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How to close a Simplii Financial account
If your Simplii Financial account no longer works for you, you may want to close it and open another. Read our full guide for how to close your Simplii Financial account, including everything you need to do before cancelling your account and how to contact Simplii for more information.
We’ll also take a look at how you can manage your money with Wise, with or without a bank account!
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How to close a Simplii Financial account
There are a few ways to close your Simplii Financial account. You can give Simplii a call to cancel your account and receive any further information about your banking options.
However, if you don’t want to call your bank, you can also email with your request to close your Simplii account online. Use email to ask any specific queries relating to your account, such as how to transfer your funds to another provider.
How to contact Simplii to close your account:
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Phone number: 1-888-723-8881
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Email address: talktous@simplii.com¹
Things to do before closing a Simplii Financial account
There are a few things you’ll need to do before closing your Simplii Financial account. We’ve put together everything you need to know.
Change your bank details
Make sure to change your bank details for any recurring direct debits or standing orders that regularly come out of your account. This may include monthly subscriptions or membership payments.
Transfer your funds
You’ll also need to transfer any remaining funds into another account before you can close your Simplii Financial account. If you’re struggling to transfer your money, telephone or email Simplii Financial for advice and support.
Resolve any outstanding issues
You’ll need to resolve any open issues with your bank before closing your Simplii Financial account. This may include settling any dues or sorting out a customer service complaint.
Simplii inactivity fee
If you want to leave your account inactive, rather than closing it, Simplii may charge you an inactivity fee. If your credit balance doesn’t change for 360 consecutive days, Simplii will charge you a fee of 10 CAD or the full credit balance on that date - whichever is less.²
For this reason, it makes sense to cancel your account and transfer your funds to another provider.
Meet Wise - your international money transfer alternative
Wise is your international money transfer alternative! Send, spend, and receive payments across the globe, with options to hold your money in multiple currencies at once. Wise is a money services business (MSB) that saves you money whenever you need to send some.
International money transfers
Most traditional banks charge a markup when you send your money overseas. For example, Simplii charges a 2.5% markup rate² whenever you make a payment in a different currency.²
Send your money across the world at the standard mid-market rate with Wise - and get transparency about exactly how much your transfer will cost, even before you send it.
Transfer limits
Wise also allows higher transfer limits compared to Simplii Financial. You can send a maximum of 50,000 CAD in 24 hours with Simplii, depending on where you’re sending your money.³
At Wise, however, you can send up to⁴
- 25,000 CAD with Interac e-Transfer - locally or internationally!
- 1.5 Million CAD via online bill payment and wire transfer
- 3,000 CAD via credit or debit card
- 9,500 CAD per day via direct debit
- 30,000 CAD weekly via direct debit
Spend like a local with Wise
Use your Wise card to spend like a local in 150+ countries. Whether you’re heading on holiday or studying abroad, you can use your Wise account to:
- Hold money in 40+ currencies
- Add money in 20+ currencies
- Receive money in 9 currencies with local account details
- Send money to 160+ countries
You don’t need to maintain a minimum balance to keep your Wise account open - and there are no monthly fees, either. To start exploring your international payment options, check out Wise.
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Sources:
Sources verified on 27 September 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Money without borders
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