Name: Tangerine
Brand: Tangerine
SKU: tangerine

Last Updated on October, 2024

Have you heard people saying this recently? “It’s not possible to send or receive wire transfers using your Tangerine account.” Yes!! What you heard is correct.

But there’s a lot more to know.

My favorite thing about Tangerine is that it has a wide range of alternative ways to arrange domestic payments, cross-border wire transfers, and more.

Keep reading to understand better!

About Tangerine

Tangerine Digital Bank is a subsidiary of The Bank of Nova Scotia and a member of CDIC, which means your deposits are protected. They’ve proudly served over 2 million clients, offering a range of banking services to help people reach their financial goals without daily banking fees.

With Tangerine, you can grow your money through savings accounts and GICs, manage your spending with no-fee daily checking, and invest for your future.

Their Money-Back Rewards credit cards give you extra benefits on everyday purchases, and they offer great guaranteed interest rates on investments. Plus, their mobile banking app makes it easy to become a digital client without ever leaving your home.

What Services Does Tangerine Offer?

Listen, Tangerine doesn’t have branches, but you can access their services in various ways: online, through mobile apps, by phone, or by visiting a Tangerine Cafe in Toronto, Vancouver, Montreal, or Calgary.

The following are the products and services Tangerine offers:

Checking accounts for everyday use.
Business accounts in both Canadian and US dollars.
Savings accounts, including US dollar accounts and retirement savings options.
Guaranteed investment certificates (GICs).
Investment funds.
Mortgages and home equity lines of credit.
Retirement savings plans (RSPs) and retirement income funds (RIFs).
Credit cards and other loans.

Does Tangerine Offer International Wire Transfers?

an image of a laptop with the Tangerine website displayed on the screen

Remember this! Tangerine doesn’t offer international wire transfers because it doesn’t have a SWIFT/BIC code, which is a special code used by many banks worldwide to ensure wire transfers go to the right accounts. (The SWIFT/BIC code will make sure the transfer arrives safely.)

If you want to send or receive money within your country, you have a few choices. You could use a cheque or bank draft, send an e-Transfer, or link another bank account in your name to your Tangerine account and transfer money internationally through that account.

However, if you need to send or receive money internationally, something other than these OPTIONS might work better. I’ll explain more about that and offer some alternative ways for Tangerine customers to send and receive cross-border payments shortly.

Tangerine Transfer Duration

When you link your Tangerine account to another bank, transferring money typically takes 1 to 2 days. But if you use the Interac e-transfer limit, it can be much quicker, often just a few hours. So, if you need to move money fast, using the Interac e-transfer system might be the best thing.

Tangerine Fees

a screenshot of the tangerine website which shows where tangerine card can be used

Sending Fee

Banks charge a fee for sending money internationally, not the specialist money transfer companies directly.
Some other money transfer companies might charge this fee because banks need to wire money to them to fund the transfer.
Most recommended international money transfer services use local bank accounts, which helps avoid or minimize this fee.
Using other bank account(s) also enables quicker international transfer(s) than using the SWIFT network.

Transfer Fee

This is a small fixed fee charged by your bank or money transfer service.
It’s usually higher than what specialist money transfer companies charge.
Many international money transfer services waive this fee.

Exchange Rate Fee

Banks and money transfer services don’t offer the interbank or mid-market exchange rate to their customers.
Instead, they charge a margin, typically ranging from 0.5% to about 5% of the transfer amount.
One top pick doesn’t charge this fee at all.

Receiving Fee

First, let me tell you how to use a high-street bank account:

This fee is charged when you receive an international wire transfer from your high street bank account overseas.
The fee varies significantly between countries and banks, for instance:
In the USA, it’s usually around $15.
In Australia, it’s usually between $10 and $12.
In the UK, it’s typically £7 or £8.

How to Transfer Money From Tangerine to Overseas?

a banner of the tangerine mobile banking app

Sending money overseas from Tangerine is SUPER EASY, whether you use a high street bank account or a specialist money transfer service.

First, let me tell you how to use a high-street bank account:

Connect your Tangerine account with your external bank account. Tangerine might ask for confirmation via a small deposit.
Login to your Tangerine account online or through the app and go to ‘Transfer Money.’
Choose your linked bank account, enter the amount to transfer, review the details, and confirm.

After transferring money to your linked bank account, proceed with setting up the international wire transfer either online or by visiting the branch in person if you need assistance.

