Simplii Global Money Transfer or Tangerine - what’s best for you?

Simplii Global Money Transfer® and Tangerine Bank® are popular digital banking institutions in Canada. Use online banking to send stress-free transfers with just the touch of a button.

Both Tangerine and Simplii Global Money Transfer offer useful tools to send and receive your money – but which account is best for you? We’ll explain everything you need to know.

We’ll also take a look at how you can use Wise to send and spend your money across the world, while saving what you should, of course!

Table of contents
Key Features of Simplii Global Money Transfer and Tangerine International transfers Multi-currency Accounts Say hello to Wise - your international money saver Safety Measures Conclusion

Key Features of Simplii Global Money Transfer and Tangerine

Simplii Global Money Transfer is part of Simplii Financial®, the digital banking division of the Canadian Imperial Bank of Commerce (CIBC)®. You can use Simplii Global Money Transfer to send money worldwide, including chequing and savings accounts in multiple currencies.

Tangerine is also a popular online banking option. Owned by Scotiabank®, Tangerine offers a range of different accounts for individuals and businesses across Canada. The bank is known for no-fee daily chequing accounts and savings accounts, as well as credit cards with money-back rewards, loans, and mortgages.

Unlike Simplii Financial, you can’t visit a Tangerine branch in person, as the bank is fully digital. However, you can find plenty of help and support online.

International transfers

Both Simplii Global Money Transfer and Tangerine offer a few options if you want to transfer money internationally.

With Simplii Global Money Transfer, you can:

• Send USD to the US for free
• Transfer money to 130+ countries
• Send up to 50,000 CAD worldwide¹
• Access simple online banking platforms, including a mobile app

You won’t be charged for your international transfer. However, Simplii Financial Global Money Transfer applies an exchange rate to all foreign payments.² This charge may change depending on when you send your transfer, and you may not know how much you’ll pay for your international transaction before you send it.

Unlike Simplii Global Money Transfer, Tangerine doesn’t offer international wire transfers, as the bank doesn’t have a SWIFT/BIC code.

As a Tangerine customer, if you need to send money abroad, you can use a linked Canadian bank account to set up a transfer – but this isn’t the most convenient option. You may also experience foreign transaction and exchange rate fees from these intermediary banks.³

We'll be talking about a more effective solution later in the article!

Multi-currency Accounts

Simplii Global Money Transfer and Tangerine Bank both provide a range of multi-currency accounts.

We’ve put together some information about Simplii’s foreign currency accounts, including key features and exchange rate fees.

Simplii Financial Account	Features
No-Fee Chequing Account	- Unlimited debit purchases, bill payments, and withdrawals - No-fee transfers with Global Money Transfer⁴ - Foreign exchange rates apply⁴
USD Savings Account	- Send money to 130+ countries - Transfer funds from your Simplii Financial CAD accounts to your USD Savings Account⁵ - Simplii foreign exchange rates apply⁵
Cash Back Visa Card	- Send money abroad - No annual fee - Get up to 4% cash back at selected restaurants and bars⁶ - Simplii foreign exchange rates apply⁶

Although you can’t send an international wire transfer using Tangerine, you can open a US currency account to send money in USD if you regularly conduct transactions across the border.

We’ve put together a bit of information about your foreign currency accounts with Tangerine Bank

Tangerine Bank Account	Features	Fees
USD Savings Account	- Interest rate of 0.10% - No minimum balance	- Fees disclosed in advance - Tangerine exchange rates apply⁷
USD Guaranteed Investment (GIC)	- Up to 5.55% interest rate - Online guidance and support when you need it	- No monthly fee⁸
Business USD Savings Account	- Interest rate of 1.60% - No minimum balance	- Fees disclosed in advance⁹
US Business Guaranteed Investment (GIC)	- Up to 5.55% interest rate - No minimum balance	- Fees disclosed in advance¹⁰

Say hello to Wise - your international money saver

Save time and money with Wise, your international money transfer alternative!

Send payments to 70+ countries and hold money in 40+ currencies – all from the same Multi-currency account.

With Wise, you can:

• send international Interac e-Transfers easily
• access local account details in CAD, USD, GBP, EUR, and more
• spend less on fees with the mid-market exchange rate which you would usually see on Google.
• keep your expenses on track with a transparent fee structure

You’ll always know how much each and every transaction will cost – no markups, no hidden fees, no stress!

Get full peace of mind with Wise. Dedicated anti-fraud teams ensure your money stays in good hands, with real-time notifications and two-factor authentication to provide you with added layers of security.

Wise Payments Canada Inc. is also registered as a money service business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) under the number M15193392. It’s licensed in Québec by the Autorité des marchés financiers (AMF) under the number 902804.

Safety Measures

Simplii Global Money Transfer and Tangerine Bank can provide you with full protection for every transaction.

The Simplii Financial Personal Banking Online Security Guarantee means that, if someone gains access to your accounts, or if something goes wrong with one of your transactions, you’ll get 100% of your money back. The bank also uses web browser encryption and firewalls to keep your accounts safe.¹¹

CIBC is regulated by the Office of the Superintendent of Financial Institutions (OFSI)¹² and it’s a member of the Canada Deposit Insurance Corporation (CDIC).¹³

The CDIC also provides coverage for Scotiabank, keeping your money safe with Tangerine.¹⁴ You can access two-factor authentication and receive alerts every time something changes with your bank account.

Conclusion

If you’re considering Simplii vs Tangerine, it’s important to remember that both banks are convenient and secure, with a range of services for your banking needs.

Tangerine could be the best for you if you’re looking for a fully digital USD account. However, if you regularly make payments overseas, Simplii Global Money Transfer could be a better choice, with the option to send money to 130+ countries worldwide.

If you’re looking to save money on international transfers, Wise has you backed up.

You might want to learn more about Tangerine international wire transfer or the Simplii Global Money Transfer service. You can also understand how to correctly close your Tangerine Bank account or cancel your Simplii Financial account if you are no longer using them.

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Sources:

1. Simplii
2. Simplii
3. Transumo
4. Simplii
5. Simplii
6. Simplii
7. Tangerine
8. Tangerine
9. Tangerine
10. Tangerine
11. Simplii
12. CIBC
13. CIBC
14. Scotiabank

Sources verified on: 29 November 2023