Making international money transfers used to be a complicated and expensive process, but Simplii Financial makes it easy and affordable.
With Simplii Global Money Transfer (GMT), you can send money to over 130 countries around the world – all with no transfer fees.
Plus, Simplii Financial Global Money Transfer offers competitive exchange rates, so you’ll get more bang for your buck.
Although some money transfer platforms and banks take forever to deliver your money to your recipient, you deserve a service that can deliver the money as fast as 24 hours to 3 days at most.
So whether you’re sending money to family overseas or paying for goods and services internationally, Simplii Global Money Transfer is the fast, easy, and affordable way to do it.
- Simplii Financial: Get To Know Them
- Simplii Financial: Global Money Transfer (GMT) Service
- Welcome Bonus: Simplii Financial Global Money Transfer (Get up to $800 Cash Back)
- Simplii GMT: Transfer Methods
- Simplii GMT: Payment Options
- How to Send Money Internationally with Simplii Global Money Transfer Services
- Simplii GMT Cash Pickup Service
- Benefits and Drawbacks of Simplii GMT
- How to Access Simplii GMT: Website and Mobile App
- Simplii Global Money Transfer vs Alternatives: Compared
- FAQs: Simplii Global Money Transfer
- Final Words on Simplii Global Money Transfer (GMT)
If you’re considering trying out the Simplii Global Money Transfer (GMT) but are skeptical, check out this review. We highlight its benefits, downsides and everything you should know about this money transfer service.
Let’s dive in.
Simplii Financial: Get To Know Them
Simplii Financial is the digital banking subsidiary of CIBC. It is CIBC’s attempt to make banking accessible and convenient for Canadians. Of course, they are quite successful at it – with almost 2 million clients as proof.
Simplii started in November 2017 and has since helped clients with their diverse financial needs – from banking to borrowing and investing.
This digital bank offers an impressive lineup of banking services besides global money transfers. They include:
- No Fee Chequing account.
- Savings accounts – High-Interest Savings and USD Savings.
- Credit card – Simplii Financial Cash Back Visa.
- Personal loans and Lines of Credit.
- Investments – GICs, RRSP Savings Accounts, TFSA, and Mutual Funds accounts.
- and more!
Simplii Financial: Global Money Transfer (GMT) Service
One of the many great services that Simplii offers is Global Money Transfer (GMT).
- International money transfers can be sent to 130+ countries.
- Minimum transfer amount is $100 CAD per transfer.
- Send up to $50,000 CAD equivalent daily.
- Send in the local currency of the destination country and the USD currency.
- Option to send to a Visa Debit card in Real-time.
- Safe and secure.
- Easily send international money transfers from Simplii online banking or mobile banking app.
- Pay using your Simplii Cash Back Credit Card and earn rewards.
- Available in all Canadian provinces/territories (except Quebec).
- Must have a Simplii Financial account or Simplii Visa credit card.
✔️ Simplii is the only digital challenger bank in Canada to offer a $0 fee international money transfer solution with Global Money Transfer (GMT).
✔️ GMT stands out as the only financial institution in Canada to charge $0 fees for funding transfers when using your Simplii Cash Back Credit Card, which allows you to earn an additional 0.5% cash back when sending GMTs.
This online banking service from Simplii Financial will help you easily transfer money from Canada to your family members, friends, loved ones, and business partners around the world.
Transfer money to friends and family, pay tuition fees or take care of minor medical costs overseas without transfer fees.
Simplii Global Money Transfer allows you to send money to over 130 countries worldwide, including to the US, the UK, India, Pakistan, China, Vietnam and even Nigeria.
Send money internationally with no transfer fees or deductions.
There are quite many benefits to using Simplii Financial Global Money Transfer (GMT). For a peek, this service allows you to send money internationally with zero transfer fees.
Best of all, if your recipient does not want to receive the money in a bank account or they live in an underbanked country, they can benefit from the cash pickup option – available in over 40 countries.
They can pick up the money at any participating MoneyGram location.
Welcome Bonus: Simplii Financial Global Money Transfer (Get up to $800 Cash Back)
|Simplii GMT Cash Back Bonus||How to Get the Cash Bonuses||Promo Code|
|Get up to $450 Cash Back Bonus||Open a Simplii No Fee Chequing Account||Use this Unique Link|
|Get up to $300 Cash Back Bonus||Send your first Simplii Global Money Transfer (GMT)||GMTEVENT|
|Get $50 Cash Back Bonus||Send your Simplii GMT to a Cash Pickup location||CASH|
|Get $50 Cash Back Bonus||When you tell a friend/family about Simplii GMT, and they use your link to send money abroad||Not Applicable|
Simplii Financial is currently offering a Welcome Bonus for new clients who sign up for their Global Money Transfer service. You can earn up to $800 when sending money internationally.