Now, let me tell you about using a specialist money transfer service:

Sign up with your chosen money transfer company and complete the verification process, as they are registered financial service providers.
Make a transfer with Tangerine recipient details and the amount to send.
Send money from your linked bank account to the money transfer company. (like how I discussed above.)
Keep track of your transfer using the mobile app or the company’s website portal.

Note: Using a specialist money transfer service can be both convenient and cost-effective for sending money internationally from your Tangerine account.

How to Open a Tangerine Account?

To open an online account, you need to provide your email address, full name, date of birth, and address. If you’re opening an account that earns interest, like a savings account, you’ll also have to provide your Social Insurance Number.

You must upload a copy of an approved ID and a document proving your address to prove who you are and where you live. Sometimes, you may need to confirm your identity in person at a post location nearby.

Here are the steps to open a Tangerine account:

Go to Tangerine’s website.
Click ‘Sign Me Up’ or ‘Open an Account.’
Choose the type of account you want.
Fill in your info (name, address, etc.)
Agree to the terms.
Add money to your account.
Verify your identity if needed.
Review and confirm.
Wait for approval.

It’s as SIMPLE as that!

Customer Reviews

When I checked the customer reviews in Trustpilot, I understood that it’s not highly satisfied by the customers. Even though there are positive reviews, they are relatively low. I’ll share some random screenshots of the reviews I came across:

Customer Review 01:

The customer service team isn’t all that bad. It’s comparable to every bank I’ve dealt with. I’ve dealt with TD, BMO,RBC and PC Financial. The only complaint I have is when maintenance is being done. That can be inconvenient cause I can’t access online banking or withdrawal money but other than that I’ve had no issues.
Amber Robinson
Trustpilot User

Amber Robinson, with a five-star rating, has compared Tangerine with a few more banks and says he finds Tangerine helpful and can have the best experience.

Customer Review 02:

Awful customer service. Takes forever to close an account and says they will keep your data for 2 years after closing. Despite closing my credit card years ago, they still have the account open to “deposit” the rewards but I have never received any credit card statements to signify that I had a card with them this whole time
Jack Wu
Trustpilot User

Jack Wu has given only a 1-star rating. He is highly disappointed with the customer service. He says even after closing the account, it’s mentioned that the data will be kept for the next two years.

He also says he didn’t receive credit card statements stating that he had a card with them.

Customer Review 03:

Free banking sounds great until you’ve shopped for 2 hours picking out $300 worth of groceries and you’re standing at the till ready to transfer money from your savings to your chequings to pay for your huge shop only to find they are doing random maintenance any odd day of the week and you can’t log in. Not only that but they can’t even tell you how much is in your account or transfer for you. You also can’t use the atm for your savings account. So you have to leave your groceries behind and do the walk of shame out of the store. IM TIRED OF IT
Jules
Trustpilot User

Jules has also given a 1 star rating. She is frustrated with free banking due to unexpected maintenance, unable to access accounts, transfer funds, or use ATMs for savings. Left embarrassed at checkout, groceries unpaid.

Customer Support

a screenshot of the contact us page of tangerine

Tangerine offers various ways to help you with any questions or concerns you might have. If you need quick answers, you can chat with their smart Chatbot, which has lots of information.

For more personalized assistance, you can log in and ask the Chatbot specific questions about your banking. They’re ALWAYS interested in hearing your feedback so you can share your thoughts with them.

If you like speaking to someone directly, you can call them toll-free. If you’re worried about fraud or security issues, you should contact them right away. You can also report suspicious emails or texts to [email protected].

If you want to send mail, they provide their address. Plus, you can link with them on social media for updates and support. If you have any concerns or complaints, they take them seriously and encourage you to file a complaint.

Tangerine is dedicated to ensuring your satisfaction and is ready to assist you whenever you need help.

Is Tangerine Secure?

Tangerine Bank prioritizes security measures to protect your information. They use 2-step authentication, requiring a security BIC code to be added to your registered phone number for login.

Tangerine will never ask for confidential information like your Client Number or PIN through email or text. They advise caution with suspicious communications and suggest contacting them through verified channels to confirm legitimacy.

Orange Alerts are available to help monitor your account for any unusual activity. Plus, they provide resources and tips on how to recognize and prevent fraud. If you suspect unauthorized access to your account, they encourage immediate contact for assistance.

