If you are looking for a comprehensive Simplii Global Money Transfer review, you are just in the right place! Simplii FinancialTM is the international money transfer service of choice for anyone living in Canada who wants to send money abroad, and this is because no fees are charged by them.
But on top of that, they also give you cashback when you use their service to send your Canadian dollars to a foreign country, which is rare when it comes to international money transfers.
Simplii Financial offers a welcome bonus for new customers where you can earn up to $500 by making international money transfers. It’s a great incentive, and I’ll tell you how you can qualify for this welcome bonus in this Simplii Financial Global Money Transfer review.
What is Simplii Financial?
I know you probably can’t wait to use this global money transfer service to get those tempting cashback, but it is important to know the company behind this product before making your move.
Simplii Global Money Transfer is a product of Simplii Financial, which is a division of the Canadian Imperial Bank of Commerce (CIBC). The company undoubtedly has one of the lowest fees in Canada. It is important to know that Simplii Financial operates exclusively online, so there are no physical branches.
Because they do not operate like conventional banks, they save substantial amounts of money. This helps their customers because it is a major factor in why their fees are on the low side.
Deposits that are eligible are insured because the Canadian Imperial Bank of Commerce (CIBC) is a member of the Canada Deposit Insurance Corporation.
Simplii Financial is not just about their global money transfer service, they also provide the following services:
- Personal loans
- No-fee chequing account
- Simplii financial cash back visa card
- Access to use CIBC ATMs
- Access to competitive mortgages rates in Canada
- Access to personal line of credit
- Guaranteed investment certificates (GICs)
- You can invest in mutual funds
- High-interest savings account
What Is Simplii Global Money Transfer and How Does it Work?
Simplii Financial provides a Global Money Transfer service that is affordable and convenient.
With Simplii GMT, you can send money to well over 130 countries around the globe including the United States, Australia, China, India, Nigeria, Ghana, the Philippines, the United Kingdom, Pakistan, and a host of others.
- Best for International Money Transfers
- No Fees, Lots of Cashbacks
- Send money to your loved ones in 130+ countries
- Welcome Bonus: Use Promo Code GMTEVENT
Features and Benefits of Simplii Global Money Transfer
- Tracking of transfers is possible
- No transfer fees
- Competitive exchange rates
- It is available in over 130 countries available
- You can earn 0.5% cashback when using your Simplii Cash Back Visa Card
Downsides of Simplii Global Money Transfer
- You need a Simplii Financial account before you can make transfers. i.e You can’t make transfers using your account from other banks
- It is not available in Quebec
Simplii Global Money Transfer Promo
Now that we know about Simplii Financial, let us cut to the main attraction. At the moment, Simplii Financial offers a welcome bonus that lets their clients save on transfer fees and send more money to their loved ones.
As already mentioned, a whopping $500 is up for grabs when you send money abroad. They are a few easy-to-understand technicalities you have to get a grasp of before you should attempt to take advantage of this mouth-watering offer. They are outlined below:
- You get $200 when you open a No-fee Chequing Account
- You get up to $300 when you send your first Global Money Transfer (by using promo code GMTEVENT)
To maximize your welcome bonus, you have to keep the following in mind:
- $50 cashback for transfers under $5,000
- $100 cashback for transfers from $5,000 to $1,499.99
- $175 cashback for transfers $1,500 to $24,999.99
- $300 cashback for transfers at and above $25,000
Simplii Global Money Transfer Rates and Fees
With Simplii Financial, you’ll enjoy the benefit of not having to pay any additional fees to send money abroad. That doesn’t mean you won’t pay anything. In fact, you will.
It’s just that the fee is included in the exchange rate you see when you do your transfer. Other than that, there aren’t any additional charges added on top of that.
Also, Simplii Financial’s exchange rates are higher than what’s listed on currency exchange and government websites, and that’s because they do not use the mid-market rate.
That rate used is the official exchange rate plus a markup added which allows them to make money. This markup is called a spread.
How to Send a Simplii Global Money Transfer
Are you ready to send your first Simplii Financial Global Money Transfer? Yes, I’ve got your back. I’ll walk you through the process, step by step.
First and foremost, you need to gather all the relevant information about the person meant to receive the money. This information includes their name, bank code, address, and account number. If you have all of this at the ready, then it is time to start the process with the steps outlined below:
- Sign in to online or mobile banking, then select “Global Money Transfer”
- Pick the currency, person, and nation you want to send money to
- Indicate how much you want to transfer in Canadian dollars (CAD)
- Enter the promo code GMTEVENT (for first transfer users)
- Finally, complete the transfer
The moment your transfer is completed, you will receive a confirmation email. The transfer itself will take anywhere between 1 to 3 business days to get to its destination. Through your mobile banking app, the status of your transaction can be tracked (this can be done online, too).
