Simplii just upped their game- get $75 for sending your first GMT of $100 (plus an additional $25 ~ $50 for referral)
UPDATE 2: The GMT75 promo seems to be over right now. However, if you enter GMT50 wherever it says GMT75 below, you can still complete each of the 3 options below but your bonus would be $25 lower. (i.e. using GMT50, you get $100 for option 1, $75 for option 2 and $50 for option 3)
UPDATE: I initially posted this thread back in May. However, someone raised a valid point that GMT75 was not officially advertised by Simplii (even though it was giving the "promo code successfully applied" message). Because of this, I removed the thread because I didn't want others to try using it only to get nothing. However, now, several people have reported back that the promo code GMT75 actually gave them the $75 bonus so it seems safe to say that as long as your code gets accepted, you should get the $75 back. I would however suggest screenshotting the various steps of the process just so you have proof that you did the referral and your code gave you a "successfully applied" message. Now, on to the deal
Potential profit: $75, $100 or $125 depending on which option you go with
GMT stands for global money transfer. Sending a GMT means chosing a bank account in a foreign currency and using Simplii's GMT bar on the left-hand side to send money to that account using Simplii's built-in currency conversion.
The potential savings and how it works:
Option 1: get $125 for sending $100
- For this promo, you need two people to have a Simplii Financial Account in your family. The person sending can't have sent a GMT before.
- Use the non-sender's account to generate a referral link.
- Use this referral link to send your transfer (at least $100). When it asks for a promo code, enter GMT75
- After 15 days, you will get $25 on the sending account and $25 on the family member's account that did the referral. (total bonus through referrals is $50)
- After 6 weeks, you will get $75 on the sending account
- --> total value of $125 credited
Option 2: get $100 for sending $100
- For this promo, you also need a Simplii Financial Account that hasn't sent a GMT before.
- Get a referral link from someone else.
- Use their referral link to send your transfer (at least $100) and when it asks for a promo code, enter GMT75
- After 15 days, you will get $25 on your account and another $75 after 6 weeks
- --> total value of $100 credited
Option 3: get $75 for sending $100
- For this promo, you just need to have your own Simplii Financial Account (like before, can't have sent a GMT from it).
- Send a transfer of $100 and when it asks for a promo code, enter GMT75
- After 6 weeks, you will be credited $75
- --> total value of $75 credited
Important points: Simplii does not officially advertise GMT75 but several users have reported back that it worked so it seems like a safe bet at this point. However, because it's not advertised, there is still a slight element of YMMV. If you want to play it safe, you can enter GMT50 for your promo code (but this will only give you $50).
You won't be able to get the bonus if you have already used Simplii's GMT system in the past
It is best to use the referral link with ad-blockers off (if you use them) or the system may not register the referral and you would need to follow up with the bank manually a few weeks later.
I actually find that Simplii's rates are better or the same as places like Transferwise (despite banks usually having poor exchange rates). I use Simplii to send money internationally regularly because of their rates (which are good for the countries I usually send to)
Additional info: You can see past threads for related promos here:
Simpli's GMT50 promo that gave you $50 for sending $100: simplii-get-50-when-you-send-your-first ... d-2375276/
CIBC's GMT75 that gave you $75 for sending $100: cibc-cibc-global-money-transfer-now-75-bonus-2378597/
What if you don't have a foreign account to send to:
In that case, you can set up an account with Transferwise https://transferwise.com/ca and click "open a USD (American Dollar) balance."
You initially need to load on $20 USD (or the equivalent amount or Canadian dollars) to start receiving money. Once you upload $20, Transferwise will give you USD banking details (just like a real bank account).
Then, you can send the $100 from Simplii to this Transferwise account to qualify for Simplii's bonus. Once it is in your Transferwise, you can send all the money back to Simplii (including the $20 you uploaded to start).
This whole process incurs about does incur about $5 of fees but you still come out ahead in the end. You can also reduce the Transferwise fees a bit by using a Transferwise referral link when you sign up which will give you one free transfer. It sounds pretty complicated reading it here but Transferwise's website is laid out really nicely so it ends up being much simpler.
Bonus: You can follow the same steps for CIBC bank. (same promo code GMT75). CIBC officially advertised the GMT75 promo and it was discuessed in this thread: cibc-cibc-global-money-transfer-now-75-bonus-2378597/