So, overall, Tangerine emphasizes security practices and offers tools to ensure the safety of your banking experience.

Pros and Cons

Pros

You can do all your banking online, whenever you want

There are lots of different accounts and GICs (Guaranteed Investment Certificates) to choose from

No fees for everyday transactions like using your debit card, sending Interac e-transfers, or using ABMs from Scotiabank

You don’t need to pay any monthly fees or keep a minimum balance in your chequing account

You can have Retirement Savings Plans (RSPs) and Retirement Income Funds (RIFs)

Cons

Since Tangerine is an online- only bank, you can’t visit a physical branch if you need help

If you don’t have enough money in your account and make a transaction, you could get hit with a $45 fee

If you want to open business accounts with Tangerine, you’ll need to already have a business chequing account with another bank

Alternatives

If you’re looking for alternatives to Tangerine, you shouldn’t skip this!

The following alternative fintech companies are reputable and loved by many customers out there. Check out their services and features too!

Wise

Wise operates as a money transfer service and also provides a multi-currency account feature, enabling users to handle and convert over 50 currencies.

Notably, they stand out for their clear fee structure, allowing potential users to view transfer costs upfront through their calculator without having to sign up for an account.

Presently, Wise is accessible for registration in 59 countries, including Canada, and facilitates transfers to over 60 countries across 40+ currencies. One of Wise’s key strengths lies in its low and transparent fees, coupled with commendable customer service and the UNIQUE option of a multi-currency account.

In terms of fees, Wise offers transfers at the mid-market rate, ensuring costs are minimized, with payments as low as 0.35%. Moreover, they eliminate sending and receiving fees associated with local bank accounts in most serviced countries.

Here you can get to to know more about Wise Money Traansfer.

GO TO WISE NOW

OFX

OFX is recommended for larger transfer amounts exceeding $9500, thanks to its 24/7 customer support, flexible online and offline transfer OPTIONS, and a fee structure that becomes more favorable as the transfer amount increases.

With a global reach, OFX supports large bank transfers to 190 countries across 55 currencies. A standout feature of OFX is its low fees paired with personalized customer service, particularly designed for larger transactions, with 24/7 phone support based in Toronto.

Regarding fees, OFX typically charges a flat $15 fee for transfers below $10,000, although this fee is waived for larger amounts.

Plus, their exchange rate margin decreases as the transfer amount increases, making them a cost-effective option for large transfers. Moreover, OFX eliminates hidden fees (no high fees) associated with receiving bank accounts worldwide.

Here you can get to to know more about OFX Money Traansfer.

GO TO OFX NOW

WorldRemit

WorldRemit offers an affordable solution for both cash and bank transfers, with a focus on flexibility and cost-effectiveness. They allow users to fund transfers from their bank accounts, which can result in significant savings.

As for availability, WorldRemit is accessible for registration in many countries, including Canada, the USA, and many more. Plus, they support transfers to 150 countries globally.

A notable strength of WorldRemit lies in its wide range of payout methods and the extensive list of receiving countries it covers. It also transfers funds to a mobile wallet or even sends bank transfers to bank transfers if required.

When it comes to fees, WorldRemit’s pricing varies depending on factors such as location, payout method, and transfer amount. However, they generally provide one of the most cost-effective OPTIONS for sending money, especially compared to traditional banks or remittance services.

Here you can get to to know more about WorldRemit Money Traansfer.

GO TO WORLDREMIT NOW

Other online bank reviews:

Conclusion

What do you think about Tangerine? A big fat ‘YES’ or a ‘NO FOREVER’!

Listen, Tangerine’s savings account earns interest, and there are a number of cashback options available when you use their checking account or cards. However, think before you make a decision.

FAQs

No, international wire transfers are usually final and cannot be canceled or reversed once initiated. It is crucial to confirm all information before making a transfer to prevent errors. In the event of an error, contact your bank immediately for help.

The time it takes for a wire transfer to complete varies depending on factors such as the involved banks and the type of transfer. Typically, domestic transfers take 1 to 2 business days, while international transfers can take a few days.

Yes, Tangerine may have limits on the amount you can transfer via wire transfer. These limits can vary depending on factors such as your account status and transaction history. To determine the current limits and policies for international wire transfers, it is recommended to check with Tangerine for more details.

About Tangerine

What Services Does Tangerine Offer?

Does Tangerine Offer International Wire Transfers?

Tangerine Transfer Duration