Is Cash App unavailable in Canada? Here are some alternatives
While Cash App is unavailable in Canada, there are alternatives which can replace Cash App and do even more! These include Wise which helps you avoid high fees
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 |
---|
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
It’s possible to send money to over 130 countries outside Canada with Simplii Global Money Transfer.
This includes common currencies, such as:
There are a few different transfer methods to send money abroad using Simplii. These include:
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:
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.
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.
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:
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.
If you’re being wired money from the US, the sender would be needing the following information:
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
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 | 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.
Sources
Sources checked on: 26 April 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.
While Cash App is unavailable in Canada, there are alternatives which can replace Cash App and do even more! These include Wise which helps you avoid high fees
This article helps you understand how to make the most of depositing USD to your CAD account. Wise could help with mid market exchange rates or a USD balance
This guide covers the various ways you can wire money online in Canada, including a money-saving method for you to discover!
Discover how your Western Union transfers might vary, and also whether Wise could be a good fit for your needs.
Discover the ways you can transfer USD to your RBC Canadian dollar account, including Wise, an international account you can use everywhere you go
Read on to see how long Interac e-Transfers take with BMO, and how Wise can help you send e-Transfers to over 160 countries!