Exchange rates, Payment methods, How to, Transfer fees and much more
If you are looking at options to send international money transfers, you may be curious about Tangerine. It’s not the typical Canadian bank, as it has no branches and operates entirely online and through ATMs. However, it means that there are less fees and expenses than traditional banks. It can also pay you more interest on your money. While Tangerine may be a popular choice, it does have its limitations. Before you decide on a bank, it’s best to do your research. Keep reading to find out everything you need to know about sending an international money transfer with Tangerine.
Tangerine does not allow account holders to send or receive international money transfers. Banks require a SWIFT code or BIC code to do a wire transfer, and Tangerine has neither. There are ways around this, however. If you bank with Tangerine, you can take advantage of the alternatives available.
The first option you may consider is using another bank account in Canada. Banks like Scotiabank, TD Bank, or CIBC can be used to send money internationally. In this case, you must first move the money from Tangerine to your other bank account. You can easily do this using a free Interac e-transfer. Then, you’ll need to follow the procedures of the individual bank to send an international money transfer.
Be aware that banks can be the slowest and most expensive option for sending money internationally. If you’re not convinced they are the best choice, check out the other money transfer alternatives.
One of the notable alternatives to Tangerine are other online banks. Simplii Financial and EQ Bank, for example, are two of Tangerine’s biggest competitors.
These online banks also don’t have branches and operate with low costs, which makes opening an account with them an attractive option.
It’s likely you’ve seen one of the traditional money transfer companies in your neighborhood. Often found in supermarkets, or other convenient locations, these are a quick, but high cost option. These companies include Western Union, MoneyGram, and Ria. Their high fees and bad exchange rates mean that you pay more, but in most cases your recipient can have the money in less than a day.
Transferwise offers international money transfers at the real mid-market exchange rate. This is the rate that banks use among themselves. For the consumer though, most banks and money transfer companies add a percentage on the exchange rate so they can make money on your transfer. There are transfer fees with Transferwise, however these are usually quite reasonable. The service is offered in a large number of countries and uses local bank accounts so transfers stay affordable.
Remitbee is a Canadian online money transfer company. It covers a large network of recipient countries, over 45 at last count. There are many pickup options in addition to bank accounts. These include cash pickup, delivery, and mobile wallet. As it was founded and developed in Canada, Remitbee especially understands the needs and wants of Canadian senders.
Low fees for accounts, no monthly fees
Account holders can use all Scotiabank ATMs
High interest rates
Highly rated app, desktop and mobile website
Does not offer international money transfers
Best for customers who are comfortable with technology
Some accounts can be temporarily frozen if there are verification issues
Can be difficult to open account if you’re new to Canada
You can bank with Tangerine using online and mobile banking as well as telephone banking. Since Tangerine is an online-only bank, their mobile apps and other services are top of the line.
For Android users, the Tangerine app is available on Google Play. For iPhone users, there’s an app on the App Store. The apps are rated 4.3 and 4.2 out of 5 respectively. Users like that you can get a quick snapshot of your finances on the first screen when you open the app. You can also locate ATMs, get notifications, and make transfers.
Tangerine takes its security rather seriously. Their cards are embedded with a microchip to protect against theft and fraud. If you forget your PIN, you can reset it online after answering several security questions to verify your identity. There’s a dedicated online security number to call if you have any issues: 1-888-SAFE-304. There’s also enhanced security for the Tangerine apps. For iPhone users there is Touch ID to identify you via your unique fingerprint. You can even take advantage of Face ID if you so choose. If you have an Android device running 6.0 or higher you can also benefit from Fingerprint ID.
Tangerine gets good reviews for its customer service. It has a complaints department and says most issues can be resolved quickly over the phone.
You can contact Tangerine in several ways.Telephone:
1‑888‑826‑4374 / 1-416‑756‑2424 (English) or 1‑844‑826‑4374 (French)
Telephone help is available 24 hours a day.Chat:
Chat with Tangerine’s chatbot, which is accessible via their website. The bot won’t always have the answers, but is great for general questions. In order to get responses specific to your account, you must be logged in.By post:
Tangerine, 13389 Steeles Avenue East, Toronto, Ontario, M2H 0A1In person
Although an online bank, Tangerine does operate “Cafes” in major cities where you can drop in and speak to a representative.
Tangerine is much more than a website. It was established in 1997 and at the time was known as ING DIRECT Canada. The aim of the bank was to bring more choice to the banking market. Customers had no other option back then than to pay high fees and service charges and get low interest from the larger banks.
A name change came when Scotiabank acquired ING Bank of Canada in 2012. Ever since it was founded, the company has stayed true to its goal. It brings direct banking services to many Canadians every day and does so in a safe and secure way. Among direct banks, Tangerine is the leading choice for customers in Canada.
Not directly. However you can send money to one of your other Canadian bank accounts from Tangerine and send a transfer that way. You can also use a dedicated online on in-person transfer company.
You can use an Interac e-transfer, which is a free option.
An Interac e-transfer is usually with the recipient account in half an hour or less.
In Canada, EQ Bank and Simplii Financial are the top choices for online banks that offer international transfers. EQ Bank uses Scotiabank’s transfer details. Other traditional banks also offer the option to send a transfer through your online banking.
You have two options for opening an account with Tangerine. Firstly, via the Tangerine app, or secondly by using the website.Signing up for Tangerine via the app
You can go to the nearest Canada Post office to show your identification. This can be a driver's licence, provincial or territorial ID card, or Canadian passport. You'll also need a proof of residence. Tangerine accepts many different types of documents, including utility bills, leases, and even a university or college transcript
Once verification is completed your new card should arrive in a few days by post. You’ll get access to the entire Scotiabank ATM network if you bank with Tangerine.
While Tangerine is a great choice for the budget-conscious, it does have its limitations. If you want a simple bank account that you can manage entirely on your phone or computer, it’s a good match for you. However, be aware that if you want to transfer money internationally you’ll need to find another option. To read reviews of other money transfer companies, check out the Remitbee blog.
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