For starters, getting yourself Simplii’s No Fee Chequing Account earns you up to $400 cash bonus.
Get up to $300 when you send your first Global Money Transfer. Use promo code GMTEVENT to claim this offer. Sign on to send money →
When you take it a step further to send your first international money transfer with Simplii Global Money Transfer (GMT) and use the Promo Code “GMTEVENT,” you will get up to a $300 cash bonus. The bonus will be deposited in the account from which you sent the GMT within 6 weeks.
Note that the cash bonus you’ll get varies depending on the dollar amount of your first transfer, as follows:
- Get $50 cash back bonus: For transfers up to $4,999.99
- Get $100 cash back bonus: For transfers from $5,000 to $14,999.99
- Get $175 cash back bonus: For transfers $15,000 to $24,999.99
- Get $300 cash back bonus: For transfers of $25,000 or more
Furthermore, if you transfer the money to your recipient for cash pickup, you get an additional $50 cash bonus after your first cash pickup transfer. Use promo code “CASH“.
Lastly, you get $50 when you tell a friend about Simplii Global Money Transfer, and they use your unique referral link to send their first international money transfer. To get your referral link, sign on to Simplii online banking and go to Global Money Transfer.
Simplii GMT: Transfer Methods
|Transfer Method||Transfer Timelines|
|Bank-to-Bank Transfer||1 to 3 business days|
|Transfer to Visa Debit Card or Visa Credit Card||Instant to 48 hours|
|Transfer for Cash pickup||Same-day|
|China UnionPay card||1 to 3 business days|
Simplii Financial offers convenient and affordable ways for its clients to send money globally.
There are several ways to transfer money, and the process is simple and straightforward. You can send money as:
- Bank Transfer – Send money directly to your recipient’s bank account in another country.
- Visa Debit or Visa Credit Card.
- China UnionPay Card.
- Cash Pickup – This is ideal if you’d prefer your recipient to receive the money in cash rather than in their bank account.
The whole process is quick and easy, so you can get your money where it needs to go without any hassle.
You enjoy zero transfer fee benefits, regardless of the transfer method you choose.
Simplii GMT: Payment Options
Simplii Global Money Transfer is unique as it is the only provider to charge $0 fees for funding when using your Simplii Cash Back Credit Card, which allows you to earn an additional 0.5% cash back when sending GMTs.
Simplii GMT clients can send an international money transfer from any of the following accounts:
- Simplii No Fee Chequing Account
- Simplii USD Savings Account
- Simplii Personal Line of Credit
- Simplii Secured Line of Credit
- Simplii Cash Back Visa Credit Card
Pay using your Simplii Cash Back Credit Card and earn an additional 0.5% cash back reward.
Simplii Financial is currently the only financial institution in Canada that does not charge a cash advance or additional fees to fund transfers from a credit card transaction.
How to Send Money Internationally with Simplii Global Money Transfer Services
Sending money internationally through Simplii Global Financial Transfer services is pretty straightforward. It is not rocket science.
First of all, you need the following information to send money:
- The recipient’s name and address
- The recipient’s banking information:
– The recipient’s bank account number
– The name and address of the bank
– The bank code
The following are the steps to sending money internationally via Simplii GMT:
Simple as 1-2-3!
Depending on whether you are an existing or new Simplii Financial client, you will need to either sign in or open an account with Simplii.
2. Fill in the Details
Once you’ve signed in or created an account and done all that’s required to set up the account fully, you can start a money transfer by selecting “Global Money Transfer”.
Fill in the required details, such as:
- Select the currency – either the local currency at the destination country or the USD currency.
- Select the country you’re sending the money to.
- Fill in the recipient’s details.
- Input the amount you’re sending in Canadian dollars or the currency you’re sending the money in.
3. Confirm and Send
The next thing is to send the money. All you need to do now is wait for the money to get to the recipient.
Internationally transfers for cash pick-up is available instantly to be picked up by the recipient at MoneyGram locations. While other transfer methods could get to your recipient instantly or take up to 3 business days to get to the recipient.
Viola! That’s how you send money around the world with the Simplii GMT.
Simplii GMT Cash Pickup Service
✔️ Simplii Financial is the only bank in Canada that provides cash pickup service for $0 transfer fee
- Available in over 40 countries
- You can pay for the transfer with your Simplii or CIBC credit card with no additional fee
- You can only send up to $2,000 per transaction with a daily cash pickup limit of $2,999.99. This limit is currently the highest per-day money transfer limit that I am currently aware of
✔️ Promotion: Get $50 cash bonus after your first cash pickup transfer. Use promo code CASH
How Simplii GMT Cash Pickup Service Works
If you’re wondering how the Simplii Global Money Transfer Cash Pickup service works, this section covers it.
