Simplii Global Money Transfer: A Review

July 19, 2021
Reviews
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Simplii Global Money Transfer is an excellent option for any Canadian who needs to send money abroad. With zero transfer fees and 120+ destination countries to choose from, it makes the financial side of living an international lifestyle stress-free.

I particularly like that transfers are easy to track and carry bank-level security. With the economy becoming more globalized every year, I highly recommend cutting down on cross-border fees with Simplii Global Money Transfer.

What Is Simplii Global Money Transfer?

Simplii Global Money Transfer allows users to send money to over 120 countries quickly and securely. There are always zero fees to transfer and no pre-funding is required. It’s an excellent way to save money on foreign currency transfers, and makes sending money abroad as simple as sending money within Canada. 

Simplii Financial is the only digital challenger bank to offer a zero-fee international money transfer solution. With Simplii Global Money Transfer, you can send money abroad from any of these accounts:

  • No Fee Chequing Account 
  • Personal Line of Credit 
  • Secured Line of Credit 
  • Cash Back Visa Card

Current Promotions

Simplii Financial is currently running a promotion for first-time GMT users with the promo code GMTEVENT. This is a unique promo code not available to the public, and here’s what you can earn with it as a first-time GMT user on your first transfer:

  • $50 cash back for transfers under $5,000
  • $100 cash back for transfers from $5,000 to $1,499.99
  • $150 cash back for transfers $1,500 to $24,999.99
  • $300 cash back for transfers at and above $25,000

Plus, if you open a No Fee Chequing Account, you’ll earn $200 just for signing up.

These promos run until October 31, 2021, so I recommend signing up now so that your account is ready when you need to make your first transfer. With the $200 you can earn for opening a new No Fee Chequing Account, your potential bonus jumps to $500.

Benefits Of Simplii Global Money Transfer

#1 No Transfer Fees

Simplii Global Money Transfer never charges any transfer fees. The only fees you do pay are foreign exchange fees, which are set by Simplii.

#2 Flexible Limits

Restrictions around how much money you can send with Global Money Transfer are very user-friendly. The minimum you can send per transfer is $100 CAD, and the maximum is $30,000 CAD within a 24-hour period. There’s no limit to the number of transactions you can send, though some countries do impose specific limitations.

For example, recipients in China can only receive a maximum of $10,000 USD daily and $50,000 USD per year. If you’re sending money to Indonesia or Vietnam, you can only send up to $5,000 CAD per transfer

#3 Easy To Track

You can track the status of your transfer using online banking or the Simplii Financial mobile banking app by selecting Global Money Transfer and then selecting either “Transfer Status” (via online banking) or “History” (via the mobile app).

You'll receive an email confirming your Global Money Transfer has been submitted.

Simplii Financial Global Money Transfer Destinations

#4 Get Paid For Referring Friends

There are two ways to get paid for referring new people to Simplii Financial:

  1. Get $25 when you tell a friend about Simplii Global Money Transfer and they send money abroad. To find your referral link, sign on to online banking and go to Global Money Transfer.
  2. Get $50 for yourself and your friend when they move to Canada and open a No Fee Chequing Account with Simplii Financial through their New to Canada Banking Program.

#5 Safe & Secure

Simplii Global Money Transfer operates with bank-level security, ensuring there’s no possibility for money to get lost on its way from your account to your recipients’.

#6 Get Cash Back

Simplii Financial clients can earn an additional 0.5% cash back when they use their Simplii Financial Cash Back Visa Card to pay for a Simplii Global Money Transfers. You also won’t be charged any interest if you pay your balance by the payment due date.

#7 120+ Countries Available

Here’s a full list of the 120+ countries you can send money to using Simplii Global Money Transfer, plus the currencies you can send there. Keep in mind that if you want to send money within Canada, you’ll use Interac e-transfer instead.

