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Simplii Financial Global Money Transfer rates
September 19, 2023
7:25 am
Peter
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I did a test transfer of CAD to USD from Simplii Financial to a Wise USD account, and then back to another CAD account, just to test the rates.

My conclusion is that you'll get better rates elsewhere (such as at Scotiabank, EQ Bank, or Wise, based on my tests a few years ago: https://www.highinterestsavings.ca/2020/11/scotiabank-vs-eq-banks-international-money-transfers/).

End-to-end, the $100 CAD that I transferred ended up as $89.26, although some of that was due to the USD-CAD exchange rate getting meaningfully worse over the past week, and the exchange rate spread on Wise's end for the transfer back to CAD.

The fees in that transfer caused by Simplii Financial:

  • On September 15, the mid-rate was about 1.352. Simplii Financial's rate was 1.3963, so the spread was about 3.28%. This spread appears to be the same no matter how much you transfer.
  • Simplii Financial did the transfer to the USD account via a wire transfer, rather than an ACH transfer, thus triggering a $4.14 wire transfer receiving fee on Wise's end. At other banks, this fee can often be much higher. ACH transfers usually don't incur a fee on the recipient bank's end.
September 20, 2023
8:55 am
norris2
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If the recipient USD bank is located in the USA their exchange rates are a lot better if you transfer CAD to a USD savings account first, about 1% premium over spot. Note you can't send from Simplii USD savings to USD accounts located in other countries.

I wouldn't place Simplii solely "at fault" for triggering wire fees. The recipient decides whether to charge you the fees. I've wired funds to Interactive Brokers and they don't charge fees. Neither does CIBC USA's chequing account. Also I'm no expert on this but it may depend on the ABA routing number and which/if an intermediary bank is used whether banks need to use a wire or ACH to transfer the funds.

September 20, 2023
11:03 am
HermanH
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I recently dealt with State Bank of India Canada (SBI). They required wire transfer, but were willing to refund any transfer fees incurred.

September 20, 2023
1:13 pm
Dennis
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I found that Simplii is better then EQ bank, if you send small amount. My case it is 200CA$. If send bigger amount, EQ bank is better. It is because Simplii has no direct fee but has lower exchange rate.

September 23, 2023
7:52 am
Peter
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norris2 said
If the recipient USD bank is located in the USA their exchange rates are a lot better if you transfer CAD to a USD savings account first, about 1% premium over spot. Note you can't send from Simplii USD savings to USD accounts located in other countries.

That's a great tip!

November 11, 2023
7:50 pm
Fritz23
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Could I link the Simplii USD account to Huberts-, EQ- or Tangerine-USD accounts and
could initiate a USD wire transfer from Simplii to Canadian or US FI?

Thanks,
Fritz

November 12, 2023
6:21 am
BTC
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Fritz23 said
Could I link the Simplii USD account to Huberts-, EQ- or Tangerine-USD accounts and
could initiate a USD wire transfer from Simplii to Canadian or US FI?

Thanks,
Fritz  

1. No.
2. Yes but only to US FI not Canadian one. Canada is not in the list of countries for GMT.

November 20, 2023
9:11 pm
Fritz23
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BTC said

1. No.
2. Yes but only to US FI not Canadian one. Canada is not in the list of countries for GMT.  

Thanks, BTC.
RE: 1. No - You mean no from the Simplii-side, but I assume I still could link Simplii from Huberts-, Tangerine- or EQ-side?
RE: 2: I only can wire USD from Simplii to an US-FI not to a Canadian bank?

November 23, 2023
8:22 am
BTC
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Fritz23 said

Thanks, BTC.
RE: 1. No - You mean no from the Simplii-side, but I assume I still could link Simplii from Huberts-, Tangerine- or EQ-side?
RE: 2: I only can wire USD from Simplii to an US-FI not to a Canadian bank?  

1 - No EFT support for either side. This is true at least as of last time I checked (August 2022) and things may have changed. However, I won't hold my breath on it.

2 - Yes as you cannot even select Canada in the form of the GMT page. The also specifies that "Send U.S. dollars to the U.S. for free." with a footnote of "This product feature does not apply to any transfer of USD to a USD account outside of the United States. "

November 27, 2023
5:42 pm
althisa
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BTW Simplii has a promotional referral code for first time global transfers.
I believe each person gets $50 when the first global transfer is made.
If anyone needs a referral code let me know.

There is another referral code for someone new to Canada, but if you are on this list probably does not apply.

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