Simplii Financial Global Money Transfer is Canadian’s most popular choice for sending money abroad. From one of the top online banks in Canada, Simplii Financial, this is a fairly popular option for everyone looking to send money abroad with no transfer charges.
With its competitive exchange rates, fast transfer times, and easy-to-use online platform, Simplii Global Money Transfer is your best option.
In this Simplii Global Money Transfer review, we will examine this platform and evaluate its features, benefits, and limitations. We will examine its exchange rates, fees, transfer speed, security measures, user experience, and customer support.
By the end of this review, you should better understand whether Simplii Global Money Transfer is the right choice for your international money transfer needs.
What is Simplii Financial?
Simplii Financial is a digital bank in Canada that provides various financial services to it customers, including global money transfers.
The online bank is a trademark and division of the Canadian Imperial Bank of Commerce (CIBC). It operates entirely online, and its overhead costs are significantly lower than traditional bricks and mortar banks.
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.
Features and Benefits of Simplii Global Money Transfer
- Tracking of transfers is possible
- No transfer fees
- No deductions
- Send funds between 1 to 3 business days
- Up to $300 when you send your first Global Money Transfer using the promo code GMTEVENT
- 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
Currently, Simplii Financial offers a welcome bonus that lets their clients save on transfer fees and send more money to their loved ones.
A whopping $500 is up for grabs when you send money abroad. You must grasp a few easy-to-understand technicalities before taking 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 maximise 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 of $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 paying 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 ready, then it is time to start the process with the steps outlined below:
- Step 1: Sign in to online or mobile banking, then select “Global Money Transfer”
- Step 2: Pick the currency, person, and nation you want to send money to
- Step 3: Indicate how much you want to transfer in Canadian dollars (CAD)
- Step 4: Enter the promo code GMTEVENT (for first-transfer users)
- Step 5: Finally, complete the transfer
The moment your transfer is completed, you will receive a confirmation email. The transfer will take 1 to 3 business days to reach its destination. Through your mobile banking app, the status of your transaction can be tracked (this can be done online, too).
You will receive a notification 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 regarding 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.
When you place your first foreign cash order, you are entitled to a $10 bonus.
Did we mention that you can do all 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 be notified 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 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 it 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, 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 transfer speed. Still, 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 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 means that if someone manages to gain unauthorised access to your Simplii account, they will reimburse any stolen money.
This is because 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.
Final Thoughts on Simplii Global Money Transfer Review
Simplii Financial Global Money Transfer is a reliable, convenient, and affordable option for Canadians sending money overseas.
With no transfer fees, competitive exchange rates, and an easy-to-use online platform, Simplii Global Money Transfer is a popular choice for many.
However, it is important to note that you need a Simplii Financial account to use this service, which is unavailable in Quebec.
Nonetheless, the service offers a range of benefits, including cashback rewards, a welcome bonus, and access to other financial services such as personal loans and investment opportunities.
Simplii Global Money Transfer is a great choice for those seeking a hassle-free and cost-effective way to send money abroad. This Simplii Global Money Transfer review is positive and recommendable.
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 they can do nothing if they’ve already taken the funds out of your account. The bank is probably in another country, and returning already transferred money is not common practice.
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 personally conduct your transfers 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.