You already know that the Simplii GMT cash pickup service allows your recipient to pick up the cash at any participating MoneyGram location where they live.
To ensure that everything goes smoothly and your recipient gets the cash in a timely manner, you need to keep in mind the following:
Fill the Information
Here, you’ll have to fill in the information of the recipient. Ensure that every detail is correct and is the exact details on their government-issued photo ID. Verify that you filled in the correct details to reduce the possibility that your recipient will encounter issues with picking up the cash.
Launch the Money-Sending Phase
Proceed to fill in the amount you want to send to the recipient. Once you’ve filled it all in, send the money to the recipient.
Send Reference Number to Recipient
After successfully sending the money, you’ll receive a MoneyGram cash pickup reference number via email, and it will also be available on Simplii online/mobile banking transfer status.
This reference number is crucial in helping your recipient get the money. Thus, you’ll have to send the cash pickup reference number to the recipient so they can pick up the cash.
Your recipient must provide the reference number and a valid government-issued photo ID to pick up the cash at any cash pickup location in their country.
Also, your recipient must pick up the cash within 14 days from the date of the transfer; otherwise, the money will be returned back to you.
That’s how easy it is to use the Simplii GMT cash pickup service.
Benefits and Drawbacks of Simplii GMT
Benefits of Simplii GMT
There are many benefits associated with using Simplii GMT services. Check out some of the benefits below:
1. No Transfer Fees or Deductions
Using Simplii GMT service means you will not need to worry about the transfer fee that comes with other similar international money transfer services. Other banks charge an amount for transfer fees. But of course, Simplii ditches this fee.
✔️ Simplii Financial is currently the only online bank in Canada that offers $0 fee for international money transfers.
2. No Fee for Using Credit Card to Fund Transfer
This digital bank gives users the option of sending money with their credit card. And guess what? They are the only international money transfer service that has $0 fees for funding when using your Simplii Cash Back Credit Card.
Simplii Financial does not charge interest on a Simplii GMT appearing on your statement if by the payment due date for that statement, you pay your statement balance in full.
✔️ Simplii is currently the only bank in Canada that does not charge additional fees or cash advances to fund transfers from a credit card transaction
3. Cash Back Rewards
When you use your Simplii Cash Back Visa Card to transfer money globally with Simplii GMT, you’ll get a 0.5% cashback reward.
Of course, payment with a credit card attracts no fees. So, in case you were wondering if credit card payment would attract additional fees or be deemed a cash advance, it won’t.
4. 130+ Country Coverage
When sending money globally, Simplii GMT is one of your best bets because you can send money to over 130 countries.
A few of the popular countries that you can transfer money to with Simplii GMT are:
|Continent||Few Popular Countries for Money Transfer|
|Africa||Ghana, Kenya, Nigeria, South Africa, and many more!|
|Americas||Brazil, Jamaica, Mexico, the United States, and many more!|
|Asia||Bangladesh, China, Hong Kong, India, Japan, Lebanon, Malaysia, Pakistan, Philippines, Qatar, Saudi Arabia, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, United Arab Emirates, Vietnam, and many more!|
|Europe||Austria, Belgium, Bulgaria, Cyprus, Denmark, Estonia, Finland, France, Georgia, Germany, Ireland, Italy, Switzerland, Turkey, the UK, Ukraine (coming soon), and many more!|
|Oceania||Australia, Fiji, New Zealand, and more!|
5. Speedy Delivery
Although Simplii specifies 1-3 business days for the delivery, it could arrive within one day. Although, it depends on the payment method you use and the currency you are transferring.
6. Easy Money Transfer Tracking
Another benefit of the Simplii Global Money Transfer (GMT) service is that it provides a tracking service to monitor the progress of your money transfer.
You can simply use your Simplii online banking or mobile banking app to track the status of the money you sent. Here is how to check the status of your transfer:
- To check your money transfer status on online banking: Sign on to online banking, select “Global Money Transfer”, then go to “Transfer Status”
- To check your money transfer status on mobile app: Sign on to mobile banking, select “Global Money Transfer”, then go to “History”
7. Get up to $800 Cash Back Bonuses
Simplii rewards its clients with several bonuses. As indicated earlier, you can get up to $750 cash-back bonuses, which is the highest in the industry that I am currently aware of.
Also, if you refer a friend to Simplii with your referral link, and they do their first Simplii GMT transfer, you will get an additional $50 cashback, which brings the total bonuses to $800.
