Personal Finance

best way to transfer money from Simplii to CIBC?

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  • Jan 8th, 2021 9:17 am
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Oct 28, 2015
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Vaughan, ON

best way to transfer money from Simplii to CIBC?

already hit $3000 etransfer limit, wonder what's the best way to do a intrabank transfer than can go over the $3000 limit? The Simplii seems to be able to transfer directly to another bank account providing the bank cheque information, is it free of charge though?
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Sep 14, 2012
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Montreal, QC
xuanzh wrote: already hit $3000 etransfer limit, wonder what's the best way to do a intrabank transfer than can go over the $3000 limit? The Simplii seems to be able to transfer directly to another bank account providing the bank cheque information, is it free of charge though?
I don't have an account on Simplii as it isn't available to Quebec residents but it should be free since most of the other online only banks offer this service for free. I can do this with my Tangerine account and it is free (either pulling the money from my linked bank account at another institution or push money from Tangerine to that linked bank account at the other financial institution).
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Oct 14, 2012
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Woodstock
Simplii will not charge your to "push" transfer money from Simplii to a linked external bank account at CIBC, BMO, etc. Simplii also will not charge you to "pull" transfer money from CIBC, BMO etc into a Simplii account.

It is not usually free if you start the transfer from CIBC or BMO though. So use Simplii to 'push' or 'pull' the money around.

Some banks may charge a fee per withdrawal or a fee for each withdrawal after a certain number are made per month. Simplii doesn't. However, if your CIBC account charges you a fee for a withdrawal, you will have to pay that fee even when you request the transfer from Simplii. For example, I have a CIBC USD account that charges me a fee if I make a withdrawal in cash or if I request a transfer to a USD account at Tangerine because it does not allow any form of free withdrawal.

If your CIBC account charges you to make a deposit (highly highly doubt that it does) it could charge a fee when you transfer in money from Simplii. Most banks want you to make deposits so most do not charge any fee when you transfer money IN.

Hope I haven't made this even more confusing!
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Jul 16, 2019
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xuanzh wrote: The Simplii seems to be able to transfer directly to another bank account providing the bank cheque information, is it free of charge though?
Yup, it's free. This thread explains how to set up the link.
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Feb 24, 2018
259 posts
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Toronto
I think the OP want to transfer instantly (or within couple hours like etransfer) . Link account take a few days.

To OP: I have to do it 3k per day and 10k per 7 days. Hope someone can post a difference way
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Jan 24, 2013
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Rainy River
I have a Simplii line of credit and a CIBC line of credit. If you aren't using the lines of credit you can write a cheque to yourself, deposit to the CIBC line of credit, then transfer instantly to your CIBC chequing account. This works up to your credit line limit. CIBC Line of credit is also a bill payee on Simplii's bill payment vendors. So if you don't mind waiting a day or two this works as well.
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Jan 15, 2017
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BetCrooks wrote: Simplii will not charge your to "push" transfer money from Simplii to a linked external bank account at CIBC, BMO, etc. Simplii also will not charge you to "pull" transfer money from CIBC, BMO etc into a Simplii account.
What's a linked external bank account, a payee?
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retireyoung55 wrote: I have a Simplii line of credit and a CIBC line of credit. If you aren't using the lines of credit you can write a cheque to yourself, deposit to the CIBC line of credit, then transfer instantly to your CIBC chequing account. This works up to your credit line limit. CIBC Line of credit is also a bill payee on Simplii's bill payment vendors. So if you don't mind waiting a day or two this works as well.
There might be a hold on that deposit though.
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Jul 16, 2019
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taxrage wrote: What's a linked external bank account
If you give Simplii a void cheque or stamped PAD form for an account you have at another bank, they will allow you to move money between Simplii and this other bank. These transfers are free, but they can take one or two business days, and if you're moving money from your other bank to Simplii, Simplii will probably impose a five business day hold.
taxrage wrote: a payee?
The recipient of your bill payment.
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Jan 15, 2017
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someweirdo wrote: If you give Simplii a void cheque or stamped PAD form for an account you have at another bank, they will allow you to move money between Simplii and this other bank. These transfers are free, but they can take one or two business days, and if you're moving money from your other bank to Simplii, Simplii will probably impose a five business day hold.
Ah, just saw that under Transfers/Bank To Bank Transfers on the web. This is new (to me).
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Mar 14, 2014
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taxrage wrote: There might be a hold on that deposit though.
That's a given. Think of it this way, if you have a credit limit of $5000 and deposit a cheque for $5000, the balance of the account is -$5000. If you then transfer $5000, as an example to a savings account, the balance returns to $5000 with the deposited cheque being on hold. The $5000 in the savings account is unrestricted and free to use as desired. As the balance of the uLOC is $5000, or zero if that's another way to look at it, no interest applies.
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flyjazz wrote: That's a given. Think of it this way, if you have a credit limit of $5000 and deposit a cheque for $5000, the balance of the account is -$5000. If you then transfer $5000, as an example to a savings account, the balance returns to $5000 with the deposited cheque being on hold. The $5000 in the savings account is unrestricted and free to use as desired. As the balance of the uLOC is $5000, or zero if that's another way to look at it, no interest applies.
Yeah, I forgot that the account had credit capacity.

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