Simplii Financial Global Money Transfer (GMT) Review

Simplii Financial Global Money Transfer (GMT) Review

Written by Bryan Daly
Fact-checked by Caitlin Wood
Last Updated April 27, 2022

There are many reasons you might want to send money abroad such as supporting family members, paying off debts, or covering business expenses. Although the process appears easy enough, the main problem with global money transfer services is that there’s often a lack of clarity when it comes to the terms and costs of transactions.

If you’re looking for a transparent money transfer service provider, consider Simplii Financial™.

Who Is Simplii Financial?

Opened in 2017, Simplii Financial is a digital banking division of CIBC. Today, they’re one of the most popular online banks in Canada that offer everyday banking services, including a global money transfer service that allows clients to send funds to other countries for zero transfer fees. 

Here are some of the banking services Simplii Financial offers:

  • Chequing accounts
  • Savings accounts
  • Personal Loan & Line of Credit
  • Mortgage
  • Investments (Guaranteed Income Certificates, CIBC Mutual Funds, etc.)
  • Credit Card (Simplii Financial Cash Back Visa)
  • Global Money Transfer

Simplii™ now has over 2 million personal banking clients countrywide and, thanks to their backing from CIBC, more than 150 years of combined experience in the financial world. 

Simplii’s Global Money Transfer Service

Simplii Financial’s Global Money Transfer (GMT) service lets a client send money to a range of different countries in whichever currency they prefer. Currently, you can make money transfers quickly and securely (with no transfer fees) to more than 130 different countries, including but not limited to: 

  • Australia
  • Germany
  • United Kingdom
  • Jamaica
  • France
  • Pakistan
  • India
  • Philippines
  • Lebanon
  • Nigeria
  • United States
  • China
  • Vietnam

Simplii’s Cash Pickup Service

Simplli’s Cash Pickup service allows recipients of a Simplii GMT to pick up the money in cash at a MoneyGram location (currently supports over 40 countries). Simplii is the only bank in Canada that provides this service for a $0 transfer fee. The maximum daily transfer is $2999.99 ($2000 per transaction). Users can choose to pay with their Simplii credit card for no fees. The GMT will be considered a cash purchase which can be paid off within the following pay cycle.

How Cash Pickup Works

  1. The client fills out the transfer form as per usual, making sure that the recipient’s information matches what is on their government-issued ID
  2. The client chooses the amount to send and sends the payment
  3. The client will receive a MoneyGram Reference ID and must send this to the recipient of the transfer
  4. The recipient goes to a MoneyGram location with the MoneyGram Reference ID to pick up the money

Simplii’s Global Money Transfer Service Benefits  

Here are some of the main advantages of Simplii’s Global Money Transfer Service:

No Transfer Fees Or Deductions

When sending money abroad with Simplii, you won’t pay any transfer fees, just the exchange rates. Unlike other GMT services, Simplii™ won’t deduct a percentage of your transfer as part of the price either.

Fast Processing Times

Most Global Money Transfers you send with Simplii will take 1 – 3 business days to go through. Delivery times can vary according to the payment amount and location, as well as the currencies being exchanged.

Money Can Be Sent In Local Currency and in USD 

While you have the ability to send and exchange numerous currencies using Simplii’s GMT Service. You can also send money in the local currency and USD within many countries too. Sending in USD is helpful when you have to pay certain businesses globally that only accept USD from international travellers.

Safe And Secure

The best thing about this Simplii service is that all money transfers and accounts offer up similar types of protection as those from CIBC. Money can be transferred to your recipient’s bank account straight from your Simplii Financial account. 

Money Tracking Capabilities

By logging into your Simplii Financial account online or on your mobile banking app, you’ll be able to monitor the status of your money transfer.   

Cash Back Rewards

Earn 0.5% cashback whenever you send a Global Money Transfer using your Simplii Cash Back Visa Card. Plus, if you pay full credit card balances by the payment due date, you won’t be charged interest.   

Large Variety Of Countries

As mentioned, Simplii’s Global Money Transfer Service now reaches more than 130 countries across the Americas, Europe, Asia and Oceania. Visit the Simplii Financial webpage to see their full list of countries.     

Referral Bonus

If you refer a friend to Simplii’s GMT Service, you get $50 after their first transfer. Similarly, if your friend moves to Canada and opens a No Fee Chequing Account through Simplii’s New to Canada Banking Program, using you as a referral, you’ll both get $50.   

Special Bonuses From Simplii’s Global Money Transfer Service

Depending on when you apply and what type of account you open, you may be able to earn a welcome bonus of up to $650 when you use the Simplii Global Transfer Service:

Bonus 1 – When you open a No Fee Chequing Account for the first time, you’ll get $350 as a cash reward.

Bonus 2 – Additionally, get up to $300 after sending your first Global Money Transfer through your No Fee Chequing Account, USD Savings Account, Personal Line of Credit, Secured Line of Credit or Cash Back Visa Card. Simply use the promotion code “GMTEVENT”. This bonus amount you get varies by transfer size:

  • Transfers under $5,000 = $50 cashback
  • Transfers of $5,000 to $1,499.99 = $100 cashback
  • Transfers of $1,500 to $24,999.99 = $175 cashback
  • Transfers of $25,000 or more = $300 cashback 

As always, Simplii charges zero transaction fees to send a Global Money Transfer. Remember that if you sign up for an account or make a GMT using a referral link, you could score an extra $50 bonus, which will be credited to your account within 15 days.

