Sending money to loved ones overseas should be a quick and easy process. A Simplii Global Money Transfer allows you to make money transfers of up to $75,000 per day (depending on the country), in local currency or in U.S. dollars. Transfers typically take 1 to 3 business days to process and have no initial transfer fees.
But Simplii Financial services are unfortunately lacking regional availability in Quebec. Depending on where you’re transferring to, additional fees may also apply. If you’re willing to overlook these details, Simplii Global Money Transfers are a valuable option to have for the perks they offer their clients.
Simplii Global Money Transfer features
Here are the features that you can look forward to with these money transfers:Why You Want It
Pay $0 in transfer fees + Send up to $75,000 within a 24-hour period.
Special Features
- Cash back rewards (when used with Simplii Cash Back Visa)
- Money transfer tracking
- Linked directly to your bank account, no 3rd party information sharing
- Get $50 when you refer a friend & they use your link
- Chance to win $5000
Eligibility
- Must have a Simplii Financial account or credit card
Provinces
AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Features
Mid-market Exchange Rate?
Hidden Fees?
Example Fees For $1,000
- $0
Example Transfer Speed For $1,000
- Cash Pickup: Same day
- Bank account: 1 - 3 business days
- Visa debit/credit cards: Real time
Debit Transfer?
Credit Transfer?
Bank Account Transfer?
Paypal Transfer?
Transfer Limits
- 75,000
Simplii Global Money Transfer product rating: 0.5 stars
With no initial transfer fees, you’ll have access to money transfer tracking as long as you have a Simplii Financial account. Money transfers sent using a Simplii Cash Back Visa credit card will also allow you to earn cash back rewards, which is a significant benefit not offered by any other money transfer company on the market.
Simplii Global Money Transfers are advertised as having no transfer fees, and while that’s technically true, it can be seen as slightly misleading. Especially when it comes to international transfers, the "no fee" blanket term doesn’t take into account foreign exchange fees, as well as other additional fees that may be applied after the fact.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Simplii Financial Global Money Transfers
Here are the pros of Simplii Financial Global Money Transfers.
Pros
No transfer fees
Unlike other money transfer companies that charge upwards of $10 per transaction, Simplii Financial charges no transfer fees, letting you send money without the high cost attached (barring foreign transaction and recipient fees). You can send money as long as you have a Simplii No Fee Chequing Account, which has no monthly fees and is free to open and use, or the Simplii Financial Cash Back Visa, which also charges no annual fee.
Money transfer tracking
One useful feature of Simplii money transfers is that you can track the status of your transfer through online banking or the mobile banking app. This convenient feature lets you know the progress of your transfer at all times, ensuring that your money will be safe and secure. It also reduces the likelihood that you’ll have to call customer service for a status update.
Cash back and referral rewards
Another unique feature of Simplii Financial Global Money Transfers: the potential rewards that you’re able to earn when using their services. When you send your money transfers with your Simplii Financial Cash Back Visa Card, you can earn cash back at a rate of 0.5%. While the earn rate isn’t the best, this gives you the option of using credit card rewards to your advantage, especially if you already make a lot of money transfers.
You can also earn referral rewards, with $50 earned when a friend sends money abroad through your assigned referral link. These rewards are useful incentives if you already bank with Simplii Financial or are looking to open an account.
Pick up your money at MoneyGram
An easy way for your recipient to get their money in cash – send it to a local MoneyGram. Your recipient will be sent details of where and how they can get their money. This can make it simpler, and allow anyone to easily pick up some cash instead of worrying about getting it out of a bank account.
Get cash rewards by referring a friend
If you send your unique referral link to a friend and they use it to send a GMT, you'll both get $50 cash via Interac e-Transfer. If your friend also happens to be new to Canada and they open a no-fee chequing account, you could get $125.
The cons of Simplii Financial Global Money Transfers
Here’s what you need to look out for when considering Simplii Global Money Transfers.
Cons
Not available in Quebec
Unfortunately, while Simplii Financial services are available in the vast majority of Canadian provinces and territories, this doesn’t include Quebec. This cuts out a huge chunk of the Canadian population. If you’re a Quebec resident, your best bet is to opt for another money transfer service.
Hidden fees
Despite being marketed as "no fee" transfers, one thing you need to look out for is the potential for additional fees. Their fine print reads that “foreign exchange rates apply,” with these rates set by Simplii Financial. Their Simplii Global Money Transfer Agreement also states that “Additional fees and/or taxes may be deducted from the GMT amount by the Recipient Bank,” which is something to keep in mind. Depending on what bank the recipient of the money transfer uses, a deduction may be made.
Simplii Financial Global Money Transfer alternatives
Want to weigh your options? Here are some alternatives that you can look at:
 |  |  |  | |
|---|---|---|---|---|
| Account | Simplii Financial™ Global Money Transfer | Wise | Western Union Money Transfer | Xoom |
| Genius Rating | ||||
| Why You Want It | Pay $0 in transfer fees + Send up to $75,000 within a 24-hour period. | Global money transfers that are up to 8x cheaper than banks + No hidden fees. | Send money online or in-store + Over 2,700 stores across the country. | 4 different delivery methods available + Money-back gurantee. |
| Mid-market Exchange Rate? | | | | |
| Hidden Fees? | | | | |
| Example Fees For $1,000 |
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| Example Transfer Speed For $1,000 |
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| Debit Transfer? | | | | |
Show More | ||||
| Apply Now See more Simplii Financial products Compare | Apply Now See more Wise products Compare | Apply Now See more Western Union products Compare | Learn More See more Paypal products Compare |
FAQ
How many Simplii Global Money Transfers can you make per day?
You can send an unlimited number of money transfers, as long as it remains under the total maximum of $75,000 per day.
How much can you transfer with a Simplii Financial Global Money Transfer?
Simplii Financial states that there’s a maximum amount of up to CA$75,000 from Canada to most locations like America.
Are there Simplii Financial Global Money Transfer fees?
Initially, there are no fees for money transfers, but keep in mind that there may be additional fees charged, such as foreign exchange fees or recipient bank fees.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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