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Simplii US$ account at 1.65% until Sept 30
June 7, 2022
2:32 pm
Bruford
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I seems the only way Simplii will allow you to fund the $US account is to exchange Cdn to US with their outrageous exchange rates and fees. Good luck with that Simplii, I won't play your game.

June 7, 2022
5:36 pm
Norman1
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Bruford said
Transfer to IBK REJECT-INVALID INST NO.

After linking my EQ with Simplii and 5 days of waiting for transfer from EQ $US to Simplii $US, the money came back to my EQ account.…

Flinks could have screwed up trying to screen scrape from Simplii's online banking site.

What does EQ Bank think are the institution and branch numbers of the Simplii US$ Savings account? One can see those by signing onto EQ Bank's online banking site and viewing the details of the linked external accounts.

June 7, 2022
5:40 pm
savemoresaveoften
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Bruford said
I seems the only way Simplii will allow you to fund the $US account is to exchange Cdn to US with their outrageous exchange rates and fees. Good luck with that Simplii, I won't play your game.  

thats what I said on post#9 and also an earlier post. The Simplii US account is simply useless.

June 9, 2022
12:00 pm
topgoat
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Sorry to say the 1.65% interest offer (for the next 4 months) does NOT seem to make it worth my time:
1. Cannot make deposits at the bank, ATM or using the Mobile App. Also cannot make any electronic transfers from another bank. Tried a transfer from a USD account at another bank and was rejected.
2. Need to mail in a cheque to make a deposit, resulting in wasted time.
3. Withdrawals can only be made by transferring funds to your Simplii CAD account (losing on FX), or by requesting a money order or bank draft (which costs $7.50), also to be mailed to you, wasting more time.sf-cry

June 9, 2022
12:54 pm
lhsaid
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topgoat said
Sorry to say the 1.65% interest offer (for the next 4 months) does NOT seem to make it worth my time:
1. Cannot make deposits at the bank, ATM or using the Mobile App. Also cannot make any electronic transfers from another bank. Tried a transfer from a USD account at another bank and was rejected.
2. Need to mail in a cheque to make a deposit, resulting in wasted time.
3. Withdrawals can only be made by transferring funds to your Simplii CAD account (losing on FX), or by requesting a money order or bank draft (which costs $7.50), also to be mailed to you, wasting more time.sf-cry  

Interesting ! I added my SIMPLII USD account last week, Linked it to EQ, and issued a transfer. Today, to my surprise, I checked the transfers were reverted (reason INVALID INST ID !!!) though I linked the account using the auto method !!! and the link got removed !!! I contacted EQ, they said "Please just link again". I just re-linked the account and issued transfer again, fingers crossed !

June 9, 2022
2:09 pm
Norman1
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lhsaid said

… I contacted EQ, they said "Please just link again". I just re-linked the account and issued transfer again, fingers crossed !

Sign onto EQ Bank online and check what institution ID EQ Bank thinks the Simplii US$ Savings account is at.

I suspect Flinks screenscraped some invalid ID.

June 9, 2022
2:47 pm
lhsaid
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Norman1 said

lhsaid said

… I contacted EQ, they said "Please just link again". I just re-linked the account and issued transfer again, fingers crossed !

Sign onto EQ Bank online and check what institution ID EQ Bank thinks the Simplii US$ Savings account is at.

I suspect Flinks screenscraped some invalid ID.  

Not sure what it was first time I linked it, but now it looks correct:Capture.PNG

June 9, 2022
3:09 pm
rhvic
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Spoke to a Simplii agent on the phone, who confirmed, as we suspect, that one cannot link the US$ savings account to other FIs. The agent says the only way to move money in from an outside FI is by wire transfer or bank draft, each of which involve absurd fees and effort.

The agent did promise to escalate my comments to management, and I also suggested they look at this web site for other customer comments and complaints.

So my new US$ account at Simplii will remain empty for now.

June 9, 2022
4:18 pm
Norman1
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lhsaid said

Not sure what it was first time I linked it, but now it looks correct:Capture.PNG

I agree. Institution #010 is the ID for CIBC. Definitely not invalid.

Maybe that return reason "INVALID INST ID" is an inaccurate description of the return reason.

The return reason is a three digit number defined in Standard 007. Could really be 912 for INA (Invalid/Incorrect Account No.) and EQ Bank is translating that incorrectly to "INVALID INST ID".

June 9, 2022
4:42 pm
lhsaid
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Norman1 said

lhsaid said

Not sure what it was first time I linked it, but now it looks correct:Capture.PNG

I agree. Institution #010 is the ID for CIBC. Definitely not invalid.

Maybe that return reason "INVALID INST ID" is an inaccurate description of the return reason.

The return reason is a three digit number defined in Standard 007. Could really be 912 for INA (Invalid/Incorrect Account No.) and EQ Bank is translating that incorrectly to "INVALID INST ID".  

My transfer EQ->SIMPLII got rejected again and EQ contacted me, the reason is that SIMPLII does not support e-transfers ! I called SIMPLII and they confirmed it. So, this SIMPLII USD account is useless (at least for me).

June 9, 2022
4:54 pm
Norman1
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It is that Simplii US$ Savings account.

Simplii does support automated funds transfers to their chequing account and C$ savings account. I've pushed money successfully many times from Hubert to those two C$ accounts. Hubert and Scotia iTRADE have pulled money from my Simplii chequing account many times as well.

June 9, 2022
5:10 pm
savemoresaveoften
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Norman1 said
It is that Simplii US$ Savings account.

Simplii does support automated funds transfers to their chequing account and C$ savings account. I've pushed money successfully many times from Hubert to those two C$ accounts. Hubert and Scotia iTRADE have pulled money from my Simplii chequing account many times as well.  

What works on the cad side has nothing to do with the usd side....
The usd account is more for them to make more money on buy/sell usdcad and have the customer pays their spread.

June 10, 2022
5:36 am
lhsaid
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Norman1 said
It is that Simplii US$ Savings account.

Simplii does support automated funds transfers to their chequing account and C$ savings account. I've pushed money successfully many times from Hubert to those two C$ accounts. Hubert and Scotia iTRADE have pulled money from my Simplii chequing account many times as well.  

That is true with CAD accounts, and I've done same too in the past. But not with USD account. They literally told me that they just started on USD accounts and they're hoping to get up to speed in the near future.

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