Simplii money transfer review & guide

Exchange rates, payment options, step-by-step guide, transfer fees, and all you need to know about .

Trademark Disclaimer: Simplii* with whom RemitBee Incorporated (“We,” “Us,” “Our”) has no direct or indirect association in marketing, sales or customer service. Indeed, the enclosed contents are provided only for information and comparison purposes. We further state that all third-party products, services, company names and logos remain the property of their respective holders. Use of them here in this article does not imply any affiliation with or endorsement by them.

Everything you need to know

Simplii review

Are you looking to send an international money transfer from Canada? If so, you may want to consider Simplii Financial Global Money Transfer. From one of the top online banks in Canada, this is a fairly popular option for sending money to friends or family overseas.

Firstly, what is Simplii Financial? It’s a Canadian bank that operates completely online. It offers services through its website and app with no fees or minimum balance. It’s an easy way to bank and benefits from its association with CIBC, a leading bank.

In 2019, it launched its Simplii Financial Global Money Transfer service. This international money transfer option reaches a network of over 75 countries globally.

Payment Methods Available with Simplii

Simplii Financial offers several payment methods for its Global Money Transfer (GMT) service, allowing you to send money internationally with ease.

Bank Account Transfers

Credit Card Transfers

Cash Pickup via MoneyGram

Digital Wallet Transfers

How much can I transfer with Simplii?

Simplii Financial's Global Money Transfer (GMT) service allows you to send money internationally with the following limits

Bank Account Transfers

Send money directly from your Simplii Financial chequing or savings account, with limits of up to $75,000 CAD per transaction.

Credit Card Transfers

Fund your transfer using your Simplii Financial credit card, with limits of up to $15,000 CAD per transaction.

Digital Wallet Transfers

Transfer funds to digital wallets like Alipay and WeChat Pay, with a limit of up to $8,000 CAD per transaction.

How long does a transfer usually take with Simplii?

Transfers with Simplii Financial's Global Money Transfer (GMT) service typically take 1 to 3 business days for direct-to-bank transfers. For cash pickup via MoneyGram, funds are often available within 1 business day, and in some cases, on the same day. Digital wallet transfers (e.g., Alipay, WeChat Pay) are processed in real-time and can be available within minutes.

Pros and Cons of using Simplii

Pros

No fees for online banking

Tracking transfers through online banking and app

Ability to do all your banking and money transfers in same place

Large number of countries covered

Cons

Customer service can have its issues

Must have a Simplii Financial bank account to send

No physical branches

Exchange rates are not transparent

How it works

How does Simplii make money?

Simplii Financial's Global Money Transfer service allows clients to send money internationally without incurring transfer fees. However, the exchange rate applied to these transfers includes a margin, which is how Simplii generates revenue from this service. The exact exchange rate and margin are not disclosed in advance and are only determined at the time of the transfer.

Simplii exchange rates

Simplii’s international money transfer exchange rates are not published, but it is known that the bank does not use the real exchange rate. The real exchange rate is also called the mid-market rate. It is the rate used by banks globally among themselves for large transactions. You may see it quoted when you search for today’s exchange rate in a search engine. However, when banks like Simplii exchange money for you, they do not use this rate.

Best rates with RemitBee

RemitBee makes sending money abroad simple, fast, and affordable. With transparent fees and no hidden charges, it offers competitive pricing for international transfers. You can choose from multiple payment methods and benefit from the mid-market exchange rate, which ensures you get the best value for your money.

Transfers are secure, with top-level encryption protecting your data and funds. Whether you're sending money to family or handling business transactions, RemitBee ensures a smooth, reliable experience every time.

Safety and security

Is Simplii money transfer secure?

Simplii takes security seriously, although it has had a major security breach in 2018 when hackers were able to access some accounts’ information. This is probably the reason why it now has a high standard of encryption for access to the service.

Security features

Proactively monitors account activities for signs of fraud and sends alerts via phone, email, or text to verify suspicious transactions.

Secure Messaging powered by ProofPoint is used for confidential communications, ensuring that sensitive information is exchanged safely.

Simplii offers a guarantee to reimburse unauthorized transactions, as long as the customer meets their responsibilities to protect their account.

Adds an extra layer of security by requiring a one-time verification code sent via text, push notification, or voice call for certain transactions and account changes.

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