Your complete guide to wire transfers with TD Bank
Wondering if TD Bank's wire transfers are your best option? Read on to find out more
Wire transfers with Simplii Financial: Your complete guide
Wire transfers are a trusted option for sending large amounts of money, but they’re not always the most cost-effective or straightforward.
Simplii Financial, backed by CIBC’s 150 years of banking experience1, caters to nearly 2 million Canadians2 with online and mobile services. If you need to send or receive money, Simplii Financial offers wire transfer options for both domestic and international transactions.
We’re breaking down how wire transfers with Simplii Financial work, including fees, processing times, and the essentials you’ll need to get started. We’ll also take a look at Wise as another online alternative for securely transferring money to over 160 countries using the mid-market exchange rate.
How to send wire transfers with Simplii Financial
Sending a wire transfer3 using Simplii Financial is simple:
Step 1: Log in to your Simplii Financial online banking account.
Step 2: Select More Services from the left-side menu to access additional banking options.
Step 3: Under the Moving Money section, select Wire Transfers.
Step 4: Provide your recipient's name, account number, and bank details, including SWIFT or IBAN codes for international transfers.
Step 5: Review and confirm the transfer to complete the process.
What are the fees for sending wire transfers with Simplii Financial?
Simplii Financial charges fees based on the transfer amount and the currency used. Here’s a breakdown of the costs:
Fees for outgoing wire transfers (CAD accounts)
| Transfer amount | Fee (CAD) 4 |
|---|---|
| $10,000 or less | $30 |
| $10,000.01 - $50,000 | $50 |
| Over $50,000 | $80 |
Fees for outgoing wire transfers (Foreign Currency Accounts)
Wire transfers can also be made from Simplii Financial’s foreign currency accounts in CNH, EUR, GBP, INR, PHP, and USD when making international transactions.4
| Currency/Fees | Up to CAD $10,000 | CAD $10,000.01 - $50,000 | Over CAD $50,000 |
|---|---|---|---|
| CNH | 150.00 | 250.00 | 400.00 |
| EUR | 20.00 | 35.00 | 55.00 |
| GBP | 20.00 | 30.00 | 50.00 |
| INR | 1750.00 | 2900.00 | 4650.00 |
| PHP | 1250.00 | 2000.00 | 3250.00 |
| USD | 30.00 | 50.00 | 80.00 |
Additional fees may apply for investigations, amendments, or recalls.
Send secure transfers with Wise for minimal fees
With a Wise account, you can transfer money securely while keeping costs low. Once you hold a balance in your Wise account, you can send payments to over 160 countries with fees starting at just 0.48%5, depending on the currency you’re sending to and from.
Wise also gives you the mid-market exchange rate — the rate you’ll find on Google. Also known as the interbank rate, this is the “real” exchange rate, sitting between the buy and sell rates on the global currency market.
Unlike banks and other services that often add a markup to the rate, Wise passes the mid-market rate directly to you, meaning more of your money reaches its destination.
The Wise multi-currency account is free to open and allows you to send money in over 40 currencies, including CAD, USD, SGD, JPY, and more, to more than 160 countries.
How to receive wire transfers to your Simplii Financial account
To receive a wire transfer into your Simplii Financial account, you’ll need to provide the correct details to the sending bank6. The information required varies depending on whether the payment is coming from the US or another country.
Beneficiary details (required for all transfers)
| Information required | |
|---|---|
| Account number | Your Simplii Financial account number |
| Account holder name | The full name of the account holder as it appears on the account |
| Account holder address | The address on the Simplii Financial account (Street, City, Province, Postal Code, Country) |
Incoming wire payments from the US
Payment by CHIPS
| Information required | |
|---|---|
| CHIPS code | 0509 |
| Intermediary bank SWIFT code | PNBPUS3NNYC |
| CIBC’s CHIPS UID | 015035 |
| Beneficiary’s bank | CIBC Simplii Financial, 305 Milner Avenue, 5th Floor, Scarborough, ON, Canada |
| Transit number | 001030800 |
Payment by Fedwire
| Information required | |
|---|---|
| Routing number (ABA) | 026005092 |
| Intermediary bank SWIFT code | PNBPUS3NNYC |
| Beneficiary’s bank | CIBC Simplii Financial, 305 Milner Avenue, 5th Floor, Scarborough, ON, Canada |
| Transit number | 001030800 |
Incoming wire payments from other countries
| Information required | |
|---|---|
| Intermediary bank SWIFT code | CIBCCATT |
| Pay to | Canadian Imperial Bank of Commerce, Toronto, Canada |
| Beneficiary’s bank | CIBC Simplii Financial, 305 Milner Avenue, 5th Floor, Scarborough, ON, Canada |
| Transit number | 001030800 |
What are the fees for receiving wire transfers with Simplii Financial?
Simplii Financial also charges fees for receiving wire transfers7, which once again vary based on the currency of the transaction. Here’s a breakdown of the costs you can expect:
| Currency | Fee |
|---|---|
| CAD | 10.00 |
| CNH | 50.00 |
| EUR | 7.00 |
| GBP | 6.00 |
| INR | 600.00 |
| PHP | 400.00 |
| USD | 10.00 |
These fees are applied to each incoming wire transfer and will be deducted from the transferred amount, and additional charges may also apply if intermediary banks are involved in processing the transfer.
What are the fees charged for investigating wire payments with Simplii Financial?
If any issues arise when making your wire payment, Simplii Financial also offers investigation services to help resolve the matter. These services include:
- Recall: Retrieving funds from a completed wire transfer.
- Trace: Locating the transfer to confirm its status or identify delays.
- Amends: Making corrections to the wire transfer details (incoming and outgoing) after they have been initiated.
Fees for wire payment investigations8
| Currency | Fee |
|---|---|
| CAD | 35.00 |
| CNH | 175.00 |
| EUR | 25.00 |
| GBP | 20.00 |
| INR | 2,100.00 |
| PHP | 1,500.00 |
| USD | 35.00 |
Wire payment investigations are essential for resolving errors or delays but can add significant costs to a transaction. Avoid these fees by double-checking all transfer details before initiating a wire payment.
You can keep track of your transfers with Wise at no added cost. This helps you stay updated on where your money is at all times.
Final Thoughts on wire transfers with Simplii Financial
Simplii Financial offers straightforward options for sending and receiving wire transfers, backed by CIBC’s 150 years of banking experience. Whether you’re making a domestic or international transfer, you’ll find support for making transfers in multiple currencies, including CAD, USD, EUR, and more.
However, Simplii Financial's wire transfer fees and exchange rate markups may not be for everyone.
If you’re looking for another way to send money securely, Wise offers an alternative with transparent pricing, the mid-market exchange rate, and minimal fees from 0.48%. With Wise, you can send money to over 160 countries while keeping more of your funds.
Sources:
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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