PC Money account vs Simplii financial: Which one works better? A closer look

Everyday banking in Canada is full of choice, and finding the right account can shape how you manage money day to day. Two names that stand out are the PC Money Account and Simplii Financial, each designed for people who prefer digital banking without monthly fees. Both offer unique perks, from rewards to flexible ways to pay and transfer funds. In the sections ahead, we'll explore how they compare and where Wise might fit as an alternative.

Overview of PC Money account and Simplii

The PC Money Account and Simplii Financial both position themselves as digital specialist options for Canadians who want convenience and value from their everyday banking. Here's a closer look at what each offers.

PC Money account

The PC Money account is a no monthly fee account¹ that combines everyday banking with rewards and savings. Customers earn PC Optimum points on purchases and can also earn interest on their savings balance. It supports day-to-day needs like ATM withdrawals, bill payments, Interac e-Transfers, direct deposits, and pre-authorized debits and works everywhere Mastercard is accepted, including online and abroad. As PC Money isn't a full-service bank, the account doesn't include services like cheque writing or full credit and lending products.

Simplii Financial

Simplii launched in 2017 as a direct banking brand backed by CIBC. It provides no-fee banking, savings, borrowing, and investment services for nearly 2 million Canadians.² With award-winning digital tools and the security of a major bank behind it, Simplii offers a full-service experience for those who prefer to manage money online or through their phone. Customers can choose from chequing, savings, credit cards, mortgages, and more.

Eligibility and account setup

Both the PC Money Account and Simplii Financial accounts are easy to apply for online. The main requirements are pretty simple and mainly come down to residency, age, and in some cases, whether you're already a customer.

PC Money Account eligibility

To open a PC Money Account you need to:

• Be a resident of Canada
• Be at least 16 years old
• Provide details about your occupation or employment status
• Supply your Social Insurance Number (SIN) if you choose to add the optional savings feature

Applications are completed online, and approval is typically quick.

Simplii account eligibility

To open a Simplii No Fee Chequing Account, you must:

• Be a resident of Canada
• Have reached the age of majority in your province or territory of residence
• Not have held a Simplii product as the primary account holder before the current offer period

If you're eligible for a new account, you can also take advantage of promotional offers, such as cash rewards for setting up recurring direct deposits. Applications are submitted online, with identity verification and setup handled digitally.

Account features compared

Both the PC Money Account and Simplii Financial focus on no-fee everyday banking. PC Money is a hybrid account that merges spending, saving, and rewards in one place. Simplii offers a wider range of accounts and services, including mortgages, student accounts, savings, and foreign currency accounts, but its flagship No Fee Chequing Account is the closest comparison.

Everyday banking services

PC Money Account

• No monthly fees, no minimum balance³
• Unlimited everyday transactions including online and in-store purchases
• Free Interac e-Transfers
• Bill payments, direct deposits, and pre-authorized debits
• Mastercard functionality for purchases in Canada and abroad with no foreign exchange transaction fees³
• Optional savings feature with 3.1% interest on balances³
• Withdrawals available at PC Financial ATMs without charge (fees apply for third-party ATMs⁴)
• No cheque writing or deposit option

Simplii Financial (No Fee Chequing Account)

• No monthly fees, no minimum balance⁵
• Unlimited debit purchases, bill payments, and withdrawals
• Free Interac e-Transfers
• Payroll direct deposit and automatic bill payments available
• Debit Mastercard for shopping in-store, online, and internationally
• Overdraft protection available
• Access to more than 3,400 CIBC ATMs in Canada with no fee⁶
• Deposits and withdrawals supported at CIBC ATMs

Rewards and cashback programs

Transfer fees, limits, and processing times

Both the PC Money Account and Simplii allow free everyday transfers in Canada, but fees and international options differ. PC Money focuses on domestic transfers, while Simplii adds global money transfer services.

Currency conversion and international use

Both accounts allow foreign currency spending, but only Simplii supports direct international money transfers.

PC Money account

The PC Money account is CAD-only for balances, but you can use the debit card worldwide anywhere Mastercard is accepted. As of February 6, 2025, PC Financial removed the foreign currency conversion fee¹¹ for purchases, refunds, and ATM withdrawals in other currencies, so you won't pay the extra 2.5-3% many cards charge. Standard ATM fees may still apply though, and if a merchant offers to convert your purchase to Canadian dollars at checkout, additional third-party fees could also be added.

Simplii Financial

Simplii clients can use their debit Mastercard to make purchases in foreign currencies, but a 2.5% foreign exchange fee applies to each transaction.¹²

When withdrawing abroad, additional ATM operator fees may also be charged. For international transfers, Simplii's Global Money Transfer service sends funds to more than 130 countries with no transfer fee,¹⁰ though exchange rate markups apply.

Advantages and disadvantages of each

The PC Money Account focuses heavily on rewards and simple digital banking, while Simplii provides a wider range of services backed by CIBC. Looking at the trade-offs side by side can help you decide whether a streamlined account or a full-service option is the better fit for your everyday financial needs.

PC Money Account pros and cons

Simplii pros and cons

Wise as an alternative to PC Money and Simplii

While both PC Money and Simplii can handle day-to-day Canadian banking, neither is designed with international money in mind. Wise can be a useful alternative, providing a multi-currency account that lets you hold, send, spend, and receive money in more than 40 currencies with no monthly fees.

With Wise you can:

• Get local account details in CAD, USD, EUR, GBP, and more, so you can receive payments like a local
• Send money abroad at the mid-market exchange rate with low, transparent fees starting from 0.48%¹³
• Spend worldwide in 140+ countries with a Wise card that automatically converts at the mid-market exchange rate
• Move money between currencies instantly in your account, making travel and international shopping easier
• Manage everything in one app, without monthly account fees or hidden charges

For Canadians who want to keep their domestic account but need flexibility across borders, Wise works well alongside PC Money or Simplii. It fills the international gap, giving you control over transfers and spending in multiple currencies without paying pricey markups often applied by banks.

Conclusion

The PC Money Account and Simplii Financial both give Canadians no-fee options for everyday banking. PC Money is best for people who value simple digital banking with rewards tied to everyday purchases and savings, whereas Simplii is better suited to those who want a full-service bank with access to savings, credit, loans, and global transfers.

For international payments and multi-currency use, neither account is designed to keep costs low. That's where Wise can step in, offering a flexible account with transparent fees, the mid-market exchange rate, and the ability to send, receive, and spend in multiple currencies worldwide.

Sources verified on 30 December 2025