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Reduced rates to send money to other countries until May 9th

  • Last Updated:
  • May 3rd, 2021 5:53 am
Deal Addict
Aug 7, 2019
1093 posts

Reduced rates to send money to other countries until May 9th

Deal Link:
May 9, 2021
What is it
If you have plans to send money abroad, Simplii financial has a nice money transfer system that they call GMT (global money transfer). You enter the details of the account you want to send to and can send the money directly from your account.

The bank labels it as "no-fee" as there is no distinct transfer fee. Instead, they make their money by adding a 1.5% margin on the exchange rate. For amounts under $800/$900, it usually ends up being the cheapest option amongst all the places I have looked at. For amounts over $800/$900, Wise/Transferwise are usually a bit cheaper.

The promotion

Right now, they have a promotion going on where they have improved the exchange rate for sending money until Mother's Day (May 9th) (different improvements for different countries).

For the country I normally send to, the margin has went from roughly 1.5% to 0.8%. It's great for people sending money to their home country for holidays like Eid, etc. that are coming up.

Additional Bonus

If you haven't ever used their money transfer system before, you can also take advantage of a promo they have that gives you $50-$100 back on your first transfer. This bonus is detailed in the thread below:

cibc-cibc-simplii-get-50-100-sending-gl ... #p34427814

Additional Bonus 2

If you don't have a Simplii Account, when you open one, you can take advantage of their new account promo here for an additional $100-$200:

https://www.simplii.com/en/special-offe ... count.html

You can also have one of your friends/family with a Simplii account give you a referral link when you open the account for an additional $50 each:

https://www.simplii.com/en/special-offe ... riend.html
1 reply
Jul 25, 2006
65 posts
Where can I find the % of margin they add on exchange rate?