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Locked: [simplii] Get $50 when you send your first $100 global money transfer abroad

  • Last Updated:
  • May 29th, 2020 5:47 am
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Deal Guru
User avatar
Jul 17, 2008
10490 posts
3188 upvotes
deadice wrote: Definately came as a wire, here are my transactions in my wells fargo account:

Received $69.41USD from $100.00CDN sent from Simpli:
WT Fxxxxxxxxxxxxxxxxx CIBC /ORG=xxxx xxxx SRF# Fxxxxxxxxxxxx TRN#000000000000 RFB#

Wire charge $16.00USD:
WIRE TRANS SVC CHARGE - SEQUENCE: xxxxxxxxxxxxxxxxx SRF# Fxxxxxxxxxxxxxxxxxx TRN#xxxxxxxxxxxxxxx RFB#
What a ripoff
Deal Addict
Sep 24, 2007
3802 posts
1180 upvotes
Ontario
Messerschmitt wrote: What a ripoff
If there was no fee I would have considered using this to send funds to my US account vice using PayPal, but for now PayPal is still cheaper lol.
Deal Addict
User avatar
Apr 2, 2010
1831 posts
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GTA
chrisjyhong wrote: Do I need to add $20 USD to receive USD funds - to set up USD Borderless account?
Not sure about the question.
However no funding is required in general to setup a transferwise account and then setup borderless accounts in various currencies.
Newbie
Nov 18, 2011
60 posts
22 upvotes
Toronto
martydxb wrote: Not sure about the question.
However no funding is required in general to setup a transferwise account and then setup borderless accounts in various currencies.
When I click "Get Bank Detail" - to get an account number, ACH routing number, wire routing number and SWIFT/BIC - it moves to "Add money to your account"
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Deal Addict
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Apr 2, 2010
1831 posts
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chrisjyhong wrote: When I click "Get Bank Detail" - to get an account number, ACH routing number, wire routing number and SWIFT/BIC - it moves to "Add money to your account"
Hmm... that's new. I have no recollection of doing that.
Try contacting support and ask if they can waive it, explain that you have incoming funds so that's how you will fund it.

Either way, maybe you can setup the funding instruction to match your Simplii outgoing USD amount if that makes sense. (e.g. 75 USD or something, and make sure to send that exact amount off Simplii).
Last edited by martydxb on May 20th, 2020 4:42 pm, edited 1 time in total.
Sr. Member
Dec 8, 2010
584 posts
227 upvotes
Markham, Ontario
Reading the T&C for referral, how does my friend send his referral link? Is there a special way to email so I meet the bolded parts from the T&C below?

Offer Requirements:
2. A cash referral bonus in an amount determined by Simplii Financial from time to time (“Bonus”) will be paid to each of the Referrer and the Friend if:
a) The Referrer uses the GMT referral link in Simplii Financial Online Banking to email the Offer to the Friend (no Bonus will be paid if the Friend is referred in any other manner); and
b) The Friend logs into Simplii Financial Online Banking, clicks the referral link and sends their first GMT in an amount not less than $100 CDN (or the equivalent amount in a foreign currency) from a Simplii Financial personal bank account or line of credit account (“Account”) held in their name within 30 days of receiving the email referral.
Member
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Jul 20, 2017
325 posts
289 upvotes
A a warning/note:
I did this offer long ago when it was only $20/30? .
End up not getting it.
Called in they said oops, it would be applied in the next cpl biz days.
Week later, still no credit, called again, they apologized and said they will definitely apply it manually this time and give me an xtra $10.
Xtra $10 not really worth the extra effort calling em twice, but yea.
Newbie
May 11, 2017
46 posts
37 upvotes
Last time I tried this I realized the fees are embedded in the exchange rate....so it is a bit misleading....okay...maybe alot.

Maybe it has changed this time but look into that when you are doing it.
Member
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Jun 24, 2016
358 posts
307 upvotes
I used this service once and got charged a domestic wire fee with RBC US of $30, cancelling out the Simplii promo. Buyer beware.
Deal Addict
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Apr 2, 2010
1831 posts
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dsouzaaa wrote: Last time I tried this I realized the fees are embedded in the exchange rate....so it is a bit misleading....okay...maybe alot.

Maybe it has changed this time but look into that when you are doing it.
True, that's how they make money. Overall the way these exchanges make money are either:
1) Charging fees upfront and then using the interbank currency conversion rate (the true forex rate) like you get on xe.com . An example of this would be Transferwise.
2) Giving it 'free' but as you said, charging it as a spread off the xe.com/formal conversion rate (if you calculate, its around 1.5% or more). example, Simplii/ XE.com's transfer service.
3) Both, lol! Dont know examples but the more conventional exchanges charge them.

Hope that helps anyone trying to actually use this to send money. There are couple of strategies for real life transfers but the easiest is to check out the end result. e.g. after all expenses how much does $1000 CAD get me at the bank in USD$.
Deal Addict
Oct 12, 2005
1894 posts
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deadice wrote: Definately came as a wire, here are my transactions in my wells fargo account:

Received $69.41USD from $100.00CDN sent from Simpli:
WT Fxxxxxxxxxxxxxxxxx CIBC /ORG=xxxx xxxx SRF# Fxxxxxxxxxxxx TRN#000000000000 RFB#

Wire charge $16.00USD:
WIRE TRANS SVC CHARGE - SEQUENCE: xxxxxxxxxxxxxxxxx SRF# Fxxxxxxxxxxxxxxxxxx TRN#xxxxxxxxxxxxxxx RFB#
Wow, ACH is like a penny per transaction and they send by wire. It costs them more to do a domestic wire. All that for $100 transfer. I guess if they are giving you $50 might as well spend big. Better stick with Transferwise. XE used to be good but they got bought out and seems like their service has been suffering.
Jr. Member
Dec 14, 2008
192 posts
206 upvotes
Vancouver
the referral link is down for me

So if i refer my wife....she sends $100, she gets $75 total and I get $25?
and can she refer back to me? and I send $100 for the same results vice versa?

https://imgur.com/Wrgdaye
Jr. Member
Dec 14, 2008
192 posts
206 upvotes
Vancouver
I don't know man, free money is free money....yes you can be on hold for a long time, but just put phone on speaker and surf stayhomehub or something...
Eleventeen wrote: A a warning/note:
I did this offer long ago when it was only $20/30? .
End up not getting it.
Called in they said oops, it would be applied in the next cpl biz days.
Week later, still no credit, called again, they apologized and said they will definitely apply it manually this time and give me an xtra $10.
Xtra $10 not really worth the extra effort calling em twice, but yea.
Jr. Member
Dec 14, 2008
192 posts
206 upvotes
Vancouver
when sending from simplii, it's asking for the recipient address (the recipient is myself)
However, the address on the summary tab shows that it's in the US.
Will this affect the actual transfer?
The bank is in the US thru transferwise.

Thanks,
Deal Addict
User avatar
Apr 2, 2010
1831 posts
1170 upvotes
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zerallamvuut wrote: when sending from simplii, it's asking for the recipient address (the recipient is myself)
However, the address on the summary tab shows that it's in the US.
Will this affect the actual transfer?
The bank is in the US thru transferwise.

Thanks,
Its been a few months since I tried this but I recall something similar, cant guarantee but you should see your name and a bank in New york? or somewhere in the Us as the address.

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