A notification will be sent to you when the money gets where you want. It’s all as simple as ABC!
Simplii Foreign Cash
Simplii Financial’s Foreign Cash service offers convenience and efficiency when it comes to foreign currency transactions. With 65 currencies available in addition to competitive exchange rates, it is definitely a great option.
All you have to do is order the amount of money you want in the currency you want it. In typically prompt Simplii fashion, the cash will be delivered to you or the closest Canada Post anywhere between 1 to 3 business days. Pretty neat, right?
When you place your first foreign cash order, you are entitled to a $10 bonus.
Oh, did we mention that you get to do all of this without paying a dime of shipping or delivery fees? That’s right, it’s all free.
To use the Foreign Cash service, just follow the steps below:
- Sign-in via online banking or the mobile banking app and click on Order Foreign Cash.
- Click on either home delivery or Canada Post office pickup. Choose the currency you want and the amount of money you wish to order.
- You will get a notification of when your cash is delivered or ready to be picked up.
How Simplii GMT Compares To Other GMT Providers
The money transfer ecosystem can be a very competitive one. Some of the alternatives to Simplii Global Money Transfer in Canada include Wise, Xoom, and Western Union Money Transfer.
A massive advantage that Simplii has over some of its competitors is that it is remarkably cheap. In addition to the fact that is renowned for its no-fee policy, Simplii Global Money Transfer also provides money transfer tracking services.
Simplii Global Money Transfer does not use the mid-market exchange rate (like Wise, for example), but it is very transparent about its spread which is where the fees customers do not pay are embedded.
Simplii Global Money Transfer may not be able to compete with Western Union Money Transfer in terms of speed of transfer, but they are guaranteed to deliver the money sent within a period of 3 days.
Ultimately, it’s all about what suits you. Compare the options available to you and make an informed decision. Hopefully, this Simplii Global Money Transfer review will help you do that.
Is Simplii Global Money Transfer Safe?
Yes. Unlike some other money transfer services, Simplii is actually a subsidiary of a bank. It’s a subsidiary of CIBC and is regulated by the same Financial Consumer Agency of Canada (FCAC). All deposits held in Simplii bank accounts are insured by the Canada Deposit Insurance Corporation (CDIC).
Customers are also protected by the Simplii Financial Personal Banking Online Security Guarantee (which is a Simplii initiative). This simply means that if someone manages to gain unauthorized access to your Simplii account, they will reimburse any money that was stolen.
This is on the condition that you consciously protected your password and used the updated computer software necessary for security. In other words, on the condition that you acted responsibly as an account owner.
Conclusion
There are plenty of reasons to consider Simplii based on all of the features that they provide, especially for Canadians who have international friends and family. Simplii has a wide range of useful features and can keep you informed on your spending habits, cash flow, and much more.
There are no fees for Global Money Transfer transactions, as Simplii focuses on offering major advantages to their customers worldwide. Simplii Global Money Transfer delivers in terms of providing relevant money transfer services to Canadians.
While there are some limitations on the frequency of transfers and other services, in its basic function as a transfer system, Simplii is effective and priced well.
If you are in Quebec, then you cannot use Simplii Global Money Transfer services. However, the other provinces of Canada can have access to it.
FAQs on The Simplii Global Money Transfer Review
Does Simplii Financial Offer Business Transfers?
They do not. Simplii Financial only offers single and joint accounts under names that are personal to individuals.
How many Simplii Global Money Transfers Can I Make Per Day?
The number of Global Money Transfers you can make is unlimited. However, they have to be under the following maximums:
- Total maximum of $50,000 Canadian dollars per day
- Total maximum of $30,000 (in China) per day
How Do I Cancel My Simplii Transfer?
If your transfer hasn’t happened yet, you can cancel it. Contact them by phone or live chat to make that happen.
But if they’ve already taken the funds out of your account, there’s nothing they can do. The bank is probably in another country, and it is not common practice to return already transferred money.
Is Cash an Option for Payment?
Unfortunately, at the moment it is not possible to pay in cash for a Simplii Global Money Transfer. Simplii Financial is an online financial institution, so there are no physical branches where you can conduct your transfers in person and submit cash payments.
What is The Simplii Global Money Transfer Limit?
The lowest amount you can send for each transfer is $100 Canadian dollars. The highest amount you can send is $50,000 Canadian dollars in a 24-hour timeframe.
In some countries, there are limits to how much you can receive as a recipient.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
