Simplii Financial, a direct banking brand of the Canadian Imperial Bank of Commerce (CIBC), makes it easier for Canadians and Nigerians in Canada to send money back home FREE OF CHARGE. Nigerians especially, renowned for making remittances from diaspora to families and friends back home, sent in about $16.8 billion to Nigeria in 2020 alone. This figure is in spite of a 27.7% downturn in remittances recorded due to the global pandemic.
In addition to enjoying a $0 transfer fee, you can get up to a $75 cash bonus when you make your first money transfer. Simplii also offers a foreign cash service so you can order foreign currencies easily online and have it delivered to your house.
What is Simplii Financial?
Simplii Financial, a subsidiary of CIBC, is a fully-digitized Canadian bank. Simplii Financial was established in 2017 after Loblaw and CIBC mutually ended their 20-year-long partnership. Simplii Financial was named in Forbes magazine’s World’s Best Banks 2019 list. They only handle individual and joint accounts only, they do not handle businesses or corporations. As Simplii Financial, is a subsidiary of CIBC, all Simplii Financial customers have free access to CIBC terminals e.g, ATM, POS, etc as they both share common bank codes.
Both CIBC and Simplii Financial share the same bank code – 010, same SWIFT code – CIBCCATT, and the same transit number – 30800. This ensured that the transition from Loblaw to Simplii Financial was a seamless one. Although these are different brands, it is clear that both Simplii Financial and CIBC share a common space.
SImplii FInancial offers a variety of financial services including:
- Current/chequing account
- Savings Account
- Credit card
- Investments including GICs and CIBC mutual funds
- Personal loans and lines of credit
- Global money transfer, and
- Foreign cash
How to Transfer to 120 Countries Using Simplii Financial Global Money Transfer
How to Transfer Money from Canada to Nigeria for Free
Tags: simplii financial transfer nigeria, simplii financial transfer nigeria, simplii financial transfer nigeria
Here is a simple step-by-step procedure on how to send money (CAD) from your Canadian Simplii Financial Account to any of the stated 120 countries around the world:
- Log in or signup to your online banking, either mobile or web-based, and select Global Money Transfer from your dashboard.
- Enter the beneficiary’s bank details i.e swift code, sort code, etc
- Choose the country, currency, and the beneficiary you wish to send money to.
- Enter how much you want to send in Canadian dollars
- Save and Submit
Countries Eligible to Receive Global Money Transfer Through Simplii Financial
Like all other money transfer companies around the world, Simplii Financial does not send to every country on the face of the earth. Here are Simplii Financials’ selected countries:
|China||Mauritius||Trinidad and Tobago||South Korea|
|Jamaica||Senegal||Cambodia||United Arab Emirates|
|Pakistan||South Africa||Hong Kong||Vietnam|
|United States of America||Tunisia||Japan||Belgium|
|Algeria||Uganda||Bosnia and Herzegovina||Lithuania|
|Haiti||Macau||Isle of Man||Switzerland|
|Peru||Saudi Arabia||Liechtenstein||New Zealand|
What is the timeline from when the transfer is initiated to completion?
The beneficiary receives funds within 1-3 work days
How much does it cost to transfer money through Simplii Financial?
Zero transfer charges/fees ($0)
What is the exchange rate used to convert the fund from CAD to receiver’s currency?
Simplii Financial uses the day’s competitive exchange rate as at time of initiating the transaction. Check today’s rates HERE.
How can I track an international transfer done through Simplii Financial?
The Simplii Mobile/Online banking has a column where the sender can enter the Transaction ID to confirm the status, time, and date of delivery to the beneficiary.
- Sign on to online or mobile banking and select Global Money Transfer
- To check the status of your transfer on online banking, go to “Transfer Status”
- To check the status of your transfer on mobile banking, go to “History”
What is the transaction limit for a day?
You can send multiple transactions per day and up to $30,000CAD per day.
How do I get the Swift Code for the beneficiary bank?
You can check HERE to confirm a Nigerian beneficiary’s Sort and SWIFT codes.
Use CIBC’s Find SWIFT/BIC/Bank Codes tool HERE.
What information do I need from the beneficiary to send through SImplii Financial?
- The name and address of the beneficiary
- The name and address of the beneficiary’s bank
- The beneficiary’s bank account number
- The beneficiary’s bank code
How do I contact Simplii Financial?
You can contact Simplii Financial’s customer care via their 24-hour phone: 1-888-723-8881, or simply send them an email at [email protected]