Simply Financial’s App

Users can download Simplii Financial’s app through the App Store or Google Play. With it, users can send money abroad and conduct their day-to-day banking activities while on the go. When you download the Simplii Finacial app, you’ll be able to send money transfers internationally with zero transfer fees and: 

  • Track Your Money Transfers – Simply log into your account and go to your “history” to check the status of your money transfer. 
  • Fund Your Accounts – You can use your app to transfer money between your Simplii accounts. 
  • Get Foreign Cash – If you plan on travelling and need foreign cash, you can use the Simplii app to order foreign cash and have it delivered to your home or your local post office. 

Simplii Global Money Transfer Service Overview

Amount You Can Send– Minimum $100 per transfer
– Maximum $50,000 in one 24-hour period
Number Of Countries You Can Send ToOver 130 
Ways To Transfer Money– International Bank Accounts
– Visa Debit or Visa Credit Cards
– China Unionpay Cards
Ways To Send Money– No Fee Chequing Account
– USD Savings Account
– Secured Line of Credit
– Personal Line of Credit
– Simplii Cash Back Visa Card
Processing FeeNone

How To Send Cash Using Simplii’s Global Money Transfer Service?

Sending money abroad through Simplii Financial’s Global Money Transfer service is easy once you have an account. Just follow these 3 steps:

  1. Sign in to your Simplii banking account online or with your mobile app, then choose “Global Money Transfer”.
  1. Select the currency, country and person you’re sending money to, then enter how much you wish to transfer them in Canadian Dollars (CAD).
  1. Click “Send” and your recipient should receive the transfer in 1 – 3 business days.

Requirements To Send Money

If you’re about to transfer cash locally or internationally with Simplii, you’ll need to provide some information about the person you’re sending money to, including:

  • The recipient’s full name and address.
  • The name and address of your recipient’s financial institution.
  • Your recipient’s bank account number and bank code. 

Ways To Transfer Money

According to Simplii Financial, there are 3 methods of transferring money globally:

  • Sending cash between international bank accounts (1 – 3 business days).
  • Making payments with a Visa Debit or Visa Credit Card (Instant – 48 hours). 
  • Using a China UnionPay Card (1 to 3 business days).  

Ways To Send Money     

There are also a few ways to fund your global money transfer: 

  • No Fee Chequing Account – Fund your money transfer through your Simplii No Fee Chequing Account. For a flat annual interest rate of 0.5% on a portion of your monthly balance, you can open this account and make no-fee transfers. 
  • USD Savings Account – United States Dollars are accepted in many countries. The Simplii Financial USD savings account offers one of the best exchange rates. Users can also send U.S dollars to a bank in the U.S for free. 
  • Secured Line Of Credit Account – You can also use a Simplii Secured Line of Credit to fund your money transfer. This product provides funding at low rates and is secured against your home.
  • Personal Line of Credit Account – If you don’t own a house, the Simplii Personal Line of Credit is another way you fund a global money transfer.  
  • Simplii Cash Back Visa Card – Send money using your Simplii Cash Back Visa Card. This card has no yearly fee and offers cash-back rewards for your purchases. If you pay full monthly balances by the payment due date, you won’t be charged any interest or transfer fees. 

Things To Consider Before Using Simplii Financial’s Global Money Transfer (GMT) Service

  • Must Be A Simplii Client – You can only fund your money transfer through a Simplii Financial account. You cannot pay through any outside bank or credit card. You can only use Simplii Financial’s No Fee Chequing Account, USD Savings Account, Personal Line of Credit, Secured Line of Credit or Cash Back Visa Card.
  • Transfer Time – Transfers can take up to 3 business days. 
  • Transfer Limit – If you’re looking to send large sums of money, Simplii Financial’s daily transfer limit of $50,000 per day, maybe limiting.

Simplii’s Global Money Transfer Service - FAQs

What’s the maximum amount of money I can send through Simplii?

The most you can send locally or internationally with a Simplii Global Money Transfer is $50,000 CAD within a single 24-hour period (the minimum for all transfers is $100). However, do keep in mind that these limits may vary by country as certain countries may impose limits on how much recipients can receive.  

How many money transfers can I send in one day?

As a client of Simplii’s Global Money Transfer Service, you have the ability to send as many transfers as you want, to a maximum of $50,000 CAD per 24-hour period. 

How do I check the status of my money transfer?

To keep an eye on your Simplii Global Money Transfer, simply sign in to your Simplii account online or in-app and select the “Global Money Transfer” option. Then you can go to “Transfer Status” to check your transfer status via online banking.

Bottom Line

Simplii isn’t just one of the largest digital banks in Canada, they now offer Global Money Transfer services as well. With zero-fee transfers and the choice between a wide range of countries and currencies, Simplii is a good option for any Canadian looking for an online bank, especially those looking to send international money transfers.    

Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer.

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