If you are looking to transfer money internationally, the Simplii global money transfer service makes it easy. In addition to enjoying a $0 transfer fee, you can get up to a $75 cash bonus when you make your first money transfer.
Simplii also offers a foreign cash service so you can order foreign currencies easily online and have it delivered to your house.
This review of Simplii global money transfer covers what the service entails, its pros and cons, and how to get a cash bonus using our Simplii referral link.
Who is Simplii Financial?
Simplii Financial is a fully-owned subsidiary of CIBC and one of the top online banks in Canada. It offers a variety of financial services including:
- Chequing account
- Savings Account
- Credit card (Simplii Financial Cash Back Visa)
- Investments including GICs and CIBC mutual funds
- Personal loans and lines of credit
- Global money transfer, and
- Foreign cash
Simplii Financial customers have free access to thousands of free CIBC ATMs and you can complete transactions via online banking, mobile, and telephone banking.
Learn more about what they offer in this Simplii Financial review.
Simplii Global Money Transfer
Simplii Financial offers a global money transfer service that looks a lot like the international money transfer offered by CIBC.
Using this service, you can send money to more than 90 countries around the globe including Australia, China, India, Nigeria, Ghana, Pakistan, the Philippines, United States, United Kingdom, and several others.
Benefits of sending money abroad via Simplii include:
- No transfer fees ($0)
- Fast delivery in 1-3 business days
- Competitive exchange rates
- Safe and secure transfer
- Online tracking using the Simplii mobile app
You can send multiple transactions per day and up to $30,000 CAD per 24 hour period. To get started:
- Visit the website here
- Log in and choose the recipient, currency, country you are sending money to, and amount (at least $100)
- Enter the promo code GMT50 to claim your $50 cash back
- Complete your transfer
- The additional $25 bonus is automatically applied when you click the link above
Simplii Global Money Transfer Promo ($75 bonus)
When you send your first Global Money Transfer from your Simplii account (chequing or line of credit) and enter the promo code GMT50, you get a $50 cash bonus. This cash back offer is credited to your account within 6 weeks.
This promo is the exact same offer available through CIBC Global Money Transfer.
In addition to the $50 bonus, you earn an extra $25 when you open an account via a referral link. This $25 is credited to your account within 15 business days.
Simplii Foreign Cash
Simplii Financial also provides a foreign cash service if you are needing physical currency to spend abroad. You can order up to 65 currencies with a daily cap of $2,500 CAD.
Features of Simplii Foreign Cash include:
- No fees
- Competitive rates
- Cash delivered to your home or pick up at a Canada Post location in 1-3 business days
- $25 cash bonus when you order using this link
Downsides of Simplii Global Money Transfer and Foreign Cash
At 1-3 business days, Simplii’s money transfer is not the quickest option available out there.
If you are looking for instant transfer or money transfer that is guaranteed to be completed within a day, you may have to find other options.
Secondly, Simplii makes money on the spread when you convert your Canadian dollars into a different currency.
The exchange rate they use for conversions is not the mid-market or interbank rate and is not as competitive as what is offered by TransferWise.
For example, CIBC’s USD/CAD exchange rate was 1.3164 when I checked it on August 5, 2020. At the same time, the more competitive mid-market rate on Xe.com was 1.3268.
Money Transfer Options in Canada
Alternative options to send money abroad include:
TransferWise: This money transfer company was founded in 2011 and has more than 8 million customers. TransferWise uses the “real” exchange rate so you get the best value for your money after it has been converted.
TransferWise holds a 4.6/5 Trustscore from over 90K reviews on Trustpilot. Get more details in this TransferWise review.
WorldRemit: This company provides money transfer services in multiple countries and has over 4 million customers. It offers bank transfer, cash pickups, mobile money, and airtime top-up options.
WorldRemit uses an exchange rate that is slightly marked up and this is part of how they make money. WorldRemit is rated 4.5/5 on Trustpilot.
If you have a Simplii Financial bank account, you can easily send money internationally or order foreign cash. A Simplii no-fee chequing account has no monthly fees, so you won’t be on the hook for unnecessary fees.
For the best mid-market rates on currency transfers, you can also take a look at TransferWise.
Simplii Global Money Transfer Review
Looking to transfer money internationally? The Simplii global money transfer service makes it easy. Learn about how to get a cash bonus (up to $75) with your first transfer.
- No-fee money transfer
- Access to no-fee banking including a chequing account
- Convenient online banking
- The exchange rate is not the mid-market rate
- Money transfer takes up to 3 business days