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.<\/p>
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).<\/p>
CIBC previously provided backend banking support for President\u2019s 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.<\/p>
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<\/strong> be treated as a cash advance, which is rare for money transfers.<\/p> 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.<\/p> Like most money transfer services, Simplii makes money by applying a margin (also called a \u201cspread\u201d) to its exchange rates for international money transfers.<\/p> This means that the company\u2019s 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.<\/p>Simplii exchange rates<\/h3>
How to send a Simplii wire transfer<\/h3>
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