What is Simplii Global Money Transfer?
Simplii Financial is an online bank that was founded by CIBC in November 2017. It offers money transfers, bank accounts, a Cash Back Visa Card, lines of credit, personal loans, mortgages and investment solutions.
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 that time. Transfers can be sent to 130+ countries. Senders can pay using their Simplii bank accounts, lines of credit or Cash Back Visa Cards (which offers 0.5% cash back on transfers).
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.
Pros and cons of Simplii Global Money Transfer
- Welcome offer. Get up to $300 when you send your first Global Money Transfer. Valid until October 31, 2022.
- No transfer fees. Enjoy zero-fee transfers with Simplii. Keep more of your hard-earned cash, or send more to your recipients.
- Cashback rewards. Pay with a Simplii Cash Back Visa Card to earn 0.5% cashback on your transfer.
- Fast. Most transfers are completed by the next business day. Real-time transfers are available when sending money directly to a VISA debit or credit card.
- Supports cash pickup. You can choose to have funds received in cash.
- Daily transfer limit. You can send up to $30,000 CAD per 24-hour period (or $5,000 CAD if you’re paying with a Simplii Financial Cash Back Visa Card).
- Limited payment options. You can only use Simplii Financial accounts and cards to pay for transfers. You can’t pay using non-Simplii accounts or cards.
- No hedging options. Simplii doesn’t support options like forward contracts to guard your money against unfavourable exchange rate fluctuations.
Simplii wire transfer fees
There are no transfer fees for sending a Simplii Global Money Transfer. Transfers funded with a line of credit or Cash Back Visa Card will not be treated as a cash advance, which is rare for money transfers.
While Simplii Financial does not charge a fee for incoming wire transfers, its parent bank, CIBC, does. Expect a fee of $10 to be deducted from the total amount the sender transfers every time funds are wired to your Simplii Financial bank account.
Simplii exchange rates
Like most money transfer services, 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. The size of the spread varies depending on the currencies being exchanged and can fluctuate from time to time.
How to send a Simplii wire transfer
Simplii wire transfer: Step by step
1. Become a Simplii client
Apply for a No Fee Chequing Account, Cash Back Visa Card or Personal Line of Credit. Simplii may conduct a credit check before you can open an account and send money. Compare other money transfer services if you want to avoid this.
How do I become a Simplii Financial client?
- You must be at least the age of majority in your province or territory.
- Depending on the account you’re opening, you may need to provide personal details, your employment information and your Social Insurance Number (SIN).
- Confirm your residency for tax purposes.
- Have a touchscreen device, stylus, trackpad or computer mouse to provide a digital signature.
- (If requested) Verify your identity by bringing your government-issued ID to a local Canada Post office. Your ID must have your signature and current residential address. If your ID doesn’t show your address, you can also bring a document such as a bank statement or utility bill.
- You must permit Simplii Financial to conduct a credit check.
Learn more about what Simplii Financial online banking products in this guide.
2. Login to your Simplii account
Select Global Money Transfer.
3. Enter transfer details
Add information such as your recipient’s name and location, the receiving currency and the amount you want to send. Your recipient’s name and contact information needs to match their government ID.
4. Select your payment method
Choose the Simplii account or card from which you want to pay, and submit the transfer.
5. Submit the transfer order
Most transfers will arrive by the next business day, but it could take up to 3 business days. You can track your transfer online or on Simplii’s mobile app.
Simplii provides cash pickup services using MoneyGram’s global network of agent locations. When sending money for cash pickup, you’ll be provided with a MoneyGram reference ID at the end of the transaction. Your recipient will need to take this ID number along with photo ID to pick up the money at a participating MoneyGram location.
How to track a Simplii global money transfer
You can track your transfer through online or mobile banking. The process is the same for both.
- Sign in to online or mobile banking.
- Select Global Money Transfer.
- If you’re using online banking, go to Transfer Status. If you’re using the mobile app, go to History.
- From here, you can see transaction details such as the status of your money transfer.
Simplii global money transfer speed
Most transfers to international bank accounts arrive by the next business day, but it could take up to three business days for funds to arrive. 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. Banks vary in the amount of time it takes to process incoming funds. 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.
Real-time transfers are available. Simplii recently introduced the ability to send money directly to a VISA debit or credit card. Sending to a VISA card is simple as you only need the name, address and VISA card number to sends funds that can arrive as fast as 30 minutes.
When using any money transfer service, you should try to send funds in the morning, before weekends and before statutory holidays to avoid processing delays.
What currencies can you send with Simplii?
You can send money to more than 130 countries around the world using local currency. 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
Simplii sending limits
The maximum transfer amount for sending a Simplii Global Money Transfer is $30,000 CAD over a 24-hour period. The limit goes down to $5,000 CAD per 24-hour period if you pay with a Simplii Financial Cash Back Visa Card. The minimum transfer amount is $100.
What payment methods does Simplii accept?
You can pay for your Simplii Global Money Transfer 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
- Simplii Financial USD Savings 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.
How does Simplii compare to other money transfer services?
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Are Simplii wire transfers safe?
Simplii Financial follows a number of best practices for protecting your money, including:
- Scrambling data using industry-standard 128-bit encryption
- Using secure firewalls to prevent unauthorized system access
- Actively monitoring its platform for suspicious activity
- Verifying users’ identities using one-time verification codes before processing sensitive transactions
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).
The Simplii Financial Personal Banking Online Security Guarantee states that Simplii will reimburse you if someone gains unauthorized access to your account or if your transaction isn’t completed correctly.
Does Simplii Global Money Transfer have an app?
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 130+ countries from your smartphone.
- Order foreign cash. Enjoy free delivery to your home, or pick up funds at your local post office.
- Track transfers. Check the status of your transfer, 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.
|Google Play Store||3.9 out of 5, based on 8,690 customer ratings|
|Apple App Store||3.4 out of 5, based on 3,048 customer ratings|
Best international money transfer apps
How do I contact Simplii Global Money Transfer?
You can reach Simplii Financial customer service by email, phone or live chat. Phone service is available 24/7. Live chat is available by logging into your online or mobile banking account.
Simplii Global Money Transfers offer a reasonably-priced, convenient way to send money abroad. However, it may not be right for you if you need same-day transfers or want to pay using non-Simplii accounts or cards.
- Zero-fee transfers to 130+ countries
- Most transfers arrive by the next business day
- Earn 0.5% cash back rewards when you pay with a Simplii Cash Back Visa Card
Learn more about sending international money transfers from Canada in our detailed guide.