A closer look at the EUR account with Simplii in Canada

Whether it's for a holiday or to send money to family, Canadians sometimes need a euro account. One option for this is Simplii, which offers foreign currency accounts which might suit your needs. However, these accounts are primarily designed for savers, and do not have an IBAN, which could lead to additional costs.

This article will go through the features, benefits and drawbacks of a Simplii euro savings account, as well as introducing you to Wise as a possible alternative. Wise offers a multi-currency account which allows you to send, spend and hold euros, and may be more suitable depending on your specific circumstances.

What does the Simplii EUR account offer?

Simplii offers a euro savings account, which you can use to hold your money as euros. This account has no monthly fees or minimum account balance required. You can transfer funds between the Simplii euro savings account and other Simplii accounts, at a competitive exchange rate.¹ You can also use their Global Money Transfer service to send money to any country whose official currency is the euro with no transfer fee.²

However, Simplii sets their own exchange rate rather than using the mid-market rate. They make a profit from this rate,³ called an exchange rate markup, a type of hidden fee. We'll cover this in more detail later, but it's important to consider, as it can greatly affect the cost of currency conversion.

Alternatively, this account also allows you to send and receive wire transfers. For transactions of under the equivalent of 10,000 CAD, Simplii charges 20 EUR per transfer.⁴

Who can open a Simplii EUR account?

To open a Simplii EUR account, you'll need to already be a Simplii Financial client. This means you need to hold either a No Fee Chequing Account, or a High Interest Savings Account. If you already have one of these, you can apply for a Simplii EUR account either through online banking or over the phone.

Features of the Simplii euro savings account

The Simplii EUR account has a variety of features which are worth considering before opening one. It is important to think about whether these features suit your specific circumstances, and compare them to other providers, such as Wise, to make sure that you are opening the account which works best for you.

Key features of the Simplii euro savings account

Fees and transaction costs with the Simplii euro savings account

Whilst Simplii does not charge a monthly account fee, there are other fees and costs associated with the Simplii euro account that you should consider.

With a Simplii euro account, you can send and receive international wire transfers. The cost of this depends on the amount of currency being transferred, and whether you are sending or receiving. If you are sending a wire transfer, the charges are:

• 20 EUR for transfers up to 10,000 CAD equivalent
• 35 EUR for transfers between 10,001 CAD and 50,000 CAD equivalent
• 55 EUR for transfers greater than 50,001 CAD equivalent

When sending a wire transfer, it is also important to remember that the receiving bank may levy an additional charge. Simplii charges 7 EUR to receive an incoming wire transfer from another financial institution.

If you want to transfer money from your Simplii euro account, they also offer a Global Money Transfer. There is no upfront fee associated with this when sending to a country that uses the euro as its official currency. However, remember that if you need to convert from CAD to deposit to your EUR account in the first place, Simplii uses its own exchange rate which may include an exchange rate markup.

Currency exchange and sending euros from Simplii

As we've already mentioned, Simplii uses its own exchange rate when making currency conversions. As they make a profit from this rate, it is likely to be less favourable than the mid-market rate, meaning that you receive less foreign currency for any given amount of CAD you convert. This is a type of hidden fee, called an exchange rate markup, and can have a major impact on how much foreign currency you receive when you move your money from a Simplii CAD account to your EUR account.

As well as the exchange rate, one major downside associated with Simplii's euro accounts is that they don't have an IBAN. An IBAN, or International Bank Account Number, is a standardized way of identifying bank accounts globally. Across Europe, it allows access to SEPA, the Single Euro Payments Area. This system allows the transfer of euros across Europe, usually at a rate which is the same as a domestic transfer - and may be free.

As Simplii euro savings accounts do not have an IBAN, they cannot access this network. Instead, to send and receive transfers, they use the SWIFT system, which tends to involve longer wait times and higher fees. This is because money often passes through more intermediary banks, each of which may take a cut. As this system is more complicated than SEPA, it often takes longer too, with some Global Money Transfers taking up to 3 days to arrive.

Limitations of the Simplii euro savings account

The Simplii euro account might be suitable for you if you want to hold and save money in euros. However, cash deposits and withdrawals are not available, and you can't make point-of-sale transactions. This means that you can't use a Simplii euro account to buy goods and services from a merchant whilst you're abroad, making it unsuitable as a chequing account.

In addition, transferring money into and out of the account can lead to many additional costs depending on the method you use:

• A minimum of 20 EUR for outgoing wire transfers
• 7 EUR for incoming wire transfers
• Potential exchange rate markup for currency conversion - whether using Global Money Transfer or transferring between Simplii accounts. Simplii derives a profit from their currency conversion rate.
• Additional costs associated with using SWIFT, rather than the SEPA system

These costs can add up quickly, and are likely to be unavoidable when moving your money to and from the Simplii euro savings account.

As this account offers the option to only hold money as euros, it may not be suitable for you if you're planning on spending in multiple currencies across Europe. In this case, you'll want a multi-currency account like the one offered by Wise.

How Wise compares to the Simplii euro savings account

When deciding which provider to use, it's important to compare the features and benefits offered by different companies. Wise is a specialist in international money transfers, meaning that it might be able to offer a lower cost service, so that more of your money reaches its destination.

Wise uses the mid-market exchange rate, which is often more favourable than the exchange rate offered by competitors. They also charge a low, upfront fee, starting at 0.48%* for currency conversions from CAD, meaning that you always know exactly what you're paying. The percentage fee charged by Wise decreases as you convert more money over 35,000 CAD, and, if you're sending a large transfer, Wise's specialist support team can help you along every step of the way.

You can also always use Wise's online currency conversion calculator, which shows you the exact fee you'll pay, Wise's exchange rate, and how much money will reach your recipient for your specific transfer.

Wise accounts have an IBAN, which gives you access to the SEPA system when receiving euros. SEPA payments tend to cost the same as a domestic transfer, saving you money compared to the SWIFT system.

Sending €1,000 internationally: Simplii vs Wise

Information accurate as of 12 September 2025

Wise also offers cash withdrawals - including some monthly withdrawals with no Wise fee - and point of sale transactions using a Wise currency card. This makes a Wise multi-currency account suitable as a chequing account, for everyday purchases when you're in the Eurozone.

If you're planning a holiday in Europe, but most of your funds are in CAD, Wise also offers the option to convert your money only as you spend it. This means that you only pay conversion fees for the money you need for your trip, and don't pay to convert any leftovers back into CAD when you get back.

Is the Simplii euro savings account right for you?

As the Simplii euro savings account is not designed for day-to-day use, a Wise multi-currency account is also more likely to be suitable for you if you plan on travelling and spending in Europe. With a Wise card, you can make payments and take out cash whilst abroad.

All in all, make sure to consider a variety of providers to make sure that you get the most for your money. With Wise, you always know exactly what you're paying, giving you control over your money.

Sources verified on 08 January 2026