Your guide to opening an NRI account from Canada
Discover which NRI accounts you could open and make the most of, while you're in Canada. Wise offers effortless and minimally priced international transfers
Your guide to the Simplii Financial USD Savings account
The Simplii Financial® USD Savings account is a handy way for Simplii customers to save in US dollars.
We’ll take a look at everything you need to know about the Simplii USD account, including key features, costs and how to send and receive your money.
We’ll also take a look at Wise as your international money-saving alternative. Save on global transfers at the mid-market exchange rate, with minimal transfer fees* and USD local account details.
Key features of the Simplii Financial US Dollar Savings Account
The Simplii Financial USD Savings account can help you send, receive and save your money in US dollars.
There are a few key features of the Simplii USD account:
- Free USD transfers to other USD accounts in the US
- Send funds to 130 countries with Simplii Global Money Transfer
- Deposit USD and non-USD cheques¹
Let’s take a closer look at the main features of the Simplii USD Savings account.
| Interest rate | Currencies | Fees | Exchange rate | |
|---|---|---|---|---|
| Simplii Financial USD Savings account | 3.05%² | The main account currency is USD, but you can deposit non-USD cheques or send Global Money Transfers to 130 countries¹ | No monthly fees or minimum balance requirements. Recipient institutions may charge for transfers¹ | Simplii charges a markup on the standard mid-market exchange rate³ |
Simplii makes money from transactions in currencies other than USD. Known as an exchange rate “spread”, there’s a difference between the buy and sell rate used by the provider.This means you may spend more than expected for non-USD transfers with your USD account.³
Which transfers can you make with the Simplii US Dollar Savings account?
You can transfer money between your Simplii US Dollar Savings account and other USD or CAD accounts.
It’s free to transfer US dollars from your savings account to other USD bank accounts in the US. However, you’ll pay Simplii’s exchange rate for transfers in different currencies. This rate can fluctuate depending on when you send your transfer.³
You can also make a few additional transactions with your Simplii USD account:
- Send a Global Money Transfer to over 130 countries
- Receive an incoming wire transfer
- Deposit USD and non-USD cheques into your account
- Order a bank draft or send a money order¹
You can’t use your Simplii US Dollar Savings account to make cash deposits or withdrawals. This includes ATM withdrawals and point-of-sale transactions. You’ll also need to pay a fee for USD transfers to USD accounts outside the US.¹
Hold US dollars at the mid-market rate with Wise
Wise is your international money transfer alternative! Hold USD or send money to 160+ countries – all at the mid-market exchange rate.
Many banks add a markup to the standard rate to make a profit margin, but not Wise. You’ll only pay for what you use – because that’s only fair, right?
You can use your international Wise account to:
- spend in CAD and USD with the touch of a button
- get local account details in over 10 currencies for free
- send up to 1,000,000 USD per local ACH transfer
Wise uses transparent pricing, with international transfers from 0.33%. You’ll pay 6.11 USD to receive a USD wire payment – but it’s free to receive Swift payments in 15 currencies.
You can even use Wise’s currency calculator to determine how much your USD transfer will cost before sending it. Simple!
Send money at the mid-market rate with Wise
Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.
How to open a Simplii USD Savings account
It’s easy to open a Simplii USD Savings account, but you’ll first need to open a Simplii No Fee Chequing account or High-Interest Savings account.
First, you need to go to the Simplii website and fill out an online application form.⁴ You may need to confirm your identity or prove that you’re opening the account for yourself and not a business.
You can choose to close your Simplii account at any time.
How to receive money to your Simplii US Dollar Savings Account
There are a few ways to fund your Simplii USD Savings account.
You can transfer money from another Simplii account, deposit a cheque or send a wire transfer from a different bank.
Incoming wire transfer
Let’s take a look at how to receive a wire transfer to your Simplii US Dollar Savings account.
| Payable to the following bank: | Wells Fargo Bank, N.A., New York, NY, USA |
|---|---|
| BIC | PNBPUS3NNYC |
| CHIPS® | 0509 |
| CIBC® CHIPS UID | 015035⁵ |
Receiving a wire transfer from the US
If you want to receive a wire transfer from the US, you’ll need to enter some key pieces of information to deposit your funds. Let’s take a closer look.
Receiving a payment via CHIPS
| Payable to the following bank: | Wells Fargo Bank, N.A., New York, NY, USA |
|---|---|
| BIC | PNBPUS3NNYC |
| ABA or routing number | 026005092⁵ |
Receiving a payment via FEDWIRE
| Payable to the following bank: | Wells Fargo Bank, N.A., New York, NY, USA |
|---|---|
| BIC | PNBPUS3NNYC |
| ABA or routing number | 026005092⁵ |
USD or non-USD cheques
You can also deposit USD or non-USD cheques into your Simplii Financial USD account.
There are two ways to deposit a cheque with Simplii, including:
- at a CIBC bank machine
- using the Simplii Financial Banking App
Simplii recommends calling customer service at 1-888-723-8881 for more information about your USD or non-USD cheque deposits.⁶
Receive money in US dollars to your Wise account!
Use Wise to receive international payments into your account seamlessly. In addition to having account details for over 10 currencies, you can also receive money in more than 20 currencies, including:
- USD wire payments
- CAD Swift payments
- local payments (non-Swift)
Final thoughts
The Simplii USD Savings account can help you save money and earn interest in US dollars. You can receive incoming wire transfers or send money between US accounts for free.
However, you’ll pay an exchange rate margin every time you transfer money in a currency other than USD – and you’ll need to be a Simplii customer to apply for your account.
To start sending money to the US and beyond, open your Wise account today.
Sources
- Simplii USD Savings Account
- Simplii USD Savings Interest Rates
- Simplii Terms and Conditions
- Simplii: Opening a USD Account
- Simplii: Wire Payment Instructions
- Simplii FAQ
Sources verified on 12 August 2024
*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.
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