Simplii USD Account Now Available | Simplii Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Simplii USD Account Now Available
October 19, 2021
5:49 pm
Shawguy
Member
Members
Forum Posts: 258
Member Since:
December 18, 2008
sp_UserOfflineSmall Offline

Simplii USD Savings Account is now available

https://www.simplii.com/en/bank-accounts/usd-savings-account.html

Nothing special about it, just sharing for info.

October 19, 2021
7:45 pm
odinson
Member
Members
Forum Posts: 12
Member Since:
February 10, 2018
sp_UserOfflineSmall Offline

Just checked it out. Real-time exchange rate is better than EQ's USD, at least at the moment:

1 CAD = 0.802604 USD
1 USD = 1.245945 CAD
(2021-10-19 10:17 pm)

EQ rate about 2 min. later:
1 CAD = 0.7971 USD
1 USD = 1.2179 CAD

I didn't even bother to check Tangerine and TD Borderless because not once in the past 50 times trying has TD been better than Tang, nor Tang better than EQ.

Sadly for my purposes this new Simplii account may not be useful as it's unclear whether USD to USD transfers can be made between Canadian banks.

EDIT:
confirmed via Simplii online chat:
"I looked into this for you and at the moment it is not possible to link the account to another bank. I will pass on the feedback to the development team."

October 19, 2021
9:25 pm
Norman1
Member
Members
Forum Posts: 4397
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Yes, US$ transfers are possible between US$ accounts at Canadian financial institutions. It is done through the Payments Canada US Dollar Bulk Exchange system:

US Dollar Bulk Exchange
The US Dollar Bulk Exchange (USBE) is a parallel system to the [Canadian Dollar] Retail System. The USBE is used for payment items in US dollars, drawn on a U.S. dollar account at financial institutions in Canada, but settled in the U.S. [through correspondent banks in New York instead of through Bank of Canada]

October 20, 2021
3:29 am
Bruford
Member
Members
Forum Posts: 122
Member Since:
August 10, 2018
sp_UserOfflineSmall Offline

odinson said
Sadly for my purposes this new Simplii account may not be useful as it's unclear whether USD to USD transfers can be made between Canadian banks.
"  

I am able to transfer $US between my Tangerine and EQ.

October 20, 2021
7:02 am
Norman1
Member
Members
Forum Posts: 4397
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Hubert Financial also advertises the ability for their US$ savings account:

To make things easy, we now offer electronic transfers to and from your American Dreams [savings] account in US dollars. You can link external US dollar accounts (located at financial institutions within Canada) and transfer between them at no cost!

The question is does Simplii allow their US$ savings account to accept US$ direct deposits and US$ pre-authorized debits coming in from the Payments Canada USBE system?

October 20, 2021
9:26 am
KamWest
Toronto
Member
Members
Forum Posts: 136
Member Since:
December 20, 2019
sp_UserOfflineSmall Offline

The question I have is...

It's a savings account, how much will you get dinged if you use it?
You know you will need to transact inside this account and I bet that is where the profits will come in.

Technically you would need a chequing and savings account but then they would give you a ridiculous minimum you have to keep to avoid fees.

October 20, 2021
7:58 pm
odinson
Member
Members
Forum Posts: 12
Member Since:
February 10, 2018
sp_UserOfflineSmall Offline

Norman1 said
Yes, US$ transfers are possible between US$ accounts at Canadian financial institutions. It is done through the Payments Canada US Dollar Bulk Exchange system

Yes, thank-you for the info. However, transfers are not possible within Simplii's UI online banking. If you go their page to link an external account, the USD account does not appear on the dropdown. A CSA confirmed via chat that this is not possible, "yet".

Bruford said
I am able to transfer $US between my Tangerine and EQ.  

Likewise, but with a better exchange at Simplii, I want to be able to exchange CAD and then push USD from Simplii to other places where I need the USD. I assume it will possible to pull from Simplii using one of the other online banks, but then I'm stuck in holding, and will usually need to make a second transfer from (e.g.) EQ to elsewhere. Big waste of time!

KamWest said
It's a savings account, how much will you get dinged if you use it?
 

"No monthly fees and no minimum balance required."

Please write your comments in the forum.