Simplii Financial Global Money Transfer Review

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Are you looking for a Simplii Financial Global Money Transfer review? Anyone living in Canada looking for global money transfer services should consider Simplii Financial since they have no fees, and you can earn cash back on the money you send. Seriously, getting cash back on an international money transfer from Canada is unheard of.

What sets Simplii Financial apart from everyone else right now is their welcome bonus, where you can earn up to $500 when sending money abroad. Keep reading my Simplii Financial Global Money Transfer review to find out how the service works and how to collect your first time money transfer offer.

What is Simplii Financial?

Before I get into the details of my Simplii Financial Global Money Transfer review, let’s talk about what Simplii Financial is since you’ll only want to transfer international money with someone you trust. Simplii Financial is a digital bank that’s a trademark and division of the Canadian Imperial Bank of Commerce (CIBC). Simplii Financial operates online only, and their overhead costs are significantly lower than bricks and mortar banks. As a result, Simplii Financial passes those savings onto its users in the form of no/low fees.

Since CIBC is a Canada Deposit Insurance Corporation member, your eligible deposits are insured. Besides global money transfer services, Simplii Financial offers the following:

  • No Fee Chequing Account
  • High Interest Savings Account
  • Simplii Financial Cash Back Visa Card
  • Access to CIBC ATMs
  • Mortgages
  • Secured Line of Credit
  • Personal Line of Credit
  • Personal Loan
  • Guaranteed Investment Certificates
  • Mutual Funds
Simplii Financial Global Money Transfer Review banner

Simplii Financial Global Money Transfer Benefits

  • No transfer fees or deductions
  • 120 countries available
  • 1 to 3 business days to send funds
  • Send up to $30,000 worldwide
  • Safe and secure
  • Track your transfers
  • Earn cash back on your credit card

It doesn’t matter if you’re new to global money transfers or you’ve been sending cash for years. Simplii Financial’s Global Money Transfer is a straightforward service to use that’s packed with benefits.

Many people will love that Simplii Financial doesn’t charge any fees or deductions when you send money abroad. That’s not to say the service is free. What you pay is built right into the exchange rate. Since the exchange rate is displayed when you do the transfer, you’ll know exactly what you’re paying. There are no additional charges added.

What throws some people off is that Simplii Financial’s exchange rates are higher than what’s listed on currency exchange and government websites. That’s because those sites list the mid-market rate. That rate is indeed the official exchange rate, but there’s always a markup added, which is referred to as the spread. Every financial institution and currency exchange office charges a spread as that’s how they make money. As a consumer, you just want to keep that spread to a minimum.

Since Simplii Financial’s Global Money Transfer has no fees and low exchange rates, users should focus on the experience. Making an international money transfer from Canada is easy since 120+ countries are supported including China, India, France, Jamaica, United States, Philippines, and Panama. You can send up to $30,000 in either the local currency or US dollars worldwide in a 24-hour period. Many transfers take just one business day to arrive, but it can take up to three business days depending on the country and/or financial institution.

All transfers are secure since they’ll come from your Simplii account and end up directly in the recipient’s bank account. Since you don’t need to move your money to another source before you make the transfer, you can send funds immediately. You can even track the transfer status from your online bank account or through the mobile app, so there’s never any doubt about where your money is going.

It’s worth noting that if you use your Simplii Financial Cash Back Visa Card to send global money transfers, you’re earning 0.5% cash back every time. In other words, the Simplii Financial Global Money Transfer is paying you to send funds which is crazy since no other currency exchange company offers this kind of benefit.

First time money transfer offer

One reason why my Simplii Financial Global Money Transfer review is positive is the first time money transfer offer that’s available. New clients can earn up to $500 when opening an account and sending an international money transfer from Canada for the first time. The promotion ends on October 31st, 2021, and it breaks down as follows:

  • Get $200 when you open a No Fee Chequing Account
  • Get up to $300 when you send your first Global Money Transfer

To get the $200, you need to open a No Fee Chequing Account and add an eligible direct deposit of at least $100 a month for three straight months. An eligible direct deposit would be your payroll, pension or employment insurance, etc.

As for the first-time Global Money Transfer promo, how much you’ll get depends on how much you send. The most important thing to note is that you must use promo code GMTEVENT to get the following benefits:

  • $50 cash back for transfers under $5,000
  • $100 cash back for transfers from $5,000 to $1,499.99
  • $175 cash back for transfers $1,500 to $24,999.99
  • $300 cash back for transfers at and above $25,000

Don’t forget, the 0.5% cash back you earn when using your Simplii Financial Cash Back Visa Card still applies, so you could earn up to an additional $250 (based on a transfer of $30,000).

How to send a Simplii Financial Global Money Transfer

Admittedly, some people will likely be intimidated about their first Simplii Financial Global Money Transfer. You’ll probably be sending a lot of cash, so you want to make sure you do things right.

First, you need to get some details about the recipient. You’ll need their name, address, and banking info (address, account number, and bank code). With that information handy, you can now follow this step-by-step guide to send the funds.

  1. Sign on to online or mobile banking and select Global Money Transfer
  2. Choose the currency, country and person you want to send money to
  3. Enter how much you want to send in Canadian dollars
  4. Enter promo code GMTEVENT if this is your first transfer
  5. Complete the transfer

You’ll get an email confirmation once your transfer has been submitted, and it’ll take 1 to 3 business days to arrive. You can track the status of the transfer via your online or mobile banking account. Once the money arrives, you’ll get a notification. That’s it. It’s that simple. That’s why the Simplii Financial Global Money Transfer is one of the best currency exchange options.

Simplii Financial Global Money Transfer Review

Pros and cons of Simplii Financial Global Money Transfer

While the pros of Simplii Financial’s Global Money Transfer are obvious, you should still consider the advantages and disadvantages before you make a transfer.

Pros of Simplii Financial Global Money Transfer

  • No transfer fees
  • Competitive exchange rates
  • 120+ countries available
  • Earn 0.5% cash back when using your Simplii Cash Back Visa Card
  • Transfers are trackable

Cons of Simplii Financial Global Money Transfer

  • You must have a Simplii Financial account to make transfers
  • Can’t make transfers directly from bank accounts held outside of Simplii Financial
  • $30,000 limit per 24-hour period (some countries have lower limits per transaction)
  • May not have the lowest rates

How Simplii Financial Global Money Transfer compares to others

It can be difficult to compare Simplii Financial Global Money Transfer to other currency exchange services such as OFX since there are so many variables to factor in. The exchange rate will be the number one priority for some people, but rates fluctuate all the time. Even though one global money transfer provider may be cheaper for one currency, it may not be for another. I know it sounds weird, but that’s how currency exchange rates work.

I recommend comparing rates to one or two other online companies to see the price difference. You should be able to get an online quote from all of them, so you’ll know what your costs are.

That said, there is a convenience factor to consider. With Simplii Financial, users know what they’re getting. You’re paying no fees, transfers can be done immediately, and funds will arrive within 1 to 3 business days. In addition, your transactions are secure, and you can track the progress.

There’s no doubt that Simplii Financial can give many people peace of mind, especially since they’re a division of a major bank. Plus, Simplii Financial often has first time money transfer offers that put money back in your pocket.

Final thoughts

My Simplii Financial Global Money Transfer review is positive. Sending money is easy and earning cash back on your transfer is a crazy incentive. I also like the fact that CIBC/Simplii has put such an emphasis on money transfers. CIBC already had the CIBC AC Conversion Card for personal travel. By offering a global money transfer service, it’s never been easier to send an international money transfer from Canada

Simplii Financial Global Money Transfer Review

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter:@barrychoi

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