✔️ The highest welcome bonus in the industry for international money transfers.
8. Transfer Currency Flexibility
Simplii supports transfers in both the local currency at the destination country and the USD currency. So, if you need to settle payment before taking a trip abroad and it requires payment in USD, you can do it with Simplii GMT.
✔️ With Simplii GMT, if you send US dollars from your Simplii Financial USD Savings Accounts to other USD bank accounts in the United States, it is free as Simplii does not charge any fees.
Downsides of Simplii GMT
As with most things in life, nothing is entirely perfect. So, Simplii has its flaws too.
1. Not Mid-Market Exchange Rate
Although Simplii’s foreign currency exchange rate is competitive, it is not the mid-market rate.
2. Not available in Quebec
Simplii Financial’s Global Money Transfer service is not available in the province of Quebec. This means that residents of Quebec cannot use this service to send money abroad.
There are other money transfer services available that Quebec residents can use. I recommend Wise Money Transfer.
How to Access Simplii GMT: Website and Mobile App
There are two ways to access the Simplii GMT. You can access it through their website or via their mobile app.
To download the app, you’ll need to visit Google Play or the App store. After downloading it and logging into your account, you’ll be able to send money online with zero fees.
Simplii Global Money Transfer vs Alternatives: Compared
|International Money Transfer Service||Exchange Rate||Transfer Limit||Transfer Fee|
|Simplii GMT||◘ Competitive exchange rate, but not mid-market rate||✅ $50,000 CAD equivalent daily||✅ No transfer fee|
|Wise Money Transfer||✅ Mid-market rate||✅ $3,000 CAD to $1.5 million CAD, based on the transfer method||◘ Low transfer fee|
|Western Union||❌ High exchange rate margin and not mid-market rate||◘ $999 CAD to $7,500 CAD, based on the transfer method||❌ High transfer fee|
|World Remit||◘ Competitive exchange rate, but not mid-market rate||◘ $4,000 CAD to $40,000 per transfer, based on the transfer method||◘ Average transfer fee|
FAQs: Simplii Global Money Transfer
What Is the Daily Transfer Limit on Simplii?
You can send a maximum of $50,000 CAD via Simplii GMT daily. Nevertheless, some countries may limit the amount of money the recipient can receive.
Can I Track the Status of My Transfer on Simplii?
Yes, Simplii GMT makes it easy for you to track the transfer status of the money you send.
Can You Send Money Internationally with Simplii?
Yes, you can send money internationally with Simplii. Simplii Financial created its Global Money Transfer (GMT) service to facilitate sending money to and from 130+ countries worldwide.
How Long Does a Global Money Transfer Take with Simplii?
With Simplii GMT, your money transfer could be instant, or it could take up to 3 business days to reach its destination, depending on the transfer method.
How Much Does Simplii Charge for a Wire Transfer?
Simplii does not charge any fee for wire transfers.
Final Words on Simplii Global Money Transfer (GMT)
All in all, Simplii Financial Global Money Transfer is a fantastic product that provides many benefits to its users. The most notable perk is that there are never any fees to transfer money.
Additionally, the network of countries Simplii GMT operates in is impressive and leaves very few people unable to send money internationally.
The money transfer process is also designed to be safe and secure so that users can have peace of mind when using Simplii’s app or website.
And lastly, if you have a Simplii Cash Back Credit Card, you can earn rewards when you use Simplii Global Money Transfer.
So what are you waiting for? Start using simplii global money transfer today!
With 130+ country coverage and the option to send in real-time to a Visa Debit card, there’s no reason not to try out Simplii GMT today.
So head over to the Simplii Financial website and start sending money around the world!
More on Sending Money Internationally:
- Transfer from Canada to the US
- Transfer from the US to Canada
- Transfer from Canada to Nigeria
- Send money to India from Canada
- Best way to send money internationally from Canada
- Send money to the Philippines from Canada
- Send money to Pakistan from Canada
- Simplii Global Money Transfer (GMT): Review and Promo Code
Charee Oisamoje is the founder of CanadaWiz. She leads the editorial team, which is comprised of subject matter experts that aim to create well-researched, highly detailed content related to studying, working, immigrating, and settling/living in Canada as a newcomer.
Charee's personal experiences as a Canadian immigrant and her professional competencies make her uniquely qualified on the subject matter.
With extensive educational credentials, she is an expert at collecting details, verifying facts, and making complex subjects easy to understand. MBA in Finance MScIB CCEA (#CCG 271) CPA Candidate ✔️CIP ✔️BSc Accounting
Learn More >> About Page
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