii transfer

You can track your transfer through online or mobile banking. The process is the same for both.

  1. Sign in to online or mobile banking.
  2. Select Global Money Transfer.
  3. If you’re using online banking, go to Transfer Status. If you’re using the mobile app, go to History.
  4. From here, you can see transaction details such as the status of your money transfer.

How does Simplii compare to other services?

This table shows how Simplii Financial stacks up against the competition. Enter the amount you want to send and the receiving currency into the calculator to see what your transfer could look like with other online money transfer services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 Same day CAD 0.00 0.794 USD
3,971
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
USD 150 1 day CAD 15.00 0.79 USD
3,939
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.795 USD
3,971
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
CAD 1 1 - 2 days CAD 45.00 0.798 USD
3,955
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

What is Simplii Financial?

Simplii Financial was founded in November 2017 and is backed by CIBC. It offers a range of personal banking products, including money transfers, chequing and savings accounts, a Cash Back Visa Card, lines of credit, personal loans, mortgages and investment solutions.

CIBC previously provided backend banking support for President’s Choice Financial in partnership with Loblaw Companies. After ending its partnership with Loblaw in August 2017, CIBC created Simplii Financial as its new digital banking brand. Millions of everyday bank accounts previously managed by PC Financial were transferred to Simplii.

In 2019, Simplii Financial introduced the Global Money Transfer program, becoming the first and only digital bank in Canada to offer international money transfers at the time.

Bottom line

With zero transfer fees and competitive exchange rates on transfers to more than 120 countries, Simplii’s money transfer product is worth checking out. However, it’s always good to compare your options before sending money, especially if you’re looking for same-day transfers or the option to pay directly from any financial institution.

Frequently asked questions

Can I pay for my money transfer with cash?

No. Simplii Financial is purely an online financial institution, so there are no in-person branches where you can submit transfers and pay in cash.

Does Simplii Financial offer business transfers?

No. Currently, Simplii Financial only offers individual and joint accounts under personal names. Business and non-profit accounts are not available at the time of writing.

How do I cancel my Simplii transfer?

If your transfer hasn’t yet been processed, you can contact Simplii by phone or live chat to cancel your transfer. If you’ve already submitted a transfer and the funds have been withdrawn from your account, you won’t be able to cancel.

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