Simplii Global Money Transfer: A closer look

Simplii Global Money Transfer lets Canadian customers send money to over 130 countries. While they won’t charge a fee for your international transfer, there are some hidden costs and limitations to this method.

We’ve put together a full Simplii Global Money Transfer review, including how much it costs to send a transfer overseas - and if Wise could be a cost-effective alternative.

Table of Contents
Does Simplii have foreign transaction fees? Sending money with Simplii Global Money Transfer How to receive money using Simplii Global Money Transfer Are there any limits to international transactions with Simplii? Meet Wise, an international money transfer alternative

Does Simplii have foreign transaction fees?

On the face of it, Simplii Financial Global Money Transfers don’t levy any fees when sending money outside Canada. There are also certain cashback rewards for those with the Cash Back Visa Card, including 0.5% cashback when sending a Global Money Transfer.¹

However, Simplii sets its own Global Money Transfer exchange rate, charging the mid-market rate plus a 2.5% markup on all transfers. This applies to both debit and credit transactions.² In addition, a recipient bank may charge money on your transaction when using Simplii Financial to transfer money internationally to another bank.²

Sending money with Simplii Global Money Transfer

Where can I send money to, with Simplii?

It’s possible to send money to over 130 countries outside Canada with Simplii Global Money Transfer.

This includes common currencies, such as:

• Euro (EUR)
• United States dollars (USD)
• Australian dollar (AUD)
• British pound (GBP)
• Chinese yuan (CNY)
• Indian rupee (INR)

How to send money abroad with Simplii

There are a few different transfer methods to send money abroad using Simplii. These include:

• Moneygram
• Visa Debit/Credit Card
• International Bank Transfer
• Alipay and UnionPay Card for transactions to China

Below, find a full step-by-step guide to sending a Simplii Global Money Transfer.

Step 1. If you’re not a Simplii customer already, you first need to sign up for an account

Step 2. Sign in to online banking or via the digital Simplii mobile app. Select “Global Money Transfer”

Step 3. Choose the currency and country of choice for your transfer. You also need to choose who to send your money to

Step 4. Enter how much you want to send in CAD. That’s it - you’ve completed your transfer!²

There are also a few different ways to fund your Simplii Global Money Transfer, including:

• Chequing Account
• USD Savings Account
• Personal Line of Credit
• Secured Line of Credit
• Cash Back Visa Card

You can access various perks and benefits from these different methods. For example, you can send USD to a US bank for free with the USD Savings Account, or get cashback rewards when using the Cash Back Visa Card.

How long does it take to complete a Simplii Global Money Transfer?

It usually takes 1 to 3 business days for your recipient to receive the payment in their account.² However, some transactions may take less time than others. For example, if you’re transferring between common currencies, your transfer will be quicker than using less common currencies.

The transaction time may also depend on which bank your recipient uses, and how much money you want to transfer.³ You can track any Simplii Global Money Transfers once they’ve been sent, to make sure they’ve successfully reached your recipient. However, you can’t cancel your transfer once initiated.

How to receive money using Simplii Global Money Transfer

How to receive money from abroad on Simplii

It’s possible to receive money from abroad by Simplii Financial, but only by international wire transfer.

Simplii’s parent bank, CIBC, often charges for incoming wire transfers - meaning a fee of 10 CAD could be deducted from any international funds deposited into your Simplii Financial account.³

The sender will need a few key pieces of information to send your wire transfer. This includes:

• Amount and currency
• Account details, such as your bank account number, name and address
• SWIFT code
• Simplii Financial bank information
• Financial institution number²

Payments wired in most currencies to your Simplii Financial account are typically deposited directly, with no holding period. This means you can access your money straight away.

How to receive money from the US on Simplii

If you’re being wired money from the US, the sender would be needing the following information:

• Pay to: Canadian Imperial Bank of Commerce Toronto, Canada
• Bank address: Simplii Financial 305 Milner Avenue 5th Floor Scarborough, Ontario Canada M1B 3V4
• Canadian clearing or sort code: CC001030800
• Financial institution number: 010
• Transit number: 30800
• The recipient’s bank account number
• In case the Fedwire transfer system is being used: Funds will travel via Wells Fargo Bank, N.A., New York, NY USA. (BIC/Swift code: PNBPUS3NNYC). CIBC’s ABA: 026005092
• If the sender’s payment is being routed by the CHIPS clearing system: Funds will move via Wells Fargo Bank, N.A., New York, NY USA. (BIC/Swift code: PNBPUS3NNYC, CHIPS ABA: 0509). CIBC’s CHIPS UID: 015035

Are there any limits to international transactions with Simplii?

There are some set limits for Simplii international transactions.

As a general rule, you can send up to 30,000 CAD per 24-hour period. There’s also a minimum transfer amount of 100 CAD.² However, some countries also have additional limits on how much your recipient can receive.

For example, you can only send up to 6,000 CAD per transfer to China, and a resident in China can only receive a maximum of 10,000 USD daily or 50,000 USD a year.²

Meet Wise, an international money transfer alternative

Wise allows you to send money to over 70 countries! Our efforts to make international money transfers transparent and eventually free ensure that you pay only a small transaction fee along with the amount you’re sending, at no additional cost.

You’re always guaranteed a fair exchange rate. This allows you to send and receive money, with convenient options to request payments from individuals or businesses.

Did you know?

For transfers to China, Wise allows you to send up to 50,000 CNY per transfer for recipients using AliPay and Weixin. Recipients on UnionPay can receive up to 18,000 CNY per transfer. Keep an eye on the rate tracker to make the most of your money!

Simplii Global Money Transfer vs Wise

	Simplii	Wise
Recipient countries	130	70+
Exchange Rate	Mid market rate + 2.5% markup	Mid-market rate
Transfer fees for outgoing transfers	No, but recipient banks might charge fees and taxes²	Yes - from 0.41%
Transfer fees for incoming transfers	10 CAD for international transfers	No
Transfer methods	International Wire transfer	Multiple options, depending on the currencies
Transfer Cancellations	No	Yes

Save money with Wise!

At Wise, you’re always guaranteed the mid-market rate on any transfers abroad - no markup, no hidden fees, no stress. This means you always know exactly how much you’re paying for your transfer. You can take a look at the price breakdown for your transfers here:

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

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Sources

1. Loans Canada
2. Simplii
3. Finder

Sources checked on: 26 April 2023