Albania (ALL)Gibraltar (GBP)Nicaragua (NIO)
Algeria (DZD)Greece (EUR)Nigeria (NGN)
Argentina (ARS)Guatemala (GTQ)Northern Ireland (GBP)
Armenia (AMD)Guernsey (GBP)Norway (NOK)
Australia (AUD)Guyana (GYD)Pakistan (PKR)
Austria (EUR)Haiti (HTG)Paraguay (PYG)
Bangladesh (BDT)Honduras (HNL)Peru (PEN)
Barbados (BBD)Hong Kong (HKD)Philippines (PHP)
Belarus (BYN)Hungary (HUF)Poland (PLN)
Belgium (EUR)Iceland (EUR)Portugal (EUR)
Belize (BZD)India (INR)Qatar (QR)
Bermuda (BMD)Indonesia (IDR)Romania (RON)
Bolivia (BOB)Ireland (EUR)Russia (RUB)
Bosnia and Herzegovina (BAM)Isle of Man (GBP)Rwanda (RWF)
Brazil (BRL)Israel (ILS)Saudi Arabia (SAR)
Bulgaria (BGN)Italy (EUR)Scotland (GBP)
Burkina Faso (XOF)Jamaica (JMD)Senegal (XOF)
Cambodia (KHR)Japan (JPY)Singapore (SGD)
Cameroon (XAF)Jersey (GBP)Slovakia (EUR)
Chile (CLP)Jordan (JOD)Slovenia (EUR)
China (RMB and USD)Kenya (KES)South Africa (ZAR)
Colombia (COP)Kuwait (KWD)South Korea (KRW)
Costa Rica (CRC)Kyrgyzstan (KGS)Spain (EUR)
Croatia (HRK)Latvia (EUR)Sri Lanka (LKR)
Cyprus (EUR)Liechtenstein (EUR)St. Vincent (XCD)
Czech Republic (CZK)Liberia (LRD)Sweden (SEK)
Denmark (DKK)Lithuania (EUR)Switzerland (CHF)
Djibouti (DJF)Luxembourg (EUR)Tajikistan (TJS)
Dominican Republic (DOP)Macau (MOP)Tanzania (TZS)
Ecuador (USD)Macedonia (MKD)Thailand (THB)
Egypt (EGP)Madagascar (MGA)Togo (XOF)
El Salvador (USD)Mali (XOF)Trinidad andTobago (TTD)
England (GBP)Malaysia (MYR)Tunisia (TND)
Estonia (EUR)Malta (EUR)Turkey (TRY)
Ethiopia (ETB)Mauritius (MUR)Uganda (UGX)
Fiji (FJD)Mexico (MXN)United ArabEmirates (AED)
Finland (EUR)Monaco (EUR)United Kingdom (GBP)
France (EUR)Morocco (MAD)United States (USD)
French Polynesia (XPF)Netherlands (EUR)Uruguay (UYU)
Georgia (GEL)Nepal (NPR)Vietnam (VND)
Germany (EUR)New Caledonia (XPF)Wales (GBP)
Ghana (GHS)New Zealand (NZD)

How To Make A Transfer With Simplii Global Money Transfer

Start off by logging in to online banking or the Simplii Financial mobile banking app and selecting Global Money Transfer. Choose the currency, country and person you want to send money to, as well as how much you want to send in Canadian dollars.

Next, enter these details for the recipient:

  • The name and address of the person you're sending money to
  • The name and address of the recipient's bank
  • The recipient's bank account number
  • The recipient's bank code

Once you approve the transfer, your recipient will receive the funds in 1-3 business days. They don’t need to do anything to receive the funds: the money will automatically show up in their account. Your recipient details are saved so no need to enter all the details again and again.

Who Should Use Simplii Global Money Transfer?

Simplii Global Money Transfer is an excellent option for any Canadian who needs to send money abroad. With zero transfer fees and more than 120 countries to choose from, it makes the financial aspects of living an international lifestyle stress-free.

Some great uses of Global Money Transfer include sending money to loved ones, paying tuition fees abroad, paying business expenses overseas, paying vacation expenses overseas, and paying medical bills abroad—all without any transfer fees.

In Summary

Global Money Transfer is an excellent option for any Canadian who needs to send money abroad. With zero transfer fees and 120+ destination countries to choose from, it makes the financial side of living an international lifestyle stress-free.

I particularly like that transfers are easy to track and carry bank-level security. With the economy becoming more globalized every year, I highly recommend cutting down on cross-border fees with Simplii Global Money Transfer. 

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